Middlesea Valletta Life Assurance Co. Ltd. (MSV) registered a profit before tax of €7.24 million (Lm3.11m) for the year ended December 31, 2007. an increase of 10% over the previous year.

The profit after tax amounted to €5.26 million (Lm2.26m) compared to €6.96 million (Lm2.99m) recorded in 2006.

The company said the reduction of 24% in the after tax profit was due to the fact that the 2006 change was stated net of a tax credit adjustment relating to prior years.

Business Written increased by 16% from €117.32 million (Lm50.36m) in 2006 to €135.91 million (Lm58.35m) in 2007, whilst the company’s total assets increased by 16% from €717.37 million (Lm307.97m) in 2006 to €832.25 million (Lm357.29m) at the end of 2007.

MSV chairman Roderick Chalmers described 2007 as having seen the company make a satisfactory performance in challenging circumstances.

"Through a combination of a strong brand, financial strength, product breadth and distribution reach, MSV maintained its position as the market leader in the individual protection and long term savings market in Malta. Whilst in 2007 total Business Written increased by 16%, Gross Premiums in respect of with-profits investments increased by 25% as the volatility in the financial markets led policyholders to show a preference towards less risky investments. The Bancassurance partnership with Bank of Valletta p.l.c. continued to perform strongly and remains MSV’s most important channel of distribution.”

He said the shareholders of MSV, namely Middlesea Insurance p.l.c. and Bank of Valletta p.l.c. were committed to continue to strengthen the financial position of the company in order to sustain its business strategy for future growth.