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Middlesea Group registers €17.31 million profit before tax

Middlesea Insurance has announced a group profit of €17.31 million before tax (2013: €17.31 million) for the year ended December 31.

These amounted to €12.37 million (2013: €10.95 million) after tax.

The parent company, Middlesea Insurance, registered a satisfactory result on its operations with a 55 per cent increase in the balance of the technical account for general business.

The increase in new business during the year saw core business premium volumes increasing by 12.6 per cent to an all-time record. The company registered a profit before tax amounting to €6.38 million, compared to a profit of €5.90 million in 2013.

Profit after tax dropped from €5.21 million in 2013 to €4.28 million in 2014.

The group’s results include the consolidated MSV profit before tax of €14.26 million (2013:  €15.48 million) and after tax of €10.14 million (2013: €9.85 million).

MSV, jointly owned by the Company and Bank of Valletta, reported a turnover (including investment contracts without DPF) of €156.05 million compared to €111.32 million in 2013 as a result of increases in demand across all products in particular the life protection business and single premium savings contracts.

The resilience and upturn in equity and bond markets produced stronger returns than those registered in 2013 with net investment income increasing from €98.19 million in 2013 to €119.38 million in 2014. 

Total group capital and reserves attributable to shareholders (excluding non-controlling interests) as at 31 December 2014 amounted to €80.13 million, compared to €73.10 million as at December 31.

A gross dividend of 5c127 per share amounting to a total dividend of €4,716,890 (2013: €4,140,222) is to be proposed by the directors at the forthcoming annual general meeting.

This is equivalent to a net dividend of 3c826 per share amounting to a total net dividend of €3,520,000 (2013: €3,520,000).

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