On 25 August, GlobalCapital plc published its 2011 interim results which revealed a net loss after tax of €1.6 million compared to a loss of €1.4 million for the equivalent period in 2010. The loss was mainly attributable to fair value losses amounting to €0.9 million reflecting the downturn in the capital markets. Such declines also negatively impacted GlobalCapital Life Insurance (the Group’s insurance subsidiary) which incurred an unrealised fair value loss of €0.77 million. The life insurance subsidiary registered a loss of €1.1 million for the period under review.
In conclusion the Directors explained that the Group continues to focus on its core business of insurance. In this respect the Group is strengthening its distribution capabilities, developing further insurance products whilst also working towards meeting the requirements of Solvency II which are soon to be implemented.
Download a copy of the GlobalCapital plc 2011 Interim Report