Mapfre Middlesea plc - Interim Directors’ Statement

Thursday, May 10th, 2012

On 10 May, Middlesea Insurance plc announced that during the first quarter of 2012, the Group’s life and non-life investment portfolios reported positive results. The partial recovery in the international financial markets partly mitigated by the subdued performance on the securities listed on the Malta Stock Exchange had a positive influence on the Group’s results when compared to the first quarter of 2011. As a result, the solvency position of Middlesea Insurance solvency position (which is above the regulatory requirement) continued to strengthen.

The announcement further stated that due to the current economic situation, the Group continues to face challenging times. The recent change in the corporate identity of Middlesea underlines the strategic plans to obtain a more dynamic approach towards clients as well as staying at the forefront of the local insurance industry.

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