Mapfre Middlesea plc - Interim Directors’ Statement

Monday, May 6th, 2013

On 6 May, Middlesea Insurance plc announced that during the first quarter of 2013 the Group generated a positive result. The announcement indicated that in contrast to the substantial drop in revenues from the life operations reported in 2011, premium volumes recovered during the period under review. Furthermore, the Group’s results were boosted by the continued positive performances of its local and foreign investment portfolios which registered a better return that that reported in the first quarter of 2012.

In the non-life insurance business, the Directors explained that the termination of a large agency agreement impacted its premiums written. Nonetheless, the loss of this agency had a minor impact on the Group’s technical results.

The announcement also stated that during the period under review, the statutory solvency position of Middlesea Insurance plc marginally declined following the settlement of a subordinated loan. Despite this decline, the solvency position remains strong compared to the minimum regulatory requirements.

Looking ahead, the Board is reasonably confident that the trend set during the early part of the 2013 financial year will be maintained as the year develops. In the meantime, the Group continued to launch new and enhanced products and services to increase its share of the local insurance market, provide a better experience to clients as well as strengthen shareholders’ value.

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