Mapfre Middlesea plc - Interim Directors’ Statement

Monday, May 19th, 2014

On 19 May, Middlesea Insurance plc published its Interim Directors’ Statement covering its performance during the first quarter of 2014.

During the period under review, the Group registered a very satisfactory increase in both its non-life and life premium volumes and revenues on the back of a year, 2013, which in itself was a remarkable one in terms of revenue growth. The Group’s investment portfolios also performed positively albeit significantly lower than the corresponding performance registered during the first quarter of 2013 given the modest returns on international markets and the negative performance of the MSE Share Index during the first quarter of this year. Overall, the Group achieved good technical results for the period under review, and the Directors are confident that these will be maintained as the year develops. Nonetheless, the Directors also cautioned that profits remain susceptible to financial market movements.

The announcement also noted that the statutory solvency position of Middlesea Insurance plc remains at the levels of December 2013 and well in excess of the regulatory requirements.

During the first quarter of 2014, the Group opened a new branch in Birkirkara whilst continuing to work on new innovative products to boost its reputation, further penetrate the local insurance market, giving a better experience to its clients and further strengthen its shareholders’ wealth.

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