Mapfre Middlesea plc - Interim Directors’ Statement

On 17 October, Middlesea Insurance plc issued its Interim Directors’ Statement providing an update on its performance during the third quarter of 2014.

During the period under review, the Middlesea Group maintained the positive sales trends and strong performance registered at the interim stage when total income from the Group’s insurance activities grew by 22.4% to just over €6 million and pre-tax profit climbed 20.2% higher to €8.2 million. The announcement further explained that the technical results of the Holding Company remain satisfactory in spite of the inherent risks and market competition. Additionally, the financial results were also boosted by the positive returns on the Group’s investment portfolios particularly that of MSV Life plc.

As a result, the positive performance of the Group for the first nine months of 2014 continue to strengthen the solvency position of Middlesea Insurance plc which remains well above the regulatory requirement.