Mapfre Middlesea plc - Full Year Results

Wednesday, March 11th, 2015

On 11 March, Middlesea Insurance plc published its financial statements for the year ended 31 December 2014.

Performance Review

During the period under review, the pre-tax profits of the Middlesea Group at €17.3 million were largely unchanged from those reported for financial year 2013, as the increase in revenues generated from its insurance business was in the main netted off by a decline in the investment income.

After accounting for a tax charge of €4.9 million (2013: €6.4 million) and profits attributable to minority interests of €5.2 million (€4.9 million), the Group’s profit after tax amounted to €7.2 million (2013: €6 million) which translates into an earnings per share figure of €0.078 for 2014 compared to €0.066 in 2013.

The consolidated statement of financial position indicates a 12.9% increase in assets to €1,625 million, while its total shareholders’ funds increased to €153.7 million (2013: €140.7 million), maintaining its strong solvency ratio of 486% compared to a regulatory minimum requirement of 150%. This translates into a net asset value per share of €0.87.

Dividend

The directors recommended an unchanged net dividend of €0.03826 to shareholders as at the close of business on 28 April 2015 which will be paid on 23 May 2015 following approval by shareholders during the upcoming Annual General Meeting to be held on 24 April 2015.

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Middlesea Insurance plc – Annual Report and Financial Statements for the year ended 31 December 2014.

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