GlobalCapital plc - Interim Directors’ Statement

Tuesday, May 19th, 2015

On 18 May, GlobalCapital plc issued its Interim Directors’ Statement updating the market on its performance during the first quarter of 2015.

During the period under review, the Group registered significant operational progress when compared to the first three months of 2014 reflecting the advanced stage of implementation of the aggressive transformation strategy aimed at generating revenue growth, reducing operational costs and ensuring long-term financial stability. This strategy has strengthened the business of the life and health insurance subsidiaries which remain the primary focus of the Group.

The announcement further explained that new business registered by GlobalCapital Life Insurance Limited during the first quarter of the year increased significantly when compared to the business registered during the first quarter of the previous year. The reorganisation of the sales and underwriting processes and the overall improvement in the financial market performance all contributed to the life company’s improved results.

Similarly, the health insurance agency’s operation is positive with both revenues and costs in line with the previous year’s first quarter.

In the meantime, the divestment process of the Group’s investment services and advisory operation is underway and subject to regulatory approval.

In conclusion, the Directors noted that the positive operational transformation of the life and health insurance subsidiaries has continued beyond the end of the first quarter of 2015.

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