Mapfre Middlesea plc - Interim Directors’ Statement

On 8 May, Mapfre Middlesea plc (previously known as Middlesea Insurance plc) issued its interim directors’ statement updating the market on its performance during the first quarter of 2015.

During the period under review, both the Group’s non-life and life premium volumes and revenues increased as they continued to build on the positive performance of 2014. The Group’s performance was further boosted by the very positive performance of its investment portfolios (reflecting the rally in the MSE and major foreign indices) compared to the modest performance during the comparative quarter of 2014. As a result, good technical results have been achieved and the Board is confident that these will be maintained as the year develops although Group profits remain susceptible to financial market movements.

The announcement also explained that the statutory solvency position of the Group remains strong and well in excess of the regulatory requirements. In the meantime, the Group is ensuring more efficient capital usage through higher risk retentions.

In conclusion, the Directors noted that the Group will be opening its third regional office in the near future whilst also continuing work on new innovative products to boost its reputation, increase its market share in the local insurance market, giving a better experience to clients and further strengthen its shareholders’ wealth.