Mapfre Middlesea plc - Full-Year Results

On 27 February, Middlesea Insurance plc published its financial statements for the year ended 31 December 2012. These results include the first full-year of consolidation of MSV Life plc following the acquisition of a majority stake by Mapfre Internacional in Middlesea Insurance. The two largest shareholders of Middlesea (Mapfre and Bank of Valletta plc) agreed on 29 July 2011 that the accounting method of the life insurance company MSV Life plc, which is equally owned by Middlesea and BOV, will be changed from that of an associate to that of a subsidiary of Middlesea.

Performance Review

During 2012, the profit attributable to shareholders amounted to €9.35 million representing a significant improvement over last year’s comparable figure of €2.38 million. The turnaround in profitability was due to the improvements registered in the technical accounts of the general and long-term businesses as well as due to the uplift in the value of the Group’s bond and equity investments reflecting the recent positive trend in international financial markets.

Dividend

The Directors recommended a final gross dividend of €0.025 per share (net: €0.01897) compared to last year’s gross dividend of €0.01 per share. Shareholders as at the close of business on 17 April 2013 will be entitled to receive this dividend which will be paid on 17 May 2013 following approval by shareholders during the upcoming Annual General Meeting scheduled to be held on 19 April 2013.

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Middlesea Insurance plc – 2012 Preliminary Profit Statement