Middlesea Insurance plc published its Interim Directors’ Statement in accordance with Listing Rules 9.51 and 9.53 on 13 June 2007. The announcement stated that up to the end of the first quarter of 2007, Middlesea Insurance plc had achieved its revenue growth objective over the corresponding period in 2006. The statement also explained that this included an improved technical performance registered by both Progress Assicurazioni SpA and Middlesea Valletta Life Assurance Company Ltd, whose results have a material effect on Middlesea Insurance plc.
The Directors’ Statement also noted that the local operation continued to produce a positive gross underwriting result. However, the overall Group results were adversely affected by the increased reinsurance costs and a lower investment returns from the local capital market during the first quarter.
Middlesea Insurance plc confirms that no material event or transactions have taken place that would have an impact on the balance sheet of the Holding Company and its controlled undertakings.
The Executive Chairman, Mario C Grech reiterated, “The inherent nature of insurance risk business, which is also exposed to cyclical movements in capital markets (local and foreign), presents a continuous challenge throughout the full financial year. Nonetheless, we remain focused to meet future challenges and opportunities successfully. The financial position of the Holding Company has remained sound. This allows us to pursue our endeavours to achieve further growth and development both locally and overseas.”