The 2008 full-year results of Middlesea Insurance plc were published on Tuesday 28 April 2009. The Board of Directors of Middlesea plc did not recommend the payment of a dividend.
During the year ended 31 December 2008, the Middlesea Group generated a pre-tax loss of €20.59 million when compared to a pre-tax profit of €7 million in 2007. The Group’s results were adversely affected by the current financial crisis which affected the performance of the Group’s investment portfolio, even though Middlesea Insurance stated that they had no direct exposure to any of the sub-prime or other ‘toxic assets’. The Group was also negatively affected by the technical performance of the Italian subsidiary, Progress Assicurazioni SpA, which registered a loss after taxation of €19.1 million due to the deterioration in the loss ratio on the obligatory third party motor business whilst the market also suffered an overall deterioration in this line of business.
A copy of the Preliminary Profits Announcement can be downloaded from here.
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