On 25 August, Middlesea Insurance plc published its 2009 interim results. The financial statements show a net loss for the period of €17.2 million mainly due to the continued material impact from the Group’s Italian subsidiary, Progress Assicurazioni Spa. In this regard, the Directors announced that they are determined to significantly curtail the level of business undertaken by this subsidiary.
The negative perofrmance of Progress outweighed the profits registered by Middlesea Insurance and the other subsidiary International Insurance Management Services Ltd. The Group’s associate life assurance group, Middlesea Valletta Life Assurance Co Ltd also performed positively but returned a marginal loss on a consolidated basis following a disproportionate tax charge on capital gains and losses.
Following this loss, the Directors feel that it would be appropriate to strengthen the Group’s balance sheet through the raising of additional capital. Further information on this matter will be communicated to shareholders through a Company Announcement and possible a Special Meeting in due course.
Similar to last year, the Directors did not declare an interim dividend.
Download a copy of the 2009 Interim Results.