The 2009 full-year results of Middlesea Insurance plc were published on Tuesday 27 April 2010. The Board of Directors did not recommend the payment of a dividend.
During the year ended 31 December 2009, the Middlesea Group registered a pre-tax loss of €54.4 million compared to a pre-tax loss of €29.8 million in 2008. This loss reflects the full impairment of the investment in Progress Assicurazioni SpA of €63.1 million following the decision to place the Italian company into administration. Meanwhile the profit generated from the domestic operations in Malta amounted to €8.7 million – a significant improvement compared to the loss of €2.98 million registered in 2008.
Despite the injection of a further €40 million in equity through the rights issue in December 2009, total shareholders’ equity of the Middlesea Group declined to €48 million as at 31 December 2009 representing a net asset value per share of €0.529.
Middlesea Group Chairman Mr Joseph F X Zahra expressed his confidence on the way forward following the closure of the Italian subsidiary. The Middlesea Board of Directors is seeking to implement a more focused strategy with the objective of strengthening the Group’s status as the leader in the local insurance industry through Middlesea Insurance plc, the third-party service provider IIMS Ltd and through the important joint venture company Middlesea Valletta Life Assurance co Ltd.
A copy of the Preliminary Profits Announcement can be downloaded from here.