Mapfre Middlesea plc - Full-Year Results

On 13 March 2019, Mapfre Middlesea plc published its preliminary statement of annual results for the financial year ended 31 December 2018.

Performance Overview

During 2018, post-tax profits of the non-life insurance business slipped by 8.8% to €9.43 million reflecting higher motor insurance claims as well as lower income from dividends and investment income. Mapfre Middlesea reported that gross premiums written grew by 12.5% to €69.7 million as it experienced a marginal increase in overall market share.

The company’s life insurance business, through its 50% stake in Mapfre MSV Life plc, reported an increase of 8.6% in net profits to €10.88 million on the back of higher demand across all its products particularly single premium savings contracts and life protection business. On a standalone basis, Mapfre MSV Life reported a turnover of €322.7 million during 2018 compared to €291.5 million in the previous comparable period.

Overall, the Mapfre Middlesea Group reported a 4.8% increase in pre-tax profits to €18.6 million (2017: €17.7 million). After accounting for a tax charge of €4.52 million and minority interests of €5.44 million (relating to the 50% shareholding of Mapfre MSV Life plc owned by Bank of Valletta plc), the Group’s net profit amounted to €8.59 million which is 1% higher than the €8.51 million figure reported in the 2017 financial year. The post-tax return on average equity eased to 9.31% from 9.47% in 2017.

The Statement of Financial Position shows that total assets expanded by 4.7% to €2.32 billion whilst total liabilities increased by 5.2% to €2.15 billion. Shareholders’ funds contracted by 1.3% to €91.7 million which, in turn, translates into a net asset value per share of €0.996 (31 December 2017: €1.010).

Dividend   

The Directors are recommending an ordinary net dividend of €0.0978 per share compared to the €0.1054 per share paid out for the 2017 financial year. In addition, the Directors are recommending the payment of a special net dividend of €0.08696 per share that emanates from the retained earnings of its 50%-owned subsidiary Mapfre MSV Life plc.

Shareholders as at the close of trading on Tuesday 30 April 2019 will be eligible to receive both the ordinary dividend as well as the special dividend. The two dividends are payable on Wednesday 22 May 2019 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled to be held on Friday 26 April 2019.

Download

Mapfre Middlesea plc – Preliminary Statement of Annual Results for the financial year ended 31 December 2018.