Mapfre Middlesea plc - Interim Results
On 28 July 2022, Mapfre Middlesea plc published its interim financial statements covering the six-month period ended 30 June 2022.
Total income from insurance activities eased by 0.8% to €12.1 million as the higher balance on the long-term business technical account was offset by the decline in the balance on the general business technical account. Meanwhile, other income increased to €1.48 million compared to €1.3 million in H1 2021 on the back of a reversal of impairment on Group undertaking.
On the expenditure side, operating costs contracted by almost 30% to €1.39 million. These were minimally offset by the increase in investment expenses and charges which climbed to €0.22 million compared to €0.15 million in H1 2022.
After accounting for a tax charge of €3.63 million and non-controlling interests, Mapfre Middlesea reported a net profit of €5.18 million which, in turn, translates into an annualised return on average equity of 9.7%.
The Statement of Financial Position shows that total assets contracted by 11% to €2.52 billion when compared to the position as at the end of 2021. Similarly, total liabilities dropped by 11.7% to €2.3 billion whilst net assets slipped by 2.5% to €216.5 million.
In their commentary, the Directors noted that Mapfre Middlesea looks at H2 2022 with cautious optimism in an environment wary of the evolving conflict in Ukraine, inflation, and a challenging investment backdrop. Moreover, the company will remain focused on its strategic actions to deliver improved returns and efficiencies.