Mapfre Middlesea plc - Full-Year Results

On 22 March 2023, Mapfre Middlesea plc published its Annual Report and Financial Statements for the financial year ended 31 December 2022.

Performance Overview

Total income from insurance activities declined by 3.9% to €23.3 million (2021: €24.3 million), reflecting the lower balance on technical accounts for both general business (-9.4% to €4.76 million) and long-term business (-2.3% to €18.6 million).

However, profitability for 2022 was higher due to the non-recurrence of the €1.5 million revaluation loss on property that the Group suffered in the previous year. The financial performance of the Group also benefitted from an impairment reversal of €0.54 million.

Overall, the Group registered pre-tax profits of €22.2 million compared to €20.4 million in 2021. After accounting for tax expenses and non-controlling interests, net profits attributable to Mapfre shareholders amounted to €8.79 million compared to €7.64 million in 2021. 

The Statement of Financial Position shows that total assets dropped by 12.8% to €2.47 billion mostly due to the sharp drop in other investments (-€429 million). Similarly, total liabilities declined by 14% to €2.24 billion largely driven by the drop in insurance contracts and investment contracts with Discretionary Participation Feature (-€367 million). As a result, shareholders’ funds increased by 1.8% to €113.1 million which translates into a net asset value per share of €1.229 (31 December 2021: €1.207).


The Directors are recommending a net dividend of €0.038043 per share, which is 46% higher than the dividend paid out for the 2021 financial year. This is payable on 23 May 2023 to all shareholders as at the close of trading on 8 May 2023 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled to be held on 28 April 2023.

Chairman’s Statement

The Chairman’s statement highlighted that while the results seem excellent, they do not reflect the complex effects brought about by the markets, principally with respect to the Group’s life insurance subsidiary MSV Life plc (jointly owned by Mapfre Middlesea plc and Bank of Valletta plc). In this respect, the Chairman explained that assets under management were adversely affected by the market downturn and placed pressure on solvency. As at the end of 2022, MSV Life’s With Profits Fund’s assets under management stood at €1.89 billion compared to €2.25 billion as at 31 December 2021, reflecting the unusual concurrent fall in equity and bond markets following the sharp increase in interest rates. The Chairman noted that the solvency ratio is estimated to remain above the regulatory solvency capital requirements but not within the desirable range as articulated within the risk appetite of the company.