Middlesea Group registers €17.98 million profit after tax

Middlesea Group profit after tax rose from €3.11 million in 2011 to €17.98 million last year. Addressing the annual general meeting today, chairman Martin Galea referred to Middlesea’s membership in the MAPFRE Group since 2011 which, he said, gave the company access to “a wealth of experience… and ultimately allowed the company remain more relevant to its customers.” He spoke of challenges encountered by Middlesea last year, including the intensive price competition over all classes of policies at both the corporate and personal level and a significant drop in the sale of Life single premium products for MSV Life, caused by low bonus rates given during 2012 and the added competition from banks. In spite of all this, Middlesea Insurance increased topline premiums written by 10.7 per cent, whilst MSV Life registered a profit before tax of nearly €16 million, compared to €5.43 million the previous year. Mr Galea thanked outgoing board members Frederick Mifsud Bonnici, Tonio Depasquale and Andres Jimenez Herradon for their work, as well as Roderick Chalmers who resigned from for personal reasons last year. He then welcomed two new board members, John Cassar White and Charles Borg, who...