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MSV registers pre-tax profits of €7.24 million
By MaltaMedia News
May 18, 2008 - 11:27:32 AM
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Middlesea Valetta Life Assurance Co. Ltd. (MSV) registered a profit before tax of €7.24 million (Lm3.11m) for the year ended 31 December 2007. This represents an increase of 10% over the previous year.
The profit after tax amounted to €5.26 million (Lm2.26m) compared to €6.96 million (Lm2.99m) recorded in 2006. The reduction of 24% in the after tax profit is due to the fact that the 2006 change was stated net of a tax credit adjustment relating to prior years.
Business Written increased by 16% from €117.32 million (Lm50.36m) in 2006 to €135.91 million (Lm58.35m) in 2007, whilst the company’s Total Assets increased by 16% from €717.37 million (Lm307.97m) in 2006 to €832.25 million (Lm357.29m) at the end of 2007.
The Chairman of MSV, Roderick Chalmers stated, “in 2007 MSV produced another satisfactory performance in challenging circumstances. Through a combination of a strong brand, financial strength, product breadth and distribution reach, MSV maintained its position as the market leader in the individual protection and long term savings market in Malta".
Whilst in 2007 total Business Written increased by 16%, Gross Premiums in respect of with-profits investments increased by 25% as the volatility in the financial markets led policyholders to show a preference towards less risky investments. The Bancassurance partnership with Bank of Valletta p.l.c. continued to perform strongly and remains MSV’s most important channel of distribution.
© Copyright 2008 by MaltaMedia.com
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Latest update:
May 18, 2008 - 3:08:40 PM CET
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