Insurance and financial services firm GlobalCapital saw its pre-tax profits almost double in 2017, rising from €2.8 million to €4.6 million. 

The company, which provides life and health insurance products, released its financial results on Friday. 

They show the Group’s assets leap by 12.3 per cent to €127.1m in 2017 compared to €113.1m the previous year. Shareholder funds also increased by 19 per cent, while the Group’s net asset value at the end of 2017 stood at €18m, compared to €15.1m in 2016.

In a growingly competitive environment, we’re pleased by these positive results. After four consecutive positive years, GlobalCapital has successfully completed a radical turnaround and is ready to expand to new international markets,” group chairman Paolo Catalfamo said.

The group has appointed Teuta Orici-Bakalli as its new chief financial officer, Pablo Perez-Fernandez as group chief operating officer and George Onete its group chief technology officer. 

Ms Orici-Bakalli brings with her more than 20 years' experience in regulated financial markets, with Dr Fernandez holding a PhD in applied mathematics from UCLA and significant fintech experience. 

Subject to regulatory approval, Ms Oruci-Bakalli, Dr Fernandes-Perez and Mr Onete shall respectively act as CFO, COO and CTO of the group’s regulated subsidiaries GlobalCapital Life Insurance Limited, GlobalCapital Health Insurance Agency Limited and GlobalCapital Financial Management Limited.

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