Record year for Middlesea Valletta

Middlesea Valletta Life Assurance registered its best ever results last year, with a pre-tax profit of €7.64 million.

The company's total equity amounted to €107 million, an increase of 19 per cent over 2008.

Earnings per share increased from 12c3 in 2008 to 37c in 2009. The company's total assets were valued at €1 billion.

Middlesea chairman Roderick Chalmers said these results were the best ever registered by the company since its establishment in 1994, and coincided with its 15th anniversary.

"It is encouraging that these results were registered only a year after the unprecedented financial turmoil experienced in 2008," he said.

The board of directors approved a resolution whereby differential rates of regular bonuses were declared in respect of with-profits plans held with Middlesea for the year ending December 31, 2009.

The board also approved a regular bonus of 3.45 per cent on secure growth policies which formed part of the portfolio of business transferred to Middlesea from Assicurazioni Generali S.p.A. during 2000.

During 2009, Middlesea shareholders increased the company's issued share capital to €51.75 million from €41.75 million.