Mapfre Group profit before tax for this financial year amounted to €18.56 million, against the €17.71 million of the previous year. Profits after tax profits at €14.04 million compared to €13.52 million in 2017.
The standalone company registered a turnover of €69.69 million in gross premium written, a 12.5% increase over 2017, registering a marginal increase in its market leadership share.
Technical results remained strong notwithstanding experiencing the worst motor claim in the history of the Maltese insurance market, it said.
Investment income saw a decline through low yields and negative fair value movements from financial markets.
With dividends from group companies marginally reducing to €6.84 million compared to €7.08 million in 2017, the company registered a profit before tax for 2018 amounting to €11.42 million, compared to a profit of €12.17 million in 2017. Profit after tax decreased from €10.34 million in 2017 to €9.43 million in 2018.
The group’s results include the consolidated Mapfre MSV Life plc (MMSV) profit before tax of €13.7 million (2017: €12.31 million). MMSV reported a turnover (including investment contracts without DPF) of €322.72 million compared to €291.46 million in 2017 as a result of increases in demand across all products in particular single premium savings contracts and life protection business.
With all the major investment asset classes experiencing negative returns a negative investment income of €43.3 million was registered compared to an income of €66.4 million in 2017. The profit after tax consolidated for 2018 amounted to €10.88 million (2017: €10.02 million).
Total group capital and reserves attributable to shareholders (excluding non-controlling interests) as at December 31 was €91.67 million, compared to €92.88 million as at December 31, 2017.
The company maintained a strong balance sheet, with its shareholders’ equity amounting to €68.31 million still maintaining a strong regulatory solvency position as at December 31 under the Solvency II regime.
A gross dividend in respect of year ended December 31 of 11c531 per share amounting to a total dividend of €10,608,738 (2017: €10,400,000) is to be proposed by the directors at the forthcoming annual general meeting.
The board will also recommend the payment of a special net dividend amounting to €8,000,000 equivalent to a gross dividend of 8c696 per share. This special dividend results from a special dividend to be distributed by the subsidiary MMSV from past years retained earnings.
The board outlook for 2019 is one of cautious optimism where the demand for general business was expected to continue to grow while the demand for the protection savings and investments products in life was expected to remain strong.
The company said it would continue to maintain strong focus on customers through the implementation of a number of initiatives to strengthen further the digital platform and widen the digital marketing strategy.
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