MAPFRE Middlesea held its 36th annual general meeting (AGM) on the on Friday at the Hilton Hotel, in St Julian's. Around 250 shareholders attended the meeting, during which the results of the Group were highlighted.
During the AGM, Chairman Martin Galea said that despite 2016 being a difficult year, particularly in the Motor Business, the outlook for the upcoming year seems positive. "Excessive price competition and a higher amount of claims have caused deterioration in the motor class business, however, through careful consideration and decision-making, we have managed to keep the dividend for our shareholders as in previous years," he said.
Mr Galea explained that the company is taking measures to correct the situation in the motor business, matching premiums with the underwriting risks being taken, while ensuring that the insurer is supported when he most needs it - when submitting a claim.
The chairman pointed out that during 2016, the company invested in several important projects including a major IT project which is being concluded, and which will ensure a more efficient customer service.
Felipe Navarro, president and CEO of MAPFRE Middlesea explained the financial highlights of the year 2016. The Group Profit before tax amounted to €11.65 million as compared to €17.84 million during the previous year, while the Gross Premium was of €332.64 million, an increase of 23.42 per cent over 2015.
MSV's gross premium written has reached €272.6 million, an increase of 23.5 per cent over last year. This was mainly due to an increased demand across all products in particular single premium savings contracts and life protection business.
Mr Navarro explained that throughout 2016, the company underwent a consolidation of the products portfolio while it introduced new benefits for its clients. He said the company's strategy in the upcoming years is to focus on client orientation, digital transformation, excellence in technical management and development of human talent, values that are in line with the Global MAPFRE Group.
The CEO said he looks forward to the upcoming year in which the company will work on returning the company to profitability while fostering important relationships with all stakeholders. "We create valuable relationships with all our target audience and we offer trust to our clients, shareholders, employees and collaborators," Mr Navarro said.
During the meeting, the accounts for the financial year ending 31 December 2016, the reports of the Directors and Auditors and the gross dividend were approved.
Further information on the Group's financial results can be obtained from MAPFRE Middlesea Insurance's website www.middlesea.com.