GlobalCapital has reported a good operational performance for 2013 in its core insurance business. Health insurance has recorded record profits. Life insurance shows a positive growth in the value of in-force business (VIF), which has been enhanced by new product development. Group CEO Bashar Khatib commented: “GlobalCapital is making real progress in providing insurance products and advice which are attractive to Maltese families who are often underinsured for the needs of the contemporary world.”

Attention to process efficiencies and reducing costs generally has resulted in a further saving of €500,000 in 2013. This, together with a continuing programme of restructuring, has reduced the Group’s cash loss to its lowest level in five years. Nevertheless, the Group has reported a loss after tax for 2013 of €3.7 million, although this includes an impairment of its property holdings of €2.5 million.

The Board of Directors recognise that asset value impairments have impacted substantially on the 2013 results, but are dedicated to a policy of sustainable business growth.