24 APRIL 2002

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Investment losses considered in bonus declared by Middle Sea Valletta Life

“In deciding this year’s bonus declaration, as in previous years, the Board of Middle Sea Valletta Life Assurance had to consider the impact of unrealised investment losses on the Life Fund.

“MSV is however committed to promote an efficient service to its existing and potential policyholders by improving its current products and by the introduction of new and innovative products. The company will seek to adopt a policy of getting closer to customers, to bring about tangible benefits to the market that Middle Sea Valletta serves and to the Company itself.”

This was stated by the Chairman of Middle Sea Valletta Life Assurance Co. Ltd (MSV), Joseph F.X. Zahra. He announced that the company has maintained steady growth during 2001. This was reflected in the total Gross Premiums, which, in 2001 increased by 9.4% to Lm22.1 Funds invested at 31 December 2001 amounted to Lm83.3 million compared with Lm67.3million in 2000 an increase of 23.8% from last year. The value of the Life Fund also increased by 21.5% to Lm80.8 million. Total Assets increased by 19% from Lm82.5 million in December 2000 to Lm98.4 million. During the year under review the Company registered the same levels of profits as in the previous year with the Net Asset Value as at 31 December 2001 increasing to Lm2.97.

The Board of Directors approved a resolution whereby the reversionary bonus declared on the Comprehensive Life Policy and on the Comprehensive Flexi Plan as at 31 December 2001 was 4.75% of the policy account. On the ‘Old Series’ Endowment and Whole of Life policies, a reversionary bonus of 3% of the basic sum assured plus bonuses was declared as at 31 December 2001.

 



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