18 May 2005

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Middlesea Valletta Life registers significant increase in revenue

Roderick E.D. Chalmers, Chairman of Middlesea Valletta Life (MSV), announced that MSV registered a profit after tax of Lm1.52 million for the year ended 31 December 2004, an increase of 17% over the previous year.
During 2004 the shareholders of MSV have continued to show their commitment towards strengthening the financial stability of the company by increasing the issued and paid- up share capital from Lm6,300,000 to Lm8,600,000. The weighted average earnings per Lm1.00 share increased from 17c1 in 2003 to 19c5.
Chalmers stated that during 2004, MSV continued to consolidate its position as the leader in the Maltese life insurance and long-term savings market. The increase in the issued and paid-up share capital of the company will enable MSV to ensure that it will have the financial resources required to deliver its ongoing business strategy, meet the reasonable expectations of policyholders and strengthen its solvency position.
Mario C. Grech, Deputy Chairman and CEO of Middlesea Valletta Life (MSV), stated that as a result of a strong demand for insurance related savings policies during 2004, MSV registered an increase in the gross written premiums of 60%. Gross written premiums increased from Lm21.86 million in 2003 to Lm34.88 million in 2004.
2004 was characterised by an improvement and stabilization in world markets leading to a gradual return of investor confidence. Investment income of MSV increased from Lm10.27 million in 2003 to Lm11.83 million in 2004. This improvement in investment return has enabled the company to increase its Reversionary Bonuses to its with-profits policyholders.
MSV’s total assets increased by 30% from Lm142.06 million in 2003 to Lm184.23 million in 2004, whilst the long-term business provision increased by 32% from Lm120.84 million in 2003 to Lm159.13 million in 2004.

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