MAPFRE Middlesea recorded €20.4 million profit before tax in 2021

MAPFRE Middlesea plc recorded €20.4 million profit before tax in 2021, down slightly from 2020.

This was announced at an annual general meeting during which the accounts for the financial year ended 31 December 2021 and the reports of the directors and auditors were approved.

The AGM also approved a final gross dividend of €0.0304012 per share for shareholders.

Premiums written amounted to €405 million, with significant growth in both long-term business and non-life.

CEO Javier Moreno noted that in 2021 the company launched the pioneering electric vehicle policy, more adaptable and simplified offerings for SMEs, and introduced COVID coverage in their travel policies.

“Although uncertainty is never good for business, our excellent financial performance reflects the remarkable efforts of all our teams, our intermediaries and our strategic partners,” he said. “Without a doubt, MMS has the widest coverage of insurance solutions allowing our intermediaries to always meet the needs of each family and every company.”

Moreno said that the reinsurance protection offered to the company by MAPFRE Re, the MAPFRE Group reinsurance company, provides cover for significant losses and ensures that the company’s solvency is not impacted by such occurrences.

He highlighted that MAPFRE MSV Life has achieved a very positive financial result for its policyholders, resulting in the allocation of a regular bonus of 2% continuing to offer the widest range of protection, savings and retirement solutions on the market.

More said MAPFRE is a committed company that is concerned about its social presence and believes that business development also entails a demanding, social, environmental and governance commitment to protect the legacy handed down to our future generations.

José Ramon Alegre, Antoinette Caruana, Gordon Cordina, Martin Galea, José Luis Jiménez, José Maria del Pozo, Etienne Sciberras, Robert Suban and Paul Testaferrata Moroni Viani were appointed to the board of directors.

The appointments of Gordon Cordina, Etienne Sciberras and Robert Suban are subject to regulatory approval and their appointment will become effective from the date of such approval.

Martin Galea was appointed as Chairman of the Board of Directors of MAPFRE Middlesea plc.