‘MAPFRE Malta proved to be resilient in the face of this pandemic’ – Chairman

During MAPFRE Middlesea’s 40th Annual General meeting, Chairman Martin Galea remarked that MAPFRE Middlesea and MAPFRE MSV Life have both performed well in spite of the pandemic.

Both companies posted excellent returns. Whilst MAPFRE Middlesea posted a profit after tax of €4.12 million (2019 €4.01 excluding Group Dividends), MAPFRE MSV Life posted a profit of €10.33 million (2019 €11.75 million) of which half is attributable to MAPFRE Middlesea (the remaining half being owned by the Bank). 

“From the outset of the COVID-19 crisis, MAPFRE Malta’s immediate priority was to keep people safe, starting from the Company’s employees and their families, as well as their clients, and within a few weeks, the Company had to adapt to working remotely,” the Chairman stated, adding, “MAPFRE Malta proved to be resilient in the face of this pandemic, and will continue working to retain our position as market leaders and a benchmark in sustainability, social commitment and trust.”

Mr Galea went on to thank “our employees, agents and TIIs who have worked so hard to ensure our clients are well served in these trying times and who continue to have faith in us. We must continue to improve our service to them and remain the trustworthy insurance company.”

MAPFRE Middlesea CEO Javier Moreno said that the Company will continue forging ahead on the Group Strategic plan of “transforming to grow and improve profitably”.

He reported that technical results improved over previous year as the near lockdown months and the lack of tourist visiting the island affected claim frequency favourably, particularly in Motor Insurance. Moreover, he continued, fewer large losses occurred during the year, with a lower effect on results compared to the previous year.

Commenting on the Board’s outlook for 2021, Mr Galea affirmed, “we expect that with the vaccine rollout gaining traction and the pandemic spread restrained, the economy starts heading to the much-needed growth. We expect the demand for general business to grow at a lower rate than that experienced in recent years, while that for the protection, savings and investments products in life to remain strong.”