MMS/DSD/MSE00725 28 July 2025
The following is a Company Announcement issued by MAPFRE Middlesea plc, pursuant to the Capital Markets Rules of the Malta Financial Services Authority.
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The Board of Directors of MAPFRE Middlesea p.I.c. ('the Company'), has today the 28 July 2025, considered and approved the unaudited financial statements for the financial half year ended 30 June 2025. A preliminary statement of interim results is being attached herewith in terms of the Capital Markets Rules. The Interim Financial Statements are available for viewing on the Company's website at https://www.mapfre.com.mt.
In line with Company policy, the Board of Directors has not proposed the payment of an interim dividend.
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rder of the Board
Dr Daphne Sims Dodebier Company Secretary
Preliminary Statement of Interim Results 30 June 2025
0•NAPFRE|hIDDLESEA
Review of Group Operations
Half Yearly Financial Statements - 30 June 2025
Commentary
The Directors present the unaudited consolidated interim results of MAPFRE Middlesea p.I.c..
The Group has in the half year ending 30 June 2025 registered a profit before tax of C14.24 million against the comparative of €12.18 million. The profit after tax and non-controlling interests, allocated to shareholders, amounted to C6.97 million as compared to €6.03 million in 2024.
The Company's non-life business saw premium written registering a strong growth from the already improving levels of June 2024. Technical performance has yielded a significantly improved insurance service result in these six months derived from all lines of business with the exception of Health. Motor remained registering a lower claim frequency with negligible movements in claim cost averages. Large losses had a softer impact on the technical performance than in the comparative period. During the year the impact, as expected, was mainly in the Motor line of business whilst in 2024 these were mainly affecting other classes including Property and General Liability. Investment income excluding the dividend received from the subsidiaries MAPFRE MSV Life p.l.c. of a net C1.50 million and BEE Insurance Management of a net of €1.00 million, was generally in-line with comparative with improved realised income and lower unrealised gains.
MAPFRE MSV Life p.I.c. insurance and investment sales levels reached expectations registering a satisfactory growth in the first six months of the year, diversifying in its product suite to increase its offering in a highly competitive market. Investment returns have been positive and showing improvements against comparative income with realized income yielding a satisfactory return partly mitigated by negative unrealized movements. Profit for MAPFRE MSV Life p.I.c. was marginally above the comparative.
The Group is compliant with the regulatory capital requirements as stipulated by the MFSA which are in line with the Solvency II requirements and continues to maintain its healthy Solvency position as a result of the attained positive results.
MAPFRE|MIDDLESEA
Preliminary Statement of Interim Results 30 June 2025
Financial highlights for the half year
General Business Gross Premium written increased by 10.8% from 'E55.22 million in 2024 to C61.19 million as at the 30 June 2025.
Long term Gross business Written by the Group registered a growth of 2.9% to €117.26 million compared to C113.99 million in the comparative period of 2024.
The Group registered a Profit after taxation for the 6 months ended 30 June 2025 of C9.82 million, of which €6.98 million attributable to shareholders, compared with a profit after taxation of '€8.83 million for the same period last year of which €6.03 million attributable to shareholders.
Net Insurance, Investment and Reinsurance contract Assets and Liabilities at 30 June 2025 marginally increased by 0.3% to C2.21 billion compared to the 31 December 2024 net liabilities.
Total assets increased by 0.3% and totaled C2.46 billion as at 30 June 2025, as compared to the total assets of €2.45 billion at 31 December 2024.
Total Equity of the Group attributable to shareholders amounted to C98.67 million as at 30 June 2025, up from €96.35 million at 31 December 2024, with MAPFRE Middlesea p.I.c. having paid a dividend for financial year 2024 of '€4.8 million outweighed by the results for the half year. The net asset value per share stands at 'E1.07 as at June 2025.
Both insurance companies in the Group are compliant with the regulatory solvency requirements under Solvency II regime as at June 2025.
Outlook
Whilst acknowledging these results to be satisfactory and meeting set targets in the evolution of the new three-year strategic plan, the Directors look at the second half of 2025 with cautious optimism cognizant of the inherent risks underlying the nature of business the Group operates and the impacts these might have on results.
In line with Company policy, the Board of Directors do not propose to pay an interim dividend for the half year ended 30 June 2025 (2024 - nil).
Preliminary Statement of Interim Results 30 June 2025
Condensed Statement of Profit or Loss for the half year ended 30 June
NAPFRE | MIDDLEIE
Group
6 months to | 6 months to | |
30 June 2025 | 30 June 2024 | |
'g'000 | €'000 | |
Insurance revenue | 77,731 | 70,445 |
Insurance service expenses | (58,441) | (51,986) |
Net expenses from reinsurance contracts held | (5,973) | (5,415) |
Insurance service result | 13,317 | 13,044 |
Interest revenue calculated using effective interest method | 2,251 | 2,806 |
Other investment revenue | 35,752 | 37,970 |
Net credit impairment losses | (7) | (16) |
Net investment income | 37,996 | 40,760 |
Net change in investment contract liabilities | 853 | (7,131) |
Finance expense from insurance contracts issued | (35,870) | (33,324) |
Finance income from reinsurance contracts held | 383 | 704 |
Net financial result | (34,634) | (39,751) |
Net insurance and investment results | 16,679 | 14,053 |
Other income | 1,047 | 1,131 |
Other operating expenses | (3,485) | (3,006) |
Profit before tax for the half year | 14,241 | 12,178 |
Tax expense | (4,422) | (3,348) |
Profit for the half year | 9,819 | 8,830 |
Attributable to: | ||
- owners of the Company | 6,973 | 6,030 |
- non-controlling interests | 2,846 | 2,800 |
9,819 | 8,830 | |
Earnings per share attributable to owners of the Company | 7c6 | 6c6 |
Preliminary Statement of Interim Results 30 June 2025
Condensed Statement of Comprehensive Income for the half year ended 30 June
0 MAPFRE | MIDDLESE
Group
6 months to 6 months to
30 June 2025 'g'000 | 30 June 2024 G'000 | |
Profit for the half year | 9,819 | 8,830 |
Other comprehensive income: | ||
Items that are or may be reclassified subsequently | ||
to profit or loss | ||
Net change in fair value of debt securities measured at FVOCI | 142 | (26) |
Total other comprehensive income, net of tax | 142 | (26) |
Total comprehensive income for the half year | 9,961 | 8,804 |
Attributable to: - owners of the Company | 7,115 | 6,004 |
- non-controlling interests | 2,846 | 2,800 |
Total comprehensive income for the half year | 9,961 | 8,804 |
Preliminary Statement of Interim Results 30 June 2025
Condensed Statement of Financial Position
iBNAPFRE |MIDDLESE
Group
June December
2025 | 2024 | |
€'000 | C'000 | |
ASSETS | ||
Intangible assets | 35,184 | 34,411 |
Property, plant and equipment | 17,044 | 17,115 |
Right-of-use assets | 2,222 | 1,702 |
Investment properties | 106,096 | 105,806 |
Investment in associated undertakings | 5,397 | 5,226 |
Other investments | 2,158,740 | 2,159,560 |
Deferred income tax asset | 2,501 | 2,532 |
Insurance contract assets | 7,080 | 7,080 |
Reinsurance contracts assets | 11,856 | 11,815 |
Trade and other receivables | 34,170 | 24,457 |
Current income tax receivable | 1,529 | 2,290 |
Cash and cash equivalents | 80,059 | 81,899 |
Total assets | 2,461,878 | 2,453,893 |
EQUITY | ||
Capital and reserves attributable to owners of the Company | 98,667 | 96,346 |
Non-controlling interests | 88,515 | 87,169 |
Total equity | 187,182 | 183,515 |
LIABILITIES | ||
Deferrred income tax liabilities | 14,370 | 14,340 |
Provisions for other liabilities and charges | 868 | 889 |
Insurance contracts liabilities | 2,008,128 | 2,027,446 |
Investment contract liabilities | 205,744 | 179,685 |
Reinsurance contracts liabilities | 17,699 | 17,073 |
Derivative financial instruments | 6,816 | |
Lease liabilities | 2,326 | 1,790 |
Other payables | 22,278 | 19,899 |
Current income tax liabilities | 3,283 | 2,440 |
Total liabilities | 2,274,696 | 2,270,378 |
Total equity and liabilities | 2,461,878 | 2,453,893 |
Et' nne Sci erras
These condensed financial statements were approved by the Board on 28 July 2025 and were signed on its behalf by:
Martin G let Chairma
President & CEO
Preliminary Statement of Interim Results 30 June 2025
Statement of Changes in Equity for the half year ended 30 June
MAPFRE MlDDLiSEA
Balance as at 1 January 2024 | 19,320 | 688 | 637 | 67,524 | 88,169 | 82,694 | 170,863 |
Comprehensive income Profi‹tfor the half year Other comprehensive income: | 6,030 | 6,030 | 2,800 | 8,8%0 | |||
Net change in fair value of debt securities measured at FVOCI | (26) | (26) | - | (26) | |||
Total other comprehensive income, net of tax | - | (26) | (26) | - | (26) | ||
Total comprehensive income | (26) | 6,030 | 6,004 | 2,800 | 8,804 | ||
Transactions with owners Dividends for 2023 (4,500) (4,500) (1,000) (5,500) | |||||||
Total transactions with owners | - | (4,500) | (4,500) | (1,000) | (5,500) | ||
Balance as at 30 June 2024 | 19,320 | 688 | 611 | 69,054 | 89,673 | 84,494 | 174,167 |
Group
Balance as at 1 January 2025
Comprehensive income Profit for the half year
Other comprehensive income:
Net charge in fair value of debt securities measured at FVOCI
Total other comprehensive income, net of tax
Total comprehensive income
Transactions with owners Write-back of prior year dividends Dividends for 2024
Total transactions with owners
Balance as at 30 June 2025
Attributable to owners of the Company
Share | Share premium | Other | Profit & loss | Non- controlling | |
capital | account | reserves | account | Total interests | Total |
C'000 | €'000 | C'000 | C'000 | C'000 €'000 | €'000 |
19,320 | 688 | 800 | 75,538 | 96,346 | 87,169 | 183,515 |
- | 6,973 | 6,973 | 2,846 | 9,819 | ||
- | 142 | - | 142 | 142 | ||
- | 142 | - | 142 | 142 | ||
- | 142 | 6,973 | 7,115 | 2,846 | 9,961 |
6 6 6
(4,800) (4,800) (1.500) (6,300)
(4,794) (4.794) (1,500) (6,294)
19.320 6B8 942 77,717 98.667 88.515 187,182
Preliminary Statement of Interim Results 30 June 2025
Statement of cash flows
for the half year ended 30 June
NAPFRE | MIDDLESE
Group
6 months to 6 months to
30 June 2025
£'000
30 June 2024
€'000
Cash flows from operating activities
Cash used in operations
(846)
(30,697)
Dividends received
11,333
8,513
Interest received
14,715
13,960
Tax paid
(2,737)
(5,762)
Net cash generated from/(used in) operating activities
22,465
(13,986)
Cash flows from investing activities
Purchase of investment property
(581)
(455)
Disposal of investment property
317
Purchase of financial investments
(494,868)
(683,576)
Disposal of financial investments
481,037
716,067
Purchase of property, plant and equipment and intangible assets
(3,916)
(3,845)
Net cash (used in)/generated from investing activities
(18,011)
28,191
Cash flows fom financing activities
Dividends paid to owners of the Company
(4,794)
(4,500)
Dividends paid to non-controlling interests
(1,500)
(1,000)
Cash used in financing activities
(6,294)
(5,500)
Net movement in cash and cash equivalents
(1,840)
8,705
Movement in cash and cash equivalents
Cash and cash equivalents at beginning of year
81,899
47,975
Cash and cash equivalents at end of half-year
80,059
56,680
( MAPFRE|MIDDLESEA
Preliminary Statement of Interim Results 30 June 2025
Notes to the Condensed Financial Statements
For the half year ended 30 June 2025
MAPFRE Middlesea p.I.c. is authorized by the Malta Financial Services Authority to carry on long term and general business of insurance under the Insurance Business Act, 1998.
Basis of preparation
These condensed financial statements are being published in accordance with Chapter 5 of the Capital Markets Rules of the Malta Financial Services Authority and the Prevention of Financial Markets Abuse Act 2005. These statements have been extracted from the Group's unaudited financial statements as approved by the Board on 28 July 2025 and have been prepared in accordance with International Financial Reporting Standards as adopted by the EU applicable to interim financial reporting (IAS34). They do not include all information required for full annual financial statements, and should be read in conjunction with the financial statements for the year ended 31 December 2024. The accounting policies applied in these condensed financial statements are the same as those applied by the group in its financial statements for the year ended 31 December 2024.
Related party transactions with other members of the MAPFRE Middlesea Group were at a similar level to the comparable period.
Preliminary Statement of Interim Results 30 June 2025
( MAPFRE|MIDDLESEA
Statement pursuant to Capital Markets Rule 5.75.3 issued bY the Malta Financial Services Authority
We confirm that to the best of our knowledge:
the condensed interim financial statements for the Group give a true and fair view of the financial position as at 30 June 2025, financial performance and cash flows for the period then ended, in accordance with accounting standards adopted for use in the EU for interim financial statements ( IAS 34 'Interim Financial Reporting') for the Group; and
the commentary includes a fair review of the information required in terms of Capital Markets rule 5.75.2.
Martin G Ie
Chairma
Etienne Sciberras President & CEO