MAPFRE Middlesea has declared a net dividend of €4.5 million for the 2023 financial year, an increase of €1 million over the dividend for the previous year.

The increase comes as the companies profits shot up by over 180%, with profit before tax almost tripling from €8.3 million to €24 million. Profit after tax stood at €15.8 million.

In its annual report, published on Monday (yesterday), MAPFRE Middlesea CEO Javier Moreno Gonzalez pointed out that the company's payout will be 68.7 per cent of this year’s profit after tax.

In his third year in the role, Mr Moreno Gonzalez said the results “confirm that the decisions and measures taken have been appropriate to guarantee sustainable development over time, while generating profitability and value creation for our shareholders.”

The significant increase in profit comes despite a reduction in the firm’s total turnover, with total business written contracting to €297 million from the €342 million written in 2022.

However, premiums increased by 10.1 per cent to reach €93 million: “This year we are particularly proud to have had a significant increase in premiums in all lines of business, accelerating the growth we already had in 2022.”

Mr Moreno Gonzalez noted that MAPFRE Middlesea retains “a clear leadership position” in Malta’s insurance market, with a market share of 31.9 per cent in 2023 – although this represents a slight drop over the 32.6 per cent market share it enjoyed in 2022. Proportionate leadership is maintained in most business lines.

The company has just over 125,000 customers and more than 260,000 policies, with 65,820 new policies issued throughout 2023.

The policy retention ratio is 78 per cent and the client retention ratio stands above 87 per cent.