MAPFRE Middlesea plc has reported a profit before tax of €24.8 million for the financial year ending 31st December 2024, slightly up from €24 million the previous year. This reflects a 10.7 per cent increase in earnings per share, which stood at 13.6 cents.
According to the Group’s financial statements, the total business written across MAPFRE Middlesea and its life insurance arm, MAPFRE MSV Life plc, reached €309.5 million, up from €297.0 million in 2023. Both entities recorded year-on-year increases in business volumes.
General business premium crosses €100 million threshold
MAPFRE Middlesea wrote €101.7 million in general business premiums in 2024, marking a 9.4 per cent increase over the previous year and the first time the company has surpassed the €100 million threshold. The growth was recorded across all main lines of business, with the exception of marine cargo.
Motor, health, and property insurance accounted for over 73 per cent of total gross written premiums. The motor insurance segment, which represents 48.2 per cent of the non-life portfolio, reported a net combined ratio of 85 per cent, an improvement from 90.2 per cent in 2023. This was attributed to reduced claims frequency, relatively low average claim costs, and fewer large claims.
However, other classes of business experienced weaker results. The net combined ratio for health insurance deteriorated to 89.8 per cent from 87.6 per cent, while marine hull and other segments also saw losses. The Group's overall combined operating ratio stood at 86.4 per cent, up from 85.6 per cent the year before.
Life insurance arm reports increased profitability
MAPFRE MSV Life reported total business written of €205.8 million, compared to €201.3 million in 2023. Both single and regular premium segments recorded growth, with continued demand for life protection products and long-term regular savings, including pensions.
The company recorded a pre-tax profit of €15 million in 2024, up from €14.6 million the previous year. Profit after tax was €11 million, compared to €9.6 million in 2023. Management attributed the growth to a combination of internal strategy and external market conditions, including a relatively strong domestic economy.
Investment income and capital management
Investment income increased to €2.6 million from €2.0 million the previous year, with stronger dividend income from Group companies offsetting weaker returns from the investment portfolio.
The company said it continues to maintain a solvency ratio well above regulatory requirements. Its capital management strategy, which includes a consistent dividend policy and reinsurance arrangements, is aimed at reducing exposure to large, infrequent risks.
Distribution channels and operations
MAPFRE Middlesea reported strong performance across its distribution channels, particularly through its agents network, which increased premiums by 11.1 per cent. The company opened a new sales office in San Ġwann and a vehicle inspection centre in Naxxar during 2024, and noted that customer retention remained high.
While continuing to invest in digital services, the company highlighted the importance of physical customer touchpoints, particularly for services that still require in-person interaction.
MAPFRE Middlesea’s market share in general insurance stood at 31.8 per cent in 2024, a marginal decline from 31.9 per cent in 2023. Despite increased competition and rising reinsurance costs in commercial lines, the company stated that it retained proportionate leadership in most business segments.
