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Middle Sea Insurance P.L.C M IDDLE S EA I NSURANCE Middle Sea Insurance p.l.c. Annual Report & Financial Statements 1999 MALTA Contents 2 Mission Statement/ Business Philosophy 3 Chairman’s Statement 10 Board of Directors 12 Business Review ’99 15 Local Operations 17 Overseas Operations 19 Agencies 20 Financial Highlights 21 Professional Services 22 Share Register Information 23 Directors' Report 24 Statement of Directors' Responsibilities 25 Report of the Auditors 26 Profit and Loss Account - Technical Account - General Business - Annual Business 27 Profit and Loss Account - Technical Account General Business Fund Business 28 Profit and Loss Account - Technical Account Long Term Business 29 Profit and Loss Account - Non-Technical Account 30 Balance Sheet 32 Statement of Changes in Equity 34 Cash Flow Statements 35 Accounting Policies 38 Notes to the Financial Statements Middle Sea Group 1999 Annual Report 1 Mission Statement To foster the development of the Maltese economy by engaging in the local and international insurance markets with a comprehensive range of services which aims at a planned growth and maximised profitability. Business Philosophy We make quality and reliability the driving force to uphold our professional reputation and image. We strive to ensure this by developing the professional competence, capabilities and well- being of our staff at all levels, through a well developed career planning process. We regard the Company as a customer driven organisation and provide a service of excellence to secure the satisfaction of our customers’ needs. We pursue innovation and maintain active systems of analysis, research and market monitoring. We seek to improve our performance and services by continuously encouraging a positive change orientation in our team of management and staff. 2 Middle Sea Group 1999 Annual Report Chairman’s Statement Middle Sea’s 18th year of operation business in 1999 that amounted to has produced satisfactory results in Lm9.96 million (US$24.2m). The all areas other than international Group’s profit before tax of Lm1.85 reinsurance business. I commented million (US$4.5m) compared in my statement last year on the highly favourably with 1998 registering an competitive market environment both increase of 11.4%. Shareholders’ funds locally and overseas. This situation grew by 22% to Lm21.53 million remains and the pressures were even (US$52.2m). Earnings per share greater in 1999. We are effectively increased by 13% to 13.2c whilst the looking at a market scenario involving Net Asset Value increased to Lm1.72 a process of change negating a strategy (US$4.2) in 1999. of maintaining the status quo. The redefinition of the Company’s strategy Given these results, our confidence in to concentrate our efforts in the continuing expansion of our establishing new core activities has business, and the positive performance allowed Middle Sea to initiate growth of Middle Sea equity on the Malta strategies on a consolidation base. I Stock Exchange, the Board is believe that restructuring and recommending to increase the final re-engineering are of a continuous dividend by five per cent to 6.8c per nature. Satisfactory business share (equivalent to 13.60% on the performance and good returns for nominal value of each share). After shareholders could only be sustained paying a net dividend of Lm0.55 million through a proactive policy of grasping (US$1.3m), the Group will carry opportunities as they present forward retained profits of Lm6.90 themselves in a changing environment. million (US$16.7m). This is in line with our dividend policy. 1996 1997 1998 1999 The fundamental strength of our Lm business provided for a 21% increase The rapid pace of change within the 3,500,000 3,000,000 in Gross Premiums Written in general financial industry has also reached 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 Investment Return General Middle Sea Group 1999 Annual Report 3 Chairman’s Statement (cont) Malta, with participants in the reference to two of these losses, region benefited from the recovering indigenous market competing head- namely Hurricanes “Georges” and global economy and loose monetary to-head across the market. Against “Mitch”. In 1999 alone the market conditions. In the U.S., the stock this background, we adopted a was hit with fourteen catastrophic market rise has been characterised proactive style of management losses! We had the Colombian, Greek, by significant sector polarisation and whereby we became a leader in the Taiwanese and Turkish earthquakes, primarily driven by the spectacular market. Middle Sea entered 1999 with the Venezuelan floods and a number rises in the new sectors such as a number of important objectives for of weather related catastrophes. telecommunications and technology. local and overseas operations. We Clearly, and as happened in 1998, the wanted to expand our presence in positive performance from local Indeed, the poor performance from ‘third sector’ insurance, especially in underwriting activities (Lm0.56 million) global bond markets, one of the worst life, retirement planning and health. was adversely affected by our result years historically in terms of We were keen to expand our from activities in the international performance in Malta lira terms, professional distribution network and reinsurance market in that an overall dragged down overall returns. to develop our agencies within the loss of Lm0.24 million (US$0.6m) was Effectively, bond markets fell in 1999 Middle Sea Group. Management is recorded in the net technical on the prospects of rising rates determined to continue to build on underwriting result after expenditure. resulting from the improving economic a customer-led culture transcending environment. the Group to ensure that our products Although Middle Sea’s overall technical meet the ever changing needs of our underwriting result was weaker, we Our underlying investments are customers. This was also achieved benefited from the excellent spread locally and internationally; this through a network of tied professional performance of our underlying as a result of the limited investment intermediaries. Our strategy for investments. 1999 was a very mixed opportunities locally, the matching of growth was clearly demonstrated year for the major asset classes. foreign liabilities and the required during the year as most of our Global equity markets produced solid spread to achieve diversification. objectives were met. positive returns while global bonds Local investment returns in both produced negative ones making equity equity and bond markets The reinsurance market persisted markets outperform over bonds and outperformed our overseas with its negative cycle. Over the cash for the 5th year running. portfolios.This resulted in an overall period 1990 to 1998, the market investment return of 11.80% encountered eleven losses that were The European equity market surged excluding unrealised capital gains deemed to be catastrophic in nature. as a result of merger and acquisition and of 24.41% gross of unrealised Indeed, in my report last year I made activities, whilst economies across the capital gains. 4 Middle Sea Group 1999 Annual Report The establishment of Middle Sea Valletta In the industry at large, the year has Life Assurance Co. Ltd (MSV) in alliance brought about more mergers and with Bank of Valletta plc and Munich acquisitions as insurers seek to become Reinsurance Company continues to leaner with a greater market share. justify our proactive decision in At the same time, more insurance September 1994 when considering the companies are forming partnerships valuable contribution this investment with banks and other financial is giving to the Middle Sea Group. This institutions to market niche products company, in which Middle Sea Insurance while ‘virtual’ insurers are starting to plc holds 51% shareholding, maintained offer quotations over the Internet in 1996 1997 1998 1999 its steady growth with annual premia developed markets. Middle Sea Lm from long term business increasing to continues to monitor this important 1.8 1.6 Lm13.5 million (US$32.7m) and assets development closely, acknowledging 1.4 reaching a record level of Lm64 million the medium to long term realities of 1.2 1.0 (US$155.4m) since 1994. new distribution networks. 0.8 0.6 0.4 Increased resources have had to be World-wide, the insurance industry 0.2 allocated over the last 15 months in continues to go through a period of 0.0 Net Asset Value per Share order to effectively meet further significant change, and we continue to growth. The scale of the Y2K challenge keep a close watch for opportunities made it an important priority for that conform with our strategic management and, through a diligent direction. A number of particular 1996 1997 1998 1999 Lm approach, the Group completed all the corporate initiatives have been taken 2,000,000 1,800,000 changes within the necessary time by the Group that demonstrate our 1,600,000 scales. Hence the increased capability to reinforce existing 1,400,000 1,200,000 administrative cost over the previous operations or introduce new ones in 1,000,000 800,000 4 years when this was successfully our desire to create further spread in 600,000 contained. our business. The focus on carefully 400,000 200,000 0 Profit Before Tax Middle Sea Group 1999 Annual Report 5 Chairman’s Statement (cont) targeted developments forms an Mediterranean region offers certain markets, taking account of our important component of our overall opportunities of interest to us. Part competitiveness in this new strategy. of our evolution has been the issuing dimension, together with identified of the relevant branch licence from international partners who offer the In this report we set out our Mission the Financial Services Commission of required synergy. Statement and Business Philosophy. Gibraltar and our consideration of These focus clearly on valuing commencing operations through the Our management and staff are eager professional staff and shareholder value acquisition of a majority interest in to grasp these opportunities in which - everything we do must be directed Mapfre Progress Assicurazioni SpA they have played an invaluable role.
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