The Union Finance Ministry has urged other ministries not to include solvency ratio criteria to government owned non-life insurers to participate in the tenders for general insurance needs.In an Office Memorandum, the Department of Financial .
MAPFRE Middlesea plc, as a standalone company, registered a turnover of €75.12 million in gross premium written, a one per cent increase over FY2019, registering a marginal increase in its market leadership share.
In a year dominated by the COVID-19 pandemic, premium growth was severely depressed, with the market only marginally increasing in volume as economic activity slowed down. Technical results improved over the previous year as the near lockdown months and the lack of tourist visiting the island affected favourably the claim frequency particularly in motor. Fewer large losses occurred during the year with a lower effect on results compared to the previous year.
Paris, 10 February 2021 – 17:35 FY-2020 results: Net income at €82.9m and 100% pay-out ratio • Turnover: €1,451m, down by -0.6% at constant FX and perimeter- Trade Credit Insurance decreasing by -0.8% at constant scope and FX - Client retention reaches new record levels. New business increasing to €138m- Improving pricing conditions confirmed and lower client activity continues Net loss ratio at 47.7%, up by 2.7 ppts. Annual net combined ratio at 79.8% (84.5% excluding the effect of government schemes) Q4-2020 net loss ratio at 18.3% (33.1% excluding government schemes), due to strong management of past claims and low level of new claimsAnnual net cost ratio improved by 0.6 ppt to 32.1%, reflecting costs control in the current environmentQ4-2020 net combined ratio at 58.3% (69.4% excluding government schemes) • Net income (group share) of €82.9m, of which €30.5m in Q4-2020. Annualised RoATE1 of 4.8%- Earnings per share reached &#x