MSV Life p.l.c. registers Pre-Tax Profits of €14.26 million

The MSV Group’s total assets increased by 13.7% from €1,372.10 million at the end of 2013 to €1,559.45 million at the end of 2014

10 March 2015, 4:05pm

2 min read

MSV Life p.l.c. registered a profit before tax of €14.26 million for the year ended 31 December 2014 sustaining the profitability patterns emerging in the prior year which saw the Group report a €15.48 million profit before tax. In 2014 the Group recorded an after-tax profit of €10.41 million.

Gross premiums written (including investment contracts without DPF) for financial year 2014 increased by 40.2% from €111.32 million to €156.05 million. This was mainly due to an increased demand across all products in particular life protection business and single premium savings contracts.

The MSV Group’s total assets increased by 13.7% from €1,372.10 million at the end of 2013 to €1,559.45 million at the end of 2014, whilst the net technical provisions (including investment contracts without DPF) increased by 13.6% from €1,218.98 million in 2013 to €1,385.44 million in 2014.

In 2014, the value of in-force business, disclosed as an intangible asset, increased by 13.3% from €49.21 million in 2013 to €55.77 million. The value of in-force business reflects the value of the projected future transfers to shareholders arising from policies in force at the end of the year.

The resilience and upturn in equity and bond markets produced stronger returns than those generated in prior year with net investment income increasing from €98.19 million in 2013 to €119.38 million in 2014.

At the end of 2014 the level of net admissible assets for statutory solvency purposes stood at €89.43 million (2013: €82.92 million), which represents an excess of €32.97 million (2013: €33.27 million) over the ‘required margin of solvency’ as stipulated in the Insurance Business Regulation of €56.46 million (2013: €49.65 million).

Total shareholders’ funds at the close of 2014 amounted to €147.13 million (2013: €135.13 million), an increase of 8.9% over the previous year.

The net asset value per share has increased from €6.17 as at the end of 2013 to €6.72 per share driven by the underlying profitability of the business.