GlobalCapital profits double to €4.6 million in 2017

Group assets leap by 12.3 per cent to €127.1 million with group NAV at €18 million

GlobalCapital plc, the insurance and financial services company, has seen its pre-tax earnings nearly double to €4.6 million in 2017 from €2.8m the previous year.

The company, which provides life and health insurance products, said its financial results presented a strong financial position that consolidate its position in the local market.

“In a growingly competitive environment, we’re pleased by these positive results. After four consecutive positive years, GlobalCapital has successfully completed a radical turnaround and is ready to expand to new international markets,” Group chairman Paolo Catalfamo said.

The results show the Group’s assets leap by 12.3 per cent to €127.1m in 2017 compared to €113.1m the previous year. Shareholder funds also increased by 19 per cent, while the Group’s net asset value at the end of 2017 stood at €18m, compared to €15.1m in 2016.

“The company is investing in technology and human resources and has just engaged a dynamic team at an executive management level who possess a successful international track record to continue growing the business,” Prof. Catalfamo added.

The newly appointed Group Chief Financial Officer is Teuta Oruci-Bakalli who has over 20 years’ experience in regulated financial markets covering investment banking, insurance, asset management and fintech. Among others, Ms Oruci-Bakalli previously covered the top financial positions in Europe for Willis, Vanguard and Worldpay.

As Group Chief Operating Officer, the company has appointed Pablo Perez-Fernandez. Dr Fernandez holds a PhD in applied mathematics from the University of California at Los Angeles and has wide experience in financial technology and quantitative portfolio management.

Meanwhile, George Onete, the newly appointed Group Chief Technology Officer, will be responsible for the implementation of the new and existing technologies at GlobalCapital.

Subject to regulatory approval, Ms Oruci-Bakalli, Dr Fernandes-Perez and Mr Onete shall respectively act as Chief Finance Officer, Chief Operations Officer and Chief Technology Officer of the Group’s regulated subsidiaries GlobalCapital Life Insurance Limited, GlobalCapital Health Insurance Agency Limited and GlobalCapital Financial Management Limited.

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