Issue link: https://maltatoday.uberflip.com/i/1082991
20 maltatoday | SUNDAY • 17 FEBRUARY 2019 COMMERCIAL IN 2018, MAPFRE generated an oper- ating result of €702 million, 0.3% over the previous year. It is important to note that at the end of last year, the company strengthened its balance sheet by allocating €173 million to a partial impairment of goodwill for op- erations in the United States, Italy and Indonesia. After allowing for this allo- cation, net earnings for the year were €529 million, 24.5% lower than that recorded in 2017. The fall in financial income is mainly due to low interest rates, depreciation of currencies, and the cost of cata- strophic events, which had an impact of €97 million on the reinsurance busi- ness. The total Group revenues were €26.6 billion, a fall of 5% due to currency depreciation in the main countries in which MAPFRE operates, namely the US, Brazil, Mexico and Turkey. Premi- ums stood at just over €22.54 billion (-4%), also influenced by the effect of currency depreciation. The impact of currency depreciation accounted for €1.44 billion. Premiums for the EURASIA Regional Area (which groups together opera- tions in Europe –except Spain and Por- tugal, the Middle East, Africa and Asia) ended the year at €1.77 billion (-5.6% ). Malta contributed €390 million, representing the highest growth in this region, with an increase of 11%. In Malta, MAPFRE is represented by MAPFRE Middlesea and MAPFRE MSV Life. Turkey produced €486 mil- lion (-25.7%), heavily influenced by the depreciation of the Turkish lira. Italy increased business by 0.6% to €474 million while in Germany, growth was 5.3%, up to €327 million. At the end of 2018, the Group's com- bined ratio stood at 97.6%, half a per- centage point better than 2017. Equity stood at €9.2 billion, while shareholders' equity amounted to just under €8 bil- lion, with total assets at €67.29 billion. The Group's investments reached €49.27 billion at the end of 2018, with 56% corresponding to sovereign debt and 18.1% to corporate fixed income. The rest was invested in equities, cash and real estate. At the end of September 2018, the Solvency II ratio stood at 207.9%, compared with 201.7% in June, with 88% high-quality capital. It is impor- tant to note that the solvency ratio re- mains both robust and stable, thanks to a high level of diversification and stringent investment and management policies. The Reinsurance Unit registered pre- miums of €3.79 billion for 2018, 10.3% less than the previous years, mostly because most of this unit's business comes from non-European countries, which experience sharp currency de- preciations. MAPFRE also continues to make progress in its commitment to diversi- ty and equality policies, with 40.8% of management job positions throughout the Group held by women. In addi- tion, 2.5% of the workforce comprises people with a disability, exceeding the objective set. MAPFRE registers net earnings of €529 million in 2018 2019 sees Frank Salt Real Es- tate turn 50 – no small feat for a local company. Add to that a reputation of being the leading independent real estate agency in Malta. How did one man in his early thirties, with no ex- perience in real estate, fathom the potential of the real estate world? How did a venture that start- ed with a single visionary op- erating from a small outlet in Paceville, become a family business with a staff comple- ment of just under 200, and with 17 branches spread across Malta and Gozo, having sold and leased homes to thousands of Maltese and foreigners over the span of five decades? It all started in 1969 which many define as a difficult year for Malta. Elections were around the corner, and the fledgling Maltese real estate market was suffering a period of uncertainty. Nevertheless, that was the year that Frank Salt Real Estate was conceived, 50 years ago. Always the entrepreneur, Frank Salt opened a small of- fice at 20, Paceville Avenue in St Julian's, and decided to look around for a secretary to help him run the new venture. Not so easy. Everybody thought that the market would collapse, so secretary after secretary were interviewed, until finally a strong-minded young lady accepted to take on the job, helping the company start on its epic voyage with a staff of two and its own shop win- dow, bravely showing photos of the properties the company wished to sell. The first prop- erty sold was an apartment in San Gwann, for the grand price of £3,000! The second property was sold to a certain Mr J H Salt, no re- lation whatsoever to the com- pany founder. From there, the sky was the limit, and the business gradu- ally bloomed with more staff continually coming on board. 1971 brought about a change in government in Malta under the leadership of Dom Mintoff, leaving everyone waiting with bated breath to see how the real estate market would de- velop, and more importantly, what would happen to the for- eigners living in Malta. In spite of people's worries, the prop- erty market continued moving forward, and so did Frank Salt Real Estate, that shortly after- wards restructured itself to re- flect it growing headcount of property consultants. Real Estate business has changed over the years, and today social media has become so important as well as other youthful ideas. 10 years ago, the founder Frank Salt trans- ferred the company and its management over to a new, younger generation of family and non-family. New blood, new modern ideas, whilst keeping the company's time- honoured tradition of excel- lent customer service. Apart from being the lead- er in the real estate market, Frank Salt Real Estate has a corporate social responsibility programme and supports the environment, in many ways through the 'Let's Go Environ- mental' committee. It will con- tinue to do this in the future because the company feels that it has a responsibility to safe- guard the country's environ- ment and heritage as much as possible. Frank Salt Real Estate has also been at the forefront of trying to keep property prices reason- able, and to ensure that there are always properties for sale for clients on lower incomes. Properties for first time buy- ers are also a priority, and for which the company gives a lot of importance. A social con- science is so important for a company that deals with prob- ably the most important thing in life and that is, the family home. Holding the reign as a mar- ket leader for 50 years in such a competitive environment is no small achievement, but the firm boasts of a strong team of agents under the guidance of the Salt family and fellow directors, backed by a strong team of professional and dedi- cated, managers, agents and support staff, constantly work- ing hard to deliver a service like no other. Further information about the services offered by Frank Salt Real Estate Ltd may be viewed at www.franksalt.com. mt A reputation for service excellence spanning over 50 years