Issue link: https://maltatoday.uberflip.com/i/1220547
12.03.2020 5 NEWS LAST week, MAPFRE MSV Life p.l.c. announced the bonus rates for With Profits policies for the year ended 31 December 2019. A Regular Bonus Rate of 2.85% was de- clared on the Company's core products namely the Comprehensive Flexi Plan (regular and single premium policies), the Single Premium Plan and on the With Profits options of the Investment Bond, Retirement Plan and the Personal Pension Plan. A Regular Bonus Rate of 2.75% was de- clared on the Comprehensive Life Plan (regular and single premium policies) whilst on the 'Old Series' Endowment and Whole Life policies, a Regular Bo- nus of 2% of the basic sum assured plus bonuses was declared. e 2019 Regular Bonus Rates repre- sent an increase of 0.50% from the 2018 declaration. In addition, the Board also announced the declaration of a Final Bonus in re- spect of Comprehensive Life Plans (Sin- gle and Regular Premium), Compre- hensive Flexi Plans (Single and Regular Premium) and Single Premium Plans that have been in force for more than 10 years. For the Comprehensive Life Plan (Regular Premium), a Final Bonus of 1.10% has been declared for every year in force after the 10th year of the policy whilst for the Comprehensive Flexi Plan (Regular Premium), a Final Bonus of 1% has been declared for every year in force after the 10th year of the policy. For Single Premium policies the Final Bonus is, for the first time, expressed as a combination of a flat percentage plus an additional percentage for every year in force after the 10th year of the policy. For the Single Premium Plan and the Com- prehensive Flexi Plan (Single Premium) a flat Final Bonus Rate of 12.5% will be paid on the value of the policy account plus an additional percentage of 1% for every year in force after the 10th year of the policy, whilst for the Comprehensive Life Plan (Single Premium), a flat Final Bonus Rate of 12.5% will be paid on the value of the policy account plus an ad- ditional percentage of 2% for every year in force after the 10th year of the policy. Final Bonuses will be paid on the val- ue of the Policy Account as at the date of death or maturity between 1 April 2020 and 31 March 2021. e Board also approved a Regular Bo- nus of 2.75% on those Secure Growth policies which formed part of the port- folio of business transferred to MAPFRE MSV Life from Assicurazioni Generali S.p.A. during 2000. Finally the Board also approved a Regular Bonus of 1.35% on the ALICO 78 policies and a Regular Bonus of 1.6% on the ALICO 66 policies which formed part of the portfolio of business transferred to MAPFRE MSV Life in 2011 from American Life Insur- ance Company ("ALICO"). e MAPFRE MSV With-Profits Fund increased by 13.8% from €1.89 billion in 2018 to €2.15 billion at 31 December 2019. e total investment return of the Fund amounted to €222.9 million recov- ering strongly from the negative €43.1 million downturn in 2018. MAPFRE MSV Life p.l.c. declares 2019 bonuses HSBC Bank Malta p.l.c. announced that Andrew Beane will be relinquishing his post as Chief Executive Officer and Ex- ecutive Director and will be taking up a new senior role within the HSBC Group as Chief of Staff and Transformation, Europe. Simon Vaughan Johnson will replace Andrew as Chief Executive Officer and Executive Director of the bank, subject to regulatory approval. Vaughan Johnson, an international banker with over 30 years of experience, is presently Senior Risk Management Executive and Member of the Executive and Risk Committees, HSBC France. He has served in a number of senior roles at HSBC Group, including as Chief Executive Officer of HSBC Bank Middle East Limited, Kuwait (2011 - 2015) and Regional Head of Commercial Banking, HSBC Middle East and North Africa (2009 - 2011). He has also occupied the position of Deputy Chief Executive Officer and Chief Operating Officer HSBC Uruguay (2002 - 2003), that of Chief Operating Officer and Director of HSBC Private Bank, Guernsey (2003 - 2005), Head of Global Transaction Banking, HSBC France (2005 - 2007) and Senior Execu- tive, Global Commercial Banking, HSBC Hong Kong (2007 - 2009). e Board of Directors has expressed its gratitude towards Andrew Beane for the dedicated and professional service he has given to the bank since November 2015. John Bonello, Chairman of HSBC Mal- ta, said: "I would like to pay tribute to Andrew, who was a catalyst of change during his tenure. He was pivotal in the successful execution of our risk manage- ment agenda and the restructuring pro- cess announced last October to deliver a modern, customer-focused banking experience. anks to Andrew and the team of executives he built around him, HSBC Malta is a stronger and safer bank. I take the opportunity to welcome Simon to HSBC Malta. I am confident that Si- mon's professional skills and experience, which are underpinned by the right per- sonal qualities, will seamlessly pave the way to the next phase for our bank." Simon Vaughan Johnson said: "I'm greatly looking forward to leading the HSBC franchise in Malta and to serving our customers, employees, sharehold- ers and the wider community. Building on the bank's strong foundations and values, I shall be focused on supporting the HSBC Malta team to deliver safe but ambitious revenue growth, meeting the banking needs of our customers and maximising the opportunities arising from our unique competitive position as Malta's leading international bank." Andrew Beane said: "Malta has always been a special place for my family and it has been a great honour and privilege to lead the bank these past years. We have changed HSBC Malta to ensure the bank is correctly positioned to thrive for the long-term and I am delighted to welcome Simon to lead this next phase. Building on the strong results we announced for 2019, later this year we will open our na- tional flagship branch in Qormi, which is symbolic of our ambition for the future. I am grateful to the Chairman and the Board for their support, to my colleagues for their hard work and dedication, and to our customers and shareholders for their trust." Simon Vaughan Johnson to succeed Andrew Beane as HSBC Malta CEO From left: Simon Vaughan Johnson to succeed Andrew Beane as HSBC Bank Malta plc CEO and Executive Director