Issue link: https://maltatoday.uberflip.com/i/1397092
3 NEWS 29.7.2021 FROM PAGE 1 A highly-trained workforce is one of the top attractions, as are Malta's ge- ographical location, cost of living and the high level of services like medical care and education. Farrugia said that Malta was also at- tracting small companies from within the European Union. "Even though they might gain little in terms of fiscal or economic advan- tage, these companies come to Malta because of the agile and approachable institutions they find here," he said. He explained that a company that might be one of many its own coun- try, might choose to move part, if not all, of its operations to Malta where it would benefit from easy access to all relevant institutions. In the past days, Farrugia hosted a delegation from Germany's Federal Association of SMEs BVMW Aus- landsburo, a German SME Business Network which has recently launched its local chapter. He said Malta Enterprise is commit- ted to attract more German compa- nies to Malta through this new syner- gy. The organisation is one of Germa- ny's largest business networks with over 300 branches. At the opening of the offices, Far- rugia thanked the BVMW Board for their commitment to Malta. Alfons Schwarte, who is leading the Malta chapter of the association, hailed the importance of the presence of this entity in Malta and saw this as an opportunity for more German businesses to set up shop here in the future. Members of BMVW visited the Mal- ta LifeSciences Park in San Ġwann – a business hub for life sciences and the digital industry run by Malta Enter- prise. THE consolidated MAPFRE Middlesea Group registered a profit before tax for the first six months of 2021 of €10.98 million, compared to €10.71 million re- corded during the comparative period last year. e Group's half yearly financial state- ments for January to June 2021 show that the profit after tax and non-con- trolling interests, allocated to share- holders, amounted to €4.93 million as compared to €4.86million in 2020. Long term business delivered a strong- er performance both as a result of sig- nificant increases in new business rev- enue and a positive investment return, compared to low volumes and financial losses that were being registered in the comparative period last year from the economic fallout of the COVID-19 pan- demic. On the other hand, non-life business, though registering a satisfactory perfor- mance, could not match the pandemic driven exceptional result achieved last year. MAPFRE Middlesea p.l.c.'s non-life business saw premium written recover from the subdued levels of June 2020. e net combined ratio moved upwards reflecting the increased claim frequen- cy in Motor as the country returned to a new form of normality. Notwithstand- ing, the technical results still delivered a satisfactory profit above expectations. Financial returns saw an improvement over 2020 but again do not include any receipt of dividend from MAPFRE MSV Life p.1.c., which like in 2020, will not be paying a dividend to further strengt hen is Solvency position. In this regards, both MAPFRE Mid- dlesea p.l.c. and Bank of Valletta p.l.c., the shareholders of MAPFRE MSV Life p.l.c., have invested €20.00 million each in the share capital of the company in March 2021. MAPFRE MSV Life p.l.c. had a very positive first half year with premium levels returning to near all-time highs. Financial markets continued to recov- er and the company reported a sound investment return contrary to the loss- es registered at the half-way mark of 2020. e With-Profits Fund increased by 1.6% as at June and 7.0% higher com- pared to June 2020. Group's gross premiums written have increased by 25.9% during the first six months of 2021. Turnover in General Business moved up by 7.5% with the major lines of busi- ness delivering higher volume levels. Life premium written soared over com- parative figures by 31.4% reflecting the consumer confidence in our brand, with strong levels of reinvestment of maturi- ties and new business. MAPFRE Middlesea Group registers €11m in pre-tax profit in first six months of 2021 On the occasion of MAPFRE Middlesea's 40th anniversary, the company has enhanced its facilities to include a gym, a recreational area with table tennis, a new canteen and chill out area for employees. This month the company will start the restoration of its façade which will bring the building back its former glory. This project is expected to be concluded in 18 months. Foreign companies appreciate Malta's 'agile and approachable institutions' Malta Enterprise CEO Kurt Farrugia addressing members of the BVMW business network