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3 NEWS 14.4.2022 FROM PAGE 1 e company also registered a 10 per cent rise in premiums, now standing at 22.3m, and now serves over 40,000 cus- tomers. e profit in 2021 was due to the ben- efits and claims remaining fairly flat on the previous year despite suffering some severe adverse unrealised losses on local equities and sovereign bonds resulting in a fall in net investment income and fair value movements of €1.4 million. Gross written premium decreased on the pre- vious year mainly due to a number of maturities and cancellations that did not result in re-investments. On the other hand the company regis- tered a very encouraging increase in its Index Linked and Unit Linked insurance of 36.6%. During the year, LifeStar Insurance re- ceived a gross dividend of €1.37 million from its subsidiary LifeStar Health which is still subject to a regulatory no objection. LifeStar Health Ltd, which last year celebrated its 50th anniversary as local representative for Bupa, also performed well, declaring a €1.37m gross dividend subject to regulatory approval. e company's operating expenses in- creased on the prior year by €0.3 million, due mainly to professional fees and sala- ry costs to retain and protect talent loss. e balance on the long-term technical account closed off with a loss of €0.3 mil- lion compared to a loss in 2020 of €1.3 million. In the published annual report accom- panying the financial statements, Life- Star insurance directors said they will continue to monitor the situation closely to mitigate the impact brought about by the COVID-19 pandemic as well as its impact on capital. LifeStar Chairman Paolo Catalfamo said the results for 2021 exceeded the most optimistic expectations. "I would like to thank the team for this incredible effort in a very difficult year during which we also completed a suc- cessful IPO and a Subordinated Bond placement in a very challenging market and regulatory environment," he said. LifeStar Insurance CEO, Cristina Casingena said the company's success has not happened by chance. "We have completely restructured the company in terms of corporate govern- ance and compliance and have invested heavily in technology to put ourselves in a position where we can offer among the best insurance products on the market while providing our clients with individ- ual attention," she said. Total assets of the LifeStar Group in- creased by 6.5% (2020: 6.2%) from €161.9 million to €171.9 million as at the end of the current reporting period. Techni- cal provisions increased by 4.5% (2020: 10.6%) from € 124.4 million to €130.1 million. e company's Solvency II ratio was a healthy one and, as at 31 Decem- ber 2021 amounting to 165%. e company's value of in-force busi- ness for 2021 registered an increase of €1.4 million (2020: €0.1 million) and, in aggregate, amounted to €11.9 million (2020: €10.5 million) at end of the cur- rent year - representing the discounted projected future shareholder profits ex- pected from the insurance policies in force as at year end, adjusted for taxation. e Board of directors approved a 2021 bonus declaration of 3.5% for Money Plus policies (2020: 3.5%) and 1% (2020: 1.5%) for all other interest sensitive products. e Company also announced a bonus rate of 0.5% (2020: 0.5%) for paid up policies. "While economic challenges remain – we are still feeling the effects of Covid, and the Ukraine crisis has sparked global inflation – we are very confident about the future and welcome all the efforts Malta's current administration is making to remove the country from the FATF grey list in order to create an even more attractive climate for investment," Catalfamo said. "Agility is a key component for com- panies in the current client and I cannot praise the LifeStar team enough for the ability they have shown to adapt and evolve to rapidly changing circum- stances." Litigation Meanwhile, LifeStar Insurance plc, together with LifeStar Holding plc and GlobalCapital Financial Management Limited – all part of the LifeStar Group – on Friday instituted a lawsuit against the Malta Financial Services Authority (MFSA) in a bid "to safeguard its legal right to communications". Mazars Consulting Limited and Keith Cutajar, a sub-contractor of Mazars, are also named as defendants. LifeStar Insurance said it had decided to initiate the judicial action following the appointment of Mazars, on 26 No- vember 2021, as an inspector in connec- tion with an investigation by the MFSA relating to the LifeStar Group's business and operations. e company said it was objecting to the powers conferred on Mazars by the MFSA, on 25 January 2022, in relation to its information and documents, includ- ing its privileged communications. "While the LifeStar Group continues to co-operate with the Authority and Mazars in relation to the investigation, the Company, based on legal advice, con- siders its right to privileged communi- cations to be significantly prejudiced by the Authority's actions," LifeStar Group's announcement read. "Accordingly, the Company is pursu- ing, and intends to continue to pursue, all remedies available to it at law." LifeStar Insurance said it remains com- mitted to adhere to its legal and regula- tory obligations to meet compliance re- quirements on an on-going basis and at all times. LifeStar Insurance claims breach of right to communications by MFSA and consultant LifeStar Insurance has initiated judicial proceedings against the MFSA THE new Mazda2 Hybrid is available to order now from the Mrieħel car show- room of GasanZammit. e smart city car is expected to arrive in Malta in the coming months, combining stylish ex- terior and interior design with a smooth and refined drive. e Mazda2 Hybrid is a self-charg- ing, full hybrid that combines a 1,490cc 93hp three-cylinder petrol engine with a 59kW electric motor for a total system power of 116hp. is new model is the latest outcome of a long-standing collaboration be- tween Mazda Motor Corporation and Toyota Motor Corporation. e Maz- da2 Hybrid will only run in electrical mode. is will not only ensure a quiet running during urban environments, but will also offer zero emissions. After that, during normal driving, the power will adjust between the petrol engine and the electric motor. e high-performance battery will be charged during deceleration and under braking when the kinetic energy will be recovered as electrical energy. e car is equipped with an engine-driven genera- tor that manages the battery power level. ere is a growing trend in all seg- ments towards greater electrification. In the B-segment, hybrid vehicles are now the second most popular powertrain after petrol. By sourcing a hybrid pow- ered vehicle through its alliance with Toyota, Mazda is able to quickly access this segment, exploiting the growing opportunity presented by the current trend whilst also staying relevant in the dominant part of the segment with the current Mazda2. At a glance, the new Mazda 2 is one of the most compact vehicles in the B-segment, with class-leading 4.9 metre turning circle. It has a large, imposing grille aperture, muscular, dynamic styl- ing and a broad, purposeful stance. e Mazda has a surprisingly sporty interi- or that feels refreshingly different from the small car norm. e driver-focused cabin has deeply set cockpit-style dials on one side and crisp unbroken lines on the other. It has a thoroughly modern media sys- tem that's more intuitive and less dis- tracting than most touchscreen setups, with sat-nav, LED headlights, smart- phone connectivity and a lot of active safety gear all standard. Build quality is impressive too; with newer models getting upgraded materi- al trims and comfier front seats. New Mazda2 Hybrid coming soon to Malta

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