Issue link: https://maltatoday.uberflip.com/i/553118
20 illum | Il-Ħadd 09 ta' Awwissu 2015 GlobalCapital Life Insurance Limited HEAD OFFICE - Testaferrata Street - Ta' Xbiex XBX 1403 - Malta - Tel (356) 21 342 342 - Fax (356) 21 333 100 E-mail: info@globalcapital.com.mt Review of business GlobalCapital Life Insurance Limited (the "company") registered a prot before taxation for the year ended 31 December 2014 of €3,467,371 compared to a prior year loss of €616,741. The prot before taxation is inclusive of a gross dividend from the company's participating holding amounting to €1,086,154. The turnaround in the company's operational performance was the result of the tough but necessary execution of the aggressive transformation strategy that started to take material eect in early June 2014. This included the generation of a sustainable level of revenue growth together with a reduction in overall operational costs to ensure long-term nancial stability and protability. This transformation together with positive investment performance helped improve the company's results. Signicant growth was registered in both the interest sensitive and unit linked business, while retaining the prior year's levels of conventional business. The continued eorts to enhance the protable product suite oered by the company facilitated improved competitiveness and marketability, hence generating positive results. The company's value of in-force business for 2014 registered an increase of €397,129, in aggregate amounting to €4,140,000 at end of the current year (2013: €3,742,871) - this represents the projected future shareholder prots expected from the insurance policies in force as at year end appropriately discounted and adjusted for taxation. The board of directors is pleased to announce a 2014 bonus declaration of 3.50% (2013: 3.25%) on all interest sensitive policies other than those subject to guaranteed returns, in which case the product rate was credited. The company also announced a 3.25% (2013: 3.25%) bonus rate for the 102 Plan and a bonus rate of 1.10% (2013: 1.50%) for paid up policies. The company will also credit a terminal bonus for policies maturing during the course of 2015. The trend in protability has continued post year end and the results exceed those achieved during the comparative period to June 2014. Statement pursuant to Title 1 of the Third Schedule of the Insurance Business (Companies Accounts) Regulations, 2000 The statutory nancial statements of GlobalCapital Life Insurance Limited for the nancial year ended 31 December 2014 were approved by the Board of Directors on 7 August 2015. On the same date, the independent Auditor, Deloitte Audit Limited, expressed an unqualied opinion on these nancial statements. Registered Oce: Testaferrata Street Ta' Xbiex XBX 1403 Tel: 21 342 342 Notes to the Abridged Financial Statements for the year ended 31 December 2014 1. GlobalCapital Life Insurance Limited is authorised by the Malta Financial Services Authority to carry on long term business of insurance under the Insurance Business Act, (Chap 403). 2. Basis of preparation These abridged nancial statements are being published in accordance with article 20 of the Insurance Business Act, (Chap 403). These statements have been extracted from the company audited nancial statements as approved by the board of directors on 7 August 2015. The annual nancial statements for the nancial year ended 31 December 2014 have been prepared in accordance with International Financial Reporting Standards as adopted by the EU, the Insurance Business Act, (Chap 403), and with the Companies Act, (Chap 386). 3. The audited nancial statements of the company for the nancial year are exhibited in Malta throughout the following twelve months in the head oce of the company and are available for public inspection during the normal oce hours. 4. The nancial statements of the company for the year are available to the public for either inspection or purchase from the company's head oce and the Registrar of Companies. Abridged Financial Statements for the year ended 31 December 2014 Income Statement for the year ended 31 December 2014 2014 € 2013 € Balance on the long term business technical account 1,316,623) (1,063,224) Investment income 2,243,711 1,006,117 Other charges (92,963) (559,634) Prot/(Loss) before tax 3,467,371 (616,741) Tax (charge)/credit (320,928) 111,127 Prot/(Loss) for the nancial year 3,146,443 ( 505,614) Statement of Financial Position as at 31 December 2014 Assets 2014 € 2013 € Intangible assets 5,916,444 4,712,184 Investments 62,110,342 56,198,817 Assets held to cover linked liabilities 3,280,809 2,471,701 Reinsurers' share of technical provisions 2,326,819 2,079,368 Receivables 6,226,195 5,631,244 Other assets 5,046,930 9,105,026 Prepayments and accrued income 698,244 805,356 Total assets 85,605,783 81,003,696 Liabilities Capital and reserves 15,395,469 11,990,960 Subordinated loan - 800,000 Technical provisions 62,597,486 62,586,580 Technical provisions for linked liabilities 3,467,840 2,762,175 Provisions for other risks 1,671,744 1,190,400 Payables 2,019,213 1,345,710 Accruals and deferred income 454,031 327,871 Total liabilities 85,605,783 81,003,696 GlobalCapital Life Insurance Limited is authorised to transact Long Term Insurance Business and is regulated by the Malta Financial Services Authority. Registered address: GlobalCapital Life Insurance Limited, Testaferrata Street, Ta' Xbiex XBX1403, Malta.