Product | Rate per Year in Force | After Years in Force | |
5.00% | 1.50% | 25 | |
Comprehensive Flexi Plan (Regular Premium) | Nil | Nil | N/A |
Single Premium Plan | 5.00% | 0.75% | 10 |
Nil | 3.00% | 10 | |
Comprehensive Flexi Plan (Single Premium) | 7.50% | Nil | N/A |
Fixed Remuneration | Variable Remuneration | Share Options | Others |
€307,350 | None | None | None |
Director | 2022 Fees € | 2021 Fees € | Percentage Annual Change of Remuneration % | |
2021-2022 | 2020-2021 | |||
Jose Ramon Alegre (NED) | nil | nil | n/a | n/a |
Alfred Attard (NED until 30 April 2021)1 | nil | 15,000 | n/a | 0.00 |
Antoinette Caruana (NED) | 45,000 | 43,000 | 4.65 | 0.00 |
John Cassar White (NED until 29 April 2022)2 | 13,333 | 39,167 | (55.56) | n/a |
Gordon Cordina (NED from 29 April 2022)3 | 54,683 | nil | n/a | n/a |
Jose Maria del Pozo (NED) | nil | nil | n/a | n/a |
Martin Galea (NED)4 | 68,000 | 69,333 | 4.81 | 1.96 |
Jose Luis Jimenez (NED) | nil | nil | n/a | n/a |
Taddeo Scerri (NED until 29 April 2022) | 15,000 | 42,000 | 4.65 | 5.00 |
Etienne Sciberras (NED from 29 April 2022)5 | nil | nil | n/a | n/a |
Robert Suban (NED from 29 April 2022) | 26,667 | nil | n/a | n/a |
Paul Testaferrata Moroni Viani (NED) | 40,000 | 40,000 | 0.00 | (6.98) |
Joseph F.X. Zahra (NED until 29 April 2022)6 | 44,667 | 40,000 | 17.50 | 0.00 |
Total | 307,350 | 288,500 |
Financial Year | ||
2022 | 2021 | |
€ | € | |
President & CEO | ||
Javier Moreno Gonzalez | ||
Fixed Salary | 184,500 | 135,000 |
Defined pension contribution | 41,985 | 30,375 |
Other fringe benefits | 106,644 | 84,262 |
Total Fixed remuneration | 333,129 | 249,637 |
Variable remuneration | 116,320 | 97,817 |
Total remuneration | 449,449 | 347,454 |
Fixed Variable Proportion | 74%-26% | 72%-28% |
Performance indicators | % Difference FY2022-FY2021 | % Difference FY2021-FY2020 |
Company's profit after tax | 45.3%* | (36.64)% |
Company's gross premium written | 8.75% | 6.64% |
Remuneration of Company's President & CEO | (2.98)%** | 1.90% |
Company's employees' average remuneration on full time equivalent | 3.39% | 6.44% |
Group's employees' average remuneration on full time equivalent | 3.01% | 5.54% |
Year ended 31 December | ||||||
Group and Company | ||||||
2022 | 2021 | |||||
Notes | €’000 | €’000 | ||||
Earned premiums, net of reinsurance | ||||||
Gross premiums written | 6 | |||||
Outward reinsurance premium | ( | ( | ||||
Net premiums written | ||||||
Change in gross provision for unearned premiums | ( | ( | ||||
Change in the provision for unearned premiums, reinsurers' share | ( | |||||
( | ( | |||||
Earned premiums, net of reinsurance | ||||||
Allocated investment return transferred from the non-technical account | 8 | ( | ||||
Total technical income | ||||||
Claims incurred, net of reinsurance | ||||||
Claims paid | ||||||
- gross amount | ||||||
- reinsurers' share | ( | ( | ||||
Change in the provision for claims | ||||||
- gross amount | ||||||
- reinsurers' share | ||||||
Claims incurred, net of reinsurance | ||||||
Net operating expenses | 7 | |||||
Total technical charges | ||||||
Balance on the technical account for general business | ||||||
Year ended 31 December | |||||
Company | |||||
2022 | 2021 | ||||
Notes | €’000 | €’000 | €’000 | €’000 | |
Earned premiums net of reinsurance | |||||
Gross premiums written | 6 | 2,680 | 2,497 | ||
Outwards reinsurance premiums | ( | ( | (225) | (211) | |
Earned premiums net of reinsurance | 2,455 | 2,286 | |||
Investment return | |||||
Return from investments | 8 | ( | (49) | (11) | |
Other technical income, net of reinsurance | 9 | — | — | ||
Total technical income | ( | 2,406 | 2,275 | ||
Claims incurred, net of reinsurance | |||||
Claims paid | |||||
- gross amount | 839 | 1,250 | |||
- reinsurers' share | ( | ( | — | (122) | |
839 | 1,128 | ||||
Change in the provision for claims | |||||
- gross amount | (243) | (143) | |||
- reinsurers' share | ( | — | 113 | ||
(243) | (30) | ||||
Claims incurred, net of reinsurance | 596 | 1,098 | |||
Change in other technical provisions, net of reinsurance | |||||
Long term business provision, net of reinsurance | |||||
- gross amount | ( | ( | 68 | (67) | |
Investments contracts with DPF - gross | ( | — | — | ||
( | 68 | (67) | |||
Net operating expenses | 7 | 421 | 328 | ||
Total technical charges | ( | 1,085 | 1,359 | ||
Balance on the technical account for long term business | 1,321 | 916 | |||
Year ended 31 December | |||||
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
Notes | €’000 | €’000 | €’000 | €’000 | |
Balances on technical accounts | |||||
General business | 4,763 | 5,260 | |||
Long term business | 1,321 | 916 | |||
Total income from insurance activities | 6,084 | 6,176 | |||
Other investment income | 8 | 2,182 | 1,107 | ||
Investment expenses and charges | 8 | ( | ( | (1,040) | (659) |
Allocated investment return transferred | |||||
to the general business technical account | 8 | ( | 171 | (307) | |
18 | ( | — | — | ||
Other income | 9 | — | — | ||
Administrative expenses | 7 | ( | ( | (1,946) | (2,254) |
Reversal of impairment in group undertaking | 540 | — | |||
Profit for the financial year before tax | 5,991 | 4,063 | |||
Tax expense | 12 | ( | ( | (2,201) | (1,455) |
Profit for the financial year | 3,790 | 2,608 | |||
Attributable to: | |||||
- owners of the Company | 3,790 | 2,608 | |||
- non-controlling interests | — | — | |||
3,790 | 2,608 | ||||
Earnings per share attributable to owners of the Company | 14 | € | € | ||
Statement of comprehensive income | |||||
Year ended 31 December | |||||
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
Notes | €’000 | €’000 | €’000 | €’000 | |
Profit for the financial year | 3,790 | 2,608 | |||
Other comprehensive income: | |||||
Items that are or may be reclassified subsequently to profit or loss | |||||
Change in fair value of available-for-sale investments | 29 | ( | (764) | 51 | |
Available-for-sale investments reclassified to profit or loss | 29 | ( | — | (102) | |
Revaluation gain on freehold land and buildings | 18 | — | — | ||
Items that will not be reclassified to profit or loss | |||||
Re-measurement actuarial gain on provision for other liabilities and charges | 57 | 2 | |||
(Decrease)/increase in value of in-force business | 16 | ( | — | — | |
Total other comprehensive income, net of tax | ( | (707) | (49) | ||
Total comprehensive income for the year | 3,083 | 2,559 | |||
Attributable to: | |||||
- owners of the Company | |||||
- non-controlling interests | |||||
Total comprehensive income for the year | |||||
At 31 December | |||||
Notes | Group | Company | |||
2022 | 2021 | ||||
€’000 | €’000 | €’000 | €’000 | ||
ASSETS | |||||
Intangible assets | 16 | 9,967 | 9,146 | ||
Property, plant and equipment | |||||
Right-of-use assets | |||||
Investment property | |||||
Investment in subsidiary undertakings | |||||
Investment in associated undertakings | |||||
Other investments | |||||
Deferred income tax | |||||
Reinsurers' share of technical provisions | |||||
Deferred acquisition costs | |||||
Insurance and other receivables | |||||
Income tax receivables | |||||
Cash and cash equivalents | |||||
EQUITY | |||||
Share capital | |||||
Share premium account | |||||
Other reserves | |||||
Retained earnings | |||||
Non-Controlling Interest | |||||
LIABILITIES | |||||
Deferred income tax | |||||
Provision for other liabilities and charges | |||||
Technical provisions | |||||
24 | 95,909 | 93,005 | |||
- investment contracts without DPF | |||||
Derivative financial instruments | 22 | — | — | ||
Lease Liabilities | |||||
Group | ||||||||
Attributable to owners of the Company | ||||||||
Share | Non- | |||||||
Share | premium | Other | Retained | controlling | Total | |||
capital | account | reserves | earnings | Total | interests | equity | ||
Notes | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | |
Comprehensive income | ||||||||
Profit for the financial year | ||||||||
Other comprehensive income: | ||||||||
Change in available-for- sale investment's fair value | 29 | |||||||
Available-for-sale investments re-classified to profit or loss | 29 | ( | ( | ( | ||||
Revaluation gain on freehold land and buildings | 18 | |||||||
Re-measurement actuarial gain on provision for other liabilities and charges | ||||||||
Increase in value of in- force business | 16 | |||||||
Total other comprehensive income, net of tax | ||||||||
Total comprehensive income | ||||||||
Transactions with owners | ||||||||
Increase in share capital of group undertaking | ||||||||
Dividends for 2020 | ( | ( | ( | |||||
Total transactions with owners | ( | ( | ||||||
Balance at 31 December 2021 | ||||||||
Group - continued | ||||||||
Attributable to owners of the Company | ||||||||
Share | Non- | |||||||
Share | premium | Other | Retained | controlling | Total | |||
capital | account | earnings | Total | interests | equity | |||
Notes | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | |
Balance at 1 January 2022 | ||||||||
Comprehensive income | ||||||||
Profit for the financial year | ||||||||
Other comprehensive income: | ||||||||
Change in available-for- sale investments' fair value | 29 | ( | ( | ( | ||||
( | ||||||||
Re-measurement actuarial gain on provision for other liabilities and charges | ||||||||
Decrease in value of in- force business | 16 | ( | ( | ( | ( | |||
Total other comprehensive income, net of tax | ( | ( | ( | ( | ||||
Total comprehensive income | ( | |||||||
Transactions with owners | ||||||||
Dividend for 2021 | ( | ( | ( | ( | ||||
Total transactions with owners | ( | ( | ( | ( | ||||
Balance at 31 December 2022 | ||||||||
Company | ||||||||
Share | ||||||||
Share | premium | Other | Retained | |||||
capital | account | reserves | earnings | Total | ||||
Notes | €’000 | €’000 | €’000 | €’000 | €’000 | |||
Balance at 1 January 2021 | 19,320 | 688 | 34,986 | 22,058 | 77,052 | |||
Comprehensive income | ||||||||
Profit for the financial year | — | — | — | 2,608 | 2,608 | |||
Other comprehensive income: | ||||||||
Change in available-for-sale investments' fair value | — | — | 51 | — | 51 | |||
Available-for-sale investments- reclassified to profit or loss | 29 | — | — | (102) | — | (102) | ||
Re-measurement actuarial gain on provision for other liabilities and charges | 29 | — | — | — | 2 | 2 | ||
Total other comprehensive income, net of tax | — | — | (51) | 2 | (49) | |||
Total comprehensive income | — | — | (51) | 2,610 | 2,559 | |||
Transactions with owners | ||||||||
Dividends for 2020 | — | — | — | (3,200) | (3,200) | |||
Total transactions with owners of the Company | — | — | — | (3,200) | (3,200) | |||
Balance at 31 December 2021 | 19,320 | 688 | 34,935 | 21,468 | 76,411 | |||
Company - continued | ||||||||
Share | ||||||||
Share | premium | Other | Retained | |||||
capital | account | reserves | earnings | Total | ||||
Notes | €’000 | €’000 | €’000 | €’000 | €’000 | |||
Balance at 1 January 2022 | 19,320 | 688 | 34,935 | 21,468 | 76,411 | |||
Comprehensive income | ||||||||
Profit for the financial year | — | — | — | 3,790 | 3,790 | |||
Other comprehensive income: | ||||||||
Change in available-for-sale investments' fair value | 29 | — | — | (764) | — | (764) | ||
Re-measurement actuarial gain on provision for other liabilities and charges | — | — | — | 57 | 57 | |||
Total other comprehensive income, net of tax | — | — | (764) | 57 | (707) | |||
Total comprehensive income | — | — | (764) | 3,847 | 3,083 | |||
Transactions with owners | ||||||||
Dividend for 2021 | — | — | — | (2,400) | (2,400) | |||
Total transactions with owners of the Company | — | — | — | (2,400) | (2,400) | |||
Balance as at 31 December 2022 | 19,320 | 688 | 34,171 | 22,915 | 77,094 | |||
Year ended 31 December | |||||||
Group | Company | ||||||
2022 | 2021 | 2022 | 2021 | ||||
Notes | €’000 | €’000 | €’000 | €’000 | |||
Cash flows from operating activities | |||||||
Cash (used in)/generated from operations | 32 | ( | 11,262 | 12,414 | |||
Dividends received | 1,347 | 168 | |||||
Interest received | 97 | 96 | |||||
Interest paid | ( | ( | (27) | (66) | |||
Income tax paid | ( | ( | (1,944) | (2,742) | |||
Net cash (used in)/generated from operating activities | ( | 10,735 | 9,870 | ||||
Cashflow from investing activities | |||||||
Purchase of investment property | 19 | ( | ( | (76) | (4) | ||
Disposal of investment property | 9 | 16 | |||||
Increase in investment in group undertaking | — | (20,000) | |||||
Purchase of financial investments | ( | ( | (5,135) | (5,131) | |||
Disposal of financial investments | 183 | 2,116 | |||||
Purchase of property, plant and equipment and intangible assets | ( | ( | (3,761) | (3,524) | |||
Disposal of property, plant and equipment and intangibles assets | — | — | |||||
Net cash (used in)/ generated from investing activities | ( | (8,780) | (26,527) | ||||
Cash flows from financing activities | |||||||
Increase in share capital of group undertaking | — | — | |||||
Dividends paid to owners of the Company | ( | ( | (2,400) | (3,200) | |||
Dividends paid to minority interests | ( | — | — | ||||
Cash used in from financing activities | ( | (2,400) | (3,200) | ||||
Net movement in cash and cash equivalents | ( | (445) | (19,857) | ||||
Movement in cash and cash equivalents | |||||||
Cash and cash equivalents at beginning of year | 11,575 | 31,432 | |||||
Cash and cash equivalents at end of year | 27 | 11,130 | 11,575 | ||||
Buildings | 100 years | |
Leasehold improvements | 10 - 40 years | |
Motor vehicles | 5 years | |
Furniture, fittings and equipment | 3 - 10 years |
2022 | |||||||
Group | |||||||
Notes | Within 1 year | between 1 - 2 years | between 2 - 5 years | over 5 years | Total | ||
€’000 | €’000 | €’000 | €’000 | €’000 | |||
Assets | |||||||
Debt securities | 22 | 58,337 | 77,605 | 201,915 | 449,735 | 787,592 | |
Collective investment schemes | 243,126 | — | — | — | 243,126 | ||
Loans and receivables: | |||||||
- Deposits with banks and credit institutions | 22 | 96,091 | 20,637 | — | — | 116,728 | |
- Loans secured on policies | 22 | 9,132 | — | — | — | 9,132 | |
- Cash and cash equivalents | 27 | 137,286 | — | — | — | 137,286 | |
Total interest bearing assets | 543,972 | 98,242 | 201,915 | 449,735 | 1,293,864 | ||
Liabilities | |||||||
Long-term insurance contracts | — | — | — | 1,912,983 | 1,912,983 | ||
Total interest bearing liabilities | — | — | — | 1,912,983 | 1,912,983 | ||
2021 | |||||||
Group | |||||||
Notes | Within | Between | Between | Over | |||
1 year | 1 - 2 years | 2 - 5 years | 5 years | Total | |||
€’000 | €’000 | €’000 | €’000 | €’000 | |||
Assets | |||||||
Debt securities | 22 | 33,601 | 68,426 | 237,667 | 671,791 | 1,011,485 | |
Collective investment schemes | 197,691 | — | — | — | 197,691 | ||
Loans and receivables: | |||||||
- Deposits with banks and credit institutions | 22 | 144,550 | 60,338 | — | — | 204,888 | |
- Loans secured on policies | 22 | 8,035 | — | — | — | 8,035 | |
- Cash and cash equivalents | 27 | 71,443 | — | — | — | 71,443 | |
Total interest bearing assets | 455,320 | 128,764 | 237,667 | 671,791 | 1,493,542 | ||
Liabilities | |||||||
Long-term insurance contracts | — | — | — | 2,276,558 | 2,276,558 | ||
Total interest bearing liabilities | — | — | — | 2,276,558 | 2,276,558 | ||
2022 | |||||||
Company | |||||||
Notes | Within | Between | Between | Over | |||
1 year | 1 - 2 years | 2 - 5 years | 5 years | Total | |||
€’000 | €’000 | €’000 | €’000 | €’000 | |||
Assets | |||||||
Debt securities | 22 | — | 854 | 6,962 | 2,525 | 10,341 | |
Loans and receivables: | |||||||
- Cash and cash equivalents | 27 | 11,130 | — | — | — | 11,130 | |
Total interest bearing assets | 11,130 | 854 | 6,962 | 2,525 | 21,471 | ||
2021 | |||||||
Company | |||||||
Notes | Within | Between | Between | Over | |||
1 year | 1 - 2 years | 2 - 5 years | 5 years | Total | |||
€’000 | €’000 | €’000 | €’000 | €’000 | |||
Assets | |||||||
Debt securities | 22 | 101 | — | 2,747 | 3,489 | 6,337 | |
Loans and receivables: | — | ||||||
- Cash and cash equivalents | 27 | 11,575 | — | — | — | 11,575 | |
Total Interest bearing assets | 11,676 | — | 2,747 | 3,489 | 17,912 | ||
Group | |||
2022 | 2021 | ||
€’000 | €’000 | ||
Assets held at variables rates | |||
Debt securities | 67,608 | 72,637 | |
Cash and cash equivalents | 928 | 8,207 | |
68,536 | 80,844 | ||
Liabilities issued at variable rates | |||
Net long term insurance contracts | 1,912,983 | 2,276,558 | |
1,912,983 | 2,276,558 | ||
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€’000 | €’000 | €’000 | €’000 | ||
Assets held at fixed rates | |||||
Debt securities | 719,984 | 938,848 | 10,341 | 6,337 | |
Loans secured on policies | 9,132 | 8,035 | — | — | |
Deposits with banks and credit institutions | 116,728 | 204,888 | — | — | |
A component of equity securities and units in unit trusts | 243,126 | 197,691 | — | — | |
1,088,970 | 1,349,462 | 10,341 | 6,337 | ||
Group | ||
2022 | 2021 | |
€’000 | €’000 | |
Long positions | ||
- Federal Republic of Germany | 69,704 | 109,748 |
- United States Government | — | 1,040 |
69,704 | 110,788 | |
Short positions | ||
- Federal Republic of Germany | 76,362 | 129,257 |
- United States Government | 2,730 | 2,416 |
79,092 | 131,673 | |
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€’000 | €’000 | €’000 | €’000 | ||
Assets subject to equity price risk | 753,882 | 908,624 | 1,756 | 2,045 | |
The above includes: | |||||
Component of investments in associated | |||||
undertakings (Note 21)* | 22,512 | 22,321 | — | — | |
Component of equity securities and units | |||||
in unit trusts (Note 22) | 731,370 | 886,303 | 1,756 | 2,045 | |
753,882 | 908,624 | 1,756 | 2,045 | ||
Notional | ||||
Net exposure | amount of | |||
before | currency | Net exposure | ||
hedging | derivatives | after hedging | ||
€’000 | €’000 | €’000 | ||
Currency of exposure: | ||||
USD | 194,131 | 2,325 | 191,806 | |
CHF | 19,762 | — | 19,762 | |
GBP | 6,679 | 901 | 5,778 | |
SEK | 11,932 | — | 11,932 | |
DKK | 13,378 | — | 13,378 | |
HKD | 7,454 | — | 7,454 | |
Others | 19,687 | 6,801 | 12,886 | |
273,023 | 10,027 | 262,996 | ||
Notional | ||||
Net exposure | amount of | |||
before | currency | Net exposure | ||
hedging | derivatives | after hedging | ||
€’000 | €’000 | €’000 | ||
Currency of exposure: | ||||
USD | 295,887 | 65,317 | 230,570 | |
CHF | 29,450 | — | 29,450 | |
GBP | 18,566 | 9,752 | 8,814 | |
SEK | 15,122 | — | 15,122 | |
DKK | 19,277 | — | 19,277 | |
Others | 72,873 | 41,500 | 31,373 | |
451,175 | 116,569 | 334,606 | ||
Notional | ||||
Net exposure | amount of | |||
before | currency | Net exposure | ||
hedging | derivatives | after hedging | ||
€’000 | €’000 | €’000 | ||
Currency of exposure: | ||||
USD | (155) | — | (155) | |
GBP | (33) | — | (33) | |
Other | 2 | — | 2 | |
(186) | — | (186) | ||
Notional | ||||
Net exposure | amount of | |||
before | currency | Net exposure | ||
hedging | derivatives | after hedging | ||
€’000 | €’000 | €’000 | ||
Currency of exposure: | ||||
USD | (72) | — | (72) | |
GBP | 108 | — | 108 | |
Others | 2 | — | 2 | |
38 | — | 38 | ||
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€'000 | €'000 | €'000 | €'000 | ||
Debt securities | 787,592 | 1,011,485 | 10,341 | 6,337 | |
Other financial assets (including deposits with banks and other loans) | 116,728 | 204,888 | — | — | |
Forward foreign exchange contracts | 2,698 | — | — | — | |
Reinsurers share of technical provisions | 22,352 | 25,823 | 21,876 | 24,890 | |
Insurance and other receivables | 27,029 | 29,333 | 18,402 | 17,416 | |
Cash and cash equivalents | 137,286 | 71,443 | 11,130 | 11,575 | |
Total | 1,093,685 | 1,342,972 | 61,749 | 60,218 | |
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€'000 | €'000 | €'000 | €'000 | ||
AAA | 115,968 | 159,144 | 1,976 | — | |
AA | 179,400 | 239,071 | 2,642 | 2,834 | |
A | 273,745 | 327,557 | 23,990 | 25,676 | |
BBB | 386,998 | 465,102 | 9,542 | 9,761 | |
Below BBB or not rated | 137,574 | 152,098 | 23,599 | 21,947 | |
1,093,685 | 1,342,972 | 61,749 | 60,218 | ||
Group and Company | |||||
2022 | 2021 | ||||
€’000 | €’000 | ||||
Within credit terms | 9,906 | 9,272 | |||
Not more than three months | 3,450 | 3,263 | |||
Within three to twelve months | 2,211 | 1,926 | |||
Over twelve months | 441 | 716 | |||
16,008 | 15,177 | ||||
Group and Company | |||||
2022 | 2021 | ||||
€ | € | ||||
Over twelve months | 440 | 387 | |||
Group expected cash flows (€ millions) 2022 | ||||||||
0-1 yr | 1-2 yrs | 2-3 yrs | 3-4 yrs | 4-5 yrs | >5 yrs | Total | ||
Technical provisions - Life insurance contracts and investment contracts with DPF | 296.9 | 212.7 | 176.5 | 155.8 | 122.1 | 1,044.5 | 2,008.5 | |
Technical provisions - claims outstanding | 15.3 | 6.0 | 3.6 | 2.5 | 1.2 | 25.6 | 54.2 | |
Lease liabilities | 0.4 | 0.4 | 0.3 | 0.2 | 0.2 | 0.2 | 1.7 | |
Insurance and other payables (contractual) | 28.0 | — | — | — | — | — | 28.0 |
Group expected cash flows (€ millions) 2021 | ||||||||
0-1 yr | 1-2 yrs | 2-3 yrs | 3-4 yrs | 4-5 yrs | >5 yrs | Total | ||
Technical provisions - Life insurance contracts and investment contracts with DPF | 338.9 | 264.6 | 219.8 | 191.5 | 163.2 | 1,199.7 | 2,377.7 | |
Technical provisions - claims outstanding | 14.6 | 5.8 | 3.2 | 2.5 | 1.1 | 26.6 | 53.8 | |
Lease Liabilities | 0.4 | 0.4 | 0.3 | 0.3 | 0.2 | 0.4 | 2.0 | |
Insurance and other payables (contractual) | 31.2 | — | — | — | — | — | 31.2 |
Company expected cash flows (€ millions) 2022 | ||||||||
0-1 yr | 1-2 yrs | 2-3 yrs | 3-4 yrs | 4-5 yrs | >5 yrs | Total | ||
Technical provisions - claims outstanding | 15.3 | 6.0 | 3.6 | 2.5 | 1.2 | 25.6 | 54.2 | |
Lease liabilities | 0.4 | 0.3 | 0.3 | 0.2 | 0.2 | 0.2 | 1.6 | |
Insurance and other payables (contractual) | 12.6 | — | — | — | — | — | 12.6 |
Company expected cash flows (€ millions) 2021 | ||||||||
0-1 yr | 1-2 yrs | 2-3 yrs | 3-4 yrs | 4-5 yrs | >5 yrs | Total | ||
Technical provisions - claims outstanding | 14.6 | 5.8 | 3.2 | 2.5 | 1.1 | 26.6 | 53.8 | |
Lease Liabilities | 0.4 | 0.3 | 0.3 | 0.3 | 0.2 | 0.40 | 1.9 | |
Insurance and other payables (contractual) | 13.4 | — | — | — | — | — | 13.4 |
Group | |||
2022 | 2021 | ||
€’000 | €’000 | ||
At 31 December | |||
Foreign exchange contracts | |||
- outflow | (97,744) | (128,215) | |
- inflow | 100,443 | 127,440 | |
Group | |||||
Level 1 | Level 2 | Level 3 | Total | ||
€'000 | €'000 | €'000 | €'000 | ||
Assets | |||||
- Equity Securities, units in unit trusts and | |||||
collective investment schemes | 973,661 | 40,912 | 61,609 | 1,076,182 | |
- Debt Securities | 529,741 | 248,113 | — | 777,854 | |
Other available-for-sale investments | 5,605 | 4,703 | — | 10,308 | |
Derivative financial instruments | — | 2,698 | — | 2,698 | |
Investment in associated undertakings | — | 22,647 | — | 22,647 | |
Total assets | 1,509,007 | 319,073 | 61,609 | 1,889,689 | |
Liabilities | |||||
Unit linked financial liabilities | — | 102,256 | — | 102,256 | |
Total liabilities | — | 102,256 | — | 102,256 | |
Company | ||||
Level 1 | Level 2 | Total | ||
€'000 | €'000 | €'000 | ||
Assets | ||||
Financial assets at fair value through profit and loss | ||||
- Equity Securities, units in unit trusts and collective investment schemes | — | 1,186 | 1,186 | |
- Debt Securities | 603 | — | 603 | |
Other available-for-sale investments | 5,605 | 4,703 | 10,308 | |
Total assets | 6,208 | 5,889 | 12,097 | |
Group | |||||
Level 1 | Level 2 | Level 3 | Total | ||
€'000 | €'000 | €'000 | €'000 | ||
Assets | |||||
Financial assets at fair value through profit or loss | |||||
- Equity Securities, units in unit trusts and collective investment schemes | 1,129,261 | 48,834 | 18,756 | 1,196,851 | |
- Debt Securities | 691,704 | 314,202 | — | 1,005,906 | |
Other available-for-sale investments | 4,265 | 1,965 | — | 6,230 | |
Investment in associated undertakings | — | 22,449 | — | 22,449 | |
Total assets | 1,825,230 | 387,450 | 18,756 | 2,231,436 | |
Liabilities | |||||
Unit linked financial liabilities | — | 113,509 | — | 113,509 | |
Derivative financial instruments | — | 775 | — | 775 | |
Total liabilities | — | 114,284 | — | 114,284 | |
Company | ||||
Level 1 | Level 2 | Total | ||
€'000 | €'000 | €'000 | ||
Assets | ||||
Financial assets at fair value through profit or loss | ||||
- Equity Securities, units in unit trusts and collective investment schemes | — | 1,393 | 1,393 | |
- Debt Securities | 758 | — | 758 | |
Other available-for-sale investments | 4,265 | 1,965 | 6,230 | |
Total assets | 5,023 | 3,358 | 8,381 | |
Group | ||
2021 | ||
Equity securities | ||
€'000 | ||
Opening balance | — | |
Additions | 18,558 | |
Total gains recognised in profit or loss | 198 | |
Closing balance | 18,756 | |
2022 | ||
Opening balance | 18,756 | |
Additions | 38,363 | |
Total gains recognised in profit or loss | 4,490 | |
Closing balance | 61,609 | |
Group and Company | |||||
Gross premiums written | Gross premiums earned | ||||
2022 | 2021 | 2022 | 2021 | ||
€’000 | €’000 | €’000 | €’000 | ||
Direct insurance | |||||
Motor (third party liability) | 19,852 | 19,131 | 19,097 | 18,843 | |
Motor (other classes) | 20,875 | 18,615 | 20,082 | 18,334 | |
Fire and other damage to property | 15,089 | 14,550 | 14,619 | 13,554 | |
Accident & Health | 18,986 | 16,093 | 18,098 | 15,358 | |
Other classes | 9,637 | 9,224 | 9,864 | 8,545 | |
84,439 | 77,613 | 81,760 | 74,634 | ||
Group and Company | |||||||
Gross claims incurred | Gross operating expenses | Reinsurance balance | |||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||
€'000 | €'000 | €'000 | €'000 | €'000 | €'000 | ||
Direct insurance | |||||||
Motor (third party liability) | 18,707 | 21,820 | 6,210 | 6,243 | (902) | (1,984) | |
Motor (other classes) | 8,390 | 5,474 | 6,530 | 5,552 | 152 | 160 | |
Fire and other damage to property | 4,281 | 3,703 | 4,865 | 4,534 | 4,822 | 4,710 | |
Accident & Health | 8,781 | 6,883 | 6,009 | 5,192 | 190 | 232 | |
Other classes | 2,577 | 2,218 | 4,086 | 3,464 | 2,128 | 1,481 | |
42,736 | 40,098 | 27,700 | 24,985 | 6,390 | 4,599 | ||
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€'000 | €'000 | €'000 | €'000 | ||
Gross premiums written | |||||
Direct insurance | 251,439 | 327,632 | 2,680 | 2,497 | |
Periodic premiums | Single premiums | ||||
2022 | 2021 | 2022 | 2021 | ||
€'000 | €'000 | €'000 | €'000 | ||
Non-participating | 17,599 | 17,107 | — | — | |
Participating | 44,203 | 42,186 | 184,696 | 264,353 | |
Linked | 1,858 | 1,967 | 3,083 | 2,019 | |
63,660 | 61,260 | 187,779 | 266,372 | ||
Periodic premiums | Single premiums | |||||
2022 | 2021 | 2022 | 2021 | |||
€'000 | €'000 | €'000 | €'000 | |||
Investment contracts | 3,777 | 2,603 | 2,373 | 1,456 | ||
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€'000 | €'000 | €'000 | €'000 | ||
Charge for reinsurance outwards | 2,476 | 1,049 | 225 | 202 | |
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€'000 | €'000 | €'000 | €'000 | ||
Gross premium written | |||||
Insurance contracts | 32,047 | 33,245 | 2,680 | 2,497 | |
Investment contracts with DPF | 219,392 | 294,387 | — | — | |
251,439 | 327,632 | 2,680 | 2,497 | ||
Claims incurred, net of reinsurance | |||||
Insurance contracts | 51,945 | 56,877 | 596 | 1,098 | |
Investment contracts with DPF | 243,616 | 249,191 | — | — | |
295,561 | 306,068 | 596 | 1,098 | ||
Group | |||
2022 | 2021 | ||
€ | € | ||
Profit on general business | 4,763 | 5,260 | |
Profit on long term business | 18,569 | 19,012 | |
Net investment income not allocated to technical accounts | 4 | (26) | |
Revaluation loss on freehold land and buildings | — | (1,521) | |
Other income | 1,135 | 1,438 | |
Administrative expenses | (2,829) | (3,773) | |
Recovery of impairment in group undertaking | 540 | — | |
Profit for the financial year before tax | 22,182 | 20,390 | |
Company | |||
2022 | 2021 | ||
€ | € | ||
Profit on general business | 4,763 | 5,260 | |
Profit on long term business | 1,321 | 916 | |
Net investment income | 1,313 | 141 | |
Administrative expenses | (1,946) | (2,254) | |
Recovery of impairment in group undertaking | 540 | — | |
Profit for the financial year before tax | 5,991 | 4,063 | |
Group Gross premiums written | Company Gross premiums written | ||||
2022 | 2021 | 2022 | 2021 | ||
€'000 | €'000 | €'000 | €'000 | ||
Continuing operations | |||||
Malta | 335,878 | 405,245 | 87,119 | 80,110 | |
Motor third Party | Motor other | Fire and other damage to property | Accident and health | Other classes | Long- term business | Unallocated | Total | ||
€'000 | €'000 | €'000 | €'000 | €'000 | €'000 | €'000 | €'000 | ||
At 31 December 2022 | |||||||||
Assets allocated to business segments | 45,253 | 15,638 | 15,380 | 12,121 | 15,773 | 2,065,369 | 17,422 | 2,186,956 | |
Assets allocated to shareholders | — | — | — | — | — | — | 283,232 | 283,232 | |
Total assets | 45,253 | 15,638 | 15,380 | 12,121 | 15,773 | 2,065,369 | 300,654 | 2,470,188 | |
At 31 December 2021 | |||||||||
Assets allocated to business segments | 43,786 | 14,887 | 14,929 | 10,802 | 15,742 | 2,439,816 | 16,562 | 2,556,524 | |
Assets allocated to shareholders | — | — | — | — | — | — | 275,229 | 275,229 | |
Total assets | 43,786 | 14,887 | 14,929 | 10,802 | 15,742 | 2,439,816 | 291,791 | 2,831,753 | |
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€ | € | € | € | ||
Acquisition costs | 35,964 | 34,695 | 24,177 | 21,709 | |
Change in deferred acquisition costs, net of reinsurance | (845) | 212 | (845) | 212 | |
Administrative expenses | 13,789 | 13,143 | 6,830 | 6,204 | |
Reinsurance commissions and profit participation | (4,961) | (4,827) | (4,928) | (4,665) | |
43,947 | 43,223 | 25,234 | 23,460 | ||
Allocated to: | |||||
General business | 22,867 | 20,878 | 22,867 | 20,878 | |
Long term business | 18,251 | 18,572 | 421 | 328 | |
Non-technical account (administrative expenses) | 2,829 | 3,773 | 1,946 | 2,254 | |
43,947 | 43,223 | 25,234 | 23,460 | ||
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€ | € | € | € | ||
Investment income | |||||
Dividend income from group undertakings | — | — | 1,313 | 141 | |
Share of profit of other associated undertaking, net of tax | 95 | 89 | — | — | |
Rent receivable from investment property | 6,196 | 5,835 | 776 | 717 | |
Interest receivable from loans and receivables | |||||
- other financial assets not at fair value | 1,427 | 1,893 | — | — | |
Income from financial assets at | |||||
- dividend income | 10,780 | 9,572 | 33 | 7 | |
- net fair value gains and interest on bonds | — | 90,006 | — | — | |
Income from available-for-sale assets | |||||
- dividend income | — | 26 | — | 26 | |
- net fair value gains and interest on bonds | 55 | 187 | 55 | 187 | |
Net fair value gains on investment property | — | — | — | — | |
Other investment income | 996 | 595 | 5 | — | |
Exchange differences | 2 | 17 | 2 | 17 | |
19,551 | 108,220 | 2,184 | 1,095 | ||
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€’000 | €’000 | €’000 | €’000 | ||
Investment expenses and charges | |||||
Direct operating expenses arising from investment property that generated rental income | 342 | 385 | 13 | 15 | |
Interest expense on loans and receivables | 27 | 66 | 27 | 66 | |
Interest expense for financial liabilities that are not at fair value through profit or loss | 7 | 3 | 7 | 3 | |
Expense on financial assets at fair value through profit or loss | |||||
- net fair value losses and interest on bonds | 296,097 | 51 | 333 | 51 | |
Net fair value losses on investment property | 3,011 | 3,113 | 642 | 473 | |
Other investments expenses | 6,797 | 6,815 | 18 | 2 | |
Interest on lease liabilities | 51 | 48 | 51 | 48 | |
306,332 | 10,481 | 1,091 | 658 | ||
Net investment return | (286,781) | 97,739 | 1,093 | 437 | |
Analysed between: | |||||
Allocated investment return transferred to the general business technical account | (171) | 307 | (171) | 307 | |
Investment return included in the long term business technical account | (286,614) | 97,458 | (49) | (11) | |
Other investment income included in the non-technical account | 4 | (26) | 1,313 | 141 | |
(286,781) | 97,739 | 1,093 | 437 | ||
Group | |||
2022 | 2021 | ||
€'000 | €'000 | ||
Other technical income, net of reinsurance | |||
Investment management fees | 688 | 724 | |
Other | 55 | 64 | |
743 | 788 | ||
Other income - non technical | |||
Management fees | 603 | 655 | |
Other income | 532 | 783 | |
1,135 | 1,438 | ||
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€’000 | €’000 | €’000 | €’000 | ||
Employee compensation (Note 11) | 13,709 | 12,649 | 7,553 | 7,784 | |
Depreciation/amortisation: | |||||
- intangible assets (Note 16) | 2,575 | 2,207 | 1,973 | 1,523 | |
- property, plant and equipment (Note 18) | 1,071 | 855 | 579 | 518 | |
Release of provision for impairment on receivables (Note 26) | (135) | (106) | (135) | (106) | |
Impairment of receivables | 29 | 9 | 29 | 9 | |
Increase in provision for impairment on receivables (Note 26) | 188 | 160 | 188 | 160 | |
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€’000 | €’000 | €’000 | €’000 | ||
Annual statutory audit | 599 | 310 | 271 | 149 | |
Solvency II audit | 105 | 103 | 45 | 44 | |
Non-audit services | 2 | 1 | — | — | |
Paid during the year: | |||||
for financial year 2022 | 296 | — | 136 | — | |
for financial year 2021 | 276 | 143 | 127 | 70 | |
for financial year 2020 | — | 319 | — | 160 |
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€'000 | €'000 | €'000 | €'000 | ||
Salaries | 12,908 | 12,001 | 7,098 | 7,366 | |
Social security costs | 667 | 648 | 395 | 418 | |
Contributions to Employee Voluntary Occupational Pension Scheme | 134 | — | 60 | — | |
13,709 | 12,649 | 7,553 | 7,784 | ||
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€'000 | €'000 | €'000 | €'000 | ||
Key management personnel | 27 | 26 | 14 | 14 | |
Managerial | 41 | 42 | 19 | 20 | |
Technical | 213 | 208 | 139 | 148 | |
Administrative | 9 | 9 | 5 | 5 | |
290 | 285 | 177 | 187 | ||
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€'000 | €'000 | €'000 | €'000 | ||
Current tax expense | 44,722 | 2,311 | 1,888 | 1,645 | |
Deferred tax expense (Note 23) | (37,183) | 5,156 | 313 | (190) | |
Income tax expense | 7,539 | 7,467 | 2,201 | 1,455 | |
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€’000 | €’000 | €’000 | €’000 | ||
Profit before tax | 22,182 | 20,390 | 5,991 | 4,063 | |
Tax at 35% | 7,764 | 7,137 | 2,097 | 1,422 | |
Adjusted for tax effect of : | |||||
Net exempt income and disallowed expenses | (17) | 49 | 306 | 47 | |
Property withholding tax at 8% or10% | (97) | 476 | 170 | 115 | |
Other | (111) | (195) | (372) | (129) | |
Income tax expense | 7,539 | 7,467 | 2,201 | 1,455 | |
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€'000 | €'000 | €'000 | €'000 | ||
Directors' fees | 307 | 289 | 224 | 271 | |
Group | |||
2022 | 2021 | ||
€'000 | €'000 | ||
Profit attributable to owners of the Company | 8,794 | 7,643 | |
Number of ordinary shares | |||
in issue (Note 28) | 92,000 | 92,000 | |
Basic and diluted earnings per share attributable to owners of the Company (€) | 0.096 | 0.083 | |
Group | ||||||
Computer Software | Total | |||||
€'000's | €'000's | €'000's | €'000's | |||
At 1 January 2021 | ||||||
Cost or valuation | 77,192 | 36,694 | 3,642 | 117,528 | ||
Accumulated amortisation and impairment | — | (19,311) | (3,381) | (22,692) | ||
Net book amount | 77,192 | 17,383 | 261 | 94,836 | ||
Year ended 31 December 2021 | ||||||
Opening net book amount | 77,192 | 17,383 | 261 | 94,836 | ||
Increase in value of in force business credited to reserves | 9,912 | — | — | 9,912 | ||
Additions | — | 7,111 | 77 | 7,188 | ||
Amortisation charge | — | (2,034) | (173) | (2,207) | ||
Closing net book amount | 87,104 | 22,460 | 165 | 109,729 | ||
At 31 December 2021 | ||||||
Cost or valuation | 87,104 | 43,805 | 3,719 | 134,628 | ||
Accumulated amortisation and impairment | — | (21,345) | (3,554) | (24,899) | ||
Net book amount | 87,104 | 22,460 | 165 | 109,729 | ||
Year ended 31 December 2022 | ||||||
Opening net book amount | 87,104 | 22,460 | 165 | 109,729 | ||
Decrease in value of in-force business debited to reserves | (7,266) | — | — | (7,266) | ||
Additions | — | 7,946 | 155 | 8,101 | ||
Disposals | — | (2) | — | (2) | ||
Amortisation charge | — | (2,563) | (12) | (2,575) | ||
Closing net book amount | 79,838 | 27,841 | 308 | 107,987 | ||
At 31 December 2022 | ||||||
Cost or valuation | 79,838 | 51,749 | 3,874 | 135,461 | ||
Accumulated amortisation and impairment | — | (23,908) | (3,566) | (27,474) | ||
Net book amount | 79,838 | 27,841 | 308 | 107,987 | ||
Company | Computer Software | |
€'000 | ||
At 1 January 2021 | ||
Cost | 15,331 | |
Accumulated amortisation | (7,569) | |
Net book amount | 7,762 | |
Year ended 31 December 2021 | ||
Opening net book amount | 7,762 | |
Additions | 2,907 | |
Amortisation charge | (1,523) | |
Closing net book amount | 9,146 | |
At 31 December 2021 | ||
Cost | 18,238 | |
Accumulated amortisation | (9,092) | |
Net book amount | 9,146 | |
Year ended 31 December 2022 | ||
Opening net book amount | 9,146 | |
Additions | 2,794 | |
Amortisation charge | (1,973) | |
Closing net book amount | 9,967 | |
At 31 December 2022 | ||
Cost | 21,032 | |
Accumulated amortisation | (11,065) | |
Net book amount | 9,967 | |
2021 | Group | |||
Property | Motor vehicles | Total | ||
€’000 | €’000 | €’000 | ||
Balance on 01 January | 341 | 590 | 931 | |
Additions | 1,036 | 208 | 1,244 | |
Derecognition of right-of-use assets | — | (45) | (45) | |
Depreciation charge for the year | (173) | (155) | (328) | |
Balance on 31 December | 1,204 | 598 | 1,802 | |
2022 | Group | ||
Property | Motor vehicles | Total | |
€’000 | €’000 | €’000 | |
Balance on 01 January | 1,204 | 598 | 1,802 |
Additions | — | — | — |
Derecognition of right-of-use assets | — | (46) | (46) |
Depreciation charge for the year | (212) | (129) | (341) |
Depreciation released on derecognition | — | 46 | 46 |
Balance on 31 December | 992 | 469 | 1,461 |
2021 | Company | |||
Property | Motor vehicles | Total | ||
€’000 | €’000 | €’000 | ||
Balance on 01 January | 341 | 425 | 766 | |
Additions | 1,036 | 153 | 1,189 | |
Depreciation charge for the year | (173) | (97) | (270) | |
Balance on 31 December | 1,204 | 481 | 1,685 | |
2022 | Company | |||
Property | Motor vehicles | Total | ||
€’000 | €’000 | €’000 | ||
Balance on 01 January | 1,204 | 481 | 1,685 | |
Depreciation charge for the year | (212) | (95) | (307) | |
Balance on 31 December | 992 | 386 | 1,378 | |
2021 | Group | |||
Property | Motor vehicles | Total | ||
€’000 | €’000 | €’000 | ||
Depreciation of right-of-use assets | 173 | 155 | 328 | |
Interest expense on lease liabilities | 21 | 35 | 56 | |
2022 | Group | |||
Property | Motor vehicles | Total | ||
€’000 | €’000 | €’000 | ||
Depreciation of right-of-use assets | 212 | 129 | 341 | |
Interest expense on lease liabilities | 27 | 28 | 55 | |
2021 | Company | |||
Property | Motor vehicles | Total | ||
€’000 | €’000 | €’000 | ||
Depreciation of right-of-use assets | 173 | 97 | 270 | |
Interest expense on lease liabilities | 21 | 27 | 48 | |
2022 | Company | |||
Property | Motor vehicles | Total | ||
€’000 | €’000 | €’000 | ||
Depreciation of right-of-use assets | 212 | 95 | 307 | |
Interest expense on lease liabilities | 27 | 24 | 51 | |
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€’000 | €’000 | €’000 | €’000 | ||
Less than one year | 5,530 | 4,969 | 654 | 541 | |
One to two years | 4,309 | 3,388 | 510 | 295 | |
Two to three years | 3,229 | 2,676 | 314 | 236 | |
Three to four years | 1,578 | 2,268 | 274 | 225 | |
Four to five years | 1,217 | 858 | 38 | 232 | |
More than five years | 3,726 | 2,434 | — | 38 | |
Total | 19,589 | 16,593 | 1,790 | 1,567 | |
Freehold | Furniture | ||||
land and | Leasehold | fittings and | |||
buildings | improvements | equipment | Total | ||
€’000 | €’000 | €’000 | €'000 | ||
At 1 January 2021 | |||||
Cost | 14,423 | 3,373 | 7,837 | 25,633 | |
Accumulated depreciation | (147) | (1,933) | (5,640) | (7,720) | |
Closing net book amount | 14,276 | 1,440 | 2,197 | 17,913 | |
Year ended 31 December 2021 | |||||
Opening net book amount | 14,276 | 1,440 | 2,197 | 17,913 | |
Additions | 218 | 270 | 551 | 1,039 | |
Revaluation gain to other comprehensive income | 1,081 | — | — | 1,081 | |
Revaluation loss to profit or loss | (1,521) | — | — | (1,521) | |
Depreciation charge | (24) | (219) | (612) | (855) | |
Closing net book amount | 14,030 | 1,491 | 2,136 | 17,657 | |
At 31 December 2021 | |||||
Cost | 14,201 | 3,643 | 8,388 | 26,232 | |
Accumulated depreciation | (171) | (2,152) | (6,252) | (8,575) | |
Net book amount | 14,030 | 1,491 | 2,136 | 17,657 | |
Freehold | Furniture | ||||
land and | Leasehold | fittings and | |||
buildings | improvements | equipment | Total | ||
€’000 | €’000 | €’000 | €’000 | ||
Year ended 31 December 2022 | |||||
Opening net book amount | 14,030 | 1,491 | 2,136 | 17,657 | |
Additions | 156 | 580 | 754 | 1,490 | |
Amount transferred to investment property (Note 19) | (457) | — | — | (457) | |
Depreciation charge | (89) | (238) | (744) | (1,071) | |
Depreciation on amount transferred to investment property (Note 19) | 7 | — | — | 7 | |
Closing net book amount | 13,647 | 1,833 | 2,146 | 17,626 | |
At 31 December 2022 | |||||
Cost | 13,900 | 4,223 | 9,142 | 27,265 | |
Accumulated depreciation | (253) | (2,390) | (6,996) | (9,639) | |
Net book amount | 13,647 | 1,833 | 2,146 | 17,626 | |
Freehold | Furniture | ||||
land and | Leasehold | fittings and | |||
buildings | improvements | equipment | Total | ||
€'000 | €'000 | €'000 | €'000 | ||
At 1 January 2021 | |||||
Cost | — | 2,787 | 2,999 | 5,786 | |
Accumulated depreciation | — | (1,410) | (2,124) | (3,534) | |
Net book amount | — | 1,377 | 875 | 2,252 | |
Year ended 31 December 2021 | |||||
Opening net book amount | — | 1,377 | 875 | 2,252 | |
2,191 | — | — | 2,191 | ||
Additions | — | 269 | 348 | 617 | |
Depreciation charge | (18) | (187) | (313) | (518) | |
Closing net book amount | 2,173 | 1,459 | 910 | 4,542 | |
At 31 December 2021 | |||||
Cost | 2,191 | 3,056 | 3,347 | 8,594 | |
Accumulated depreciation | (18) | (1,597) | (2,437) | (4,052) | |
Net book amount | 2,173 | 1,459 | 910 | 4,542 | |
Company - continued | |||||
Freehold | Furniture | ||||
land and | Leasehold | fittings and | |||
buildings | improvements | equipment | Total | ||
€’000 | €’000 | €’000 | €’000 | ||
Year ended 31 December 2022 | |||||
Opening net book amount | 2,173 | 1,459 | 910 | 4,542 | |
Transfer to investment property (Note 19) | (457) | — | — | (457) | |
Additions | — | 579 | 388 | 967 | |
Depreciation charge | (21) | (212) | (346) | (579) | |
Depreciation released on transfer to investment property (Note 19) | 7 | — | — | 7 | |
Closing net book amount | 1,702 | 1,826 | 952 | 4,480 | |
At 31 December 2022 | |||||
Cost or valuation | 1,734 | 3,635 | 3,735 | 9,104 | |
Accumulated depreciation | (32) | (1,809) | (2,783) | (4,624) | |
Net book amount | 1,702 | 1,826 | 952 | 4,480 | |
Valuation technique | Significant unobservable inputs for 2021 | Inter-relationship between key unobservable inputs and fair value measurement |
Discounted cash flows: The valuation model considers the present value of net cash flows potentially generated from the property, taking into account the expected rental growth rate, void periods and costs not paid for by the tenants. The expected net cash flows are discounted using the risk-adjusted discount rates. Among other factors, the discount rate estimation considers the quality of a building and its location (prime vs secondary), lease terms, property risk premium and inflation. | The estimated fair value would increase/(decrease) if: –The risk-adjusted discount rate were lower/(higher); –Void factor were lower/(higher) –The market rate were higher/(lower); –Expected market rental growth were higher/(lower). |
Group | Company | |
€’000 | €’000 | |
At 1 January 2021 | ||
Cost | 63,301 | 8,047 |
Accumulated fair value gains | 48,217 | 8,158 |
Net book amount | 111,518 | 16,205 |
Year ended 31 December 2021 | ||
Opening net book amount | 111,518 | 16,205 |
Transfer to property, plant & equipment (Note 18) | — | (2,191) |
Additions | 1,627 | 4 |
Disposals | (16) | (16) |
Net fair value losses | (3,113) | (473) |
Net book amount | 110,016 | 13,529 |
At 31 December 2021 | ||
Cost | 65,116 | 7,022 |
Accumulated fair value gains | 44,900 | 6,507 |
Net book amount | 110,016 | 13,529 |
Group | Company | ||
€’000 | €’000 | ||
Year ended 31 December 2022 | |||
Opening net book amount | 110,016 | 13,529 | |
Transfer from property, plant & equipment (Note 18) | 450 | 450 | |
Additions | 936 | 76 | |
Disposals | (90) | (7) | |
Net fair value losses | (3,034) | (644) | |
Net book amount | 108,278 | 13,404 | |
At 31 December 2022 | |||
Cost | 66,412 | 7,541 | |
Accumulated fair value gains | 41,866 | 5,863 | |
Net book amount | 108,278 | 13,404 | |
Valuation technique | Significant unobservable inputs | Inter-relationship between key unobservable inputs and fair value measurement | |
Discounted cash flows: The valuation model considers the present value of net cash flows generated from the property, taking into account the expected rental growth rate, void periods and costs not paid for by the tenants. The expected net cash flows are discounted using the risk- adjusted discount rates. Among other factors, the discount rate estimation considers the quality of a building and its location (prime vs secondary), lease terms, property risk premium and inflation. | –Risk-adjusted discount rate varying between 5.7% and 8.1% (2021: 4.9% and 8.0% %). –A void factor varying between 1.5% to 6.5% (2021: 1.9% and 6.7%) on rental income. –Lease market rate was applied once current lease terms expired. –Expected market rental growth rate of 2.0% (2021: 1.6%) in line with the general inflation rate –Construction costs for undeveloped airspace and re-developable land varying between €656/sqm and €1,535/sqm (2021: €725/ sqm and €1,349/sqm) | The estimated fair value would increase/(decrease) if: –The risk-adjusted discount rate were lower/ (higher); –Void factor were lower/ (higher); –The market rate were higher/(lower); –Expected market rental growth were higher/ (lower). –Constructions costs were lower/(higher). | |
Valuation technique | Significant unobservable inputs | Inter-relationship between key unobservable inputs and fair value measurement | |
Discounted cash flows: The valuation model considers the present value of net cash flows generated from the property, taking into account the expected rental growth rate, void periods and costs not paid for by the tenants. The expected net cash flows are discounted using the risk- adjusted discount rates. Among other factors, the discount rate estimation considers the quality of a building and its location (prime vs secondary), lease terms, property risk premium and inflation. | –Risk-adjusted discount rate varying between 7.1% and 7.9% (2021: 6.2%). –A void factor of 4.5% (2021: 6.7%) on rental income. –Lease market rate was applied once current lease terms expired. –Expected market rental growth rate of 2.0% (2021: 1.6%) in line with general inflation rate. | The estimated fair value would increase/(decrease) if: –The risk-adjusted discount rate were lower/(higher); –Void factor were lower/ (higher); –The market rate were higher/(lower); –Expected market rental growth were higher/ (lower). |
Valuation technique | Significant unobservable inputs | Inter-relationship between key unobservable inputs and fair value measurement | |
Residual method: The valuation model comprises: (a) the estimation of the gross development value of the property in a redeveloped form by applying the investment method (income approach), on the basis of potential developed area on completion and a market rent (net of non-recoverable expenses) per square metre (sq.m.), capitalised using an equivalent yield; and deducting (b) estimated development costs incurred in relation to the demolition of existing buildings, design costs, infrastructure works, construction costs, professional fees and costs of letting and sale; and (c) a ‘developer’s profit’ representing an allowance for the risk of undertaking the development. | – Offices net internal area on completion 7,130 sq.m. –Annual net rental rate per sq.m. of office space €141 (2021: €137) –Number of car spaces on completion 159 (2021:149) –Annual net rental rate per car space €816 (2021:€813) –Capitalisation rate 6.4% (2021: 6.8%) –Net development costs €10.0m (2021: €8.9m) –Developer’s profit 15% (2021:15%) –Planning uncertainty discount 10% (2021:10%) | The estimated fair value would increase/(decrease) if: –Offices net internal area on completion were higher/ (lower); –Annual net rental rate per sqm of office space were higher/(lower); –Number of car spaces on completion were higher/ (lower); –Net rental rate per car space were higher/(lower); –Capitalisation rate were lower/ (higher); –Net development costs were lower/(higher); –Developer’s profit were lower/(higher); and –Planning uncertainty discount were lower/ (higher). |
Future rental cash inflows | based on the actual location, type and quality of the properties and supported by the terms of any existing lease, other contracts or external evidence such as current market rents for similar properties; | |
Capitalisation rates | based on actual location, size and quality of the properties and taking into account market data at the valuation date. |
Significant unobservable | |||||
Fair value at 31 December | Inputs | ||||
2022 | Valuation | Rental | Capitalisation | ||
€ | technique | value | rate | ||
Description | € | % | |||
Office buildings | 1.27m | Capitalisation of | 0.05m | 3.50 – 5.00 | |
future net income | |||||
streams |
Significant unobservable | |||||
Fair value at 31 December | Inputs | ||||
2021 | Valuation | Rental | Capitalisation | ||
€ | technique | value | rate | ||
Description | € | % | |||
Office buildings | 1.00m | Capitalisation of | 0.04m | 4.25 – 5.00 | |
future net income | |||||
streams |
2022 | 2022 | 2021 | 2021 | |
-0.5% | +0.5% | -0.5% | +0.5% | |
€ million | € million | € million | € million | |
Discount rates | 9.3 | (8.0) | 9.6 | (8.2) |
2022 | 2022 | 2021 | 2021 | |
-5% | +5% | -5% | +5% | |
€ million | € million | € million | € million | |
Market rates | (5.4) | 5.3 | (6.0) | 6.0 |
2022 | 2022 | 2021 | 2021 | |
-0.5% | +0.5% | -0.5% | +0.5% | |
€ million | € million | € million | € million | |
Discount rates | 1.1 | (0.9) | 1.0 | (0.9) |
2022 | 2022 | 2021 | 2021 | |
-5% | +5% | -5% | +5% | |
€ million | € million | € million | € million | |
Market rates | (0.5) | 0.5 | (0.5) | 0.5 |
Company | ||
€’000 | ||
Year ended 31 December 2022 | ||
Opening and closing net book amount | 77,214 | |
Closing net book amount | 77,214 | |
Year ended 31 December 2021 | ||
Opening net book amount | 57,214 | |
Additions | 20,000 | |
Closing net book amount | 77,214 | |
Subsidiary undertakings | Registered office | Class of shares held | Percentage of shares held | ||
2022 | 2021 | ||||
Euro Globe Holdings Limited (Company in liquidation) | Middle Sea House Floriana | Ordinary shares | 100% | 100% | |
Euromed Risk Solutions Limited | Development House Floriana | Ordinary shares | 100% | 100% | |
Bee Insurance Management Limited | Development House Floriana | Ordinary shares | 100% | 100% | |
MAPFRE MSV Life plc | Level 7 The Mall Floriana | Ordinary shares | 50% | 50% | |
Church Wharf Properties Limited | Middle Sea House Floriana | Ordinary shares | 75% | 75% |
2022 | % Held by non- controlling interests | Assets | Liabilities | Revenues | Profit before tax | Net cash | |
€’000 | €’000 | €’000 | €’000 | €’000 | |||
MAPFRE MSV Life p.l.c. | |||||||
(consolidated results) | 50% | 2,357,045 | 2,132,748 | 254,910 | 17,166 | 65,934 | |
Church Wharf | |||||||
Properties Limited | 25% | 2,674 | 333 | — | 8 | (1) |
2021 | % Held by non- controlling interests | Assets | Liabilities | Revenues | Profit before tax | Net cash | |
€’000 | €’000 | €’000 | €’000 | €’000 | |||
MAPFRE MSV Life p.l.c. | |||||||
(consolidated results) | 50% | 2,721,437 | 2,499,570 | 329,195 | 16,685 | (5,637) | |
Church Wharf | |||||||
Properties Limited | 25% | 2,623 | 284 | — | (414) | — |
Subsidiary undertakings | Registered office | Class of shares held | Percentage of shares held | ||
2022 | 2021 | ||||
Growth Investment Limited (Company in liquidation) (held indirectly by MAPFRE MSV Life p.l.c.) | Pjazza Papa Giovanni XXIII Floriana | Ordinary shares | 50% | 50% |
Group | Company | ||
€’000 | €’000 | ||
At 1 January 2021 | |||
Cost | 14,480 | 294 | |
Accumulated share of associated undertaking's equity | 91 | 91 | |
Accumulated fair value movements | 10,603 | — | |
Net book amount | 25,174 | 385 | |
Year ended 31 December 2021 | |||
Opening net book amount | 25,174 | 385 | |
Share of associated undertaking's movement in equity | (2) | (2) | |
Fair value movement | (2,341) | — | |
Closing net book amount | 22,831 | 383 | |
At 31 December 2021 | |||
Cost | 14,480 | 294 | |
Accumulated share of associated undertaking's equity | 89 | 89 | |
Accumulated fair value movements | 8,262 | — | |
Net book amount | 22,831 | 383 | |
Year ended 31 December 2022 | |||
Opening net book amount | 22,831 | 383 | |
Share of associated undertaking's movement in equity | 6 | 6 | |
Fair value movement | 190 | — | |
Closing net book amount | 23,027 | 389 | |
At 31 December 2022 | |||
Cost | 14,480 | 294 | |
Accumulated share of associated undertaking's equity | 95 | 95 | |
Accumulated fair value movements | 8,452 | — | |
Net book amount | 23,027 | 389 | |
2022 | Registered office | Assets | Liabilities | Revenues | Profit after tax | Percentage of shares held | |
€’000 | €’000 | €’000 | €’000 | ||||
Middlesea Assist Limited | Europa Centre Floriana | 1,456 | 662 | 2,863 | 195 | 49% | |
2021 | Registered office | Assets | Liabilities | Revenues | Profit after tax | Percentage of shares held | |
€’000 | €’000 | €’000 | €’000 | ||||
Middlesea Assist Limited | Europa Centre Floriana | 1,556 | 775 | 2,622 | 181 | 49% | |
Associated undertakings | Registered office | Class of shares held | Percentage of shares held | ||||
MSV | Group | ||||||
2022 | 2021 | 2022 | 2021 | ||||
Plaza Centres p.l.c. | The Plaza Commercial Centre | ||||||
Bisazza Street Sliema | Ordinary shares | 31.42% | 31.42% | 31.42% | 31.42% | ||
Tigne Mall | The PointShoppi ng Mall | ||||||
Tigne Point Sliema | Ordinary shares | 35.46% | 35.46% | 35.46% | 35.46% |
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€’000 | €’000 | €’000 | €’000 | ||
Fair value through profit and loss | 1,856,734 | 2,202,757 | 1,789 | 2,151 | |
Other available-for-sale | 10,308 | 6,231 | 10,308 | 6,231 | |
Loans and receivables | 125,860 | 212,923 | — | — | |
1,992,902 | 2,421,911 | 12,097 | 8,382 | ||
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€’000 | €’000 | €’000 | €’000 | ||
Equity securities, and units in unit trusts | 973,927 | 1,083,341 | 1,186 | 1,393 | |
Debt securities | 777,854 | 1,005,906 | 603 | 758 | |
Assets held to cover linked liabilities - | |||||
collective investment schemes | 102,255 | 113,510 | — | — | |
Forward foreign exchange contracts | 2,698 | — | — | — | |
Total investments at fair value through profit or loss | 1,856,734 | 2,202,757 | 1,789 | 2,151 | |
Group | Company | ||
€’000 | €’000 | ||
Group | |||
Year ended 31 December 2021 | |||
Opening net book amount | 2,031,590 | 2,934 | |
Additions | 1,376,549 | — | |
Disposals | (1,284,046) | (704) | |
Net fair value gains/(losses) | 77,889 | (79) | |
Closing net book amount | 2,201,982 | 2,151 | |
Year ended 31 December 2022 | |||
Opening net book amount | 2,201,982 | 2,151 | |
Additions | 1,312,024 | — | |
Disposals | (1,452,223) | — | |
Net fair value losses | (205,049) | (362) | |
Closing net book amount | 1,856,734 | 1,789 | |
Group & Company | |||
2022 | 2021 | ||
€'000 | €'000 | ||
Listed debt securities | 9,738 | 5,579 | |
Listed shares | 570 | 652 | |
10,308 | 6,231 | ||
Group & Company | |||
2022 | 2021 | ||
€’000 | €’000 | ||
AAA | 1,964 | — | |
AA | 665 | — | |
A | 3,141 | 2,484 | |
BBB | 3,871 | 2,980 | |
BB or lower | 97 | 115 | |
9,738 | 5,579 | ||
Group & Company | |||
2022 | 2021 | ||
€’000 | €’000 | ||
Year ended 31 December | |||
Opening net book amount | 5,579 | 1,528 | |
Additions | 5,135 | 4,531 | |
Disposals | (203) | (398) | |
Net fair value losses | (773) | (82) | |
Closing net book amount | 9,738 | 5,579 | |
Group & Company | |||
2022 | 2021 | ||
€’000 | €’000 | ||
Year ended 31 December | |||
Opening net book amount | 652 | 892 | |
Additions | — | 600 | |
Disposals | — | (882) | |
Net fair value (losses)/gains | (82) | 42 | |
Closing net book amount | 570 | 652 | |
Group | |||
2022 | 2021 | ||
€’000 | €’000 | ||
Deposits with banks or credit institutions | 116,728 | 204,888 | |
Loans secured on policies | 9,132 | 8,035 | |
125,860 | 212,923 | ||
Group | |||
2022 | 2021 | ||
€’000 | €’000 | ||
Within 3 months | 19,564 | 25,955 | |
Within 1 year but exceeding 3 months | 76,527 | 118,594 | |
Between 1 and 5 years | 20,637 | 60,339 | |
116,728 | 204,888 | ||
Group | |||
2022 | 2021 | ||
€’000 | €’000 | ||
At fixed rates | 116,728 | 204,888 | |
116,728 | 204,888 | ||
Group | ||
Loans | ||
secured on | ||
policies | ||
€’000 | ||
Year ended 31 December 2021 | ||
Opening net book amount | 8,214 | |
Additions | 1,178 | |
Disposal (sale and redemptions) | (1,357) | |
Closing net book amount | 8,035 | |
Year ended 31 December 2022 | ||
Opening net book amount | 8,035 | |
Additions | 2,182 | |
Disposal (sale and redemptions) | (1,085) | |
Closing net book amount | 9,132 | |
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€’000 | €’000 | €’000 | €’000 | ||
Balance at 1 January | 40,286 | 35,117 | 721 | 898 | |
Movements during the year: | |||||
Profit or loss account (Note 12) | (37,183) | 5,156 | 313 | (190) | |
Other comprehensive income | (31) | 13 | (31) | 13 | |
Balance at 31 December - net | 3,072 | 40,286 | 1,003 | 721 | |
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€’000 | €’000 | €’000 | €’000 | ||
Temporary differences on property, plant and equipment | 4,365 | 2,608 | 991 | 607 | |
Temporary differences attributable to investment property, unrealised capital losses and fair value adjustments on financial assets | 752 | 81,496 | 1,082 | 1,218 | |
Temporary differences attributable to unabsorbed tax losses and allowances carried forward | (1,908) | (43,646) | (932) | (932) | |
Temporary differences attributable to other provisions | (137) | (172) | (138) | (172) | |
Balance at 31 December - net | 3,072 | 40,286 | 1,003 | 721 | |
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€’000 | €’000 | €’000 | €’000 | ||
Deferred tax asset | (8,750) | (2,313) | (1,292) | (1,268) | |
Deferred tax liability | 11,822 | 42,599 | 2,295 | 1,989 | |
3,072 | 40,286 | 1,003 | 721 | ||
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€’000 | €’000 | €’000 | €’000 | ||
Gross | |||||
Short term insurance contracts-general business | |||||
- claims outstanding | 54,167 | 53,767 | 54,167 | 53,767 | |
- provision for unearned premiums | 40,632 | 37,953 | 40,632 | 37,953 | |
Group life insurance contracts | |||||
- claims outstanding | 316 | 559 | 316 | 559 | |
- long term business provision | 794 | 726 | 794 | 726 | |
Long term contracts | |||||
- individual life insurance contracts | 400,172 | 506,666 | — | — | |
- investment contracts with DPF | 1,608,374 | 1,870,997 | — | — | |
Total technical provisions, gross | 2,104,455 | 2,470,668 | 95,909 | 93,005 | |
Recoverable from reinsurers | |||||
Short-term insurance contracts | |||||
- claims outstanding | 21,876 | 24,890 | 21,876 | 24,890 | |
- provision for unearned premiums | 7,370 | 7,424 | 7,370 | 7,424 | |
Long term contracts | |||||
- individual life insurance contracts | 476 | 933 | — | — | |
Total reinsurers' share of technical provisions | 29,722 | 33,247 | 29,246 | 32,314 | |
Net | |||||
Short-term insurance contracts | |||||
- claims outstanding | 32,291 | 28,877 | 32,291 | 28,877 | |
- provision for unearned premiums | 33,262 | 30,529 | 33,262 | 30,529 | |
Group life insurance contracts | |||||
- claims outstanding | 316 | 559 | 316 | 559 | |
- long term business provision | 794 | 726 | 794 | 726 | |
Long term contracts | |||||
- individual life insurance contracts | 399,696 | 505,733 | — | — | |
- investment contracts with DPF | 1,608,374 | 1,870,997 | — | — | |
Total technical provisions, net | 2,074,733 | 2,437,421 | 66,663 | 60,691 | |
Company | |||||||||||||
Accident year | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | Total | |
€’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | ||
Estimate of ultimate claims cost: | |||||||||||||
- at end of accident year | 15,756 | 16,104 | 17,775 | 23,216 | 30,078 | 33,106 | 33,539 | 33,848 | 28,126 | 34,703 | 39,744 | — | |
- one year later | 14,183 | 14,205 | 16,060 | 23,350 | 30,320 | 33,952 | 33,645 | 35,714 | 28,373 | 34,148 | — | — | |
- two years later | 12,932 | 13,465 | 15,565 | 22,442 | 29,171 | 33,638 | 33,846 | 36,717 | 28,529 | — | — | — | |
- three years later | 12,543 | 13,288 | 15,608 | 22,786 | 28,863 | 33,325 | 33,248 | 37,196 | — | — | — | — | |
- four years later | 12,586 | 13,178 | 15,611 | 22,551 | 29,038 | 33,158 | 32,623 | — | — | — | — | — | |
- five years later | 12,144 | 13,044 | 15,420 | 22,489 | 29,030 | 32,970 | — | — | — | — | — | — | |
- six years later | 12,311 | 13,016 | 15,247 | 22,656 | 28,807 | — | — | — | — | — | — | — | |
- seven years later | 12,094 | 13,233 | 15,222 | 22,764 | — | — | — | — | — | — | — | — | |
- eight years later | 11,981 | 13,247 | 15,452 | — | — | — | — | — | — | — | — | — | |
- nine years later | 11,965 | 13,245 | — | — | — | — | — | — | — | — | — | — | |
- ten years later | 11,962 | — | — | — | — | — | — | — | — | — | — | — | |
Current estimate of cumulative claims | 11,962 | 13,245 | 15,452 | 22,764 | 28,807 | 32,970 | 32,623 | 37,196 | 28,529 | 34,148 | 39,744 | 297,440 | |
Cumulative payments to date | (11,599) | (13,026) | (14,973) | (21,833) | (28,173) | (31,711) | (31,609) | (35,367) | (26,317) | (28,775) | (22,637) | (266,020) | |
Liability recognised in the statement of financial position | 363 | 219 | 479 | 931 | 634 | 1,259 | 1,014 | 1,829 | 2,212 | 5,373 | 17,107 | 31,420 | |
Liability in respect of prior years | 871 | ||||||||||||
Total reserve included in the statement of financial position | 32,291 | ||||||||||||
Group and Company | ||||
Year ended 2021 | ||||
Gross | Reinsurance | Net | ||
€’000 | €’000 | €’000 | ||
Total at beginning of year | 50,803 | (25,203) | 25,600 | |
Claims settled during the year | (37,134) | 5,524 | (31,610) | |
Increase/(decrease) in liabilities | ||||
- arising from current year claims | 38,348 | (3,644) | 34,704 | |
- arising from prior year claims | 1,750 | (1,567) | 183 | |
At end of year | 53,767 | (24,890) | 28,877 | |
Group and Company | ||||
Year ended 2022 | ||||
Gross | Reinsurance | Net | ||
€’000 | €’000 | €’000 | ||
Total at beginning of year | 53,767 | (24,890) | 28,877 | |
Claims settled during the year | (42,336) | 7,011 | (35,325) | |
Increase/(decrease) in liabilities | ||||
- arising from current year claims | 43,241 | (3,496) | 39,745 | |
- arising from prior year claims | (505) | (501) | (1,006) | |
At end of year | 54,167 | (21,876) | 32,291 | |
Group and Company | ||||
Year ended 2021 | ||||
Gross | Reinsurance | Net | ||
€’000 | €’000 | €’000 | ||
At beginning of year | 34,974 | (5,990) | 28,984 | |
Net charge/(credit) to profit or loss | 2,979 | (1,434) | 1,545 | |
At end of year | 37,953 | (7,424) | 30,529 | |
Group and Company | ||||
Year ended 2022 | ||||
Gross | Reinsurance | Net | ||
€’000 | €’000 | €’000 | ||
At beginning of year | 37,953 | (7,424) | 30,529 | |
Net charge to profit or loss | 2,679 | 54 | 2,733 | |
At end of year | 40,632 | (7,370) | 33,262 | |
Group and Company | ||||
Year ended 2021 | ||||
Gross | Reinsurance | Net | ||
€’000 | €’000 | €’000 | ||
At beginning of year | 702 | (113) | 589 | |
Claims settled during the year | (1,250) | 122 | (1,128) | |
Increase in net liabilities | 1,107 | (9) | 1,098 | |
At end of year | 559 | — | 559 | |
Group and Company | ||||
Year ended 2022 | ||||
Gross | Reinsurance | Net | ||
€’000 | €’000 | €’000 | ||
At beginning of year | 559 | — | 559 | |
Claims settled during the year | (839) | — | (839) | |
Increase in net liabilities | 596 | — | 596 | |
At end of year | 316 | — | 316 | |
2022 | 2021 | ||
€’000 | €’000 | ||
Other investments | 1,234 | 1,396 | |
Insurance and other receivables | 244 | 361 | |
Cash and cash equivalents | 634 | 862 | |
Net claims outstanding | (316) | (559) | |
Insurance and other payables | (1,002) | (1,334) | |
Long term business provision, net of reinsurance | 794 | 726 | |
Group | |||
2022 | 2021 | ||
€’000 | €’000 | ||
Gross technical provisions | |||
- claims outstanding | 6,760 | 9,129 | |
- long term business provision | 393,412 | 497,537 | |
400,172 | 506,666 | ||
Reinsurers’ share of technical provisions | |||
- claims outstanding | 476 | 933 | |
476 | 933 | ||
Net technical provisions | |||
- claims outstanding | 6,284 | 8,196 | |
- long term business provision | 393,412 | 497,537 | |
399,696 | 505,733 | ||
Group | ||||
Year ended 2021 | ||||
Gross | Reinsurance | Net | ||
€’000 | €’000 | €’000 | ||
At beginning of year | 529,554 | (501) | 529,053 | |
Charge to the profit or loss account | (22,888) | (432) | (23,320) | |
At end of year | 506,666 | (933) | 505,733 | |
Group | ||||
Year ended 2022 | ||||
Gross | Reinsurance | Net | ||
€’000 | €’000 | €’000 | ||
At beginning of year | 506,666 | (933) | 505,733 | |
(Credit)/charge to the profit and loss account | (106,494) | 457 | (106,037) | |
At end of year | 400,172 | (476) | 399,696 | |
Group | |||
2022 | 2021 | ||
€’000 | €’000 | ||
Investment contracts with DPF (gross and net) | |||
- claims outstanding | 40,635 | 36,944 | |
- long term business provision | 1,567,739 | 1,834,053 | |
1,608,374 | 1,870,997 | ||
2022 | 2021 | ||
€’000 | €’000 | ||
Year ended 31 December | |||
At beginning of year | 1,870,997 | 1,766,724 | |
(Credit)/charge to the profit and loss account | (262,623) | 104,273 | |
At end of year | 1,608,374 | 1,870,997 | |
2022 | 2021 | ||
€’000 | €’000 | ||
Long term business provision | 54,870 | 59,784 | |
Claims outstanding | 843 | 1,085 | |
55,713 | 60,869 | ||
Group & Company | |||
2022 | 2021 | ||
€’000 | €’000 | ||
Year ended 31 December | |||
Opening net book amount | 8,427 | 8,080 | |
Net amount charged to profit or loss | 940 | 347 | |
Closing net book amount | 9,367 | 8,427 | |
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€’000 | €’000 | €’000 | €’000 | ||
Receivables arising from direct insurance operations: | |||||
- due from policyholders | 920 | 272 | 920 | 272 | |
- due from agents, brokers and intermediaries | 16,635 | 16,297 | 16,635 | 16,297 | |
- due from reinsurers | 291 | 363 | 291 | 363 | |
Receivables arising from reinsurance operations: | |||||
- due from reinsurers | 16 | 16 | 16 | 16 | |
Other loans and receivables: | |||||
- prepayments | 5,476 | 4,669 | 1,697 | 1,806 | |
- accrued interest and rent | 10,593 | 10,507 | 377 | 173 | |
- receivables from group undertakings | — | — | 420 | 470 | |
- receivables from associated undertaking | 183 | 212 | 183 | 212 | |
- other receivables | 66 | 120 | — | — | |
Provision for impairment of receivables | (440) | (387) | (440) | (387) | |
33,740 | 32,069 | 20,099 | 19,222 | ||
Current portion | 33,740 | 32,069 | 20,099 | 19,222 | |
Group and Company | |||
2022 | 2021 | ||
€’000 | €’000 | ||
Balance as at 1 January | 387 | 333 | |
Increase in provision for impairment | 188 | 160 | |
Release of provision for impairment during the year | (135) | (106) | |
Balance as at 31 December | 440 | 387 | |
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€’000 | €’000 | €’000 | €’000 | ||
Cash at bank and in hand | 137,286 | 71,443 | 11,130 | 11,575 | |
Group and Company | |||||
2022 | 2021 | ||||
€’000 | €’000 | ||||
Authorised | |||||
150 million ordinary shares of €0.21 each | 31,500 | 31,500 | |||
Issued and fully paid | |||||
92 million ordinary shares of €0.21 each | 19,320 | 19,320 | |||
€'000 | €'000 | €'000 | €'000 | ||
Balance at 1 January 2021 | 38,597 | — | 232 | 38,829 | |
Fair value movements -gross | — | — | 117 | 117 | |
Fair value movements -tax | — | — | (64) | (64) | |
Available-for-sale investments - reclassified to profit or loss | |||||
- gross | — | — | (155) | (155) | |
- related tax | — | — | 53 | 53 | |
Revaluation gain on freehold land and buildings | — | 1,081 | — | 1,081 | |
Share of increase in value of in-force business of subsidiary undertaking | 4,956 | — | — | 4,956 | |
Balance at 31 December 2021 | 43,553 | 1,081 | 183 | 44,817 | |
Balance at 1 January 2022 | 43,553 | 1,081 | 183 | 44,817 | |
Fair value movements -gross | — | — | (831) | (831) | |
Fair value movements -tax | — | — | 61 | 61 | |
Revaluation gain on freehold land and buildings reclassified to retained earning | — | (225) | — | (225) | |
Share of decrease in value of in-force business of subsidiary company | (3,633) | — | — | (3,633) | |
Balance at 31 December 2022 | 39,920 | 856 | (587) | 40,189 | |
Investment | Investment | Available- | |||
in subsidiary | in associated | for-sale | |||
undertakings | undertakings | investments | Total | ||
€’000 | €’000 | €’000 | €’000 | ||
Balance at 1 January 2021 | 34,663 | 91 | 232 | 34,986 | |
Fair value movements -gross | — | — | 117 | 117 | |
Fair value movements -tax | — | — | (64) | (64) | |
Available-for-sale investment reclassified to profit or loss | |||||
- gross | — | — | (155) | (155) | |
- related tax | — | — | 53 | 53 | |
Other | — | (2) | — | (2) | |
Balance at 31 December 2021 | 34,663 | 89 | 183 | 34,935 | |
Balance at 1 January 2022 | 34,663 | 89 | 183 | 34,935 | |
Fair value movements -gross | — | — | (831) | (831) | |
Fair value movements -tax | — | — | 61 | 61 | |
Other | — | 6 | — | 6 | |
Balance at 31 December 2022 | 34,663 | 95 | (587) | 34,171 | |
Group and Company | ||||
2022 | 2021 | |||
€’000 | €’000 | |||
At 1 January | 997 | 1,057 | ||
Interest expense - profit or loss | 7 | 3 | ||
Settlements | (62) | (61) | ||
Re-measurement actuarial loss - other comprehensive income | (88) | (2) | ||
At 31 December | 854 | 997 | ||
Group and Company | |||
2022 | 2021 | ||
€’000 | €’000 | ||
Within one year | 65 | 61 | |
After more than one year | 789 | 936 | |
854 | 997 | ||
Group and Company | |||
2022 | 2021 | ||
Mortality | AMC00 | AMC00 | |
Discount rate | 3.8% | 0.7% | |
Inflation rate | 2.1% | 1.2% |
Group and Company | |||
2022 | 2021 | ||
€000 | €000 | ||
Discount Rate - 1% point increase | (64) | (87) | |
Discount Rate - 1% point decrease | 72 | 100 | |
Inflation Rate - 1% point increase | 68 | 93 | |
Inflation Rate - 1% point decrease | (61) | (82) |
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€’000 | €’000 | €’000 | €’000 | ||
Creditors arising out of direct insurance operations | 11,057 | 13,641 | 2,922 | 4,063 | |
Creditors arising out of reinsurance operations | 38 | 172 | 38 | 172 | |
Amount owed to associated undertakings | 264 | 217 | 257 | 217 | |
Amount owed to group undertakings | — | — | 1,012 | 1,013 | |
Social security and other tax payables | 4,295 | 4,540 | 1,711 | 1,645 | |
Accruals and other payables | 9,173 | 9,548 | 3,963 | 3,950 | |
Deferred income | 3,185 | 3,055 | 2,476 | 2,341 | |
28,012 | 31,173 | 12,379 | 13,401 | ||
Current | 27,797 | 30,974 | 12,379 | 13,401 | |
Non-current | 215 | 199 | — | — | |
28,012 | 31,173 | 12,379 | 13,401 | ||
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€’000 | €’000 | €’000 | €’000 | ||
Profit before tax | 22,182 | 20,390 | 5,991 | 4,063 | |
Adjustments for: | |||||
Depreciation (Note 18) | 1,071 | 855 | 579 | 518 | |
Increase in provision for impairment of receivables (Note 26) | 53 | 54 | 53 | 54 | |
Settlement of provision for liabilities and charges (Note 30) | (62) | (61) | (62) | (61) | |
Amortisation (Note 16) | 2,575 | 2,207 | 1,973 | 1,523 | |
Depreciation of right-of-use assets | 338 | 328 | 307 | 270 | |
Lease payments against lease liabilities | (387) | (411) | (347) | (341) | |
Adjustments relating to investment return | 283,604 | (112,135) | (342) | 274 | |
Loss on disposal of intangible asset | 2 | — | — | — | |
Revaluation loss on property (Note 18) | — | 1,521 | — | — | |
Movements in: | |||||
Insurance and other receivables | (1,735) | 63 | (900) | 310 | |
Deferred acquisition cost (Note 25) | (940) | (347) | (940) | (347) | |
Reinsurers' share of technical provisions | 2,636 | (1,440) | 3,068 | (1,008) | |
Technical provisions | (370,480) | 94,456 | 2,904 | 5,733 | |
Insurance and other payables | (3,221) | 3,880 | (1,022) | 1,426 | |
Cash (used in)/generated from operations | (64,364) | 9,360 | 11,262 | 12,414 | |
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€’000 | €’000 | €’000 | €’000 | ||
Authorised and not contracted for | |||||
- property, plant and equipment | 1,354 | 920 | 707 | 920 | |
- intangible assets | 3,517 | 2,914 | 1,326 | 2,914 | |
- investment property | — | 118 | — | — | |
Authorised and contracted for | |||||
- property, plant and equipment | 132 | 903 | 110 | 684 | |
- intangible assets | 1,984 | 1,668 | 1,386 | 1,480 | |
- investment property | 1,427 | 3,834 | — | — | |
- other investments | 47,937 | — | — | — | |
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€’000 | €’000 | €’000 | €’000 | ||
Not later than 1 year | 5,530 | 4,970 | 654 | 541 | |
Later than 1 year and not later than 5 years | 10,333 | 9,190 | 1,136 | 988 | |
Later than 5 years | 3,726 | 2,433 | — | 38 | |
19,589 | 16,593 | 1,790 | 1,567 | ||
2022 | 2021 | ||
€’000 | €’000 | ||
Sales of insurance contracts and other services | |||
Transactions with a parent undertaking: | |||
Commission received | 4,849 | 4,549 | |
Claims recoverable | 7,560 | 5,848 | |
Transactions with related undertaking: | |||
Trailer fees receivable | 4 | 23 | |
Sale of insurance contracts | 1,039 | 925 | |
Dividends received and interest income | 1,221 | 1,589 | |
Rental income on investment property | 230 | 288 | |
Transactions with associated undertaking: | |||
Sale of insurance contracts | 25 | 27 | |
Dividends received | 137 | 141 | |
Rental income on investment property | 43 | 36 | |
Reimbursement of expenses for back office support services | 19 | 17 | |
2022 | 2021 | ||
€’000 | €’000 | ||
Purchase of products and services | |||
Transactions with a parent undertaking: | |||
Reinsurance premium ceded | 15,325 | 16,015 | |
Staff development training & Fringe Benefits | 5 | 7 | |
Expat staff benefits and services | 127 | 29 | |
Computer maintenance, Group IT shared services | 1,558 | 1,279 | |
Capitalisation of software development | 28 | 399 | |
Other back office support services | 802 | 417 | |
Investment management services | 16 | 4 | |
Commission payable | 120 | — | |
Transactions with other related undertaking: | |||
Acquisition costs payable | 4,304 | 5,552 | |
Bank charges | 207 | 169 | |
Bank interest payable | 197 | 208 | |
Investment management services | 64 | 96 | |
Claims paid | 335 | 428 | |
Transactions with associates undertaking: | |||
Road side assistance and other back office support services | 2,750 | 2,500 | |
Claims paid | 11 | 4 | |
2022 | 2021 | |||
€’000 | €’000 | |||
Sales of insurance contracts and other services | ||||
Transactions with a parent undertaking: | ||||
Commission received | 4,849 | 4,417 | ||
Claims recoverable | 6,918 | 5,518 | ||
Transactions with related undertaking: | ||||
Sale of insurance contracts | 1,039 | 925 | ||
Dividends received and interest income | 15 | — | ||
Trailer fees receivable | 1 | — | ||
Transactions with subsidiary undertaking: | ||||
Sale of insurance contracts | 294 | 232 | ||
Dividends received | 1,176 | — | ||
Rental income on investment property | 52 | 51 | ||
Rental income from sub-letting of shared premises | 37 | 34 | ||
Reimbursement of expenses for back office support services | 798 | 783 | ||
Transactions with associated undertaking: | ||||
Sale of insurance contracts | 25 | 27 | ||
Dividends received | 137 | 141 | ||
Rental income on investment property | 43 | 36 | ||
Reimbursement of expenses for back office support services | 19 | 17 | ||
2022 | 2021 | ||
€’000 | €’000 | ||
Purchase of products and services | |||
Transactions with a parent undertaking: | |||
Reinsurance premium ceded | 14,992 | 14,483 | |
Staff development training & fringe benefits | 5 | 7 | |
Expat staff benefits and services | 127 | 29 | |
Computer maintenance, Group IT shared services | 564 | 534 | |
Capitalisation of software development | 28 | 351 | |
Other back office support services | 453 | 294 | |
Investment management services | 16 | 4 | |
Transactions with other related parties: | |||
Bank charges | 119 | 85 | |
Bank interest payable | 20 | 47 | |
Claims paid | 335 | 428 | |
Transactions with subsidiaries | |||
Reimbursement of expenses for back office support services | 1,886 | 515 | |
Claims paid | 165 | — | |
Employer's contribution to defined contribution work pension scheme | 60 | — | |
Transactions with associates | |||
Road side assistance and other back office support services | 2,750 | 2,500 | |
Claims paid | 11 | 4 | |
Group | Company | ||||
2022 | 2021 | 2022 | 2021 | ||
€’000 | €’000 | €’000 | €’000 | ||
Debtors arising out of direct insurance operations | |||||
-Related undertaking | 156 | 194 | 156 | 194 | |
-Parent undertaking | 148 | 116 | 148 | 116 | |
Creditors arising out of direct insurance operations | |||||
-Parent undertaking | 1,263 | 1,714 | 894 | 1,294 | |
-Related undertaking | 171 | 481 | — | — | |
Amounts owed to | |||||
-Associated undertaking | 257 | 217 | 257 | 217 | |
-Subsidiary undertaking | — | — | 1,029 | 1,013 | |
Amounts owed by | |||||
-Associated undertaking | 183 | 212 | 183 | 212 | |
-Subsidiary undertaking | — | — | 500 | 472 | |
-Parent undertaking | 191 | 317 | 1 | 1 | |
Accruals - Parent undertaking | 277 | 126 | 163 | 85 | |
Reinsurers share of technical provisions | |||||
-Parent undertaking | 27,299 | 29,452 | 27,105 | 29,066 | |
Balance of Claims Outstanding | |||||
-Related undertaking | 55 | 311 | 55 | 311 | |
-Subsidiary undertaking | — | — | 156 | 307 | |
-Associated undertaking | 6 | 6 | 6 | 6 | |
Investment in related undertakings | 59,128 | 150,264 | 456 | 507 | |
Cash and cash equivalents | 111,723 | 44,264 | 5,513 | 6,735 | |