Mapfre Middlesea Plc — Interim / Quarterly Report 2025

Jul 28, 2025

MMS/DSD/MSE00725

28 July 2025

The following is a Company Announcement issued by MAPFRE Middlesea plc, pursuant to the Capital Markets Rules of the Malta Financial Services Authority.

Quote

The Board of Directors of MAPFRE Middlesea p.l.c. ('the Company'), has today the 28 July 2025, considered and approved the unaudited financial statements for the financial half year ended 30 June 2025. A preliminary statement of interim results is being attached herewith in terms of the Capital Markets Rules. The Interim Financial Statements are available for viewing on the Company's website at www.mapfre.com.mt.

In line with Company policy, the Board of Directors has not proposed the payment of an interim dividend.

Unquote

By Order of the Board

Dr Daphne Sims Dodebier Company Secretary

Review of Group Operations Half Yearly Financial Statements - 30 June 2025

Commentary

The Directors present the unaudited consolidated interim results of MAPFRE Middlesea p.l.c..

The Group has in the half year ending 30 June 2025 registered a profit before tax of €14.24 million against the comparative of €12.18 million. The profit after tax and non-controlling interests, allocated to shareholders, amounted to €6.97 million as compared to €6.03 million in 2024.

The Company's non-life business saw premium written registering a strong growth from the already improving levels of June 2024. Technical performance has yielded a significantly improved insurance service result in these six months derived from all lines of business with the exception of Health. Motor remained registering a lower claim frequency with negligible movements in claim cost averages. Large losses had a softer impact on the technical performance than in the comparative period. During the year the impact, as expected, was mainly in the Motor line of business whilst in 2024 these were mainly affecting other classes including Property and General Liability. Investment income excluding the dividend received from the subsidiaries MAPFRE MSV Life p.l.c. of a net €1.50 million and BEE Insurance Management of a net of €1.00 million, was generally in-line with comparative with improved realised income and lower unrealised gains.

MAPFRE MSV Life p.l.c. insurance and investment sales levels reached expectations registering a satisfactory growth in the first six months of the year, diversifying in its product suite to increase its offering in a highly competitive market. Investment returns have been positive and showing improvements against comparative income with realized income yielding a satisfactory return partly mitigated by negative unrealized movements. Profit for MAPFRE MSV Life p.l.c. was marginally above the comparative.

The Group is compliant with the regulatory capital requirements as stipulated by the MFSA which are in line with the Solvency II requirements and continues to maintain its healthy Solvency position as a result of the attained positive results.

Financial highlights for the half year

• · General Business Gross Premium written increased by 10.8% from €55.22 million in 2024 to €61.19 million as at the 30 June 2025.
• · Long term Gross business Written by the Group registered a growth of 2.9% to £117.26 million compared to €113.99 million in the comparative period of 2024.
• · The Group registered a Profit after taxation for the 6 months ended 30 June 2025 of €9.82 million, of which €6.98 million attributable to shareholders, compared with a profit after taxation of €8.83 million for the same period last year of which €6.03 million attributable to shareholders.
• · Net Insurance, Investment and Reinsurance contract Assets and Liabilities at 30 June 2025 marginally increased by 0.3% to €2.21 billion compared to the 31 December 2024 net liabilities.
• · Total assets increased by 0.3% and totaled €2.46 billion as at 30 June 2025, as compared to the total assets of £2.45 billion at 31 December 2024.
• · Total Equity of the Group attributable to shareholders amounted to €98.67 million as at 30 June 2025, up from €96.35 million at 31 December 2024, with MAPFRE Middlesea p.l.c. having paid a dividend for financial year 2024 of €4.8 million outweighed by the results for the half year. The net asset value per share stands at €1.07 as at June 2025.
• · Both insurance companies in the Group are compliant with the regulatory solvency requirements under Solvency II regime as at June 2025.

Outlook

Whilst acknowledging these results to be satisfactory and meeting set targets in the evolution of the new three-year strategic plan, the Directors look at the second half of 2025 with cautious optimism cognizant of the inherent risks underlying the nature of business the Group operates and the impacts these might have on results.

In line with Company policy, the Board of Directors do not propose to pay an interim dividend for the half year ended 30 June 2025 (2024 - nil).

Condensed Statement of Profit or Loss for the half year ended 30 June

	Group
	6 months to	6 months to
	30 June 2025	30 June 2024
	€'000	€'000
Insurance revenue	77,731	70,445
Insurance service expenses	(58,441)	(51,986)
Net expenses from reinsurance contracts held	(5,973)	(5,415)
Insurance service result	13,317	13,044
Interest revenue calculated using effective interest method	2,251	2,806
Other investment revenue	35,752	37,970
Net credit impairment losses	(7)	(16)
Net investment income	37,996	40,760
Net change in investment contract liabilities	853	(7,131)
Finance expense from insurance contracts issued	(35,870)	(33,324)
Finance income from reinsurance contracts held	383	704
Net financial result	(34,634)	(39,751)
Net insurance and investment results	16,679	14,053
Other income	1,047	1,131
Other operating expenses	(3,485)	(3,006)
Profit before tax for the half year	14,241	12,178
Tax expense	(4,422)	(3,348)
Profit for the half year	9,819	8,830
Atributable to:
- owners of the Company	6,973	6,030
- non-controlling interests	2,846	2,800
	9,819	8,830
Earnings per share attributable to owners of the Company	7c6	6c6

Condensed Statement of Comprehensive Income for the half year ended 30 June

	Group
	6 months to	6 months to
	30 June 2025	30 June 2024
	€'000	€'000
Profit for the half year	9,819	8,830
Other comprehensive income:
Items that are or may be reclassified subsequently to profit or loss
Net change in fair value of debt securities measured at FVOCI	142	(26)
Total other comprehensive income, net of tax	142	(26)
Total comprehensive income for the half year	9,961	8,804
Attributable to:
- owners of the Company	7,115	6,004
- non-controlling interests	2,846	2,800
Total comprehensive income for the half year	9,961	8,804

® MAPFRE | MIDDLESEA

Preliminary Statement of Interim Results 30 June 2025

Condensed Statement of Financial Position

		Group
	June	December
	2025	2024
	€ 000	€'000
ASSETS
Intangible assets	35,184	34,411
Property, plant and equipment	17,044	17,115
Right-of-use assets	2,222	1,702
Investment properties	106,096	105,806
Investment in associated undertakings	5,397	5,226
Other investments	2,158,740	2,159,560
Deferred income tax asset	2,501	2,532
Insurance contract assets	7,080	7,080
Reinsurance contracts assets	11,856	11,815
Trade and other receivables	34,170	24,457
Current income tax receivable	1,529	2,290
Cash and cash equivalents	80,059	81,899
Total assets	2,461,878	2,453,893
EQUITY
Capital and reserves attributable to owners of the Company	98,667	96,346
Non-controlling interests	88,515	87,169
Total equity	187,182	183,515
LIABILITIES Deferrred income tax liabilities	14,370	14,340
Provisions for other liabilities and charges	868	889
Insurance contracts liabilities	2,008,128	2,027,446
Investment contract liabilities	205,744	179,685
Reinsurance contracts liabilities	17,699	17,073
Derivative financial instruments		6,816
Lease liabilities	2,326	1,790
Other payables	22,278	19,899
Current income tax liabilities	3,283	2,440
Total liabilities	2,274,696	2,270,378
Total equity and liabilities	2,461,878	2,453,893

These condensed financial statements were approved by the Board on 28 July 2025 and were signed on its behalf by:

Martin Galea Chairman

Etienne Sciberras President & CEO

® MAPFRE | MIDDLESEA

Preliminary Statement of Interim Results 30 June 2025

Statement of Changes in Equity for the half year ended 30 June

Group

	Attributable to owners of the Company
	Share Profit & Non-
	Share	premium	Other	OSS		controlling
	capital	account	reserves	account	Total	interests	Total
	€000	€0000	€000	€ 000	€000	€000	€000
Balance as at 1 January 2024	19,320	688	637	67,524	88,169	82,694	170,863
Comprehensive income
Profit for the half year				6,030	6,030	2,800	8,830
Other comprehensive income: Net change in fair value of debt securities
measured at FVOCI			(26)		(26)		(26)
Total other comprehensive income, net of tax	-	-	(26)		(26)		(26)
Total comprehensive income			(26)	6,030	6,004	2,800	8,804
Transactions with owners
Dividends for 2023				(4,500)	(4,500)	(1,000)	(5,500)
Total transactions with owners				(4,500)	(4,500)	(1,000)	(5,500)
Balance as at 30 June 2024	19,320	688	611	69,054	89,673	84,494	174,167
Balance as at 1 January 2025	19,320	688	800	75,538	96,346	87,169	183,515
Comprehensive income
Profit for the half year				6,973	6,973	2,846	9,819
Other comprehensive income: Net change in fair value of debt securities
measured at FVOCI			142		142		142
Total other comprehensive income, net of tax			142		142		142
Total comprehensive income			142	6,973	7,115	2,846	9,961
Transactions with owners
Write-back of prior year dividends				6	6		6
Dividends for 2024				(4,800)	(4,800)	(1,500)	(6,300)
Total transactions with owners				(4,794)	(4,794)	(1,500)	(6,294)
Balance as at 30 June 2025	19,320	688	942	77,717	98,667	88,515	187,182

Statement of cash flows for the half year ended 30 June

	Group
	6 months to	6 months to
	30 June 2025	30 June 2024
	€'000	€000
Cash flows from operating activities
Cash used in operations	(846)	(30,697)
Dividends received	11,333	8,513
Interest received	14,715	13,960
Tax paid	(2,737)	(5,762)
Net cash generated from/(used in) operating activities	22,465	(13,986)
Cash flows from investing activities
Purchase of investment property	(581)	(455)
Disposal of investment property	317
Purchase of financial investments	(494,868)	(683,576)
Disposal of financial investments	481,037	716,067
Purchase of property, plant and equipment and intangible assets	(3,916)	(3,845)
Net cash (used in)/generated from investing activities	(18,011)	28,191
Cash flows fom financing activities
Dividends paid to owners of the Company	(4,794)	(4,500)
Dividends paid to non-controlling interests	(1,500)	(1,000)
Cash used in financing activities	(6,294)	(5,500)
Net movement in cash and cash equivalents	(1,840)	8,705
Movement in cash and cash equivalents
Cash and cash equivalents at beginning of year	81,899	47,975
Cash and cash equivalents at end of half-year	80,059	56,680

@ MAPFRE | MIDDLESEA

Preliminary Statement of Interim Results 30 June 2025

Notes to the Condensed Financial Statements For the half year ended 30 June 2025

• 1. MAPFRE Middlesea p.l.c. is authorized by the Malta Financial Services Authority to carry on long term and general business of insurance under the Insurance Business Act, 1998.
• 1. Basis of preparation

These condensed financial statements are being published in accordance with Chapter 5 of the Capital Markets Rules of the Malta Financial Services Authority and the Prevention of Financial Markets Abuse Act 2005. These statements have been extracted from the Group's unaudited financial statements as approved by the Board on 28 July 2025 and have been prepared in accordance with International Financial Reporting Standards as adopted by the EU applicable to interim financial reporting (IAS34). They do not include all information required for full annual financial statements, and should be read in conjunction with the financial statements for the year ended 31 December 2024. The accounting policies applied in these condensed financial statements are the same as those applied by the group in its financial statements for the year ended 31 December 2024.

Related party transactions with other members of the MAPFRE Middlesea Group were at a similar level to the comparable period.

® MAPFRE | MIDDLESEA

Preliminary Statement of Interim Results 30 June 2025

Statement pursuant to Capital Markets Rule 5.75.3 issued by the Malta Financial Services Authority

We confirm that to the best of our knowledge:

• · the condensed interim financial statements for the Group give a true and fair view of the financial position as at 30 June 2025, financial performance and cash flows for the period then ended, in accordance with accounting standards adopted for use in the EU for interim financial statements ( IAS 34 ' Interim Financial Reporting') for the Group; and
• · the commentary includes a fair review of the information required in terms of Capital Markets rule 5.75.2.

Martin Ga Chairman

Etienne Sciberras President & CEO