GlobalCapital plc intends to expand the sales of life insurance products to other European markets, Chairman Paolo Catalfamo announced during the company’s annual general meeting today.
The Board of Directors has also approved a strategy to create more synergies between the life insurance and the asset management company which will result in lower costs and improved efficiency.
The company, which declared pre-tax earnings of €1.2 million and a return on investments of €1.8 million for the year ending 2018, has also successfully implemented a decentralisation policy and set up dedicated management and supervisory bodies for each of the three regulated companies: GlobalCapital Life Insurance, GlobalCapital Health Insurance Agency and GlobalCapital Financial Management.
Prof. Catalfamo said: “GlobalCapital has come a long way since I took over as chairman three years ago and, while it has been a challenging year for a variety of reasons, I am pleased that the overall return on financial investments was positive in spite of negative performance in the markets, both in Malta and abroad.
“We have every confidence that the important changes we have made to the company will bear fruit in the months and years to come and are committed to establishing GlobalCapital as a leading player in the financial and life insurance sectors.”
The Group’s net asset value at end of 2018 stood at €18.5 million compared with €18.2 million in the previous year.