Several employees took their children to the activity so that they could integrate with the boys from the residential home.

“As always, it was both a pleasure and a privilege to spend time with the residents of St Patrick’s home. It is great to see how dedicated the carers and volunteers do their jobs at the residential home. It goes without saying that these boys deserve every ounce of the love and respect they receive,” said Kim Martin, Head of Underwriting at MAPFRE Middlesea.  

The residential home provides accommodation to adolescents who need a place to stay away from home due to personal or social circumstances.

In addition, the organisation makes sure that all the youths are accompanied on their journey towards reintegration with their family of origin or independent living.

The post MAPFRE Malta takes residential home youth on boat trip first appeared on The Malta Business Weekly.

At the end of last year, the company says to have strengthened its balance sheet by allocating €173, to a “partial impairment of goodwill for operations” in the United States, Italy and Indonesia. After allowing for this allocation, net earnings for the year were €529m, 24.5% lower as compared to 2017.

Premiums for the EURASIA Regional Area (grouping operations in Europe with the exception of Spain and Portugal, the Middle East, Africa and Asia) dropped by year-on-year 5.6% to €1.77bn, the figures published in the press statement show.

Malta contributed €390m, representing the highest growth in this region, with an increase of 11%, the press statement says.

Mapfre Middlesea Plc (C-5553) is authorised by the Malta Financial Services Authority to carry on both Long Term and General Business under the Insurance Business Act, Cap 403 of the Laws of Malta. Mapfre MSV Life Plc is authorised by the Malta Financial Services Authority to carry on Long Term Business under the Insurance Business Act, Cap 403 of the Laws of Malta. MFSA regulates both entities.

The post Mapfre generates €702m operating in 2018, Malta outperforms peers first appeared on The Malta Business Weekly.

“This scheme will provide an additional layer of incentives available to intermediaries who perform well for both companies separately and are able to successfully cross-sell both life and non-life business,” the press statement adds.

The 2019 Incentives Framework aspires to be a transparent incentive system comprised of Premium Targets which are designed to provide TIIs with the opportunity to be rewarded for their efforts above and beyond what was previously obtainable, Mapfre says. The scheme places particular focus on Compliance, Consistency and Promoting Productivity.

“Due to the Insurance Distribution Directive (IDD), a particular level of importance has been placed towards Compliance as to ensure that these incentives do not cause any conflicts of interest. Furthermore, Consistency and Promoting Productivity will be imperative in ensuring transparency and homogeneity across the whole network of TIIs and that TIIs are incentivised to work towards higher levels of performance which yield better results and even greater rewards, respectively,” the press statement says.

Through the incentive scheme, the insurer hopes to motivate intermediaries to perform at their highest potential across both Mapfre Middlesea and Mapfre MSV Life.

Mapfre Middlesea Plc (C-5553) is authorised by the Malta Financial Services Authority to carry on both Long Term and General Business under the Insurance Business Act, Cap 403 of the Laws of Malta. Mapfre MSV Life Plc is authorised by the Malta Financial Services Authority to carry on Long Term Business under the Insurance Business Act, Cap 403 of the Laws of Malta. MFSA regulates both entities.

The post Mapfre Malta launches incentive scheme for its network first appeared on The Malta Business Weekly.