Sunday 25 September 2022

GlobalCapital restructuring bearing fruit

GlobalCapital plc has posted a mid-year profit before tax of €2.3 million, turning around a loss of €2.5m sustained during the same period last year.

The Group has also seen significant growth of its asset base to €149m from €138m as at 31 December 2018, while in-force business also increased in value by €1.6m.

Meanwhile, capital and reserves increased by €1.3m from €18.5m to €19.8m, similarly technical provisions increased to

GlobalCapital chairman Paolo Catalfamo said: “GlobalCapital has experienced much change in the past few years as we took a loss-making company and sought to turn it around.”

“From our mid-year results, it is clear that the comprehensive restructuring exercise we have undertaken is bearing fruit and the Group is now on a solid footing to embark on further expansion.”

GlobalCapital intends to expand the sales of life insurance products as well as creating more synergies between the life insurance and the asset management company which will result in lower costs and improved efficiency.

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