GlobalCapital restructuring bearing fruit04 September 2019
GlobalCapital restructuring bearing fruit
GlobalCapital plc has posted a mid-year profit before tax of €2.3m, turning around a loss of €2.5m registered during the same period last year.
The Company 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.
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 Company is now on a solid footing to embark on further expansion.”
GlobalCapital intends to expand the sales of life insurance products to other European markets as well as creating more synergies between the life insurance and the asset management company which will result in lower costs and improved efficiency.