MAPFRE MSV Life, the Bank of Valletta run insurance and funds-management company is running a PR campaign in the press to fight for its reputation after people discovered about financial education.
CEO Etienne Sciberras claimed that MAPFRE did a €14.5 million profit in 2023 – I wonder how much of that was actual fees from their clients than actual profits from any meaningful financial activity. The funds are known for underperforming, swindling clients via fine-print and legal loopholes, and basically make no money at all from their funds. Of course, like Bank of Valletta, they have trouble finding any serious fund manager willing to work for them, which is why they end up with the Steve Elluls of politics.
If there was a financial instrument that could bet against these funds I’d buy it. These funds are now outdated because they rely on the old model of selling any kind of subpar financial product to people with little financial literacy. However, the gap in financial literacy is steadily closing thanks to the internet which provides easy access to information.
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