LifeStar Insurance plc - Interim Results

On 30 August 2024, LifeStar Insurance plc published its interim financial statements covering the six-month period ended 30 June 2024. The Directors explained that the interim financial statements have been prepared in accordance with accounting standards IFRS 17 and IFRS 9, which also resulted into restatements of the comparative periods. The Directors noted that while every care has been undertaken by management and its actuaries to ensure the accuracy of these statements, Insurance Contract Liabilities at period end include amounts which in view of the complexity of the IFRS 17 calculations, may result in an adjustment and or reclassification.

LifeStar Insurance registered a loss before tax of €2.14 million compared to a restated profit before tax of €1.11 in the first half of 2023.

After accounting for a tax charge of €0.09 million, LifeStar Insurance registered a net loss for the period of €2.23 million compared to the net profit of €0.97 million as restated for the first half of 2023.

The Condensed Statement of Financial Position as at 30 June 2024, when compared to restated figures as at 31 December 2023, shows that total assets increased by 3.0% (or €4.3 million) to €149.5 million. Total equity dropped by 8.6% (or €2.2 million) to €23.6 million, which translates into a net asset value per share of €0.364.