On 30 April 2025, LifeStar Insurance plc published its Annual Report and Financial Statements for the financial year ended 31 December 2024. The financial statements for 2023 were restated to correct for a prior period error in accordance with IAS 8.
Insurance service result fell by 10.8% to €2.08 million (2023: €2.34 million). Meanwhile, net insurance financial results increased by 4.1% to €1.22 million. Furthermore, commission and fees receivables amounted to €1.76 million, virtually unchanged from the previous year.
The financial performance was adversely impacted by higher administrative expenses totalling €6.98 million compared to €5.76 million in 2023.
After accounting for other income of €1.08 million and finance costs of €0.10 million, LifeStar Insurance registered a pre-tax loss of €0.93 million (2023: pre-tax profit of €0.29 million) and a net loss of €0.63 million (2023: net profit of €0.17 million).
The Statement of Financial Position shows that total assets grew by 7.5% (or €10.9 million) to €156 million principally consisting of financial investments totalling €109 million and investment property of €14 million. Total liabilities rose by 9.3% (or €11.3 million) to €132 million driven by higher amounts of insurance contract liabilities and investment contract liabilities. Total equity fell by 2.5% (or €0.6 million) to €24.4 million, which translates into a net asset value per share of €0.376 (31 December 2023: €0.386).