LifeStar Holding plc - Interim Results

On 28 August 2020, GlobalCapital plc published its interim financial statements covering the six-month period ended 30 June 2020.

Performance Overview

During the period under review, GlobalCapital plc registered a net loss of €3.57 million compared to a net profit of €1.29 million recorded in the first half of 2019. The negative performance was due to the loss of €3.56 million incurred by GlobalCapital Life Insurance Limited largely reflecting unfavourable movements amounting to €2.5 million in its investment portfolio as well as a slight increase in claims compared to the same period in 2019.

Meanwhile, GlobalCapital Financial Management Limited recorded a loss of €0.24 million compared to a loss of €0.47 million in H1 2019 whilst GlobalCapital Health Insurance Limited generated a profit of €0.37 million on the back of higher levels of commission income.

The Statement of Financial Position as at 30 June 2020, when compared to figures as at 31 December 2019, shows that net assets contracted by 18.3% to just under €16 million which, in turn, translates into a net asset value per share of €0.5325. Total assets expanded by 2.9% to €158.1 million mainly reflecting increases in the reinsurer’s share of technical provisions (+€1.93 million) as well as cash balances (+€2.83 million). Total liabilities increased by 6% to €142.2 million on the back of higher levels of technical provisions (+€7.14 million) as well as borrowings (+€2.94 million).

Outlook

In their commentary, the Directors of GlobalCapital explained that the company continues to operate in line with its business plan whilst making reference to a strategic plan which was drafted and discussed with the Malta Financial Services Authority. In this respect, discussions are in the final stages and an announcement is expected to be made in due course.

Download

GlobalCapital plc – Half-Yearly Report covering the six-month period ended 30 June 2020.