On 29 August 2022, LifeStar Insurance plc published its interim financial statements covering the six-month period ended 30 June 2022.
Net fees and commission income increased by 18.3% to €1.06 million compared to €0.89 million in H1 2021. On the other hand, operating expenses nearly doubled to €4.75million (H1 2021: €2.43 million), largely on the back of the increase in administrative expenses and higher negative balance on the long-term technical account.
Meanwhile, the company suffered a negative net investment return of €0.79 million compared to a loss of €0.35 million during the previous comparable period. Overall, LifeStar Insurance registered a net loss of €4.53 million compared to the net loss of €2.09 million recorded in the first half of 2021.
The Statement of Financial Position as at 30 June 2022, when compared to figures as at 31 December 2021, shows that net assets contracted by 12.6% to €28.1 million which, in turn, translates into a net asset value per share of €0.434. Total assets declined by 5.6% to €162.3 million mainly reflecting lower amounts of investments (-€5.5 million), reinsurers’ share of technical provisions (-€1.8 million) and cash balances (-€3.8 million). Similarly, total liabilities dropped by 4% to €134.2 million on the back of lower levels of technical provisions (-€4.9 million).
In their commentary, the Directors explained that they look towards the next half of the year with cautious optimism. LifeStar Insurance remains very conscious of the various challenges including high inflation, uncertainty in financial investments, as well as tighter monetary conditions. In this context, the company’s focus will remain on improving operational efficiencies, customer satisfaction and retention, and overall increased shareholders’ returns.