On 29 August 2022, LifeStar Holding plc published its interim financial statements covering the six-month period ended 30 June 2022.
The company reported a net loss of €4.7 million largely reflecting the negative contribution of LifeStar Insurance which, despite the growth in business, reported a loss before tax of €4.4 million (H1 2021: loss of €2.1 million) on the back of unrealised adverse movements in the value of investment securities.
GlobalCapital Financial Management Ltd also reported a loss of €0.07 million reflecting the company’s new strategy of moving away from the retail market to focus on the corporate and institutional market.
In contrast, the Group’s health insurance operations registered a profit before tax of €0.43 million (H1 2021: €0.41 million) as despite the increase in operating costs, the company managed to achieve a higher level of commission income.
In their commentary, the Directors noted that they look at the second half of 2022 with cautious optimism amid the repercussions of the war in Ukraine, the high inflation across the globe, as well as the overall uncertain environment which is denting investor sentiment. As LifeStar Holding continues to be very conscious of these challenges, it remains focused on improving operational efficiencies, customer satisfaction and retention with a view of enhancing shareholders’ returns.