LifeStar Insurance plc - Full-Year Results

On 4 April 2023, LifeStar Insurance plc published its Annual Report and Financial Statements for the financial year ended 31 December 2022.

Performance Overview

The balance on the long-term business of insurance technical account declined significantly to a negative €3.54 million compared to a negative €0.34 million in 2021, largely due to higher total technical charges during the period. Furthermore, LifeStar Insurance incurred a net investment loss of €1.77 million in contrast to the profit of €0.40 million in the prior year, reflecting the significant volatility across the financial markets evidenced during the year under review. Meanwhile, the Group maintained the same level of commission and fees receivable of €1.83 million.

The financial performance was also impacted by higher expenses totalling €2.13 million compared to €1.41 million in 2021.

Overall, LifeStar Insurance registered a pre-tax loss of €5.40 million (2021: pre-tax profit of €0.65 million). After accounting for a tax credit of €2.25 million, the net loss for the year amounted to €3.15 million.

The Statement of Financial Position shows that total assets declined by 4.6% to €164.1 million mostly due to lower cash balances (-€5.53 million) and the negative movement in other investments (-€3.79 million). Total liabilities dropped by 4.3% to €133.8 million largely driven by the lower level of insurance contracts (-€4 million). Total equity fell by 5.7% to €30.3 million which translates into a net asset value per share of €0.468 (31 December 2021: €0.496).