On 31 August 2023, LifeStar Insurance plc (“LifeStar”) published its interim financial statements covering the six-month period ended 30 June 2023.
Commission and fees receivable income increased by 14.4% to €1.21 million compared to €1.06 million in H1 2022.
A positive balance on the long-term insurance technical account of €1.08 million was reported compared to a reduction of €3.53 million in the previous year.
Meanwhile, operating expenses almost doubled to €2.10 million (H1 2022: €1.20 million). Consequently, LifeStar generated an operating profit of €0.14 million as opposed to an operating loss of €3.69 million in 2022.
Meanwhile, the company recognised a net investment return of €0.85 million compared to a net loss of €0.79 million in the previous comparable period. After accounting for a tax charge of €0.15, LifeStar registered a net profit for the period of €0.85 million compared to the net loss of €4.53 million recorded in the first half of 2022.
The Statement of Financial Position as at 30 June 2023, when compared to figures as at 31 December 2022, shows that total assets increased by 3.9% (or €6.4 million) to €170.5 million. Meanwhile, total liabilities grew by 3.7% (or €4.9 million) to €138.7 million. Similarly, total equity increased by 4.6% (or €1.5 million) to €31.8 million, which translates into a net asset value per share of €0.491.