LifeStar Insurance plc - Full-Year Results

On 9 July 2024, LifeStar Insurance plc published its Annual Report and Financial Statements for the financial year ended 31 December 2023. The financial statements for 2022 were restated, principally to reflect changes in the reporting standard from IFRS 4 to IFRS 17 ‘Insurance Contracts’ which became effective for the period starting 1 January 2023.

Performance Overview

Insurance service results surged by 63.1% to €2.34 million (FY 2022: €1.34 million). Meanwhile, net insurance financial results improved to a profit of €2.46 million from a €3.31 million loss in the previous year largely reflecting a net fair value gain on investments of €6.3 million as opposed to a net fair value loss of €12.2 million in the prior year. Notably during the year, there was also an increase in demand for pension products. Meanwhile, the Group maintained the same commission and fees receivable level of about €1.79 million.

The financial performance was adversely impacted by higher administrative expenses totalling €5.76 million compared to €4.46 million in 2022 due to higher general administrative costs and wages.

After accounting for other income of €0.84 million and finance costs of €0.1 million, LifeStar Insurance registered a pre-tax profit of €1.58 million (2022: pre-tax loss of €4.0 million). After considering a tax charge of €0.57 million, the net profit for the year amounted to €1.01 million (FY2022: net loss of €2.3 million), translating into an average return on equity of 3.9%.

The Statement of Financial Position shows that total assets grew by 7.1% to €145.2 million on the back of increased investments. Total liabilities rose by 7.8% to €119.4 million largely driven by a higher level of insurance contracts. Total equity increased by 4.3% to €25.8 million translating into a net asset value per share of €0.398 (31 December 2022: €0.382).