LifeStar Insurance plc - Full-Year Results

On 30 April 2025, LifeStar Insurance plc published its Annual Report and Financial Statements for the financial year ended 31 December 2024.  The financial statements for 2023 were restated to correct for a prior period error in accordance with IAS 8.

Insurance service result fell by 10.8% to €2.08 million (2023: €2.34 million). Meanwhile, net insurance financial results increased by 4.1% to €1.22 million. Furthermore, commission and fees receivables amounted to €1.76 million, virtually unchanged from the previous year.

The financial performance was adversely impacted by higher administrative expenses totalling €6.98 million compared to €5.76 million in 2023.

After accounting for other income of €1.08 million and finance costs of €0.10 million, LifeStar Insurance registered a pre-tax loss of €0.93 million (2023: pre-tax profit of €0.29 million) and a net loss of €0.63 million (2023: net profit of €0.17 million).

The Statement of Financial Position shows that total assets grew by 7.5% (or €10.9 million) to €156 million principally consisting of financial investments totalling €109 million and investment property of €14 million. Total liabilities rose by 9.3% (or €11.3 million) to €132 million driven by higher amounts of insurance contract liabilities and investment contract liabilities. Total equity fell by 2.5% (or €0.6 million) to €24.4 million, which translates into a net asset value per share of €0.376 (31 December 2023: €0.386).