LifeStar Holding plc has reported a consolidated loss after tax of €598,000 in 2024, a significant increase from the €182,000 loss recorded in the preceding year.
This was published in the group’s Annual Report for the financial year ended 31st December 2024.
LifeStar Insurance Group is a Malta-based group of companies that provides a comprehensive range of life insurance products, including protection, savings, investment, and retirement solutions. The group comprises LifeStar Insurance plc, LifeStar Health Limited, and GlobalCapital Financial Management Limited.
The group attributed this significant difference to a “restructuring and transformation activity” along with “implementing a holistic strategic plan designed to permanently resolve various legacy issues that continue to negatively impact the LifeStar Group”.
The group’s total assets grew by eight per cent in 2024, reversing the seven per cent decline reported in 2023. As a result, total assets increased from €142 million to €152 million year-on-year.
Liabilities increased by €10.4 million compared to the previous year, reaching €146.4 million from €136 million. Equity stood at €16.1 million, down slightly from €16.17 million in 2023, a decrease of €598,000.
The group reported a total comprehensive loss after tax of €0.6 million, compared to a loss of €0.1 million in 2023. As a result, the directors did not recommend a dividend distribution for 2024, consistent with the decision made in the previous year. However, the group noted that a net dividend of €0.4 million was declared by LifeStar Health Limited, subject to regulatory no objection.
LifeStar Group has recently entered the Italian market, as well as the Republic of San Marino, as part of the group’s broader growth strategy to establish a footprint in new European markets
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