LifeStar Insurance plc, together with parent company LifeStar Holding plc, on Monday announced that they will be delaying the publication of the Annual Financial Reports for 2023 due to technical issues.

The joint announcement stated that this comes as a result of technical delays in the “implementation and integration of the third-party software for the computation of the financial statements under the IFRS 17 standard.”

IFRS 17 is an international financial reporting standard issued by the International Accounting Standards Board in 2017 which became effective on 1st January 2023. It states which insurance contracts items should be on the balance and the profit and loss account of an insurance company, how to measure these items, and how to present and disclose the information.

The delay comes at a time when a host of public-listed companies which have their financial year coincide with the calendar year, are publishing their annual reports to the Malta Stock Exchange.

LifeStar remarked that the software was sourced internationally “from one of the world’s largest vendors in the IT market,” yet this still prompted a delay in the conclusion of the audited report for the financial year under review.

It added that the Board of Directors, Audit Committee, and external auditors “have been meeting on a regular basis” to ensure that the report is approved and published on a timely basis.

However, the IT software licensed to the group has presented management with unforeseen challenges in the “aggregation and integration of data necessary to align with the new format,” LifeStar highlighted.

As a result, the Board of Directors stated that it is committed to approving the Annual Financial Report for the financial year ended 31st December 2023 “by no later than 31st May 2024.”

LifeStar Insurance plc, formerly GlobalCapital, is a provider of insurance products in Malta, offering a range of protection, savings, investment, and retirement life insurance products.