LifeStar Insurance has recorded a “remarkable” year in 2021, almost doubling its total comprehensive income and resulting in a pre-tax profit of €1.5 million.

The firm considers these results as “all the more impressive,” as the onset of the COVID pandemic dented revenue streams.

LifeStar Chairman Paolo Catalfamo said: “The results have exceeded even our most optimistic expectations and I would like to thank the team for this incredible effort in a very difficult year during which we also completed a successful IPO and a Subordinated Bond placement in a very challenging market and regulatory environment.”

LifeStar Insurance CEO, Cristina Casingena added: “The company’s success has not happened by chance. We have completely restructured the company in terms of corporate governance and compliance and have invested heavily in technology to put ourselves in a position where we can offer among the best insurance products on the market while providing our clients with individual attention.”

LifeStar Health Ltd last year celebrated its 50th anniversary as the local representative for international brand Bupa, also performed well, declaring a €1.37 gross dividend subject to regulatory approval.

Total comprehensive income for the insurance company stood at €1.9 million – a 72 per cent increase on the previous year – while gains were made in practically all other areas.

Assets increased by six per cent, up to €172m, equity was up to €32m and consolidated profits before tax rose by 40 per cent.

The company also registered a 10 per cent rise in premiums, now standing at 22.3, and proudly serves over 40,000 customers.

Prof Catalfamo said: “While economic challenges remain – we are still feeling the effects of COVID, and the Ukraine crisis has sparked global inflation – we are very confident about the future and welcome all the efforts Malta’s current administration is making to remove the country from the FATF grey list in order to create an even more attractive climate for investment.

“Agility is a key component for companies in the current client [climate] and I cannot praise the LifeStar team enough for the ability they have shown to adapt and evolve to rapidly changing circumstances.”