LifeStar sees huge rise in profits as income almost doubles

Last Updated on Tuesday, 19 April, 2022 at 12:12 pm by The Malta Business Weekly

LifeStar Insurance enjoyed a remarkable year in 2021, almost doubling total comprehensive income and resulting in a pre-tax profit of €1.5m. The results are 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 said: “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, which last year celebrated its 50th anniversary as local representative for Bupa, also performed well, declaring a €1.37m gross dividend subject to regulatory approval.

Total comprehensive income for the insurance company stood at €1.9m – a 72% increase on the previous year – while gains were made in practically all other areas. Assets increased by 6%, up to €172m, equity was up to €32m and consolidated profits before tax rose by 40%.

The company also registered a 10% rise in premiums, now standing at 22.3 million 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 scenario and I cannot praise the LifeStar team enough for the ability they have shown to adapt and evolve to the rapidly changing circumstances.”

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