LifeStar sees profits rise dramatically as revenue nearly doubles

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LifeStar Insurance had a remarkable year in 2021, nearly doubling total comprehensive income and generating a pre-tax profit of €1.5 million.

The results are all the more impressive as the onset of the coronavirus pandemic has eroded revenue streams.

LifeStar President Paolo Catalfamo said, “The results exceeded even our most optimistic expectations and I want to thank the team for this incredible effort during a very difficult year in which we also achieved a successful initial public offering and placement of subordinated bonds in a very difficult environment. market and regulatory environment.

Cristina Casingena, CEO of LifeStar Insurance, said: “The company’s success is no accident. We have completely restructured the business in terms of corporate governance and compliance and have invested heavily in technology to put ourselves in a position where we can offer some of the best insurance products on the market while providing our customers individual attention.

LifeStar Health Ltd, which celebrated its 50th anniversary as a local Bupa representative last year, also performed well, declaring a gross dividend of 1.37 million euros subject to regulatory approval.

The insurance company’s total comprehensive income was €1.9 million, an increase of 72% over the previous year, while gains were made in virtually all other areas . Assets increased by 6% to €172 million, shareholders’ equity to €32 million and consolidated profit before tax increased by 40%.

The company also recorded a 10% increase in its premiums, which now stand at 22.3 million, and proudly serves more than 40,000 customers.

Professor Catalfamo said: “Although economic challenges remain – we are still feeling the effects of Covid and the Ukraine crisis has triggered global inflation – we are very confident about the future and welcome all the efforts that the current administration of Malta is deploying to remove the country from the FATF gray list in order to create an even more attractive investment climate.

“Agility is key for today’s client businesses and I cannot praise the LifeStar team highly enough for their ability to adapt and evolve to rapidly changing circumstances.”

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