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lifestar insurance plc Interim Report and Interim Condensed Consolidated Financial Statements – June 30, 2022

Middle Directors Report

The following statements relate to the consolidated position of Insurance LifeStar plc (the “Company”) and its immediate subsidiary lifestar health limited (“LifeStar Health“). The consolidated loss after taxes for the six months ended June 30, 2022 amounted to €4,527,489 compared to the consolidated profit after tax of the previous year of €2,086,433.

Insurance LifeStar plc

The life insurance business saw its gross written premium increase to €7.2 million, which represents an increase of 8% compared to the same period of the previous year. The Company saw its pre-tax loss increase to €4.4 million from a prior year loss for the same period of €2.1 million. The life business incurred unrealized losses on the investment portfolio of €3.1 million, which was mainly due to write-downs in local and foreign sovereign bonds, local bonds, and local and foreign equities. Redemptions and maturities have increased, closing the semester at 6.6 million euros. Total technical revenue saw a healthy increase of €615,790 to close the half at €7.5 million compared to the same period in 2021 of €6.9 million. Total technical charges for the period under review closed at €11.1 million compared to €8.7 million. The value of the business in force also grew during these six months by another €440,000, which means that the Company has continued to generate very profitable business. the Insurance LifeStar plc It has a healthy Solvency Capital Ratio of 180.1% (december 2021: 164.5%). This has been achieved primarily through a more efficient cash retention policy and a reduction in our Market Equity risk.

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LifeStar Salud Ltda.

LifeStar Health’s Business commission income from normal operations increased by 9% compared to the first six months of 2021 due to the close return to normality of those business sectors that were negatively affected by the COVID-19 measures implemented by the various governments worldwide. Earnings commission increased by 38% compared to the same period last year. Total commissions receivable increased 12% compared to last year.

Total costs increased 16.6% from last year, mainly due to higher salary costs due to the higher level of business and also due to the Talent Retention strategy implemented in early 2022. The compound effect is that the business The health insurance company recorded a profit before tax of €432,382 compared to €412,432 in 2021, an increase of 4.8%.


The operations of both businesses were negatively affected by several members of staff in quarantine and as a company we believe that the virus will be with us in the short and medium term. We continue to urge both our customers and staff to exercise basic hygiene measures. With the exception of deliveries, the respective operating levels are returning to pre-pandemic levels.

Achieve long-term financial stability

Directors look to the next half of this year with cautious optimism. There are several global factors at play, mainly the Ukraine conflict, the high rates of inflation that prevail in all economies and the uncertainty in financial investments. We are also seeing an accelerating pace in increases in the various base rates of several countries, including the European Union. The Board and Management are acutely aware of these challenges and remain focused on improving operating efficiencies, customer satisfaction and retention, and increasing overall shareholder returns.

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The Directors do not recommend the payment of an interim dividend. By order of the Board.

paolo catalfamo

Joseph C. Schembri



29 August 2022