Life
Settlement Assets PLC: Final Results
20 September 2024
Life Settlement Assets
PLC
(the "Company" or
"LSA")
Results for the Half Year
ended 30 June 2024
LSA, a closed-ended investment trust
company which invests in, and manages, portfolios of whole
interests in life settlement policies issued by life insurance
companies operating predominantly in the United States, is pleased
to announce its results for the Half Year ended 30 June
2024.
The highlights of the year were as
follows:
Net Asset
Value
· USD
108.8 million, representing USD 2.26 per share.
Maturities
· Maturities totalling USD 15.7 million were declared - of
these, USD 11.8 million were non-HIV policies, and USD 3.9 million
were HIV policies.
Mutual Benefits Keep Policy
Trust ("MBC") Action
· Portfolio structure simplified following the MBC acquisition,
and the Company is now in the final stages of absorbing this
acquisition.
Costs
·
Ongoing charges ratio excluding policy servicing fees and legal
costs of 3.2% of NAV.
·
Ongoing focus on management of costs.
Dividends
· On 15
February 2024 LSA announced the declaration of a special dividend
of 6.0209 cents per share, totalling approximately USD 3.0 million,
which was paid to Shareholders on 15 March 2024.
Share
buybacks
· Total
of 1,685,069 shares bought back and cancelled in the period at a
total cost of USD 2,954,943.
Post Balance Sheet Events
The Company has bought back and
cancelled a further 1,699,801 shares at a total cost of USD
3,044,701 since the period end and at the date of this report there
were 46,441,914 shares in issue.
On 28 August 2024 the Company
received notification that funds amounting to USD 9.7 million had
been received by the Company, comprising the first tranche of the
MBC sale proceeds of USD 5.7 million and the return of overpaid
premiums of USD 4.0 million. The impact of this refund was
reflected in the 31 July 2024 Net Asset Value of USD 2.3338
released to the market on 16 September 2024.
Michael Baines, Chairman, commented:
The Board remains focused on
monitoring the performance of the Company's policy portfolio,
accurately assessing mortality risk, and actively managing its cost
base against the background of inflationary pressures. These
results demonstrate further progress in the execution of the
Board's strategy, which will allow further consideration of
additional opportunities to return value to
Shareholders.
The Directors are pleased to attach
the Company's results for the Half Year ended 30 June
2024.
Click on the following link, or
paste it into your web browser, to view the associated PDF
document:
http://www.rns-pdf.londonstockexchange.com/rns/9405E_1-2024-9-19.pdf
The results for the half year ended
30 June 2024 may also be downloaded from the Company's website
at
https://www.lsaplc.com/investor-relations/annual-reports/
For
further information contact:
Acheron Capital Limited (Investment
Manager)
Jean-Michel Paul
020 7258 5990
Shore Capital (Financial Adviser and
Broker)
Anita Ghanekar/Gillian Martin
/Harry Davies-Ball
020 7408 4090
ISCA Administration Services
Limited
Company Secretary
Tel: 01392 487056
DISCLAIMER
Neither the contents of the
Company's website nor the contents of any website accessible from
hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.
Notes to Editors
Life Settlement Assets PLC is a
closed-ended investment trust company which invests in, and
manages, portfolios of whole interests in life settlement policies
issued by life insurance companies operating predominantly in the
United States. The Company seeks to generate long-term returns for
investors by investing in the life settlement market. The Company
aims to manage its investment in portfolios of life settlement
products so that the realised value of the policy maturities
exceeds the aggregate cost of acquiring the policies, ongoing
premiums, management fees and other operational costs.