Half-Yearly Report 30 June 2021 - Insurance News | InsuranceNewsNet

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September 23, 2022 Newswires
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Half-Yearly Report 30 June 2021

UKI Equity Markets (Web Disclosure) via PUBT

Half-Yearly Report

for the six months ended 30 June 2021

Contents

Strategic Update

Introduction

3

Highlights and Company Performance

4

Chairman's Statement

5

Key Performance Indicators (KPIs)

7

Directors' Statement of Principal Risks and Uncertainties

8

Directors' Statement of Responsibilities

in Respect of the Financial Statements

8

Financial Statements

Condensed Statement of Comprehensive Income

10

Condensed Statement of Financial Position

11

Condensed Statement of Changes in Equity

12

Condensed Cash Flow Statement

13

Notes to the Condensed Financial Statements

14

Additional Information

Additional Information

21

Shareholder Information

Company Information

25

Glossary

26

Half-Yearly Report 2021 /Life Settlement Assets PLC /1

Strategic Update

Introduction

Life Settlement Assets PLC ("LSA" or the "Company") is a closed-ended investment trust company which invests in, and manages, portfolios of whole and fractional interests in life settlement policies issued by life insurance companies operating predominantly in the United States.

The Company's objective is to generate long-term returns for investors by managing its portfolios of life settlement interests so that the realised value of the Policies at maturity exceeds the aggregate cost of acquiring the Policies, ongoing premiums, management fees and other operational costs.

COMPANY STRUCTURE

Life Settlement Assets PLC operates through its Board, and strategic partnerships with service providers covering investment management, actuarial, administrative, company secretarial, and tracking services.

Reflecting the development of the Company through the acquisition of portfolios of interests in life settlement policies, each portfolio was placed into a separate asset trust and reflected by a separate Share Class.

Following the merger of the D Ordinary Shares and E Ordinary Shares into the A Ordinary Shares on 30 April 2020 and the merger of the B Ordinary Shares with the A Ordinary Shares on 28 May 2021, the Company structure as at

30 June 2021 was as follows:

A Ordinary Shareholders

Services Agreement

Acheron Capital Ltd

Beneficial interest

(attributable to the A Ordinary Shares)

Investment

Management

Agreement

Acheron Portfolio Trust*

US Life Insurance Policies

The Company's principal strategic partner relationship is with the Trust's Investment Manager, Acheron Capital Ltd, which provides investment management services.

As more fully described in the Chairman's Statement on page 5, the A and B Share Classes were merged on 28 May 2021.

Half-Yearly Report 2021 /Life Settlement Assets PLC /3

Highlights and Company Performance

HIGHLIGHTS

  • Distributions totalling USD 2.6 million made during the period
  • Total maturities for the first six months amounted to USD 25.8 million (HY2020: USD 12.2 million), generating gains
    from life settlement portfolios of USD 14.2 million (HY2020: gains of USD 0.6 million)
  • Total net profit of USD 8.6 million (HY2020: loss of USD 2.9 million)

COMPANY PERFORMANCE

Performance analysis by Share Class is provided in the tables below.

As at

As at

Percentage

30 June

31 December*

change

LSAA

2021

2020

(%)

Net assets attributable

to Shareholders (USD '000)

105,930

100,200

5.7

Shares in issue**

49,826,784

49,826,784

-

NAV per share (USD)

2.13

2.01

5.7

Closing share price (USD)***

1.60

1.90

(15.8)

(Discount) to NAV (%)

(24.7)

(5.5)

(19.2)

* To aid comparison these figures have been restated to include the Class B share figures at 31 December 2020.

  • As at 31 December 2020, there were 58,320,157 total shares in issue within Classes A and B. To aid comparison the post-merger shares in issue of 49,826,784 has been used for 31 December 2020.
  • The 31 December 2020 closing price reflects the share price for Class A only.

As at

As at

Percentage

30 June

30 June

change

2021

2020

(%)

Total maturities (USD '000)

25,787

12,202

111.3

Net income from portfolio (USD '000)

14,630

1,053

1,289.4

Profit/(loss) for the period (USD '000)*

8,553

(2,855)

399.6

* This includes a contribution of USD 2,355,000 in respect of the B Share Class profit in the period before the merger.

4 /Life Settlement Assets PLC /Half-Yearly Report 2021

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Disclaimer

Life Settlement Assets plc published this content on 23 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 September 2022 13:59:24 UTC.

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