LifeStar Group Executive Chairman Paolo Catalfamo and CEO Roberto Apap Bologna, have stated that 2024 has been a defining period for the group, “marked by strong financial performance, strategic growth and an unwavering commitment to innovation, regulatory compliance, and operational excellence.”
LifeStar Insurance Group is a Malta-based group of companies that provides a comprehensive range of life insurance products, including protection, savings, investment, and retirement solutions. The group comprises LifeStar Insurance plc, LifeStar Health Limited, and GlobalCapital Financial Management Limited.
In its Annual Report for the financial year ended 31st December 2024, LifeStar Holding plc has reported a consolidated loss after tax of €598,000 in 2024, a significant increase from the €182,000 loss recorded in the preceding year.
The group’s total assets grew by eight per cent in 2024, reversing the seven per cent decline reported in 2023. As a result, total assets increased from €142 million to €152 million year-on-year.
Liabilities increased by €10.4 million compared to the previous year, reaching €146.4 million from €136 million. Equity stood at €16.1 million, down slightly from €16.17 million in 2023, a decrease of €598,000.
In a joint statement commenting on the results, Prof. Catalfamo and Mr Apap Bologna said that through establishing a presence in Italy, the group now has access to a greater client base, as part of the company’s broader growth strategy to establish a footprint in new European markets.
Between 1st September and 31st September 2024, the group sold (or is in the process of finalising)
€486,984 worth of life insurance policies across Italy, totalling 373 individual covers.
The group also said that one of their major milestones in 2024 was the “initiation of a 10-year digitalisation partnership with Vermeg Ltd, the creators of the life insurance policy management system, Solife.”
They continued: “This strategic investment will modernise our operations, streamline processes, and improve service delivery through improved technological infrastructure. In parallel, we conducted a comprehensive review of our product portfolio, launched new insurance solutions, and revamped existing offerings to ensure they align with our customers’ evolving needs.”
The Chairman and CEO said the group also addressed key regulatory reviews during the period, including an MFSA investigation and 'minded letter' issued in June 2024.
They said the group's leadership team worked closely with the authority to ensure full compliance, and is currently awaiting the settlement agreement.
Looking ahead to 2025, LifeStar Group is focused on strengthening its digital capabilities, elevating the customer experience, adapting to regulatory changes, expanding its market presence, and cultivating a high-performing workforce.
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