REG - Life Settlement - Final Results

Life Settlement AssetsAnnouncement

28/04/2026 07:00

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RNS Number : 1076C  Life Settlement Assets PLC  28 April 2026

Life Settlement Assets PLC: Final Results

28 April 2026

 

Life Settlement Assets PLC

(the "Company" or "LSA")

 

Results for the year ended 31 December 2025

 

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 year ended 31 December 2025, and the
publication of its 2025 Annual Report.

 

The highlights of the year were as follows:

 

Net Asset Value

· USD 106.3 million, representing USD 2.41 per share.

 

Portfolio

·  Uplift of USD 8.0 million in HIV portfolio valuation due to update in the
valuation model reflecting observed mortalities.

 

Maturities

· Maturities totalling USD 20.6 million were declared of which USD 11.9
million were non-HIV policies, and USD 8.7 million were HIV policies.

 

Mutual Benefits Keep Policy Trust ("MBC") Action

· The administrative arrangements relating to the MBC Action are nearing
finalisation and the final proceeds are expected to be received during 2026.

 

Costs

· Despite inflationary pressures, total costs marginally lower in 2025.

·  Ongoing charges ratio increased from 5.0% to 5.4% of average net assets
in 2025 due to the effect of share buybacks and dividends.

· Ongoing charges ratio excluding policy servicing fees and legal costs of
increased from 2.7% to 3.0% of average net assets.

· Ongoing focus on management of costs.

 

Dividends

·  During the year the Company declared a special dividend of 4.5307 cents
per share, totalling USD 2.0 million, which was paid on 30 October 2025 to
Shareholders on the register at 10 October 2025.

 

Share Buybacks

·  In the year to 31 December 2025 the Company bought back and cancelled
1,259,474 shares, representing 2.8% of the issued share capital as at 31
December 2024 at a total cost of USD 2.2 million.

 

Post Balance Sheet Events

On 9 March 2026 the Company was able to declare a special dividend of 6.7960
US cents per share, totalling USD 3.0 million, which was paid on 14 April 2026
to Shareholders on the register on 20 March 2026.

 

Since the year end the Company has bought back and cancelled a further 415,954
shares at a total cost of USD 0.7 million representing 0.9% of the issued
share capital as at 31 December 2025. As at the date of this report there were
43,727,515 shares in issue.

 

Michael Baines, Chairman, commented:

"The delivery of the three core components of the Company's strategy -
comprising monitoring and refining the accurate measurement and forecasting of
NAV, control of costs, and the delivery of returns to Shareholders remain the
principal focus of the Board.

 

The year has ended with your Company being in a strong cash position, and with
positive actual to expected ratios across both the non-HIV and HIV policy
segments of the portfolio. The opportunity to update the assumptions
underlying the valuation model of the HIV segment of the portfolio has been
welcome and is based on the discussions with our actuary and Investment
Manager in line with our methodology. It also reflects observations arising
from a larger number of data points than has been previously available.

 

Accordingly, the Board now takes a more optimistic view than it did during
2025 of the future cash inflows arising from the forecast maturity profile of
the portfolio as it migrates from the emphasis on non-HIV policies to an
entirely HIV-based set of policies. We were delighted that we were able to
declare a special dividend during March 2026, and, reflecting this improved
cash position the Board will continue to explore opportunities to provide
satisfactory returns to Shareholders through dividends and share repurchases.
"

 

The Directors are pleased to attach the Company's annual report and financial
statements for the year ended 31 December 2025.

 

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/1076C_1-2026-4-27.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1076C_1-2026-4-27.pdf)

The annual report and financial statements for the year ended 31 December 2025
may also be downloaded from the Company's website at
https://www.lsaplc.com/investor-relations/annual-reports/
(https://www.lsaplc.com/investor-relations/annual-reports/)

 

For further information contact:

 

Acheron Capital Limited (Investment Manager)

Jean-Michel Paul

020 7258 5990

 

Cavendish Capital Markets Limited (Corporate Broker)

Robert Peel / Andrew Worne

020 7908 6000

 

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.

 

NATIONAL STORAGE MECHANISM

A copy of the 2025 Annual Report and Accounts will be submitted shortly to the
National Storage Mechanism ("NSM") and will be available for inspection at the
NSM, which is situated
at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://url.avanan.click/v2/___https:/data.fca.org.uk/___.YXAxZTpzaG9yZWNhcDphOm86ZDhkZjk5Nzk5ZmExMzJjODc4ZTBhMDkzMDQzNzU2MGE6Njo4NDMwOjdlMDhhYTQ2MWU1ZjRkN2RjMGMxYzE0YzI2YmM5ZDMwZTM0OGM5N2Y5MWVhNTljMzg0ZmIyMjE4ZDFkZWQ3MmI6cDpG#/nsm/nationalstoragemechanism)

 

Notes to Editors

Life Settlement Assets PLC 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 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.

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