REG-Malibu Life Holdings Limited: Final Results for the Year Ended 31 December 2025

Malibu Life HoldingsAnnouncement

Today 07:02

FOR IMMEDIATE RELEASE

22 April 2026

Malibu Life Holdings Limited

Final Results for the Year Ended 31 December 2025

 

Malibu Life Holdings Limited ("MLHL" or the "Company") today announces its
final results for the year ended 31 December 2025.

Highlights

Financial Performance
*            Consolidated MLHL book value per share ended the period at
$33.33, an increase of 4.5% year-over-year, inclusive of merger-related
expenses.          
*            MLHL                       total comprehensive income of $24
million                       and                       total shareholders'
equity of $569 million                       at year-end.          
*            Malibu Life Reinsurance SPC total assets                      
surpassed $1 billion during the year, closing at                       $1.5
billion, reflecting the continued build-out of the reinsurance platform.
Malibu Life Reinsurance SPC represented 20% of MLHL’s available shareholder
equity as of year-end.          
*            $889 million                       of annuity premiums were
generated under the Company's existing reinsurance treaty during the year,
bringing Malibu Life Reinsurance SPC’s total since inception annuity
premiums to                       $1.4 billion.          
*            Malibu Life Reinsurance SP 1 posted a                      
standalone profit of $16 million                       for the year.         

*            The                       Third Point Master Fund, currently
representing 80% of MLHL’s available shareholder equity, delivered a return
of                       9.1% ($48 million)                       in the
period.
Strategic and Operational Performance
*            2025 was a year of exciting change for the Company, with a
far-reaching Strategy Review culminating in shareholder approval of its
transition from an investment trust to an operating company focused on the
fast-growing US fixed annuity market. On 14 August 2025, shareholders approved
the merger of Third Point Investors Limited and Malibu Life Reinsurance SPC
which completed on 12 September 2025, creating a unified insurance holding
company.          
*            In October 2025, the Company entered into a definitive agreement
to acquire TruSpire Retirement Insurance Company, a Texas-domiciled provider
of life and retirement solutions and a wholly owned subsidiary of Mutual of
America Life Insurance Company.          
*            The Company strengthened its operational team with the addition
of Chief Operations Officer, Robert Pavleszek, and finalised employment
agreements with five TruSpire professionals across pricing, operations, risk
management and actuarial functions, building the capabilities required to
support direct origination.          
*            Following Gary Dombowsky’s successful establishment of MLHL and
execution of the initial business plan, the Company is close to appointing a
permanent CEO and looks forward to providing an update shortly.
Outlook
*            With 80% of available shareholder equity still invested in the
Third Point Master Fund, significant deployment opportunities into attractive
insurance transactions remain. Pending deployment, assets are expected to
continue to generate attractive risk-adjusted returns. This flexibility allows
the Company to pace growth based on the most compelling opportunities.        
 
         *            The Company remains committed to its medium-term target
of generating annual premiums of $5 billion and mid-teens annual return on
equity by the third year post-consummation of the TruSpire deal. This is
expected to be by year-end 2028.           
         *            Existing reinsurance liabilities, characterised by
predictable cash flows, averaging approximately six years in duration with
in-force policies subject to surrender charges and market value adjustment
provisions, support liability stability and disciplined asset-liability
management.          
*            The established counterparty relationship provides visibility
into approximately $1.6 billion of additional future premium flows, offering a
foundation for continued scaling.          
*            The Company continues to pursue strong financial strength ratings
from recognised agencies and expect ratings for insurance and reinsurance
entities by mid-2026. These ratings are essential to direct issuance and are
expected to expand reinsurance opportunities while potentially lowering
liability costs.          
*            The Company anticipates completion of the TruSpire acquisition in
Q2 2026, subject to regulatory approval, enabling direct annuity issuance as
early as Q3 2026.
 

Dimitri Goulandris, Chairman of MLHL said:

"                     I would like to thank MLHL CEO Gary Dombowsky, who was
appointed as an Executive Director of the Board in September 2025, and who has
served as a Director of Malibu Life Reinsurance SPC since its establishment in
2024. Gary is a business builder who, despite having reached retirement age,
took on the challenge of securing the foundations for the growth of MLHL. As
intended, Gary is now ready to transition to a non-executive role, and his
final task as CEO has been to help identify his successor. I am happy to
report that we are in the final stages of that search and are very excited to
update investors soon.                    "

Gary Dombowsky, Chief Executive Officer of MLHL, said:

"                     2025 was a pivotal year for MLHL and the foundations now
in place position the company well to take advantage of the structural
tailwinds in the US life and annuity market. Following completion of the
merger with Third Point Investors Limited, we have grown our reinsurance
platform well in excess of $1 billion in assets, generated $889 million of
annuity premiums and Malibu Life Reinsurance SP 1 standalone profits of $16
million, and laid the groundwork for direct origination through our agreement
to acquire TruSpire.

We have entered 2026 with confidence and momentum and a laser focus on
strengthening our long-term earnings power through disciplined scaling. We
believe the anticipated launch of our direct annuity origination capabilities
following completion of the TruSpire acquisition, our expanding reinsurance
platform, and the depth of our investment partnership with Third Point,
position us well for the years ahead.                    "

Further information

The Company will host a virtual full-year results presentation. The event will
be broadcast to Europe/MENA/Asia-Pacific at 9am BST on 22 April 2026, and to
North America/Latin America at 10am ET on 22 April 2026.

To register to attend the virtual presentation, please use the following link:
                                
https://mlhl-2025-full-year-results.open-exchange.net/

The Company's annual report for the year ended 31 December 2025 is also now
available on the Company's website (                                
https://www.malibulifeinsurance.com                               ). An
ESEF-tagged version will be submitted to the National Storage Mechanism and
posted on the Company’s website in the coming days.

END

About Us

Malibu Life Holdings Limited is a publicly traded insurance and reinsurance
platform listed on the London Stock Exchange. (LSE: MLHL). Its subsidiary
entity, Malibu Life Reinsurance SPC, partners with insurers by providing
capital-efficient, asset intensive reinsurance solutions and is expanding its
capabilities into direct annuity originations through strategic acquisitions.
The Company targets predictable, scalable growth in the rapidly expanding U.S.
fixed annuity market.

Media Contact:

Investor Relations                               
          +1 212-715-6707          
          ir@malibuinsurance.com

Kekst CNC                               
          Richard Campbell          
          +44 7775 784 933          
          Elisabeth Heilbronner-Lahoud          
          +44 7779 867 219

 



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