Life Settlement Assets PLC
LSAA.L
London Stock Exchange1.80
USD
+0.01
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Life Settlement Assets PLC
LSAA.L
(London Stock Exchange)
Recent
price
1.80
P/E
ratio
- -
div
yld
- -
ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- Life Settlement Assets PLC (LSAA.L) is a closed-ended investment trust company that 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 offers exposure to the secondary market for life settlements, where policies acquired from policyholders in the primary market are traded among investors; its portfolios include policies linked to HIV-positive insureds (average age mid-60s) and elderly non-HIV insureds (average age late 80s), encompassing approximately 3,800 underlying policies with a gross face value exceeding USD 440 million, diversified by gender and insured lives. It generates long-term returns for shareholders by ensuring the realized value from policy maturities exceeds acquisition costs, ongoing premiums of around USD 15 million annually, management fees and other expenses, leveraging core competencies in portfolio valuation, access to distressed opportunities, service provider partnerships for actuarial, administrative and tracking services, and cash flow management; the company is regulated by the FCA as a small registered UK AIFM and listed on the Specialist Fund Segment of the London Stock Exchange since March 2018. Founded in 2017 and headquartered at Den House, Den Promenade, Teignmouth, England, it succeeded Acheron Portfolio Corporation (Luxembourg) SA, acquiring its assets and merging four underlying trusts into one by March 2020. Recent developments include the March 2023 acquisition of policies from the Mutual Benefits Keep Policy Trust for USD 24 million gross, securing 100% beneficial ownership and eliminating fractional interests to reduce operational risk, with first tranche proceeds of USD 5.7 million and USD 4.0 million premium refunds received in August 2024 and further proceeds expected in 2025; a special dividend of USD 3.0 million (6.0209 cents per share) paid in March 2024; an ongoing share buyback programme launched in June 2024, repurchasing over 8.9% of issued shares by year-end 2024 at a total cost of USD 7.8 million to enhance liquidity and NAV accretion, with continued purchases into 2025; renewal of servicing agreement with Vespera post-MBC acquisition; a 15% performance fee to Acheron Capital on MBC premium refunds paid in October 2024; and ongoing charges ratio reduced to 5.0% of average net assets in 2024 from 5.6% prior year.