Life Settlement Assets (LSA) has released its annual results for the year ended 31 December 2024, navigating another complex year with steady performance despite broader market volatility.

The company’s NAV at year-end stood at $101.0m (2023: $111.2m), equivalent to $2.23 per share, unchanged on a per-share basis due to an active share buyback programme which saw 8.9% of the share capital repurchased and cancelled during the year. A further 1.4% has been bought back since year-end.

Over 2024, LSA recorded maturities totalling $23.1m, split between $14.1m from non-HIV policies and $9.0m from HIV policies. The non-HIV segment performed particularly strongly with an actual-to-expected (A/E) ratio of 132%. The HIV segment saw an A/E ratio of 98% by maturity value, reflecting stable underlying trends.

Operationally, the portfolio has been further simplified by consolidating fractional policy interests and concluding administrative processes linked to the Mutual Benefits Keep Policy Trust (MBC) action. A $9.7m first tranche of proceeds was received from MBC during 2024, boosting cash resources. A second tranche of $6.0m is expected in 2025.

Ongoing charges fell to 5.0% of NAV from 5.6%, with core operating costs (excluding policy servicing and legal fees) dropping to 2.7% of NAV. Inflationary pressures remain, but the board continues to focus on careful cost control.

A special dividend of 6.0209 cents per share, totalling around $3.0m, was paid in March 2024. No final dividend has been declared for the year.

Looking ahead, LSA’s portfolio will increasingly shift toward HIV policies as non-HIV assets mature out. A forecast dip in cash inflows is expected between 2028–2032, and the board is actively exploring distressed asset purchases to bridge this maturity gap. Chairman Michael Baines reaffirmed the company’s strategic focus on accurate NAV forecasting, tight cost management, and delivering returns through dividends and buybacks. Despite geopolitical uncertainties, LSA’s minimally correlated asset class continues to offer a differentiated and resilient investment opportunity.