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Abacus Life, Inc. (NASDAQ: ABL) is a vertically integrated alternative asset manager specializing in investing in life insurance products throughout the lifecycle of a life insurance policy. Established in 2004, the company has carved a niche in the life settlement market, having purchased life insurance policies with over $5 billion in face value. Abacus Life serves consumers seeking liquidity by actively managing these policies through trading, holding, or servicing.
Abacus Life stands out for its detailed, data-driven approach to actuarial technology, democratizing the life insurance space via three key channels: ABL Tech, ABL Wealth, and ABL Longevity Growth & Income Funds. ABL Tech focuses on leveraging AI and innovative technology to enhance data security and operational efficiency, while ABL Wealth and ABL Longevity Funds offer tailored wealth management and investment solutions.
The company has achieved significant milestones, such as its recent $15 million stock repurchase program and the appointment of notable industry experts to its leadership team. They lead the market in funds paid to clients, holding a 26% market share in 2023, paying over $220 million to policyholders.
Abacus Life’s financial stability is evident in its impressive revenue growth, with total revenues for Q1 2024 doubling to $21.5 million compared to the previous year. They also maintain strong relationships with 78 institutional partners and 30,000 financial advisors and are accredited by the BBB with an A+ rating.
With operations in 49 states, Abacus Life is committed to maintaining the confidentiality of personal information, complying with HIPAA and privacy laws. Their stock is publicly traded on the Nasdaq Exchange under the ticker symbol ABL.
For more detailed information, visit their website at www.Abacuslife.com.
Abacus Life (NASDAQ: ABL) has initiated a public offering of 10,000,000 shares of its common stock, aiming to raise capital.
The offering includes an option for underwriters to purchase an additional 1,500,000 shares within 30 days.
Proceeds will be used for operational needs, business strategy support, working capital, and potentially repaying debt.
The offering's completion is subject to market conditions, with Piper Sandler & Co., TD Securities, B. Riley Securities, and KKR Capital Markets acting as joint book-running managers.
A registration statement has been filed with the SEC but isn't effective yet.
Abacus Life (NASDAQ: ABL) announced that it led the life settlement industry in 2023 with a 26% market share in funds paid to clients, according to The Deal's annual ranking.
The company paid $220 million in life settlement funds, equivalent to over 20% of policy face value on average, which is 32% higher than its closest competitor.
Additionally, Abacus acquired 640 policies with a collective face value of nearly $1.1 billion, reflecting a 31.4% increase from 2022, compared to the industry growth of 4%.
CEO Jay Jackson expressed pride in the company's achievements and commitment to delivering exceptional value to clients.
Abacus Life (NASDAQ: ABL), a leader in alternative asset management, announced a new national distribution agreement with AIMCOR, a top insurance marketing organization. This relationship enables Abacus to offer life settlement solutions through AIMCOR’s network of 40+ brokerage general agencies. Abacus CEO Jay Jackson highlighted the partnership's potential to help AIMCOR members leverage Abacus' resources, fostering better financial decisions for policyholders. AIMCOR's EVP, Marc Verbos, emphasized the collaboration's role in promoting life settlements as a mainstream financial solution, enhancing the strategic growth and education of financial professionals.
Abacus Life, Inc. reported a more than doubled total revenue of $21.5 million in the first quarter of 2024, driven by a 59% year-over-year growth in the Direct-to-Consumer division. The company also launched ABL Tech, raised $25 million from the issuance of senior notes, and strengthened its management team. Adjusted EBITDA grew by 38.1% to $11.6 million, with an EBITDA margin of 53.9%. Despite a GAAP net loss of $1.3 million, adjusted net income was $6.7 million. The company had cash equivalents of $65.4 million and repurchased shares worth $11 million.
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