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Abacus Life, Inc. (NASDAQ: ABL) is a leading vertically integrated alternative asset manager specializing in longevity and actuarial technology. The company excels in investing in life insurance products throughout the lifecycle of a life insurance policy. Since its inception in 2004, Abacus Life has purchased over $5 billion in face value of policies, providing significant liquidity to clients and actively managing these policies over time through trading, holding, and servicing. This has led to the successful maximization of life insurance value for thousands of clients.
One of Abacus Life's notable achievements is its status as the only public life settlement company, trading on the Nasdaq Exchange under the ticker symbol ABL. The company's comprehensive process is supported by a team of over 100 professionals, long-term partnerships with 78 institutional partners, and 30,000 financial advisors, enabling operations in 49 states. Abacus is committed to compliance with HIPAA and privacy laws to protect the confidentiality of financial, health, and medical information, earning it a BBB Accredited Business A+ rating.
In 2023, the company launched three groundbreaking channels: ABL Tech, ABL Wealth, and ABL Longevity Growth & Income Funds. ABL Tech focuses on harnessing advanced AI and blockchain technology to revolutionize the longevity and actuarial landscape, ensuring efficient death verification and strategic wealth distribution. ABL Wealth aims to democratize the wealth management space with unique lifespan-driven financial planning and investment offerings. The ABL Longevity Funds cater to investors seeking growth and income through life settlements.
Abacus Life has also shown a strong commitment to enhancing shareholder value. In December 2023, the company announced a $15 million stock repurchase program, demonstrating confidence in its business quality and long-term growth prospects. By January 2024, Abacus had repurchased over 206,050 shares at an average price of $9.26, with $13.1 million remaining for future repurchases.
Financially, Abacus reported robust growth in 2023, with total revenues increasing by 14% to $79.6 million. The company's adjusted EBITDA rose by 13% to $39.3 million, reflecting solid operational performance. The first quarter of 2024 saw continued momentum, with revenues more than doubling to $21.5 million, driven by higher active management revenue and increased capital deployment.
In addition to financial growth, Abacus has secured strategic partnerships to expand its market reach. In June 2024, Abacus announced a national distribution relationship with AIMCOR, enhancing its life settlement solutions through AIMCOR’s extensive network. This partnership aligns with Abacus's goal of educating financial professionals about life settlements and providing greater financial flexibility to clients.
Abacus Life's leadership team plays a pivotal role in driving its success. Notable appointments include Elena Plesco as Chief Capital Officer and Fei Xue as Vice President of ABL Wealth. These leaders bring decades of experience in financial services and alternative asset management, further strengthening Abacus's strategic growth initiatives.
For more information about Abacus Life and its innovative solutions, visit 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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