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The Deal's 2023 Annual Ranking Shows Abacus Life (ABL) Leads Life Settlement Industry with 26% Market Share in Funds Paid to Clients
Globe Newswire 6-Jun-2024 5:10 PM
ORLANDO, Fla., June 06, 2024 (GLOBE NEWSWIRE) -- Abacus Life, Inc. (NASDAQ:ABL) ("Abacus" or the "Company"), a pioneering alternative asset manager specializing in longevity and actuarial technology, announced today that it led the life settlement industry in funds paid to clients in 2023 with a 26% market share according to The Deal, once again bringing premier value to its clients.
For 2023, the Company paid clients $220 million in life settlement funds, corresponding to a 26% market share and equating to paying over 20% of policy face value to sellers on average, nearly 32% higher than its closest competitor.
Additionally, the Company acquired 640 policies in 2023 with a collective face value of nearly $1.1 billion, marking an impressive 31.4% increase in policies purchased from 2022, and well ahead of annual total industry growth of 4%.
"We are thrilled to be able to place $220 million directly into our clients' hands, once again providing incredible value to our clients," said Abacus Chief Executive Officer Jay Jackson. "Our substantial growth in policy acquisitions further reflects the unwavering trust and confidence that policyholders have placed in Abacus. We are proud to be recognized by The Deal as the leader in funds paid to clients, and we remain committed to providing our clients with exceptional service and delivering them outstanding returns."
About Abacus
Abacus is a leading vertically integrated alternative asset manager and market maker, specializing in longevity and actuarial technology. The company is democratizing the life insurance space through three groundbreaking new channels: ABL Tech, ABL Wealth, and ABL Longevity Growth & Income Funds. Since 2004, Abacus has purchased life insurance policies from consumers seeking liquidity and has actively managed those policies over time (via trading, holding, and/or servicing). With over $5BN in face value of policies purchased, we have helped thousands of clients maximize the value of life insurance. Abacus Life is the only public life settlement company, trading on the Nasdaq Exchange under the ticker symbol ABL.
Over the past 20 years, the company has built an institutionalized origination and portfolio management process that is supported by a 100+ person team, long-term relationships with 78 institutional partners and 30,000 financial advisors, and the ability to operate in 49 states. The Company complies with HIPAA and privacy laws to maintain and protect confidentiality of financial, health, and medical information. Abacus is also proud to be a BBB Accredited Business with an A+ rating.
All statements in this press release (and oral statements made regarding the subjects of this press release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Abacus. Forward-looking information includes but is not limited to statements regarding: Abacus's financial and operational outlook; Abacus's operational and financial strategies, including planned growth initiatives and the benefits thereof, Abacus's ability to successfully effect those strategies, and the expected results therefrom. These forward-looking statements generally are identified by the words "believe," "project," "estimate," "expect,"? "intend," "anticipate," "goals," "prospects," "will," "would," "will continue," "will likely result," and similar expressions (including the negative versions of such words or expressions).
While Abacus believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: the ?fact that Abacus's loss reserves are bases on estimates and may be inadequate to cover ?its actual losses; the failure to properly price Abacus's insurance policies; the ?geographic concentration of Abacus's business; the cyclical nature of Abacus's industry; the ?impact of regulation on Abacus's business; the effects of competition on Abacus's business; the failure of ?Abacus's relationships with independent agencies; the failure to meet Abacus's investment ?objectives; the inability to raise capital on favorable terms or at all; the ?effects of acts of terrorism; and the effectiveness of Abacus's control environment, including the identification of control deficiencies.
These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties set forth in documents filed by Abacus with ?the U.S. Securities and Exchange Commission from time to time, including the Annual ?Report on Form 10-K and Quarterly Reports on Form 10-Q and subsequent ?periodic reports. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Abacus cautions you not to place undue reliance on the ?forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Abacus assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Abacus does not give any assurance that it will achieve its expectations.
