Abacus Life, Inc. ( (ABL) ) has released its Q3 earnings. Here is a breakdown of the information Abacus Life, Inc. presented to its investors.
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Abacus Life, Inc. is a global alternative asset manager that specializes in leveraging longevity data and actuarial technology to offer investment opportunities uncorrelated with market fluctuations, primarily in the financial services sector.
The company has reported strong financial results for the third quarter of 2024, showcasing significant revenue and profitability growth while executing strategic initiatives. Abacus Life’s revenue increased by 33% year-over-year, reaching $28.1 million, and the company has made significant advancements with its ABL Tech platform and strategic acquisitions.
Key financial highlights include a 65% increase in adjusted net income to $14.9 million and a 54% rise in adjusted EBITDA to $16.7 million compared to the previous year. The company also reported a GAAP net loss of $5.1 million due to non-cash increases in warrant liabilities. Abacus is in the process of acquiring Carlisle Management and FCF Advisors, expected to add $2.6 billion in assets under management.
Abacus has continued to expand its technological capabilities with the launch of PREADISAN™, a health prediction tool, and has seen a 54% increase in policy originations year-over-year. The company’s annualized return on invested capital was 21%, and return on equity was 23%, reflecting strong performance metrics.
Looking ahead, Abacus Life remains focused on sustaining its growth trajectory and profitability, aiming to deliver long-term value for shareholders through strategic initiatives and technological innovation.
