The following is a summary of the Abacus Life, Inc. (ABL) Q4 2023 Earnings Call Transcript:
Financial Performance:
Abacus Life reported a 25% YoY increase in Q4 2023 total revenues to $23.6 million, adjusted EBITDA of $11 million, and adjusted net income of $5.9 million.
The company witnessed an annual growth of 14% in revenues and 13% in the adjusted EBITDA.
Abacus Life's Board of Directors authorized a stock repurchase program, enabling the buyback of $8.1 million worth of stocks by March 2024.
Business Progress:
Abacus Life launched two new units, ABL Wealth and ABL Tech, aiming to broaden its market reach and leverage technology.
The company saw a 30% increase in new policy originations in 2023 due to growing insurer partnerships.
Abacus Life is planning to launch the ABL Longevity Growth and Income Fund in 2024.
The investment in Q4 of 2023 in a direct-to-consumer campaign resulted in a doubling of originations from this channel, and establishing a strong pipeline for 2024.
They are in the process of deepening relationships with more insurance carriers, which is expected to drive future growth.
More details: Abacus Life IR
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