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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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