Exhibit 99.1
ABACUS LIFE PRESENTS HISTORICAL QUARTERLY AND FULL YEAR 2022 FINANCIALS
ORLANDO, Fla. – August 25, 2023 – Abacus Life, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a
leading buyer of life insurance policies and vertically integrated alternative asset manager specializing in specialty insurance products, today is releasing its unaudited historical quarterly and full year 2022 financials for Abacus Settlements,
LLC (“AS”) and Longevity Market Assets, LLC (“LMA” and, together with AS, the “Predecessor Companies”). The Predecessor Companies are the predecessor companies which merged with and into the Company effective as of
June 30, 2023 and which currently comprise all of the business of the Company. In addition, for illustrative purposes only, the Company is providing historical quarterly and full year 2022 financials of the Predecessor Companies on a pro forma
combined basis (the “Pro Forma Financials”).
The Company is also providing financial information from last year to permit investors and
analysts to understand more about the financial results for the business from 2022 for comparison purposes. The financial information related to Abacus Settlements, LLC and Longevity Market Assets, LLC is being presented for informational purposes
only and should not be deemed to imply future performance of the Company. Anyone interested in the Company’s current year financial information should consult its Quarterly Report on Form 10-Q.
Safe Harbor Statement
Statements made in this press
release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “estimate,” “expect,” “intend,” “anticipate,” “goals,”
“prospects,” or similar words, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company’s plans and performance. These statements are based on management’s
estimates, assumptions and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from the results expressed or implied in these statements as the result of risks, uncertainties
and other factors including, but not limited to: the fact that our loss reserves are bases on estimates and may be inadequate to cover our actual losses; the failure to properly price our insurance policies; the geographic concentration of our
business; the cyclical nature of our industry; the impact of regulation on our business; the effects of competition; failing to sustain our relationships with independent agencies; the failure to meet our investment objectives; the inability to
acquire additional capital on favorable terms; the effects of acts of terrorism and the factors set forth in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the Annual Report on Form 10-K and Quarterly Report on Form 10-Q and subsequent periodic reports. The Company cautions you not to place undue reliance on the forward-looking statements contained in
this release. Any forward–looking statements speak only as of their dates. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that
arise after the date of this release.
Non-GAAP Financial Measures
This press release includes references to Adjusted EBITDA, a non-GAAP financial measure. Non-GAAP financial measures are financial measures that are derived
from the consolidated financial statements, but that are not presented in accordance with generally accepted accounting principles in the United States (GAAP). The Company uses this non-GAAP financial measure and other key metrics internally to
facilitate analysis of financial and business trends and for internal planning and forecasting purposes. The Company believes this non-GAAP financial measure, when taken collectively, may be helpful to investors because it provides consistency and
comparability with past financial performance by excluding certain items that may not be indicative of the business, results of operations, or outlook. However, this non- GAAP financial measure has limitations as an analytical tool and is presented
for supplemental informational purposes only. It should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In particular, other companies, including companies in the Company’s
industry, may report Adjusted EBITDA or similarly titled measures but calculate them differently, which reduces its usefulness as comparative measures.
Reconciliation of GAAP Measures to Non-GAAP Measures
Set
forth below Net Income in each of the following tables is a reconciliation of Adjusted EBITDA to GAAP Net Income, the most directly comparable GAAP measure, for each of the periods presented.
Basis of Pro Forma Presentation
The Pro Forma Financials
have been adjusted to give pro forma effect to the combination of the Predecessor Companies with the Company. The adjustments in the Pro Forma Financials have been identified and presented to provide relevant information necessary for an accurate
understanding of the Company following the mergers with the Predecessor Companies.
The Pro Forma Financials are provided for illustrative purposes only.
The financial results may have been different had the Company and the Predecessor Companies always been combined. You should not rely on the Pro Forma Financials as being indicative of the historical results that would have been achieved had the
Company and the Predecessor Companies always been combined or the future results that the Company will experience.
About Abacus
Abacus is a leading vertically integrated alternative asset manager specializing in life insurance products. Since 2004, the Company 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 $2.9 billion in face value of policies purchased, Abacus has helped thousands of clients
maximize the value of their life insurance.
Over the past 19 years, the Company has built an institutionalized origination and portfolio management
process that is supported by an 84-person team, long-term relationships with 78 institutional partners and 30,000 financial advisors, and the ability to operate in 49 states. The Company has serviced
approximately $950 million in policies and has managed assets for large asset managers and third-party investment funds.