Invalda INVL announces its results for the first quarter (Q1’2022), which projected equity levels of 113.1 million euros or 9.63 euros per share. The recorded level is 6.7% lower than at the end of 2021.
Invalda INVL made a loss of 8.1 million euros in the first quarter of 2022, compared to a net profit of 2.8 million euros in the same period last year.
The total client assets under management of the group companies at the end of the first quarter of 2022 amounted to EUR 1.591 billion, which is 1% less than at the beginning of 2022 (EUR 1.609 billion). However, the number of customers who have entrusted their money to Invalda INVL Group increased by 0.6% to 262,100.
“Adverse economic headwinds in financial markets, impacted by the threat of recession, inflationary pressures, market prices and asset valuations, combined with geopolitical instability, including the war in Ukraine, have all contributed to a depreciation in most asset markets around the world . Unfortunately, the reality of this overall situation affects all investors, the total loss of INVL customers was 51.2 million euros. This depreciation of assets has also resulted in losses for Invalda INVL in the first quarter of this year,” commented Darius Šulnis , President of Invalda INVL.
asset management and life insurance business
Invalda INVL’s revenues from the operational part of its wealth management business (managing clients’ funds) totaled €3.4 million in the first quarter of this year, an overall increase of 19% compared to the corresponding period in 2021.
The operational asset management business generated a loss of EUR 0.5 million in the first quarter of 2022 compared to a loss of EUR 24,000 in the same period last year. The total wealth management business, including investments in collective investment schemes managed by INVL, generated a profit of 1.1 million euros, albeit almost 39% less than in the first quarter of 2021.
This result was primarily due to an increase in the value of the INVL Baltic Sea Growth Fund. The fund successfully completed the merger of InMedica and the MediCA Group at the end of March this year. As a result of this activity, it has created a leading private network offering both medical and healthcare services to the public throughout Lithuania.
INVL Life, a subsidiary established by Invalda INVL, received its life insurance license in March this year. INVL Life, the largest among Baltic life insurance companies with a registered capital of EUR 48 million, will shortly acquire the Baltic operations of Mandatum Life, a Finnish life insurance company. Through this transaction, INVL Life gains more than 30,000 customers in Lithuania, Latvia and Estonia, along with the esteemed employees of these branches.
holdings
Other proprietary investments of Invalda INVL excluding the wealth management and life insurance business generated a loss of 9.9 million euros. This was mainly due (EUR 10.8 million) to a fall in the value of Šiaulių Bankas and Moldova-Agroindbank (‘Maib’), the largest bank in Moldova. These losses reflect a recent and general decline in the value of banks listed on the public markets.
The value of Invalda INVL’s investments was positively impacted (EUR 0.8 million) by the successful performance of Litagra, one of the largest agricultural enterprise groups in Lithuania. In these challenging times, the company’s activities that contribute to the global food supply chain are even more important.
At the end of the first quarter, Invalda INVL sold the profitable but small group business Inservis for EUR 7.2 million.
“The difficult current forecasting environment means that there are a number of legitimate uncertainties about the outlook for financial markets that will impact the value of investments in the near-term. Our team, the largest group of investment professionals in the Baltics, works hard to both preserve and increase the value of the assets entrusted to us. The current environment also opens up a number of new opportunities for investment, transformation and growth of managed businesses to better meet the needs of our clients and the changing world,” commented Darius Šulnis, President of Invalda INVL.
Invalda INVL, which posted a net profit of 37.5 million euros last year, paid a dividend of 7.68 million euros to shareholders for 2021 at 0.65 euros per share. On the day of the Annual General Meeting, when the decision to pay this dividend was approved and taken, the dividend yield was 5.2% based on Invalda INVL’s share price on the stock exchange.
Person entitled to information is:
Darius Sulnis, President of Invalda INVL
Email [email protected]
-
Invalda INVL Factsheet ENG Q1 2022
Comments are closed.