Shefi Ben-Hutta
Editor at Coverager
Abacus Life

Abacus Life reports Q3 2024 results

Abacus Life  reported its Q3 2024 results on Nov 7, led by CEO Jay J. Jackson. Key highlights include:

  • Revenue Growth: Total Q3 2024 revenue grew 33% to $28.1 million, up from $21.1 million in the same period last year.
  • ABL Tech Expansion: ABL Tech launched in April, signing its first public pension client in June and one of the largest US union pension funds in August. Out of five RFPs submitted, Abacus won four and awaits the outcome of the fifth. If successful, they project tracking over 1 million lives by Q1 2025. ABL Tech’s platforms support pension funds, government agencies, and life insurance companies with tools like LifeVerify and MVerify, which facilitate real-time mortality checks, locate missing participants, and help prevent pension overpayments and fraud.
  • Client Growth: As of October 31, ABL Tech serves 21 clients across 23 states, with 23 additional commitments or ongoing negotiations. Over 50 potential clients are in various stages of the pipeline, projected for 2025.
  • Partnership with Lorisco: Abacus partnered with Lorisco to launch PREADISAN, a health prediction and actuarial tool that combines proteomic biomarker analysis with AI to assess mortality risks, personalizing longevity forecasts. Currently in beta, this tool will enable Abacus to offer financial solutions that integrate traditional actuarial data with modern biomarker insights.
  • Policy Portfolio: As of September 30, 2024, Abacus holds 532 policies on its balance sheet, valued at $274.4 million.

“It was another great quarter for Abacus as we continued to deliver meaningful growth and profitability, while we successfully executed on our long-term strategy. Along with our excellent results, we are thrilled with the significant advancements we have made with our ABL Tech platform, which already serves over 20 clients, with 23 more either committed or in negotiations, in just eight months since launch. We also made substantial progress in terms of our announced acquisitions of Carlisle Management and FCF Advisors, which together will add about $2.6 billion in assets under management to our portfolio. We expect both deals to close by the end of the fourth quarter, subject to regulatory approval. Additionally, we partnered in the quarter with Lorisco to launch PREADISAN™, a revolutionary health prediction and actuarial technology tool, which will enable us to offer personalization in longevity forecasting, as well as highly tailored financial solutions for our clients. As we close out 2024, we remain well positioned to deliver sustained growth and profitability, thereby creating long-term value for our stockholders.” – Jay Jackson, Chief Executive Officer of Abacus.

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