Ress Life Investment A/S

An open-ended investment company listed on NASDAQ Copenhagen

About

Ress Life Investments A/S purchases US life insurance policies in the secondary market. The company owns a diversified portfolio and policies are issued by over 50 highly rated US life insurance companies. The investment objective is to provide attractive uncorrelated returns in USD over the long-term. Ress Life Investments is listed at NASDAQ Copenhagen since 2015.

  • Attractive risk-adjusted return – the target return is 7% per annum in USD without any leverage.
  • Low volatility – a well-diversified life insurance portfolio offers investors stable and attractive risk-adjusted returns. Monthly historical volatility in the last five years is around 4%.
  • Risk diversification – the return profile of the life insurance portfolio is characterised by low correlation to other asset classes, which makes the strategy attractive for investors seeking risk diversification.
  • Exchange-traded – the company is listed and the market-maker, Carnegie Investment Bank, provides daily prices.

Ress Life Investments A/S is a limited liability company incorporated in Denmark. The company is an alternative investment fund (AIF) managed by Resscapital AB, a limited liability company incorporated in Sweden. Resscapital AB is authorised as an alternative investment fund manager (AIFM) and supervised by Finansinspektionen, the Swedish Financial Supervisory Authority.

The depositary for Ress Life Investments A/S is Artha Fondsmaeglerselskab A/S. The administrator is Citco Denmark ApS, which is part of the Citco Group. The independent board consists of four members with extensive experience from the financial markets. Ress Life Investments A/S is audited annually by Deloitte.

Ress Life Investments A/S is admitted to trading and official listing on NASDAQ Copenhagen. The company’s short name is RLAINV, ISIN DK0060315604. Current prices can be found under the segment – Alternative Investment Funds on  NasdaqOMXNordic.

Danish and Swedish retail investors and accredited/professional investors, may also subscribe for shares on a monthly basis at the company’s current net asset value per share.

Performance

End of Month Net Asset Value
NAV(USD) /Share
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2011 1456.49 1450.01 1444.10 1434.54 1417.61 1409.08 1400.44 1378.12 1366.49
2012 1360.16 1345.80 1324.64 1323.02 1325.45 1321.33 1328.33 1327.73 1327.92 1331.50 1331.69 1331.73
2013 1332.33 1331.95 1332.95 1332.72 1342.09 1340.14 1345.05 1347.67 1347.81 1351.58 1355.50 1356.35
2014 1361.18 1367.63 1371.58 1373.12 1374.31 1372.19 1375.63 1375.75 1379.04 1401.15 1407.04 1421.69
2015 1468.70 1476.18 1479.86 1487.96 1488.22 1469.45 1491.89 1493.41 1496.08 1481.47 1487.02 1505.34
2016 1526.59  1516.95 1535.71 1541.82  1529.94  1521.41  1536.89  1538.29  1537.99  1544.56  1545.46  1545.63
2017 1546.32  1548.70 1628.04  1642.01  1641.03  1653.68  1651.22  1651.56  1651.73  1651.23  1650.83  1650.26
2018 1654.78  1652.99  1656.38  1655.58 1747.77 1747.22 1759.64 1766.33 1796.56 1801.69 1811.13 1813.81
2019 1818.51 1834.85 1843.14 1844.60 1855.24 1892.18 1897.03 1899.83 1918.35 1927.24 1936.50 1958.82
2020 1958.16 1968.18 1960.36 1955.75 1973.27
NAV(EUR) /Share
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2015 1344.71 1405.64 1382.70
2016 1397.97 1393.23 1348.89 1352.12 1371.65 1370.39 1382.97 1381.86 1377.99 1411.07 1453.19 1466.30
2017 1437.77 1461.45 1522.81  1502.30  1462.46  1449.07  1408.05  1396.67  1399.06  1418.82  1393.23  1376.02
2018 1328.39  1353.36  1336.00  1370.62 1493.94 1498.73 1499.35 1516.03 1551.97 1591.88 1594.45 1584.12
2019 1582.96 1607.26 1640.54 1644.32 1663.74 1662.71 1701.22 1721.49 1761.73 1727.85 1763.34 1743.66
2020 1771.77 1793.02 1789.30 1798.23 1771.98
Net Performance in USD
Return Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Ytd
2011 -0.45% -0.41% -0.66% -1.18% -0.60% -0.61% -1.59% -0.84% -6.18%
2012 -0.46% -1.05% -1.57% -0.12%  0.18% -0.31%  0.53% -0.04%  0.01%  0.27%  0.01%  0.00% -2.54%
2013  0.05% -0.03%  0.07% -0.02%  0.70% -0.14%  0.37%  0.19%  0.01%  0.28%  0.29%  0.06%  1.85%
2014  0.36%  0.47%  0.29%  0.11%  0.09% -0.15%  0.25%  0.01%  0.24%  1.60%  0.42% 1.04%  4.82%
2015  3.31%  0.51%  0.25%  0.55%  0.02% -1.26%  1.53%  0.10%  0.18% -0.98%  0.37%  1.23%  5.88%
2016  1.41%  -0.63%  1.24%  0.40%  -0.77%  -0.56%  1.02%  0.09%  -0.02%  0.43%  0.06%  0.01%  2.68%
2017  0.04%  0.15%  5.12%  0.86%  -0.06%  0.77%  -0.15%  0.02%  0.01%  -0.03%  -0.02%  -0.03%  6.77%
2018  0.27%  -0.11%  0.21%  -0.05% 5.57% -0.03% 0.71% 0.38% 1.71% 0.29% 0.52% 0.15%  9.91%
2019  0.26% 0.90% 0.45% 0.08% 0.58% 1.99% 0.26% 0.15% 0.97% 0.46% 0.48% 1.15%  7.99%
2020  -0.03% 0.51% -0.40% -0.24% 0.90% 0.74%

Past performance is not a reliable indicator of future results and investors may not recover the full amount invested.

Investment strategy

Ress Life Investments invests in the secondary market for US life insurance policies. The market offers investors the opportunity to purchase life insurance policies at a discount to face value. The market exists because sellers of life insurance policies receive a higher cash value than the surrender value offered by insurance companies. The investor buying the life insurance policy continues to pay premiums until the demise of the insured, at which point, the insurance company pays the face value to the investor.

To sellers of life insurance polices the secondary market offers an attractive alternative. Traditionally, policy owners received little, if any, economic value from policies they no longer wanted, needed or could afford. In fact, even today, many policies simply lapse. The value of life insurance policies that lapse every year is substantial. According to the Life Insurance Settlement Association (LISA) www.lisa.org the secondary market offers a win-win situation for both consumers and investors.

The key investment features making this an attractive asset class are attractive yields combined with good credit quality and low correlation with bonds and equities. Expected returns remain attractive, particularly in the current interest rate environment. Expected returns have become more predictable in view of improved medical underwriting standards, although the choice of medical underwriter remains a key decision for investors.

Board

Søren AndersenChairman of the Board

Søren Andersen has over 20 years of experience from the life insurance industry and is the founder of FPension, a Danish consultant company working within the life insurance industry. Previously Søren has worked as managing director of ALKA Lifeinsurance, appointed actuary at Pensiondanmark, Partner at Nordea Investment Management, CEO at Invensure and managing director at Willis Towers Watson. Søren holds a M.Sc. in actuarial mathematics from University of Copenhagen.

Ketil PetersenMember of the Board

Ketil Petersen is a Professional Board Member with more than 30 years of experience from the financial services industry in the Nordic region. Previously Ketil worked as the managing director and Nordic Country Head for Schroder Asset Management. He has also worked in senior investment positions at BG Asset Management and Alm. Brand. Ketil holds a degree from the Copenhagen Business School and has completed the Wharton Executive Program.

Jeppe Buskov - Ress Life Invest
Jeppe BuskovMember of the Board

Jeppe Buskov is a partner at the major law firm Kromann Reumert in Copenhagen. Jeppe specialises in mergers and acquisitions (M&A), capital markets law, financial services and has special knowledge of the financial and healthcare sectors. In recent years, Jeppe has advised financial institutions and private equity funds on important strategic initiatives within asset management. Jeppe became a partner in 2010. Jeppe holds a Master of Law (cand. jur.) from the University of Copenhagen.

Anne BuchardtMember of the Board

Anne Buchardt has a solid analytical background and 20+ years of experience from the Nordic Wealth Management industry. She is currently Country Manager for Nordnet Danmark. Past positions include Strategic Leader at Nordea as well as several senior positions at Danske Bank. Anne holds a Master's Degree in Economics from University of Copenhagen.

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