Ress Life Investments A/S  
Annual Report 2025  
http://www.resslifeinvestments.com/  
Annual Report Ress Life Investments A/S,  
1 January – 31 December 2025  
Copenhagen, 28 April 2026  
The Board of Directors and Management have today discussed and approved the Annual Report of Ress  
Life Investments A/S for the period 1 January – 31 December 2025.  
Key results and highlights:  
Ress Life Investments A/S realized a net profit before and after tax of USD 3,596,161 For the period 1  
January - 31 December 2025.  
The net asset value per share in the Company increased by 1.7% during the financial year.  
The profit for the year is mainly a result of positive fair value adjustments of life insurance policies  
offset by administrative expenses and staff costs.  
The Company has entered into an agreement through which a majority of policies are being sold to a  
market counterparty. The Company is entitled to a share of the future payouts of the disposed  
policies in an earnout agreement. The earnout agreement is included in the Company’s financial  
assets.  
The fair value of the Company’s investment assets decreased from USD 284,310,582 at 31 December  
2024 to USD 199,754,881 at 31 December 2025. This decrease is mainly attributable to redemptions,  
in combination with smaller subscription amounts for new shares.  
Equity stands at USD 210,338,282 at 31 December 2025, corresponding to a net asset value of USD  
2,639 per share compared with a net asset value of USD 2,595 at 31 December 2024.  
During the period, 302 new ordinary shares were issued and 36,923 shares were bought back from  
investors and 3,155 shares were repurchased by investors. At the extraordinary general meeting of  
Ress Life Investments A/S held on 24 October 2025, a proposal to decrease the company's share  
capital by EUR 30,000,000 through cancellation of 60,000 treasury shares was approved. The  
Company holds 36,143 treasury shares at 31 December 2025.  
Management continues to expect that the life insurance policy market will offer attractive returns for  
the medium term.  
Questions related to this announcement can be made to the Company’s AIF-manager, Resscapital AB,  
Johan Jonson, johan.jonson@resscapital.com, telephone: +46 (0)70 612 02 14 or to the Company’s  
Chairman Søren Andersen, email: soan@norli.dk.  
Yours sincerely,  
Ress Life Investments A/S  
Board of Directors  
 
Ress Life Investments A/S
Annual Report  
For the period 1 January - 31 December 2025  
Nybrogade 12, 1203 Copenhagen K, Denmark
28 April 2026  
CVR no. 33 59 31 63  
 
Ress Life Investments A/S  
Annual Report 2025  
Contents  
Company details  
2
3
4
Statement by the Board of Directors and Management  
Independent Auditor's report  
Directors’ report  
8
8
Financial highlights  
Principal activities  
Development in activities and finances  
8
9
Market update  
9
Development in the fund  
Result for the period  
Realized maturities – actual to expected  
Forward-looking statements  
Unusual circumstances  
10  
10  
11  
11  
11  
11  
12  
13  
13  
Market outlook  
Market outlook - continued  
Events after the balance sheet date  
Significant agreements with Management  
Significant agreements that change or expire if control of the Company is changed  
Uncertainties regarding the measurement and recognition  
Risks  
Tax risks  
Capital structure  
Capital management  
Status on corporate governance recommendations  
Board of Directors  
Management  
13  
13  
13  
14  
15  
15  
15  
15  
16  
16  
16  
17  
Corporate Social Responsibility  
Packaged Retail Investment and Insurance-based Products (PRIIP) Risks and Liquidity  
Target figures and policies for the underrepresented gender  
Financial statements  
18  
18  
19  
20  
21  
22  
23  
Income statement and statement of comprehensive income  
Statement of financial position  
Statement of financial position  
Statement of changes in equity  
Statement of cash flows  
Notes to the financial statements  
Appendix to the financial statements  
38  
1
 
Ress Life Investments A/S  
Annual Report 2025  
Company details  
Name  
Ress Life Investments A/S  
Address, zip code, city  
Nybrogade 12, 1203 Copenhagen K
,
Denmark
 
CVR no.  
33 59 31 63  
Established  
Registered office  
Financial year  
1 April 2011  
Copenhagen  
1 January – 31 December  
Website  
E-mail  
www.resslifeinvestments.com  
info@resslifeinvestments.com  
Board of Directors  
Søren Andersen, Chairman  
Jeppe Buskov  
Gitte Minet Aggerholm  
Henrik Franck  
Executive Board  
Fund manager  
Ketil Poul Petersen  
Resscapital AB, Nybrogatan 55, SE-114 40 Stockholm,  
Sweden  
Depositary  
Artha Fondsmæglerselskab A/S, Strandvejen 58, DK-  
2900 Hellerup, Denmark  
Auditors  
Deloitte Statsautoriseret Revisionspartnerselskab  
Weidekampsgade 6, DK-2300 Copenhagen  
Annual General Meeting  
Share information  
The Annual General Meeting is to be held on 30 April  
2026 at the Company’s registered address.  
Exchange  
Nasdaq Copenhagen  
EUR 500  
Nominal value per share  
Shares outstanding at the balance sheet date
115,857  
Share classes  
Voting rights per share  
Ticker  
One  
One  
RLAINV  
DK0060315604  
ISIN  
Financial calendar  
28 April 2026  
Annual Report for the financial year from 1 January  
through 31 December 2025  
30 April 2026  
Annual General Meeting  
9 September 2026  
Interim financial statements for the period from  
1 January through 30 June 2026  
2
 
Ress Life Investments A/S  
Annual Report 2025  
Statement by the Board of Directors and Management
The Board of Directors and the Executive Board have today considered and approved the annual report of Ress  
Life Investments A/S for the financial year 01.01.2025 – 31.12.2025.  
The annual report is prepared in accordance with IFRS Accounting Standards as adopted by the EU and disclosure  
requirements for listed companies in Denmark.  
In our opinion, the financial statements give a true and fair view of the Entity's financial position at 31.12.2025  
and of the results of its operations and cash flows for the financial year 01.01.2025 - 31.12.2025.  
In our opinion, the management commentary is prepared in accordance with relevant laws and regulations and  
contains a fair review of the development of the Entity's business and financial matters, the results for the year  
and of the financial position, together with a description of the principal risks and uncertainties that the Entity  
faces.  
In our opinion, the annual report of Ress Life Investments A/S for the financial year 01.01.2025 – 31.12.2025,  
with the file name RLAINV-2025-12-31-en.zip, are prepared, in all material respects, in accordance with the ESEF  
Regulation.  
Furthermore, the supplementary report has been prepared in accordance with the Sustainable Finance  
Disclosure Regulation (SFDR) and contains a fair review of the affairs and conditions referred to therein.  
We recommend the annual report for adoption at the Annual General Meeting.
Copenhagen, 28 April 2026
Management:  
Ketil Poul Petersen
Board of Directors:  
Søren Andersen
Jeppe Buskov
Gitte Minet Aggerholm
Chairman of the Board
Henrik Franck
3
 
Ress Life Investments A/S  
Annual Report 2025  
Independent Auditor's report
To the shareholders of Ress Life Investments A/S
Report on the financial statements
Opinion  
We have audited the financial statements of Ress Life Investments A/S for the financial year 01.01.2025 –  
31.12.2025, which comprise the income statement, statement of comprehensive income, balance sheet,  
statement of changes in equity, cash flow statement and notes, including material accounting policy information.  
The financial statements are prepared in accordance with IFRS Accounting Standards as adopted by the EU and  
additional disclosure requirements for listed entities in Denmark.  
In our opinion, the financial statements give a true and fair view of the Entity's financial position at 31.12.2025,  
and of the results of their operations and cash flows for the financial year 01.01.2025 – 31.12.2025 in accordance  
with IFRS Accounting Standards as adopted by the EU and additional disclosure requirements for listed entities  
in Denmark.  
Our opinion is consistent with our audit book comments issued to the Audit Committee and the Board of  
Directors.  
Basis for opinion  
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional  
requirements applicable in Denmark. Our responsibilities under those standards and requirements are further  
described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s  
report. We are independent of the Entity in accordance with the International Ethics Standards Board for  
Accountants’ International Code of Ethics for Professional Accountants (IESBA Code), as applicable to audits of  
financial statements of public interest entities, and the additional ethical requirements applicable in Denmark to  
audits of financial statements of public interest entities. We have also fulfilled our other ethical responsibilities  
in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained  
is sufficient and appropriate to provide a basis for our opinion.  
To the best of our knowledge and belief, we have not provided any prohibited non-audit services as referred to  
in Article 5(1) of Regulation (EU) No 537/2014.  
We were appointed auditors of Ress Life Investments A/S for the first time on 07.01.2016 for the financial year  
2015/16 after the Entity’s Investment certificate was listed on Nasdaq Copenhagen in November 2015. We have  
been reappointed annually by decision of the general meeting for a total contiguous engagement period of 11  
years up to and including the financial year 2025, including 1 year after we were reelected on 27.03.2026 after a  
mandatory tender process.  
Key audit matters  
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit  
of the financial statements for the financial year 01.01.2025 – 31.12.2025. These matters were addressed in the  
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not  
provide a separate opinion on these matters.  
4
 
Ress Life Investments A/S  
Annual Report 2025  
Independent Auditor's report
Valuation of life insurance policies and valuation of  
earn-out  
How the matter was addressed in our audit  
Life insurance policies, including earnout, (other
Based on our risk assessment, we have audited the fair  
investments) for the Entity amount to USD 199,755
value measurement of the life insurance policies and the  
thousand at 31.12.2025.  
earn-out life settlement contracts made by  
Management.  
We consider measurement of Life Insurance Policies,  
including value of earn-out, a key audit matter as such
Our audit procedures were as follows:  
measurement is based on accounting estimates,  
including management judgements. Changes in  
accounting estimates may have a material impact on the  
measurement of other investments. The most significant  
management judgements and assumptions comprise:  
Assessment and testing of key controls related  
to Management’s definition of assumptions,  
including whether such key controls were in  
place.  
Assessment of the chosen valuation method  
chosen by Management based on the  
characteristics of the investments, our  
knowledge of the industry and history.
–  
Assessment of the most significant  
Choice of valuation method  
Estimation of future cash flows (premiums and  
death benefits)  
Choice of discount rates Assessment of life  
expectancies (mortality assumptions).  
management judgements, including test to  
underlying documentation  
Management has described the principles and  
assumptions used to measure life insurance policies in  
more detail in the summary of accounting policies  
Statement on the management commentary and statement on the supplementary report provided for in  
accordance with the Sustainable Finance Disclosure Regulation (SFDR)  
Management is responsible for the management commentary.  
Our opinion on the financial statements does not cover the management commentary, and we do not express  
any form of assurance conclusion thereon.  
In connection with our audit of the financial statements, our responsibility is to read the management  
commentary and, in doing so, consider whether the management commentary is materially inconsistent with  
the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.  
Moreover, it is our responsibility to consider whether the management commentary provides the information  
required by the Danish Financial Statements Act and Article 8 of Regulation (EU) 2020/852 (EU Taxonomy  
Regulation).  
Based on the work we have performed, we conclude that the management commentary is in accordance with  
the financial statements and has been prepared in accordance with the requirements of the Danish Financial  
Statements Act and Article 8 of Regulation (EU) 2020/852 (EU Taxonomy Regulation). We did not identify any  
material misstatement of the management commentary.  
5
 
Ress Life Investments A/S  
Annual Report 2025  
Independent Auditor's report
Management's responsibilities for the financial statements  
Management is responsible for the preparation of the financial statements that give a true and fair view in  
accordance with IFRS Accounting Standards as adopted by the EU and additional disclosure requirements for  
listed entities in Denmark, and for such internal control as Management determines is necessary to enable the  
preparation of the financial statements that are free from material misstatement, whether due to fraud or error.  
In preparing the financial statements, Management is responsible for assessing the Entity's ability to continue as  
a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern  
basis of accounting in preparing the financial statements unless Management either intends to liquidate the  
Entity or to cease operations, or has no realistic alternative but to do so.  
Auditor's responsibilities for the audit of the financial statements  
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free  
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our  
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in  
accordance with ISAs and the additional requirements applicable in Denmark will always detect a material  
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,  
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users  
taken on the basis of these financial statements.  
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,  
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:  
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or  
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is  
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material  
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,  
forgery, intentional omissions, misrepresentations, or the override of internal control.  
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that  
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness  
of the Entity’s internal control.  
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates  
and related disclosures made by Management.  
Conclude on the appropriateness of Management’s use of the going concern basis of accounting in  
preparing the financial statements, and, based on the audit evidence obtained, whether a material  
uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to  
continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw  
attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures  
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the  
date of our auditor’s report. However, future events or conditions may cause the Entity to cease to continue  
as a going concern.  
Evaluate the overall presentation, structure and content of the financial statements, including the  
disclosures in the notes, and whether the financial statements represent the underlying transactions and  
events in a manner that gives a true and fair view.  
We communicate with those charged with governance regarding, among other matters, the planned scope and  
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we  
identify during our audit.  
6
 
Ress Life Investments A/S  
Annual Report 2025  
Auditor's responsibilities for the audit of the financial statements (continued)  
We also provide those charged with governance with a statement that we have complied with relevant ethical  
requirements regarding independence, and to communicate with them all relationships and other matters that  
may reasonably be thought to bear on our independence, and, where applicable, safeguards put in place and  
measures taken to eliminate threats.  
From the matters communicated with those charged with governance, we determine those matters that were of most  
significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe  
these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter.  
Report on compliance with the ESEF Regulation  
As part of our audit of the Financial Statements of Ress Life Investments A/S we performed procedures to express  
an opinion on whether the annual report of
for the financial year 01.01.2025 – 31.12.2025 with the file name  
RLAINV-2025-12-31-en.zip is prepared, in all material respects, in compliance with the Commission Delegated  
Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes  
requirements related to the preparation of the annual report in XHTML format.  
Management is responsible for preparing an annual report that complies with the ESEF Regulation. This  
responsibility includes the preparing of the annual report in XHTML format.  
Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material  
respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report  
that includes our opinion. The procedures consist of testing whether the annual report is prepared in XHTML  
format.  
In our opinion, the annual report of Ress Life Investments A/S for the financial year 01.01.2025 – 31.12.2025  
with the file name RLAINV-2025-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF  
Regulation.  
Copenhagen, 28 April 2026
Deloitte
Statsautoriseret Revisionspartnerselskab
CVR No. 33 96 35 56
Jens Ringbæk
Símun Peter Arge Poulsen
State-Authorised Public Accountant
State-Authorised Public Accountant
Identification No (MNE) mne27735
Identification No (MNE) mne51489
7
 
Ress Life Investments A/S  
Annual Report 2025  
Directors’ report  
Financial highlights  
1 Oct 2022 –  
USD’000  
2025  
2024  
2023  
31 Dec 2022*  
2021/22  
Key figures  
Operating profit/loss  
Financial income and expenses, net  
Profit/loss for the year  
-5,602  
9,198  
3,596  
-7,095  
27,559  
20,464  
-8,903  
14,784  
5,881  
-1,560  
3,347  
1,787  
-12,121  
47,017  
34,896  
Financial assets  
Total assets  
Equity  
199,768  
223,000  
210,338  
289,302  
294,760  
293,733  
361,857  
373,288  
367,590  
374,615  
392,145  
387,498  
357,773  
391,984  
384,915  
Net asset value per share in USD  
2,639  
2,595  
2,437  
2,399  
2,388  
Financial ratios (percentages)  
Financial assets  
in percentage of total assets  
Solvency ratio  
Return on equity  
89.6  
94.3  
1.4  
98.1  
99.7  
6.2  
96.9  
98.5  
1.6  
95.5  
98.8  
0.5  
91.3  
98.2  
10.5  
*The Company changed its financial year from 1 October – 30 September to 1 January – 31 December in 2022, hence the 3-  
month stub-period.  
퐸푞푢푖푡푦 ×100  
Solvency ratio:  
푇표푡푎푙 푎푠푠푒푡푠  
푃푟표푓푖푡/퐿표푠푠 푓표푟 푡ℎ푒 푦푒푎푟  
Return on equity:  
퐴푣푒푟푎푔푒 푒푞푢푖푡푦  
Principal activities  
The main activity of the Company is to invest in securities ensuring exposure to the secondary market for US life  
insurance policies. The investment strategy is primarily pursued through investments in life insurance policies.  
The Company is an Alternative Investment Fund ("AIF") as defined in the Alternative Investment Fund Managers  
Directive 2011/61/EU ("AIFMD") and the Danish Act on Managers of Alternative Investment Funds.  
The Company is marketed towards professional investors as defined in the European Union’s MiFID Directive  
(Markets in Financial Instruments Directive) and to semi-professional investors where permitted. Resscapital AB  
holds a license to market, to retail investors in Denmark, Finland, and Sweden.  
The Company’s Alternative Investment Fund Manager (AIFM) is Resscapital AB, a limited liability company  
incorporated in Sweden (company no 556698-1253). The Fund Manager’s focus is insurance-linked securities  
with an emphasis on the secondary market for US life insurance policies. The Fund Manager is authorized and  
supervised as an alternative investment fund manager (AIFM) by Finansinspektionen, the Swedish Financial  
Supervisory Authority.  
All corporate announcements are published through Nasdaq GlobeNewswire and can also be found on the  
Company’s website www.resslifeinvestments.com under the heading ‘Fund Announcements’.  
8
 
Ress Life Investments A/S  
Annual Report 2025  
Directors’ report  
Development in activities and finances  
During the financial year, the Company completed the liquidation of its sole subsidiary, Direct Life Capital K/S. As  
a result, the Company no longer prepares consolidated financial statements.  
During 2025 the Company entered into an agreement whereby most of its life insurance portfolio as per end of  
2024 (“Legacy Portfolio”) was sold to a market counterparty. The transaction is settled in separate quarterly  
tranches until the end of Q3 2026. The base proceeds for each tranche is pre-agreed and locked in.  
The Company will maintain a percentage of the policy pay-outs in the Legacy Portfolio until the completion of  
the last tranche, the percentage depending on the number of tranches completed at the time of the pay-out. As  
of 31 December 2025, the Company held a 37.5% ownership of the Legacy Portfolio. Further, the Company will  
maintain a portion of future portfolio performance in the Legacy Portfolio above a threshold even past the end  
of Q3 2026.  
The fair value of the investment in life insurance contracts decreased from USD 284,095 thousand on 31  
December 2024 to USD 126,275 thousand on 31 December 2025. The internal rate of return (IRR) increased in  
the secondary / single policy market. The IRR movement had minimal effect on the fair value measurement of  
the assets as the Legacy Portfolio was sold, while new policies are valued using higher IRR. The fair value of the  
investments is estimated by the Alternative Investment Fund Manager (Resscapital AB in Sweden) based  
primarily on life expectancy and insurance premium outlooks. The change in fair value of these life insurance  
contracts is specified in note 12. Explanations to the decrease in total assets for the Company are redemptions,  
in combination with smaller subscription amounts.  
During the period, 302 new ordinary shares of EUR 500 nominal value per share were issued, 36,923 shares were  
bought back from investors and 3,155 shares were resold to investors. At the extraordinary general meeting of  
Ress Life Investments A/S held on 24 October 2025, a proposal to decrease the company's share capital by EUR  
30,000,000 through cancellation of 60,000 treasury shares was approved. The Company holds 36,143 treasury  
shares at 31 December 2025. The sole purpose of the Company buying shares is to accommodate the  
shareholders’ right to execute a redemption of shares as per the provisions of in the Articles of Association.  
As of 31 December 2025, the Company had USD 23,231 thousand of current assets compared to USD 9,189  
thousand as of 31 December 2024. This increase is mainly attributable to receivable proceeds under the  
aforementioned sales agreement for the latest tranche of life insurance policies transferred to the market  
counterparty, offset by the cessation of investments in US Treasury bills, which were previously held for cash  
management purposes.  
Market update  
The secondary market for US life insurance policies slowed down during 2025. Aggregate market volumes for  
both individual policy transactions as well as for blocks of policies were below levels observed in 2024 leading to  
fewer policy transactions for the whole market in 2025 compared to previous years. The fact that the supply in  
the market is driven by factors mainly unrelated to macroeconomic conditions has meant that the secondary  
market in 2025 has been largely unaffected by events in other parts of the financial markets. However, rising  
IRRs have meant generally lower prices for the asset.  
The purchase IRRs for reviewed and acquired policies during 2025 were significantly higher than in previous years  
for most types of policies. This is due to reduced competition in the single policy market compared to prior years.  
This may be explained by generally lower subscriptions into life settlement funds, as well as the fact that many  
funds were highly leveraged and rising interest rates over recent years have taken a toll on those funds, leading  
to lower market activity.  
9
 
Ress Life Investments A/S  
Annual Report 2025  
Directors’ report  
Market update - continued  
In the portfolio market, the situation is different, as several large institutional actors are continuously deploying  
capital. The Manager expects this to continue throughout 2026, leading to favorable buying opportunities for  
the Fund.  
Development in the fund  
As of 31 December 2025, all life insurance policies were owned directly by the Company. The Company owned  
401 policies issued by over 64 different US-based life insurance companies. The total face value of the policies  
exceeds USD 1.2 billion.  
As previously communicated, during Q2 2025 the Company entered into an agreement whereby most of its life  
insurance portfolio as per end of 2024 (“Legacy Portfolio”) was sold to a market counterparty. The transaction is  
completed in separate quarterly tranches until the end of Q3 2026. The price for each tranche is pre-agreed and  
locked in.  
The Company will maintain a percentage of the policy pay-outs in the Legacy Portfolio until the completion of  
the last tranche, the percentage depending on the number of tranches completed at the time of the pay-out. As  
of 31 December 2025, the Company held a 37.5% ownership of the Legacy Portfolio. Further, the Company will  
maintain a portion of future portfolio performance in the Legacy Portfolio above a threshold even past the end  
of Q3 2026.  
The objective of the transaction is to enable the Company to reinvest excess liquidity by purchasing new policies  
at potentially higher IRRs as the sale of each tranche completes until end of Q3 2026.  
During the fiscal year, the fund experienced 12 policies paying out with a total USD 17.9 million in face amount.  
The actual number of maturities is below the expected number of maturities while also the average size of  
maturing policies has been below the portfolio’s average policy size.  
Result for the period  
During the period, the net asset value of the Company has increased from USD 2,595 per share at 31 December  
2024 to USD 2,639 per share at 31 December 2025, an increase per share of 1.7%. The increase corresponded to  
USD 3.5 million for the total fund. During the last three years the annual performance has on average been 3.2%.  
This is below the fund’s target of 7% per year. The main explanation for this is that fewer policies have matured  
than predicted. One explanation for this can be the fact that medical underwriters used by the manager have  
underestimated survival probabilities of wealthy individuals. The manager of the fund has during 2025 adjusted  
the investment strategy, to mitigate this effect. The Management’s expectation of a long-term target of 7.0% in  
US dollars per annum is therefore retained.  
The Company’s operating costs decreased to USD 5,491 thousand for the period ending 31 December 2025,  
compared to USD 6,998 thousand for the period ending 31 December 2024. This decrease is mainly attributable  
to lower management fees incurred because of the overall decrease in the size of the fund.  
The financial statements show a comprehensive income amounting to USD 3,596 thousand for the period ended  
31 December 2025, compared to USD 20,464 thousand for the period ended 31 December 2024. The result is  
below the Management’s expectation. The main reason for this is, as noted above, fewer policy payouts than  
expected during the year.  
10  
 
Ress Life Investments A/S  
Annual Report 2025  
Directors’ report  
Realized maturities – actual to expected  
Since the launch of the fund in April 2011 the number of maturities was in line with expectations until end of  
2022. For the period 2023-2025, the number of maturities were below expectations.  
The graphs below show the actual number of maturities/proceeds from maturities (red) versus estimated  
expectation (blue). The portfolio has experienced more than USD 192 million worth of maturities since inception.  
Forward-looking statements  
Expectations towards the future, including with regards to future levels of profit as discussed in this report are  
inherently associated with risks and uncertainties, and may be affected by macroeconomic circumstances  
outside of Management’s control. Consequently, the results realized may deviate significantly from reported  
outlooks and expectations expressed in this report or elsewhere. Refer also to the risk described in note 12.  
Unusual circumstances  
Management is giving ongoing consideration to the current macroeconomic climate, with a risk of an increase in  
global inflation and a high level of volatility in financial markets. Currently, no material impact on the Company’s  
operation is expected.  
Market outlook  
The Management of Ress Life Investments A/S regularly monitors developments in the secondary market for US  
life insurance policies. This is primarily achieved through regular communication with the Fund Manager,  
Resscapital AB. The Fund Manager maintains daily contact with market participants, including brokers, service  
providers, and competitors. The Management and the Fund Manager will continue to follow developments on  
the US market closely.  
During 2025, trading activity in the US life settlements secondary market slowed compared to previous years.  
Aggregate transaction volumes for both individual policies and portfolio transactions remained broadly in line  
with the second half of the year but below levels observed in 2024.  
11  
 
Ress Life Investments A/S  
Annual Report 2025  
Directors’ report  
Market outlook - continued  
Despite lower activity levels, pricing remained generally stable across most segments, although the market  
continued to exhibit fragmentation with wide spreads between policy types. This created attractive acquisition  
opportunities for experienced market participants.  
The life settlement market outlook for 2026 remains positive. Management expects continued policy supply and  
ongoing pricing dispersion to support investment opportunities. While institutional capital remains active in  
portfolio transactions, conditions in the single-policy market are expected to remain favourable for disciplined  
buyers. The Fund Manager will continue to actively monitor developments and deploy capital selectively when  
attractive opportunities.  
Over the longer term, Management believes that the life settlements market will continue to experience  
attractive investment opportunities. Both the annual face amounts of policies settled and the total market size  
are expected to expand over the coming five to ten years, supported by demographic trends and continued  
awareness among policyholders of settlement alternatives.  
Given the nature of the Company’s investments, estimating future profits remains challenging. Nevertheless, the  
Company targets a net annual return of 7.0% in USD, over the medium term, which at the current size of the  
assets under management corresponds to an annual return interval of between USD 9.4 million and USD 20  
million. The current asset yields suggest this target is achievable over the medium term. The financial result for  
2026 is expected to align with the medium-term return target, assuming actual life insurance policy payouts  
converge with projected payouts.  
Performance attribution  
The table below shows the estimated calendar year performance attribution since 2021 in USD. In 2025, main  
contributors to performance were i) policies paying out (realized performance), ii) mtm-adjustments (changes to  
discount rate), iii) Unrealized gains to Legacy portfolio (Earnout). The items Aging effect and Life expectancy  
Updates contributed less than previous years due to the sale of Legacy portfolio at a pre-agreed price, meaning  
that its value was only affected by policies paying out and premium payments. Thus, only newly purchased  
policies were affected.  
Performance 2025-12-31 (USD)  
Realised (Maturities & sold policies)  
Aging effect  
Mtm-adjustment (Chg. In disc. Rates)  
Life Expectancy Updates  
Premium prepayments  
Premium optimization  
COI increases  
Unrealised – Legacy Portfolio  
Gross portfolio performance  
2021  
7.36%  
2.36%  
0.11%  
0.00%  
-0.16%  
-0.60%  
0.00%  
-
2022  
12.81%  
2.08%  
-2.13%  
-0.02%  
-0.15%  
-0.02%  
0.00%  
-
2023  
2.12%  
2.38%  
-0.55%  
0.24%  
-0.12%  
-0.12%  
0.00%  
-
2024  
4.01%  
2.30%  
-0.40%  
2.40%  
-0.06%  
0.76%  
-0.06%  
-
2025  
1.30%  
0.40%  
1.65%  
0.00%  
-0.10%  
0.27%  
0.00%  
0.31%  
3.83%  
9.06%  
12.57%  
3.95%  
8.95%  
Investment factor effect  
-0.84%  
-1.10%  
-0.27%  
-0.41%  
-0.10%  
Net portfolio performance  
8.22%  
11.47%  
3.68%  
8.54%  
3.73%  
Fund Costs  
-2.92%  
-2.98%  
-2.08%  
-2.05%  
-2.06%  
Net Fund Performance  
5.30%  
8.49%  
1.60%  
6.49%  
1.67%  
12  
 
Ress Life Investments A/S  
Annual Report 2025  
Directors’ report  
Events after the balance sheet date  
Subsequent to the balance sheet date, the Board of Directors proposed an amendment to the Company’s Articles  
of Association to suspend the running of redemption notice periods from 1 January 2026 to 31 December 2026.  
The proposal was approved at the Company’s extraordinary general meeting held on 26 January 2026. As a result,  
the Company will not be required to redeem any investors in 2026 (except for investors that were redeemed 5  
banking days after 29 December 2025 (being the first banking day after 25 December 2025)). Redemption notice  
periods commenced prior to 1 January 2026 will resume from 1 January 2027, and notice periods submitted  
during 2026 will begin to run from that date.  
The proposal was made on the recommendation of the Company’s manager to allow the Company to deploy  
capital into new investments rather than redemptions. The Board assessed the proposal to be in the best interest  
of the Company and its shareholders and to ensure equal treatment of investors.  
Significant agreements with Management  
No special agreements have been made with the Management.  
Significant agreements that change or expire if control of the Company is changed  
No special agreements have been made with the Company’s management or other parties, which are  
dependent on the composition of the Company’s shareholders.  
Uncertainties regarding the measurement and recognition  
The majority of the Company’s assets consist of life insurance policies. The liquidity of the secondary market for  
life insurance policies is limited and thus it is not certain that the sale of a life insurance policy would realize the  
amount at which the asset is recognized in the financial statements at a given point in time. Life expectancies  
and fair values are subjective in nature and involve uncertainties and matters of significant judgment and  
therefore cannot be determined with precision.  
Risks  
As the Company invests in US life insurance policies (life settlements) it is exposed to risks inherent in this asset  
class as well as risks related to its structure as an open-ended alternative investment fund.  
The principal investment risk is longevity risk. Returns depend on the life expectancy of the insured individuals  
underlying the portfolio. If insured persons live longer than medically underwritten life expectancy estimates at  
the time of acquisition, expected cash inflows are delayed while premium payments must continue for a longer  
period. Inaccurate forecasting of an insured’s life expectancy may reduce annual returns, negatively affect net  
asset value and increase liquidity requirements.  
Investments are dependent on the legal validity and enforceability of each insurance policy. Risks include  
contestability by the insurer, challenges relating to insurable interest or policy origination, beneficiary or  
ownership disputes, and changes in applicable law or judicial interpretation. If a policy is successfully challenged  
or subject to litigation, the Company may receive reduced or delayed proceeds, or in exceptional cases no payout.  
The valuation of life insurance policies is based on projected cash flows based on assumptions regarding life  
expectancy, discount rates and premium projections. Changes in these assumptions may result in material  
fluctuations in the Company’s net asset value and reported performance.  
13  
 
Ress Life Investments A/S  
Annual Report 2025  
Directors’ report  
Risks - continued  
The underlying assets are inherently illiquid. The tertiary market for life insurance policies is limited, and  
transactions may require extended time to execute. As an open-ended fund, the Company may be required to  
meet redemption requests while its assets cannot be readily realised. Under adverse conditions, this may  
necessitate sales at unfavourable prices or the application of redemption limitations in accordance with the  
fund’s governing documents and applicable regulation. Such circumstances may adversely affect the Company’s  
net asset value and shareholders.  
The Company is also exposed to cost of insurance risk and insurance carrier credit risk, as payment of death  
benefits depends on the financial strength of the issuing insurers. Additional risks include currency risk (as shares  
are denominated in EUR while assets are denominated in USD), concentration risk within the portfolio, regulatory  
and tax risks, counterparty risk, and operational risks related to the AIFM and external service providers.  
The Board and the AIFM monitor and manage these risks on an ongoing basis within the Company’s risk  
management framework.  
Tax risks  
For the Company, an investment in life insurance contracts involves a number of complex tax considerations.  
Changes in tax legislation in the country in which the Company holds life insurance contracts, or changes in tax  
treaties negotiated within OECD, could adversely affect the returns to its shareholders. Each shareholder is  
strongly urged to consult its own tax advisers regarding their tax implications of investing and holding life  
insurance contracts.  
14  
 
Ress Life Investments A/S  
Annual Report 2025  
Directors’ report  
Capital structure  
The Company is primarily funded through equity. The Company may raise loans of a maximum of 50% of the  
Company’s total equity. The Company’s shares are negotiable securities, freely tradable and listed on Nasdaq  
Copenhagen under the exchange's AIF segment. The shares must be registered in the Company's owner registry.  
No shares have special rights, and at the Company’s general meeting each share amount of EUR 500 gives one  
vote.  
Shareholders with more than 5% of the outstanding shares and voting rights at the balance sheet date are  
disclosed in note 10.  
The Company has no interest in holding treasury shares other than for the purpose of reselling them to new or  
existing shareholders. Consequently, no policy regarding the possession of treasury share has been established.  
Capital management  
The capital of the Company is represented by the net assets attributable to the investors. The Company’s  
objective when managing capital is to safeguard the ability to continue as a going concern to provide returns for  
investors and benefits for other stakeholders as well as maintain a strong capital base to support the  
development of the investment activities of the Company.  
Status on corporate governance recommendations  
The recommendations are best practice guidelines, which companies should generally follow. A company failing  
to comply with a recommendation must explain why it has deviated from the recommendation and what it has  
done differently (the ”comply or explain” approach). Failure to comply with a recommendation is not considered  
a breach of rules, but merely implies that the Board of Directors of the Company has chosen a different approach.  
By adhering to sound principles of corporate governance, the Company wishes to maintain the confidence of  
investors, achieve its financial objectives and act with integrity towards all its stakeholders.  
The Company’s position on the Corporate Governance Recommendations is listed on its webpage:  
https://www.resscapital.com/fund/fund-documentation/
Board of Directors  
Board members are elected for a one-year term and are re-appointed at the Annual General meeting.  
Chairman Mr Søren Andersen (born 1967) was elected for the Board of Directors on 27 August 2019 and obtained  
chair position at the Annual General meeting on 30 January 2020. Mr Andersen is the Group CEO of Norli A/S,  
CEO and board member of Nordisk Pensionsservice A/S, board member of Norli Pensjon AS, Norway and CEO of  
S.A Consulting ApS. Mr. Andersen does not hold any shares in the Company.  
Board Member Mr Jeppe Buskov (born 1975) was elected for the Board of Directors on 28 February 2014. Mr  
Buskov currently holds the position as chairman of the Board of Directors of Kromann Reumert Partnerselskab,  
Kromann Reumert ApS and Advokatfirmaet Kromann Reumert International A/S. Mr Buskov is also the liquidator  
of Fujitsu A/S and Direct Life Capital GP ApS.  
Board member Gitte Aggerholm was elected for the Board of Directors on 16 April 2025. Ms Aggerholm was  
employed at Velliv Pension & Livsforsikring A/S as CFO from 2008 to November 2025 and had been an executive  
Board member of Velliv since 2018.  
Board Member Mr Henrik Franck (born 1960) was elected for the Board of Directors on 17 April 2024. Mr Franck  
has 35 years of experience from the Asset Management Industry including 24 years in CIO positions. Mr Franck  
holds 64 shares in the Company.  
15  
 
Ress Life Investments A/S  
Annual Report 2025  
Directors’ report  
Board of Directors - continued  
Neither of the members of the Board of Directors or Management hold options, warrants or similar in the  
Company.  
Management  
The Board of Directors approved appointment of Ketil Petersen as Chief Executive Officer (“CEO”) of Ress Life  
Investments A/S with effect from 15 November 2023. Mr. Petersen is
chairman of the Board of Directors of  
Dannebrog Invest Fondsmæglerselskab, is a member of the Board of Directors of St. Petri Capital A/S, Dannebrog  
Invest Holding ApS and the Managing Director of Verismo ApS. Mr. Petersen does not hold any shares in the  
Company.  
Corporate Social Responsibility  
The business of the Company is limited to investments in US life insurance policy contracts and treasury bills and  
has no employees except for the Management, comprising of the CEO. The business model is described under  
Principal activities. Based on a materiality and risk assessment of the Company’s business activities within  
investments of life insurance in US, the Company has assessed that it does not have any material risks in relation  
to human rights, social and labor conditions, climate and environment and anti-corruption. The Company has  
through its materiality and risk assessment assessed the nature of its investments and concluded that due to the  
activities characteristics there is no material risk in relation to greenhouse gas emissions.  
Furthermore, as the markets in which the Company is located and operates in has stringent GDPR-legislation  
implemented, it is also assessed that risks to human rights and corruption are deemed immaterial. Lastly, as  
described above, since the Company has no employees expect for the Management the risks related to social  
and labor conditions has also been assessed immaterial. As such, the Company does not have a corporate social  
responsibility policy, including one for human rights, social and labor conditions, climate and environment and  
anti-corruption.  
The Company wishes to promote social characteristics in accordance with Article 8 of the EU's regulation on  
sustainability-related disclosures (SFDR). The Company does not have sustainable investment as its goal. Please  
refer to page 38 for Ress Life Investments A/S periodic disclosure for the financial products referred to in Article  
8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 for the period 1 January 2025 - 31 December 2025.  
Data Ethics  
The Company has not adopted a policy for data ethics. The Company accepts investment requests from reliable  
investors and has KYC checks in place.  
The Fund Manager has the equivalent policy for data ethics. The Fund Manager is regulated by  
Finansinspektionen, the Swedish Financial Supervisory Authority and has various policies and procedures in place  
which ensures data are handled accordingly to relevant legislation.  
Packaged Retail Investment and Insurance-based Products (PRIIP) Risks and Liquidity  
The Company invests primarily in US life insurance policies, and other longevity-linked assets and financial  
instruments. In addition, the Company may invest up to 20% of the assets in short term US treasury securities.  
The Company has cash holdings to pay premiums on life insurance policies. Finally, the Company may grant loans  
secured by investments in life insurance policies or other longevity-linked assets and enter into financial  
instruments that include a financing element.  
16  
 
Ress Life Investments A/S  
Annual Report 2025  
Directors’ report  
Packaged Retail Investment and Insurance-based Products (PRIIP) Risks and Liquidity - continued  
An investment in the Company involves a number of risks. As an investor, among the most significant risks are  
investment and longevity risk, valuation risk on policies, liquidity risk, counterparty risk on insurance companies,  
risk related to dependency on the Fund Manager and key persons, risk on increase insurance premium, currency  
risk, risks related to delay or suspension of redemption, enforcement risks, and tax risks.  
The Company’s current risk profile is risk-class 2 on the PRIIP risk-scale. The Company aims to be in risk-class 2  
“a low risk class”.  
Shares of the Company may be sold at any time at their applicable market price. Investors have the right to have  
their shares redeemed per the provisions in the Articles of Association. As the Company invests in financial  
instruments with exposure to the secondary life insurance policy market, the Company’s assets will be illiquid,  
and thus the Company may have limited opportunities to convert assets into cash. Consequently, the Company  
has set out a redemption notice period of 180 days. A deduction can be made for covering the necessary costs  
of redemption (disinvestment and fees to accountant and attorney) in connection with redemption.  
If a large number of investors were to request redemption at the same time, the Company may have to  
execute a sale of assets, which could potentially lead to material losses of value. The Company may therefore  
not be able to carry out redemptions as requested unless it has the necessary liquid reserves or can sell shares  
to new investors within the same timeframe.  
Target figures and policies for the underrepresented gender  
The Board currently consists of one female and three males, thus there is an equal gender distribution for the  
Board of Directors in accordance with the definition of gender equality by the Danish Business Authority. The  
other management levels include solely the CEO in the Executive Board, the Company has no employees, thus  
also no underrepresented gender in relation to other management levels and is thus not subject to disclosing  
the policy regarding gender equality in the Board of Directors or other management levels.  
As a result, the Company is not required to set or disclose target figures for gender equality in accordance with  
the Danish Business Act. However, the Company is subject to report on the number of members in the top  
management as well as disclosing the percentage.  
2021  
2022  
2023  
2024  
2025  
Board of Directors  
Total members of the Board  
4
4
3
4
4
Underrepresented gender in per cent  
25%  
25%  
33%  
25%  
25%  
Executive Board  
Total members of Executive Board  
1
1
1
1
1
17  
 
Ress Life Investments A/S  
Annual Report 2025  
Financial statements  
Income statement and statement of comprehensive income  
Note USD  
2025  
2024  
Other Income  
4 Staff costs  
20,250
-131,074
0
-96,875
5 Other operating costs  
-5,491,399
-6,965,736
Operating profit/loss  
-5,602,223
-7,062,611
11 Results from investments in subsidiaries  
6 Financial income  
7 Financial expenses  
-123,630
9,841,320
-519,305
3,596,161
643,614
26,917,435
-34,687
Profit before tax  
20,463,751
Tax on profit for the year  
Profit for the year  
Other comprehensive income  
Total comprehensive income for the year  
0
3,596,161
0
0
20,463,751
0
3,596,161
20,463,751
There have been no transactions in other comprehensive income.  
2025  
169,699
12,646
157,054
22.90
2024  
173,109
37,946
135,163
151.40
Weighted average no. of shares issued  
Weighted average no. of own shares  
Weighted average no. of outstanding shares  
Earnings per share (Basic and Diluted)  
18  
 
Ress Life Investments A/S  
Annual Report 2025  
Financial statements  
Statement of financial position  
Note USD  
2025  
2024  
ASSETS  
Non-current assets  
Financial assets  
11 Investments in subsidiaries  
12 Other investments  
12 Other receivables  
0
126,275,244
73,492,795
199,768,040
199,768,040
1,435,021
284,095,544
0
285,530,565
285,530,565
Total non-current assets  
Current assets  
Receivables  
Other receivables  
21,721,481
54,347
21,775,827
0
48,149
48,149
Prepayments  
Financial assets  
12 Other investments  
0
4,991,360
0
4,991,360
Cash and cash equivalents  
Total current assets  
1,455,688
23,231,515
4,149,394
9,188,903
TOTAL ASSETS  
222,999,555
294,719,468
19  
 
Ress Life Investments A/S  
Annual Report 2025  
Financial statements  
Statement of financial position  
Note USD  
2025  
2024  
EQUITY AND LIABILITIES  
8 Equity  
Contributed capital  
Retained earnings  
Reserve for net revaluation under the equity method  
68,071,710
142,266,572
0
102,541,420
190,656,466
535,021
Total equity  
210,338,282
293,732,907
Current liabilities  
Other payables  
12,661,273
12,661,273
12,661,273
986,561
986,561
986,561
Total liabilities  
TOTAL EQUITY AND LIABILITIES  
222,999,555
294,719,468
1 Accounting policies  
2 Critical accounting judgements, estimates, assumptions and uncertainties  
3 Segment disclosures  
9 Contingencies  
10 Related parties  
13 Events after the balance sheet date  
20  
 
Ress Life Investments A/S  
Annual Report 2025  
Financial statements  
Statement of changes in equity  
Reserve for net  
revaluation  
under the  
equity method  
USD  
Contributed  
capital  
Retained  
earnings  
Total  
Equity at 1 January 2024  
Comprehensive income for the period  
Capital increase  
Redemptions and gain/loss on own shares  
Equity at 31 December 2024  
99,460,162
268,129,877
19,928,730
11,113,143
-108,515,284
190,656,466
0
535,021
0
367,590,039
20,463,751
14,194,401
-108,515,284
293,732,907
0
3,081,258
0
0
102,541,420
535,021
Equity at 1 January 2025  
Comprehensive income for the period  
Capital increase  
Capital reduction  
Redemptions and gain/loss on own shares  
Equity at 31 December 2025  
102,541,420
0
162,325
-34,632,035
0
190,656,466
4,131,183
623,678
535,021
-535,021
293,732,907
3,596,161
0
0
0
0
786,003
0
-34,632,035
-53,144,755
210,338,282
-53,144,755
142,266,572
68,071,710
21  
 
Ress Life Investments A/S  
Annual Report 2025  
Financial statements  
Statement of cash flows  
USD  
2025  
3,596,161
11,674,712
-21,727,678
-7,793,717
-14,250,522
2024  
20,463,751
-6,014,899
-23,587
-25,198,112
-10,772,847
Profit for the year  
Change in current liabilities  
Change in receivables  
Unrealised financial income  
Cash flow from operating activities  
Purchase of financial assets  
Premium payments  
Premium refunds  
-168,706,846
-22,100,383
45,688
-310,381,787
-26,761,759
0
Disposals of financial assets  
Disposal proceeds and maturities  
Cash flow from investing activities  
1,435,021
287,874,122
98,547,602
2,100,000
433,665,039
98,621,493
Proceeds from capital increases  
Redemption of shareholders  
Resale of treasury shares  
786,003
-96,015,532
8,238,742
14,194,401
-108,515,284
0
Cash flow from financing activities  
86,990,787
-94,320,883
Net cash flows from operating,  
investing and financing activities  
-2,693,707
-6,472,237
Cash and cash equivalents at  
1 January  
Cash and cash equivalents at  
31 December  
4,149,394
1,455,688
10,621,631
4,149,394
Additional information on  
operational cash flows from  
interest and dividends  
Interest paid  
Interest received  
Dividend received  
0
590,634  
900,000  
0
2,298,607  
2,100,000  
22  
 
Ress Life Investments A/S  
Annual Report 2025  
Financial statements  
Notes to the financial statements  
1
Material accounting policy information  
Ress Life Investments A/S is a public limited company registered in Denmark.  
The financial statements of Ress Life Investments A/S are prepared in accordance with the requirements of the  
legislation, including the IFRS® Accounting Standards as adopted by the EU, as well as additional requirements  
under the Act on Managers of Alternative Investment Funds and the Danish Financial Statements Act.  
The annual report is subject to the provisions of the Danish Financial Statements Act applicable to Class D  
enterprises.  
Basis of preparation  
The financial statements have been presented in United States Dollars (USD), rounded to the nearest whole USD.  
The accounting policies set out below have been applied consistently in respect of the financial year and to  
comparative figures.  
Changes to the accounting policies  
There have been no changes to the accounting policies in the financial year.  
Going concern statement  
In connection with the financial reporting, the Board of Directors and Management assessed whether the  
presentation of the annual report under the going concern assumption is well-founded. The Board of Directors  
and Management have concluded that no such factors exist at the balance sheet date as could raise doubt about  
The Company's ability to continue as a going concern at least until the next balance sheet date. The conclusion  
drawn is based on knowledge of the Company, the estimated outlook and the uncertainties and risks identified  
in this respect (described in the Director’s report and note 12) as well as an examination of budgets, including  
the expected developments in liquidity, capital base, etc., existing credit facilities, including contractual and  
expected maturity periods, as well as other terms. Thus, it is deemed appropriate, reasonable and well-founded  
to base the financial reporting on the going concern assumption.  
Determination of functional currency  
The functional currency is the currency used in the primary financial environment in which the reporting entity  
operates. Transactions denominated in currencies other than the functional currency are foreign currency  
transactions.  
If indicators of the primary economic environment are mixed, then Management uses its judgement to  
determine the functional currency that most faithfully represents the economic effect of the underlying  
transactions, events and conditions. Management considers the USD as the currency that most faithfully  
represents the economic effect of the underlying transactions, events and conditions.  
The USD is the currency in which the Company measures its performance and reports its results, as well as the  
currency in which it receives subscriptions from its investors. This determination also considers the competitive  
environment in which the Fund is compared.  
23  
 
Ress Life Investments A/S  
Annual Report 2025  
Financial statements  
Notes to the financial statements  
1
Material accounting policy information – continued  
Foreign currency translation  
On initial recognition, foreign currency transactions are translated to the functional currency at the exchange  
rates at the transaction date. Foreign exchange differences arising between the rate at the transaction date and  
the rate at the date of payment are recognized in profit or loss as financial income or financial expenses.  
Receivables and payables and other monetary items denominated in foreign currencies are translated to the  
functional currency at the exchange rates at the date of the statement of financial position.  
The difference between the exchange rates at the end of the reporting period and at the date at which the  
receivable or payable arose or was recognized in the latest annual report is recognized in profit or loss as financial  
income or financial expenses.  
New and amended standards and interpretations  
IASB has issued the following new accounting standards and interpretations that are not mandatory for the  
Company in preparing the 2025 annual report:  
IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures  
o
o
Amendments to classification and measurement of financial instruments.  
Amendments regarding “Contracts Referencing Nature-dependent Electricity,” addressing  
power purchase agreements.  
IFRS 18 Presentation and Disclosure in Financial Statements – a new IFRS standard for presentation and  
disclosure in financial statements.  
IFRS 19 Subsidiaries without Public Accountability – Disclosures – a new IFRS disclosure standard for  
entities that are subsidiaries of entities with public accountability.  
Annual Improvements Volume 11.  
Not all of the above standards, amendments, and interpretations have been endorsed by the EU.  
The approved but not yet effective standards and interpretations will be implemented as they become  
mandatory for the Company. It is assessed that none of the above standards and interpretations will affect  
recognition and measurement for the Company.  
Implementation of IFRS 18  
IFRS 18 requires the income statement items to be classified into the categories: operating, investing, financing,  
income tax, and discontinued operations, of which the first three categories are new. In addition, IFRS 18  
introduces requirements for the subtotals “operating profit” and “profit before financing and income tax” to  
separate the three new categories.  
The implementation of IFRS 18 therefore results in a change in the presentation of the Company’s income  
statement, partly by presenting the required subtotal “profit before financing and income tax,” and partly due  
to changes in classification of recognized items to differentiate between operating, investing, and financing.  
The Company is still analyzing the extent of this classification change, particularly in relation to income and  
expenses from investing activities, financial instruments, foreign exchange adjustments, and monetary gains and  
losses, which as a rule must be classified in the same category as the underlying item.  
24  
 
Ress Life Investments A/S  
Annual Report 2025  
Financial statements  
Notes to the financial statements  
1
Material accounting policy information – continued  
New and amended standards and interpretations - continued  
The introduction of IFRS 18 has led to minor amendments to IAS 7, introducing requirements that operating  
profit must be the starting point for the cash flow statement when using the indirect method, and requirements  
for categorizing interest and dividends paid and received. The Company must therefore change the presentation  
of its cash flow statement, which currently starts from profit after tax and does not present interest and dividends  
in accordance with the upcoming new requirements.  
The Company is in the process of, but has not yet completed, its analysis of the impact of IFRS 18 on the  
Company’s primary statements and notes.  
Income statement and statement of comprehensive income  
Financial income and expenses  
Financial income and expenses include interest income and expenses, realized and unrealized gains and losses  
arising from investments in financial assets, financial liabilities and transactions in foreign currencies.  
Fair value adjustments are recognized in profit or loss as value adjustments of financial assets under financial  
income/expenses in the financial year in which the adjustment occurs.  
Financial income and expenses are recognized in the income statement by the amounts that relate to the  
financial year.  
Tax on profit/loss for the year  
The Company is exempt from corporate taxes in Denmark in accordance with the Danish tax rules for Investment  
Companies as the taxation occurs with the investors instead. Therefore, the Company has no recognition of  
corporate tax, but immaterial amounts may be recorded in the financial statements in terms of withholding  
taxes.  
Statement of financial position - continued  
Other investments & other long-term receivables  
The Company classifies its investments in life insurance policy contracts, including other long-term receivables,  
consisting of earn-out on the legacy portfolio, as financial assets at fair value through profit or loss. These  
financial assets are classified by Management at fair value through profit and loss at inception.  
Financial assets are measured at fair value through profit and loss in line with the Company’s business model and  
documented investment strategy.  
The Company’s policy requires the Fund Manager and Management to evaluate the information about these  
financial assets on a fair value basis. Assets in this category are classified as non-current assets as they are not  
expected to be realized within 12 months of the balance sheet date.  
Regular purchases and sales of life insurance policy contracts are recognized at the trade date — the date at  
which the Company commits to purchase or sell the investment. Financial assets at fair value through profit and  
loss are initially recognized at fair value. Transaction costs are expensed as incurred in the statement of  
comprehensive income.  
25  
 
Ress Life Investments A/S  
Annual Report 2025  
Financial statements  
Notes to the financial statements  
1
Material accounting policy information – continued  
Statement of financial position - continued  
Other investments & other long-term receivables - continued  
Subsequent to initial recognition, all financial assets at fair value through profit and loss are measured at fair  
value. Gains and losses arising from changes in the fair value of the financial assets are presented in the  
statement of comprehensive income within “other financial income or expenses" in the period in which they  
arise.  
Fair value adjustments of the life insurance policy investments and other long-term receivables consist of  
adjustments based on actuarial assumptions on life expectancies (mortality assumptions) and discount rates.  
The legacy portfolio was sold for USD 165 million cash and a remaining interest, the Earnout. The Earnout means  
that the Fund will receive proceeds above a 13% IRR threshold. By the end of 2025, USD 103 million had been  
received in cash. The Earnout and the remaining 37.5% of the legacy portfolio were valued at the end of  
December 2025 at USD 184,339,829.  
Treasury shares  
Own equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity.  
No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Company’s own  
equity instruments. Any difference between the purchase amount and the consideration, if reissued, is  
recognized in the share premium.  
Current liabilities  
Other payables are measured at amortized cost. Interest-bearing loans are initially measured at the fair value of  
the proceeds received net of issue costs associated with the borrowing. Subsequently, liabilities are measured at  
amortized cost using the effective interest method if the time-value of money is significant.  
Cash flow statement  
The cash flow statement shows cash flows from operating, investing and financing activities for the year, the  
year's changes in cash and cash equivalents as well as cash and cash equivalents at the beginning and end of the  
year.  
The cash flow effect of acquisitions and disposals of financial assets is shown separately in cash flows from  
investing activities.  
Cash and cash equivalents comprise cash and short-term marketable securities (maturing in less than six months  
at the time of acquisition) which are subject to an insignificant risk of changes in value.  
Cash flows from operating activities are calculated according to the indirect method as the profit/loss after tax  
adjusted for non-cash operating items, changes in working capital and interest income and expenses.  
Cash flows from investing activities include payments in connection with purchase and sale of financial asset  
investments.  
Cash flows from financing activities include changes in the size or composition of share capital and related costs,  
borrowings and repayment of interest-bearing debt and payment of dividend to shareholders.  
26  
 
Ress Life Investments A/S  
Annual Report 2025  
Financial statements  
Notes to the financial statements  
2
Critical accounting judgements, estimates, assumptions and uncertainties  
The financial statements are prepared based on certain special assumptions that result in the use of accounting  
estimates. These estimates are made by management in accordance with accounting policies and based on  
historical experience and assumptions that management considers reasonable and realistic, however,  
unexpected future events or circumstances may arise, just as others may arrive at other estimates.  
The areas that involve a higher degree of assessments or complexity, or areas where assumptions and estimates  
are significant to the financial statements, are listed below. When preparing the annual report, management  
makes a number of accounting assessments that form the basis for the presentation, recognition and  
measurement of the Company’s assets and liabilities.  
The most significant estimates made by Management in connection with the recognition and measurement of  
these assets and liabilities, and the significant estimates of uncertainties associated with the preparation of the  
annual report, is measurement of fair value of investments in life insurance policies. The fair value measurement  
is described in note 12.  
In connection with the preparation of the Annual Report, the Company has obtained an independent external  
valuation of the earn-out asset from a third-party service provider with relevant expertise in life settlement  
portfolios. The purpose of this assessment is to support management’s valuation and to provide an additional  
level of assurance regarding the underlying assumptions and methodology applied.  
The external valuation is based on a range of assumptions, including expected cash flows, discount rates, policy  
performance, and counterparty considerations. While management has assessed these assumptions as  
reasonable and consistent with market practice, the valuation of the earn-out remains subject to inherent  
uncertainty due to the long-term and contingent nature of the underlying cash.  
Notwithstanding the use of an independent valuation, the final measurement remains subject to estimation  
uncertainty, and actual outcomes may differ from the assumptions applied.  
3
4
Segment disclosures  
The Company only operates in the market of acquiring US life insurance contracts. Management has assessed  
that the acquired life insurance contracts represent one activity, due to the nature of the life insurance contracts.  
The geographical locations are confined to the US.  
Based on the above the operating segment will be corresponding to that of the statement of comprehensive  
income.  
Staff costs  
USD  
2025  
122,052  
9,022  
2024  
93,973  
2,902  
Wages and salaries  
Other social security costs  
131,074  
96,875  
Remuneration:  
Total remuneration to key management1  
115,548  
101,857  
Average number of employees  
1
1
1As disclosing remuneration for the individual key management Groups would disclose the remuneration of individuals, the  
information has been aggregated in accordance with the Danish Financial Statements Act, article 98b.3.1.  
27  
 
Ress Life Investments A/S  
Annual Report 2025  
Financial statements  
Notes to the financial statements  
Staff costs - continued  
4
Ress Life Investments A/S's CEO is Ress Life Investments A/S’s only employee. No one in Ress Life Investments  
A/S's management or significant risk takers, which includes Ress Life Investments A/S's director, has variable  
remuneration. Disclosure of Board of Directors and Executive Board remuneration is available at  
https://www.resscapital.com/fund/fund-documentation/, to which reference is made.  
The Fund Manager, Resscapital AB has 8 employees. Out of the total salaries, USD 1,272 thousand (11.7 SEK  
million) can be allocated to fixed salary and USD 41 thousand (SEK 337 thousand) has been allocated to variable  
salary. The total salary sum allocated to the Management amounts to USD 244 thousand (SEK 2.2 million) and to  
employees with significant influence on the risk profile USD 804 thousand (SEK 7.4 million).  
5
Other operating costs  
USD  
2025  
173,426  
341,750  
258,287  
188,677  
450,678  
225,234  
3,853,348  
0
2024  
174,929  
246,131  
361,659  
149,892  
538,442  
274,405  
5,088,116  
132,162  
6,965,736  
Accounting and audit  
Company and share related costs including insurances  
Company legal fees  
Policy legal fees  
Policy Management and custody  
Depositary fees  
Management fees  
Performance fees  
5,491,399  
Remuneration of Ress Life Investments A/S’s  
Statutory Auditors comprise:  
Statutory audit  
Other audit and assurance-related services  
Tax and VAT assistance  
70,078  
12,495  
0
38,253  
5,070  
0
Non-audit services  
31,549  
11,859  
115,122  
55,182  
Non-audit services provided by the auditors comprise of actuarial services.  
6
Financial income  
USD  
2025  
9,127,339  
131,098  
2024  
24,571,599  
39,165  
Fair value adjustments of other investments  
Exchange rate adjustments  
Interest received  
102,282  
185,084  
Other financial income*  
480,601  
2,121,587  
9,841,320  
26,917,435  
*Other financial income consists of return deriving from matured treasury bills.  
7
Financial expenses  
USD  
2025  
280,786  
238,519  
519,305  
2024  
34,687  
0
Exchange rate adjustments  
Fair value adjustments of other investments  
34,687  
28  
 
Ress Life Investments A/S  
Annual Report 2025  
Financial statements  
Notes to the financial statements  
Equity  
8
USD  
Contributed capital at 1 January 2025 comprises:  
175,555 shares, equivalent to USD  
102,541,420  
Retained earnings  
Contributed capital  
99,774  
30 January 2025, issue of capital, 192 shares  
30 July 2025, issue of capital, 110 shares  
24 November 2025, reduction of capital, 60,000 shares  
398,357  
225,321  
0
62,551  
-34,632,035  
623,678  
-34,469,710  
The contributed capital at 31 December 2025 comprises:  
115,857 shares, equivalent to USD  
68,071,710  
Number of shares  
% of total shares  
2025  
62,375  
36,923  
-3,155  
2024  
19,025  
43,350  
0
2025  
35.9 %  
31.9 %  
-2.7 %  
2024  
11.2 %  
24.7 %  
0.0 %  
Treasury shares at 1 January  
Bought in the financial year  
Sold in the financial year  
Capital reduction in the financial year  
-60,000  
0
-33.9 %  
0.0 %  
Treasury shares at 31 December  
36,143  
62,375  
31.2 %  
35.9 %  
Nominal value of treasury shares is EUR 500 per share.  
Value of treasury shares as of the balance date  
Net asset value (NAV)  
Number of shares  
2025  
2,639  
36,143  
2024  
2,595  
62,375  
Value of treasury shares  
95,381,377  
161,863,125  
Value is calculated as NAV * Number of shares  
Earnings per share  
2025  
3,596,161  
169,699  
12,646  
157,054  
22.90  
2024  
20,463,751  
173,109  
37,946  
Comprehensive income for the period  
Weighted average no. of shares issued  
Weighted average no. of own shares  
Weighted average no. of outstanding shares  
Earnings per share (basic and diluted)*  
135,163  
151.40  
*The Basic and Diluted Earnings per Share are identical. There have not been any items of income or expense of a dilutive nature in the  
current or preceding periods. No instruments on the balance sheet dates presented had a dilutive effect on the current shareholders, and  
there have been no transactions subsequent to the balance sheet date, which dilutes the current shareholders. Furthermore, there are no  
instruments in issue which could have a dilutive effect in the future, but currently do not have a dilutive effect.  
9
Contingencies, etc.  
The Company must keep paying premiums on policies in order to keep policies in force. The Company does not  
have any other contractual obligations or contingent liabilities.  
29  
 
Ress Life Investments A/S  
Annual Report 2025  
Financial statements  
Notes to the financial statements  
10 Related parties  
Ress Life Investments A/S' related parties include:  
Name of related party  
Resscapital AB  
Board of Directors  
Nature of transactions  
AIF Management and performance fees  
Board remuneration  
Executive Board  
Remuneration  
Direct Life Capital K/S*  
Group internal transfers and dividends  
*Liquidated as of 30 September 2025.  
Transactions with related parties comprise:  
USD  
2025  
3,947,754  
81,019  
34,529  
0
2024  
5,184,264  
57,134  
39,741  
2,100,000  
Resscapital AB  
Board of Directors  
Executive Board  
Direct Life Capital K/S  
4,063,302  
7,381,139  
Outstanding balances are as of 31 December 2025:  
USD  
2025  
-274,087  
0
Resscapital AB  
Board of Directors  
Executive Board  
0
-274,087  
Transactions with related parties are carried out on market terms and governed by underlying contracts.  
Outstanding balances at year-end comprise regular trade payables and accruals that fall due in the subsequent  
accounting period. Such balances are unsecured in nature and settled on a cash basis.  
The Company have not issued any guarantees to any related party, nor have these issued any guarantees to the  
Company.  
Remuneration of the Executive Board and Board of Directors is disclosed in note 4.  
At the balance date, the following shareholders held more than 5% of the outstanding shares:  
Name of shareholder  
Shareholding &  
voting rights  
5-9.99%  
Dalarnas Försäkringsbolag  
30  
 
Ress Life Investments A/S  
Annual Report 2025  
Financial statements  
Notes to the financial statements  
11 Investments in subsidiaries  
2025  
900,000  
2024  
3,000,000  
0
-2,100,000  
900,000  
-108,593  
643,614  
0
Cost on 1 January  
Additions  
Disposals  
Cost on 31 December  
Revaluations on 1 January  
Net profit/(loss) for the year  
Reversal on disposal  
Revaluations on 31 December  
Carrying amount on 31 December  
0
-900,000  
0
-535,021  
123,630  
411,391  
0
535,021  
1,435,021  
0
Subsidiaries  
Direct Life Capital K/S  
Home of registered office  
Copenhagen, Denmark  
Ownership  
100%  
The former subsidiary was liquidated on 30 September 2025.  
12 Other investments  
Financial assets  
USD  
2025  
2024  
Treasury bills  
0
0
4,991,360  
17,164  
284,293,418  
0
Investment in other investment companies  
Life insurance policies  
Other receivables*  
126,262,086  
73,492,795  
199.754.881  
289,301,942  
*Other receivables included in financial assets comprise an earnout agreement on the legacy portfolio, the fair value of which  
value is derived from the fair values of the underlying policies in the Legacy Portfolio (i.e., the portfolio of life insurance  
policies disposed).  
Fair value measurement  
Foreign exchange risks  
The shares are denominated in EUR. The functional currency is USD, and the underlying assets are USD based.  
Accordingly, the value of the shares is likely to fluctuate with any fluctuations in the exchange rate between USD  
and EUR. If the value of EUR depreciates against USD, the EUR price of the shares will appreciate. In addition,  
there is a currency risk depending on the local functional currency for each shareholder.  
Interest rate risks  
Due to its investing and financing activities, Ress Life Investments A/S, is to a limited extent exposed to interest  
rate risks related to fluctuations in interest levels in the USA, the Eurozone and Denmark.  
As at the balance sheet date, the Company is exposed to interest rate changes on balances with banks. Overall,  
the interest rate risks are limited in the Company due to the nature of the investments and financial positions.  
31  
 
Ress Life Investments A/S  
Annual Report 2025  
Financial statements  
Notes to the financial statements  
12 Other investments – continued  
Fair value measurement – continued  
Tax risks  
For the Company, an investment in life insurance contracts involves a number of complex tax considerations.  
Changes in tax legislation in the country in which the Company holds life insurance contracts, or changes in tax  
treaties negotiated by that country, could adversely affect the returns to its shareholders. Each shareholder is  
strongly urged to consult its own tax advisers regarding their tax implications of investing and holding life  
insurance contracts.  
Fair value measurement  
Life insurance contracts, and other investments are valued using the ‘Fair value’ concept in connection with  
certain disclosure requirements and for recognition of financial instruments. Direct investments in life insurance  
contracts are measured at level 3.  
‘Fair value’ is the price that would be received by selling an asset or paid to transfer a liability in an orderly  
transaction between market participants at the measurement date in the principal or, in its absence, the most  
advantageous market to which the Company has access at that date. The fair value of a liability reflects its non-  
performance risk. The valuation approach used in relation to the life insurance contracts is based on discounted  
probability weighted cash flows. The valuation approach incorporates all the factors that market participants  
would consider in pricing a transaction, such as cash flows (premiums and death benefits), discount rates and  
life expectancies (mortality assumptions).  
The probabilities are based on applying the life expectancy (LE) to a mortality table in order that the mortality  
factor (the ultimate factor) applicable to the given insured can be derived from the table itself. The approach to  
the mortality distribution is based on the use of the most recent VBT tables (currently 2015 Valuation Basic Table  
created by the Society of Actuaries from North America). The LE is one of the most important variables in pricing  
policies in the life insurance policy market and the valuation of life insurance policy contracts is heavily  
dependent on LE information. Upon purchase of the assets, LE reports are obtained from at least two  
underwriters.  
LE reports are medical opinions from specialized medical underwriters, based on the latest medical records or  
other relevant information. The Alternative Investment Fund Manager is using a conservative approach, selecting  
the most conservative LE report in most cases.  
The fair value of the life insurance contracts is sensitive to the choice of discount rates. Discount rates are  
determined at the level of sub-groups of the life insurance portfolio. The sub-groups are based on the face value  
of policies and the credit rating of insurance carriers. The discount rates of each sub-group result from the  
Internal Rate of Return (“IRR”) for each policy in the sub-group, at purchase. A parameterization of the discount  
rates for each sub-group is based on an exponential moving average considering changes in IRRs when new  
acquisitions are made within the respective sub-group. Under this methodology, the discount rate in each sub-  
group is recalibrated whenever a policy that falls into the sub-group is acquired. The average IRR of the sub-  
groups used for the fair value measurements as of 31 December 2025 was 11.10% for the legacy portfolio and  
16.13 % for the policies purchased during 2025.  
32  
 
Ress Life Investments A/S  
Annual Report 2025  
Financial statements  
Notes to the financial statements  
12 Other investments – continued  
Fair value measurement – continued  
All assets and liabilities measured at fair value, or in respect of which the fair value is disclosed, are classified  
based on the fair value hierarchy, see below:  
Level 1: Value in an active market for similar assets/liabilities  
Level 2: Value based on recognized valuation methods based on observable market information  
Level 3: Value based on recognized valuation methods and reasonable estimates (non-observable market  
information).  
The determination of what constitutes ‘observable’ requires judgement by the Company. Management of the  
Company considers observable data to be market data that is readily available, regularly distributed or updated,  
reliable and verifiable, not proprietary and provided by independent sources that are actively involved in the  
relevant market.  
The following method and assumptions were used to estimate the fair values. The Company primarily invests  
directly in the life insurance policies. The fair value measurement of the investments is estimated on an individual  
basis based on several factors such as premium payments and changes in these updates of life expectancy,  
changes in discount rates and general “mark-to-market” adjustments.  
Investments in other life insurance policy funds are investments that are valued based on NAV statements  
received from Saffery Champness Fund Services Limited.  
The following table analyses within the fair value hierarchy the Company's financial assets measured at fair value.  
All fair value measurements disclosed are recurring fair value measurements.  
2025  
2024  
4,991,360  
17,163  
USD  
0
0
Level 1  
Level 2  
Level 3  
199,754,881  
199,754,881  
284,078,381  
289,086,904  
The carrying amount is equal to fair value for all financial assets and financial liabilities.  
There have been no transfers between the levels in the fair value hierarchy this year.  
Climate related risks and factors have been assessed to not have had an impact on the fair value in 2025 or 2024.  
The fair value of receivables, prepayments, cash, payables and other current liabilities approximate their carrying  
amounts due to the short-term maturities of these instruments. The Company's own credit risk has not been  
considered.  
33  
 
Ress Life Investments A/S  
Annual Report 2025  
Financial statements  
Notes to the financial statements  
12 Other investments – continued  
Fair value measurement – continued  
For instruments with recurring Level 3 fair value measurements, the carrying value has been specified below:  
USD  
Opening balance  
Additions  
Premium payments  
Premium refunds  
Sales and maturities  
Fair value adjustment*  
Closing balance  
2025  
284,078,381  
11,229,120  
22,100,383  
-45,688  
-125,400,683  
7,793,368  
199,754,881  
2024  
356,110,259  
4,440,874  
26,761,7600  
0
-127,778,562  
24,544,050  
284,078,381  
*Recognized in finance income in the statement of comprehensive income.  
The discount rates applied in determining the fair value of the life insurance contracts purchased during 2025 is  
16.13% and between 10.44% and 12.13 % for the legacy portfolio. (2024: range of 10.44% - 12.13%). The  
closing balance of USD 199,754,881 consists of 37.5% legacy portfolio valued at USD 110,847,034, the Earnout  
valued at USD 73,492,795 and new policies valued at USD 15,200,068.  
Amounts recognized in profit and loss pertaining to instruments with recurring level 3 measurements comprise:  
USD  
2025  
2024  
Total gains recognized in  
finance income  
7,793,368  
24,544,050  
Credit and counterparty risks  
There is a credit risk in respect of the life insurance policy investments as recognized under "Other investments".  
There is no guarantee that the insurance companies will meet their obligations to make payment on maturity  
claims. The credit risk is mitigated by limiting the exposure to any single insurance company, and by only buying  
policies issued by insurers that meet the rating requirements.  
The life insurance policy investments are made with over 64 different life insurance companies. The fair values  
are distributed on AM Best Ratings as below:  
Weight % of  
NAV  
Weight % of  
NAV  
Policies  
Fair value  
2025  
Policies  
Fair value  
2024  
A++  
A+  
A
22  
15,144,325  
87,275,224  
86,517,901  
112,591  
7.2%  
41.5%  
41.5%  
0.1%  
22  
178  
153  
1
23,256,805  
7.9%  
40.5%  
41.6%  
0.0%  
189  
165  
1
119,010,705  
122,288,655  
116,528  
A-  
B++  
B-  
C++  
Total  
15  
2
7
9,034,708  
558,194  
1,111,938  
199,754,881  
4.3%  
0.3%  
0.5%  
95.0%  
15  
2
7
16,748,939  
1,100,503  
1,771,284  
284,293,419  
5.7%  
0.4%  
0.6%  
96.7%  
401  
378  
34  
 
Ress Life Investments A/S  
Annual Report 2025  
Financial statements  
Notes to the financial statements  
12 Other investments – continued  
Concentration risk  
The following tables set forth concentration risks, divided into the face value of the life insurance policy  
investments in gender, age group, life expectancy estimates (“LE”) and spreads of face value of the individual  
contracts:  
Policies  
Face value  
Weight %  
Policies  
Face value  
Weight %  
Gender:  
Female  
Male  
2025  
144,126,558  
757,435,648  
251,691,285  
2024  
67  
265  
44  
12.5%  
65.7%  
21.8%  
69  
265  
44  
150,076,558  
691,531,729  
254,691,285  
13.7%  
63.1%  
23.2%  
Joint  
Age group:  
2025  
84,580,157  
141,137,266  
211,401,879  
262,679,512  
186,562,124  
154,516,402  
78,893,372  
33,482,780  
2024  
60,280,157  
146,192,010  
258,729,869  
214,422,934  
167,173,351  
140,587,767  
87,176,310  
21,737,175  
<65  
23  
52  
61  
85  
79  
55  
31  
15  
7.3%  
12.2%  
18.3%  
22.8%  
16.2%  
13.4%  
6.8%  
22  
48  
72  
74  
68  
53  
28  
13  
5.5%  
13.3%  
23.6%  
19.6%  
15.2%  
12.8%  
8.0%  
65-69  
70-74  
75-79  
80-84  
85-89  
90-94  
95<  
2.9%  
2.0%  
Life Expectancy estimate:  
2025  
2024  
< 2  
2-3  
4-5  
6-7  
18  
44  
57  
67  
39  
50  
77  
49  
27,797,175  
96,454,182  
120,346,260  
193,601,181  
113,587,776  
132,417,985  
285,496,509  
183,552,423  
2.4%  
8.4%  
10.4%  
16.8%  
9.8%  
11.5%  
24.8%  
15.9%  
16  
36  
57  
47  
39  
52  
68  
63  
28,897,175  
68,811,710  
136,357,630  
132,399,621  
114,786,010  
140,715,761  
251,209,499  
223,122,167  
2.6%  
6.3%  
12.4%  
12.1%  
10.5%  
12.8%  
22.9%  
20.4%  
8-9  
10-11  
12-15  
16-  
35  
 
Ress Life Investments A/S  
Annual Report 2025  
Financial statements  
Notes to the financial statements  
12 Other investments – continued  
Concentration risk  
Spreads of face value for the individual contracts:  
Policies  
Face value  
2025  
3,040,500  
Weight %  
0.3%  
Policies  
14  
Face value  
Weight %  
0.2%  
2024  
2,445,500  
100,000-250,000  
250,001-500,000  
16  
39  
108  
85  
45  
56  
41  
6
17,480,399  
100,646,500  
153,412,401  
121,972,959  
253,106,130  
325,169,660  
80,144,785  
98,280,157  
1.5%  
8.7%  
36  
100  
81  
43  
53  
41  
6
16,110,399  
92,969,847  
147,790,135  
117,622,959  
238,606,130  
322,329,660  
80,144,785  
78,280,157  
1.5%  
8.5%  
500,001-1,000,000  
1,000,001-2,000,000  
2,000,001-3,000,000  
3,000,001-5,000,000  
5,000,001-10,000,000  
10,000,001-15,000,000  
15,000,001-  
13.3%  
10.6%  
21.9%  
28.2%  
6.9%  
13.5%  
10.7%  
21.8%  
29.4%  
7.3%  
5
8.5%  
4
7.1%  
Sensitivity analysis  
The sensitivity of the valuation results to changes in assumptions is illustrated by introducing changes to one  
specific assumption at a time and comparing the result before and after the change.  
A sensitivity analysis is made based on the following scenarios:  
Discount rate sensitivity  
Mortality sensitivity  
No sensitivity analysis is presented in relation to cash flows as cash inflows consist of death benefits fixed at  
policy inception and cash outflows consist of scheduled premium payments.  
Discount rate sensitivity  
The discount rate sensitivity analysis has been performed using a set of fixed discount rates across the portfolio  
for the Company.  
USD  
2025  
2024  
Legacy Portfolio  
Discount rate  
Value of portfolio  
% tot. face amount  
Impact in profit and  
loss (and equity)  
10%  
329m  
12%  
290m  
14%  
259m  
16%  
233m 169m  
18%  
10%  
305m  
27.6%  
12%  
266m  
24.0%  
14%  
235m  
21.2%  
16%  
209m  
18.9%  
35m  
-4m  
-35m  
-61m -125m  
23m  
-16m  
-47m  
-72m  
New Policies  
Discount rate  
10%  
22m  
27.9%  
12%  
19m  
24.3%  
14%  
17m  
21.4%  
16%  
15m  
19.1% 17.6%  
18%  
14m  
Value of portfolio  
% of tot. face amt.  
Impact in profit and  
loss (and equity)  
7m  
4m  
2m  
0m -1m  
36  
 
Ress Life Investments A/S  
Annual Report 2025  
Financial statements  
Notes to the financial statements  
12 Other investments – continued  
Mortality sensitivity  
An extension for life expectancies in the portfolio corresponds to negative impact of the life insurance policy  
investments. Vice versa, a reduction in life expectancies corresponds to a positive impact. The mortality  
sensitivity has been performed based upon an increment/reduction of one month.  
USD  
2025  
4,846,246  
0.40%  
2024  
4,436,024  
0.40%  
Impact of face value  
Percentage of increment  
13 Events after the balance sheet date  
There are no events after the balance sheet date materially affecting the financial statements.  
37  
 
Ress Life Investments A/S  
Annual Report 2025  
Appendix to the financial statements  
Supplementary report regarding Sustainable Finance Disclosure Regulation  
38  
 
Ress Life Investments A/S  
Annual Report 2025  
Appendix to the financial statements  
Supplementary report regarding Sustainable Finance Disclosure Regulation  
Appendix to the financial statements  
39  
 
Ress Life Investments A/S  
Annual Report 2025  
Supplementary report regarding Sustainable Finance Disclosure Regulation  
40  
 
Ress Life Investments A/S  
Annual Report 2025  
Appendix to the financial statements  
Supplementary report regarding Sustainable Finance Disclosure Regulation  
41  
 
Ress Life Investments A/S  
Annual Report 2025  
Appendix to the financial statements  
Supplementary report regarding Sustainable Finance Disclosure Regulation  
42  
 
Ress Life Investments A/S  
Annual Report 2025  
Appendix to the financial statements  
Supplementary report regarding Sustainable Finance Disclosure Regulation  
43