| December 31 | December 31 | |
| 2025 | 2024 | |
| US$ | US$ | |
Cash and cash equivalents | 16,243,939 | 250,194 |
Restricted cash and cash equivalents | 10,883,612 | \u2013 |
Total | 27,127,551 | 250,194 |
| December 31 | December 31 | |
| 2025 | 2024 | |
| US$ | US$ | |
Cash and cash equivalents | 16,243,939 | 250,194 |
Restricted cash and cash equivalents | 10,883,612 | \u2013 |
Total | 27,127,551 | 250,194 |
| Amortised Cost | Unrealised Gain | Unrealised Loss | Fair Value | |
| US$ | US$ | US$ | US$ | |
| Available-for-sale securities, at fair value | ||||
Asset-backed securities | 11,563,412 | \u2013 | 139,820 | 11,423,592 |
Residential mortgage-backed securities | 3,500,627 | 18,973 | \u2013 | 3,519,600 |
Commercial mortgage-backed securities | 11,891,192 | 4,843 | 166,515 | 11,729,520 |
Corporate bonds | 3,914,928 | 226,914 | \u2013 | 4,141,842 |
Equity securities \u2013 preferred stock | 2,499,933 | \u2013 | \u2013 | 2,499,933 |
Bank debts | 987,973 | 14,002 | \u2013 | 1,001,975 |
Total | 34,358,065 | 264,732 | 306,335 | 34,316,462 |
| 2025 | ||
| Amortised Cost | Fair Value | |
| US$ | US$ | |
Within 1 year | \u2013 | \u2013 |
From 1 to 5 years | 8,959,072 | 9,049,870 |
From 5 to 10 years | 880,301 | 961,000 |
After 10 years | 24,518,692 | 24,305,592 |
Total | 34,358,065 | 34,316,462 |
| For the period from | |
| acquisition date to | |
| December 31 2025 | |
| US$ | |
Interest income on cash and cash equivalents | 241,889 |
Interest income on available-for-sale securities | 551,257 |
Realised gain on available-for-sale securities | 123,998 |
Net accretion on available-for-sale securities | 71,665 |
Other investment expenses | (1,096,559) |
Net investment loss | (107,750) |
| Investment in TP | Participation | ||
| Offshore | Note | Total | |
| US$ | US$ | US$ | |
Opening balance \u2013 January 1 2025 (fair value under ASC 946) | 549,212,373 | 16,340,602 | 565,552,975 |
| Pre-Acquisition Period \u2013 Measured at fair value (ASC 946) | |||
Income allocated from TP Offshore* | 38,305,779 | (469,307) | 37,836,472 |
Net (redemptions)/subscriptions | (107,190,231) | 5,785,056 | (101,4 05,175) |
Investment in TP Offshore, Fair value at September 12, 2025 (Deemed Cost) | 480,327,921 | 21,656,351 | 501,984,272 |
| Post-Acquisition Period \u2013 Measured at fair value (ASC 321) | |||
Share of net income/(loss) for the period | 9,849,943 | (108,582) | 9,741,361 |
Net (redemptions)/subscriptions | (48,620,544) | 1,620,542 | (47,000,002) |
Investment in TP Offshore, December 31 2025 | 441,557,320 | 23 ,168 ,311 | 464,725,631 |
| As of August 31, 2025 | |||
| Core | SP1 | Combined | |
| US$ | US$ | US$ | |
| Assets: | |||
Cash and cash equivalents | 419,132 | 971,080 | 1,390,212 |
Available-for-sale securities, at fair value | \u2013 | 22,047,582 | 22,047,582 |
Other investment funds, at fair value | \u2013 | 4,662,726 | 4,662,726 |
Funds withheld assets, at fair value | \u2013 | 1,110,087,126 | 1,110,087,126 |
Insurance balance receivable 1 | \u2013 | 2,831,359 | 2,831,359 |
Restricted cash and cash equivalents | \u2013 | 5,914,125 | 5,914,125 |
Other assets | \u2013 | 119 , 28 9 | 119, 289 |
Deferred tax asset 2 | \u2013 | 508,475 | 508,475 |
Total assets | 419,132 | 1,147,141,762 | 1,147,560,894 |
| Liabilities and shareholder\u2019s equity: | |||
Insurance Liabilities, at fair value | \u2013 | 1,075,499,574 | 1,075,499,574 |
Accrued expenses and other liabilities | \u2013 | 10,382,202 | 10,382,202 |
Total liabilities | \u2013 | 1,085,881,776 | 1,085,881,776 |
Fair value of net assets acquired | 419,132 | 61,259,986 | 61, 679,118 |
| Year ended | Year ended | |
| December 31 | December 31 | |
| 2025 | 2024 | |
| (Pro Forma) | (Pro Forma) | |
| US$ | US$ | |
Total revenue | 147,196,590 | 123,078,832 |
Net income | 51,615,582 | 115 , 276 ,9 0 8 |
Total comprehensive income | 53,622,309 | 115, 38 0, 281 |
| Total | Level 1 | Level 2 | Level 3 | |
| US$ | US$ | US$ | US$ | |
| Assets: | ||||
| Available-for-sale securities, at fair value: | ||||
Asset-backed securities | 11,423,592 | \u2013 | 11,423,592 | \u2013 |
Residential mortgage-backed securities | 3,519,600 | \u2013 | 3,519,600 | \u2013 |
Commercial mortgage-backed securities | 11,72 9 ,520 | \u2013 | 11,72 9 ,520 | \u2013 |
Corporate bonds | 4,141,842 | \u2013 | 4,141,842 | \u2013 |
Equity securities \u2013 preferred stock | 2,499,933 | \u2013 | 2,499,933 | \u2013 |
Bank debt | 1,001,975 | \u2013 | 1,001,975 | \u2013 |
Total available-for-sale securities, at fair value | 34,316,462 | \u2013 | 34,316,462 | \u2013 |
Funds withheld assets* | 1,373,985,536 | \u2013 | 1,362,846,242 | 11,139, 29 4 |
Total assets, at fair value | 1,408,301,998 | \u2013 | 1,397,162,704 | 11,139, 2 94 |
| Liabilities: | ||||
Insurance liabilities, at fair value | 1,333,852,308 | \u2013 | \u2013 | 1,333,852,308 |
Total liabilities, at fair value | 1,333,852,308 | \u2013 | \u2013 | 1,333,852,308 |
Assets | Fair Value (US$) | Valuation Technique | Unobservable Input | Range |
| Funds Withheld Assets: | ||||
Corporate bonds | 11,139, 29 4 | Discounted Cash Flow | Transaction spread | 0.65% - 1.77% |
| Funds Withheld Assets \u2013 | |
| Bank Loans | |
| US$ | |
Balance at Acquisition Date | 10,672,790 |
Unrealised gains included in investment related gains | 466,504 |
Purchases | \u2013 |
Sales, maturities, redemptions | \u2013 |
Transfers into Level 3 | \u2013 |
Transfers out of Level 3 | \u2013 |
Balance at December 31 2025 | 11,13 9,294 |
| Fair Value | ||||
Year | Liabilities | US$ | Unobservable Inputs | Percentage |
December 31, 2025 | Insurance liabilities, at fair value | 1,333,852,308 | Non-performance risk spread | 2.48% |
| Total | Level 1 | Level 2 | Level 3 | |
| US$ | US$ | US$ | US$ | |
| Assets: | ||||
| Available-for-sale securities, at fair value: | ||||
Asset-backed securities | 11,423,592 | \u2013 | 11,423,592 | \u2013 |
Residential mortgage-backed securities | 3,519,600 | \u2013 | 3,519,600 | \u2013 |
Commercial mortgage-backed securities | 11,72 9 ,520 | \u2013 | 11,72 9 ,520 | \u2013 |
Corporate bonds | 4,141,842 | \u2013 | 4,141,842 | \u2013 |
Equity securities \u2013 preferred stock | 2,499,933 | \u2013 | 2,499,933 | \u2013 |
Bank debt | 1,001,975 | \u2013 | 1,001,975 | \u2013 |
Total available-for-sale securities, at fair value | 34,316,462 | \u2013 | 34,316,462 | \u2013 |
Funds withheld assets* | 1,373,985,536 | \u2013 | 1,362,846,242 | 11,139, 29 4 |
Total assets, at fair value | 1,408,301,998 | \u2013 | 1,397,162,704 | 11,139, 2 94 |
| Liabilities: | ||||
Insurance liabilities, at fair value | 1,333,852,308 | \u2013 | \u2013 | 1,333,852,308 |
Total liabilities, at fair value | 1,333,852,308 | \u2013 | \u2013 | 1,333,852,308 |
Assets | Fair Value (US$) | Valuation Technique | Unobservable Input | Range |
| Funds Withheld Assets: | ||||
Corporate bonds | 11,139, 29 4 | Discounted Cash Flow | Transaction spread | 0.65% - 1.77% |
| Funds Withheld Assets \u2013 | |
| Bank Loans | |
| US$ | |
Balance at Acquisition Date | 10,672,790 |
Unrealised gains included in investment related gains | 466,504 |
Purchases | \u2013 |
Sales, maturities, redemptions | \u2013 |
Transfers into Level 3 | \u2013 |
Transfers out of Level 3 | \u2013 |
Balance at December 31 2025 | 11,13 9,294 |
| Fair Value | ||||
Year | Liabilities | US$ | Unobservable Inputs | Percentage |
December 31, 2025 | Insurance liabilities, at fair value | 1,333,852,308 | Non-performance risk spread | 2.48% |
| 2025 | |
| US$ | |
Insurance liabilities, as of August 31, 2025 | 1,075,499,574 |
Interest accrual | 22,318,912 |
Change in market conditions | 1,723,543 |
Change in inforce | (9,184,641) |
Impact of new business | 246,503,110 |
Others | (3,008,190) |
Insurance liabilities as of December 31 2025 | 1,333,852,308 |
| 2025 | 2024 | |
| US$ | US$ | |
Guernsey (not subject to tax) | 11,491,336 | 114, 273,784 |
Cayman Islands (not subject to tax) | (1,717,577) | \u2013 |
United States (SP1 \u2013 section 953(d) election) | 15,234,336 | \u2013 |
Income before income tax | 25,008,095 | 114,273,784 |
| December 31 2025 | |
| US$ | |
Current tax | 1,000 |
Deferred tax | 3,635,479 |
Total | 3,636,479 |
| December 31 2025 | |
| US$ | |
Tax expense on change in fair value of available-for-sale securities | (26,457) |
Tax expense on change in insurance liabilities due to own credit risk | (563,261) |
Net tax expense | (589,718) |
| Amount | Rate | |
| US$ | % | |
Net income before tax | 25,008,095 | |
Tax at U.S. federal statutory rate (21%) | (5,251,700) | (21%) |
Effect of income earned by entities in non-taxable jurisdictions and others | 1,615,221 | 6.5% |
Effective income tax expense | (3,636,479) | (14.5%) |
| 2025 | |
| US$ | |
| Deferred tax assets: | |
Deferred acquisition costs | 282,742 |
Ceding Commissions costs | 1,613,846 |
Start-up costs | 165,564 |
Available-for sale-securities | 77,468 |
Insurance liabilities | 5,002,157 |
Net loss carryforward | 7,618,302 |
Total gross deferred tax assets | 14,760,079 |
| Deferred tax liabilities: | |
Own credit risk | (610,902) |
Funds withheld assets | (17,864,097) |
Prepaid assets | (1,802) |
Total gross deferred tax liabilities | (18,476,801) |
Net deferred tax liabilities | (3,716,722) |
| 2025 | 2024 | |
| US$ | US$ | |
Guernsey (not subject to tax) | 11,491,336 | 114, 273,784 |
Cayman Islands (not subject to tax) | (1,717,577) | \u2013 |
United States (SP1 \u2013 section 953(d) election) | 15,234,336 | \u2013 |
Income before income tax | 25,008,095 | 114,273,784 |
| December 31 2025 | |
| US$ | |
Current tax | 1,000 |
Deferred tax | 3,635,479 |
Total | 3,636,479 |
| December 31 2025 | |
| US$ | |
Tax expense on change in fair value of available-for-sale securities | (26,457) |
Tax expense on change in insurance liabilities due to own credit risk | (563,261) |
Net tax expense | (589,718) |
| Amount | Rate | |
| US$ | % | |
Net income before tax | 25,008,095 | |
Tax at U.S. federal statutory rate (21%) | (5,251,700) | (21%) |
Effect of income earned by entities in non-taxable jurisdictions and others | 1,615,221 | 6.5% |
Effective income tax expense | (3,636,479) | (14.5%) |
| 2025 | |
| US$ | |
| Deferred tax assets: | |
Deferred acquisition costs | 282,742 |
Ceding Commissions costs | 1,613,846 |
Start-up costs | 165,564 |
Available-for sale-securities | 77,468 |
Insurance liabilities | 5,002,157 |
Net loss carryforward | 7,618,302 |
Total gross deferred tax assets | 14,760,079 |
| Deferred tax liabilities: | |
Own credit risk | (610,902) |
Funds withheld assets | (17,864,097) |
Prepaid assets | (1,802) |
Total gross deferred tax liabilities | (18,476,801) |
Net deferred tax liabilities | (3,716,722) |
| 2025 | 2024 | |
| US$ | US$ | |
Guernsey (not subject to tax) | 11,491,336 | 114, 273,784 |
Cayman Islands (not subject to tax) | (1,717,577) | \u2013 |
United States (SP1 \u2013 section 953(d) election) | 15,234,336 | \u2013 |
Income before income tax | 25,008,095 | 114,273,784 |
| December 31 2025 | |
| US$ | |
Current tax | 1,000 |
Deferred tax | 3,635,479 |
Total | 3,636,479 |
| December 31 2025 | |
| US$ | |
Tax expense on change in fair value of available-for-sale securities | (26,457) |
Tax expense on change in insurance liabilities due to own credit risk | (563,261) |
Net tax expense | (589,718) |
| Amount | Rate | |
| US$ | % | |
Net income before tax | 25,008,095 | |
Tax at U.S. federal statutory rate (21%) | (5,251,700) | (21%) |
Effect of income earned by entities in non-taxable jurisdictions and others | 1,615,221 | 6.5% |
Effective income tax expense | (3,636,479) | (14.5%) |
| 2025 | |
| US$ | |
| Deferred tax assets: | |
Deferred acquisition costs | 282,742 |
Ceding Commissions costs | 1,613,846 |
Start-up costs | 165,564 |
Available-for sale-securities | 77,468 |
Insurance liabilities | 5,002,157 |
Net loss carryforward | 7,618,302 |
Total gross deferred tax assets | 14,760,079 |
| Deferred tax liabilities: | |
Own credit risk | (610,902) |
Funds withheld assets | (17,864,097) |
Prepaid assets | (1,802) |
Total gross deferred tax liabilities | (18,476,801) |
Net deferred tax liabilities | (3,716,722) |
Name | Fee Per Annum |
Chairman of the Remuneration and Nomination Committee | \u00a3180,000 |
Chairman of the Audit Committee | \u00a3165,000 |
Non-Executive Director | \u00a3150,000 |
Chairman/Chairman of the Asset Management Engagement Committee* | \u00a3190,000 |
Non-Executive Director | \u00a3150,000 |
Non-Executive Director | \u00a3150,000 |
Chief Executive Officer | \u00a3743,494 |
2025 | 2024 | |||
| The Company | Malibu Life Re | Total | The Company | |
| US$ | US$ | US$ | US$ | |
Audit fees | 751,518 | 201,000 | 952,518 | 140,000 |
| Non-audit fees | ||||
Interim review | 86,372 | \u2013 | 86,372 | 60,000 |
Other non-assurance services | 1,038,426 | \u2013 | 1,038,426 | \u2013 |
Total | 1,876,316 | 201,000 | 2,077,316 | 200,000 |
2025 | 2024 | |||
| The Company | Malibu Life Re | Total | The Company | |
| US$ | US$ | US$ | US$ | |
Audit fees | 751,518 | 201,000 | 952,518 | 140,000 |
| Non-audit fees | ||||
Interim review | 86,372 | \u2013 | 86,372 | 60,000 |
Other non-assurance services | 1,038,426 | \u2013 | 1,038,426 | \u2013 |
Total | 1,876,316 | 201,000 | 2,077,316 | 200,000 |
| Shares | |
| Number of Ordinary Shares | |
Shares issued at beginning of the year | 17,770,129 |
Shares issued | 4,055,423 |
Shares cancelled | (4,754,490) |
Net shares issued/(cancelled) during the year | (699,067) |
Shares in issue at end of the year | 17,071,062 |
| B Shares | |
| Number of Ordinary B Shares | |
Shares in issue at beginning of the year | 11,846,754 |
Shares issued | 2,703,616 |
Shares cancelled | (3,169,662) |
Net shares cancelled during the year | (466,046) |
Shares in issue at end of the year | 11,380,708 |
| Shares | |
| Number of Ordinary Shares | |
Shares issued at beginning of the year | 17,770,129 |
Shares issued | 4,055,423 |
Shares cancelled | (4,754,490) |
Net shares issued/(cancelled) during the year | (699,067) |
Shares in issue at end of the year | 17,071,062 |
| B Shares | |
| Number of Ordinary B Shares | |
Shares in issue at beginning of the year | 11,846,754 |
Shares issued | 2,703,616 |
Shares cancelled | (3,169,662) |
Net shares cancelled during the year | (466,046) |
Shares in issue at end of the year | 11,380,708 |
| From September 12, 2025 to December 31 2025 | |
| US$ | |
| Revenue | |
Net investment loss | (43,161) |
Investment-related gains | 48,106,174 |
Income from Third Point Offshore Fund Ltd. | 9,741,361 |
Total revenue | 57,804,374 |
| Expenses: | |
Fair value changes associated with reinsurance contracts | (33,154,215) |
Strategic review fees | (5,569,313) |
Directors\u2019 fees | (948,872) |
Other expenses | (6,942,820) |
Total expenses | (46,615,220) |
Segment net income before tax | 11,189,154 |
Income tax expense | (3,636,479) |
Segment net income after tax | 7,552,675 |
Total segment assets as at December 31, 2025 | 1,925,024,319 |