olivLaw · European equity research
Malibu Life Holdings Limited MLHL.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Malibu Life Holdings Limited is a reinsurance and annuity company that turns an investment in a fund run by Third Point into an operating annuity business. The company recently shifted from an externally managed investment vehicle to an active reinsurer, which makes it relevant to investors tracking its spread-based model. Reinsurance generated $889 million of annuity premiums in 2025, and cumulative premiums reached about $1.4 billion.
At the close of 05 Nov 2026, Malibu Life Holdings Limited (MLHL.L) stock was 12.30 USD (−1.60% on the day), with market capitalisation 213.7 m USD, P/E 10.0 on diluted EPS of 1.23 USD over the last 12 months, beta 0.43, 52-week range 12.30–20.25 USD.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 17.9
- oversold (≤ 30)
- Bollinger (20, 2)
- 12.08 – 13.92
- in the lower half of the band · %B 0.12 · band width 14.1%
- SMA 50 / 200
- 13.71 / 15.50
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.40 / -0.37
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.3% | −0.6% | −11.7 pp | — |
| 3 months | −13.4% | −4.2% | −9.2 pp | — |
| 6 months | −15.2% | +4.3% | −19.5 pp | — |
| Year to date | −32.9% | +7.5% | −40.4 pp | — |
| 1 year | −38.5% | +9.9% | −48.4 pp | +5.8% |
| 3 years | −34.0% | +49.8% | −83.9 pp | +26.3% |
| 5 years | −60.1% | +42.8% | −102.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 1-quarter history (min 14.9, median 14.9, max 14.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 0 | 57.8 m |
| Revenue YoY | unavailable | unavailable |
| Net income | 114.3 m | 21.4 m |
| Net income YoY | unavailable | −81.3% |
| Diluted EPS | 0.00 | 1.23 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | unavailable | 37.0% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 16.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 569.0 m USD
- Total assets
- 1.9 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 3.8%
- ROA
- 1.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
Balance sheet · USD
Cash flow · USD
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 213.7 m USD
Key indicators
Coverage and freshness
Score by group
23% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.89 – 21.42 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E13.89 – 21.42 (Mid 17.74)17 companies used · median multiple 14.4x · quartiles 11.3x – 17.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 37.0% | 91 (vs peers) | 27% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 10.0x | 83 (vs peers) | 45% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 58.5% | 100 (on a fixed band) | 27% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial91/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial83/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Malibu Life Holdings Limited (MLHL.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 57.8 m USD in 2025; net margin 37.0%; ROE 3.8%.
The estimated value range is 13.89–21.42 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 17.74 USD, the price of 12.30 USD leaves a potential of 44.3% (value / price − 1) and a margin of safety of 30.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 37.0%
- P/E (TTM): 10.0x
- Shareholder yield (distributions): 58.5%
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| MLHL.LMalibu Life Holdings Limited | 213.7 m | 10.0 | 3.8% | 37.0% | unavailable | −34% / −35% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for MLHL.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Malibu Life Holdings Limited is a reinsurance and annuity company that turns an investment in a fund run by Third Point into an operating annuity business. The company recently shifted from an externally managed investment vehicle to an active reinsurer, which makes it relevant to investors tracking its spread-based model. Reinsurance generated $889 million of annuity premiums in 2025 1, and cumulative premiums reached about $1.4 billion 1.
SWOT
Strengths
- The company has an integrated business model that links liabilities to assets and provides a basis for precise pricing. Reinsurance has already generated a significant volume of premiums, showing real commercial traction. Partnerships with the investment manager and actuaries give access to mature infrastructure.
- Reliance on an experienced main fund with a long history of managing assets for insurers may reduce execution risk at this early stage. The capital structure allows redeployment into transactions that meet return criteria.
- The company has shown that liability cash flows performed in line with expectations, supporting the idea of a predictable spread model. Asset reserves are placed in high-quality credit, which could limit credit risk.
Weaknesses
- The company is at an early stage as an insurance operator, and its operating history is limited. Operating costs remain high while internal functions are being built, and retail origination adds further expense.
- The large concentration of capital in a single fund investment means results depend on the manager's performance. Margins could be affected if the cost of liabilities rises faster than asset yields.
- The company has not yet set quantitative climate targets, and the data needed to assess climate risk is still developing. This may limit comparability with other issuers.
Opportunities
- The TruSpire acquisition could open a direct annuity origination channel in the US, reducing dependence on reinsurance treaties. Extending existing treaties could substantially increase premium volume by 2028.
- If the annuity market keeps growing, companies with integrated capabilities could gain market share. The company points to significant opportunities in the life and annuity industry that it could exploit through capital discipline.
- If credit prices become attractive during volatile periods, the asset portfolio could generate better returns. The manager already identifies opportunities in restructurings, which could add long-term value.
Threats
- A prolonged conflict or a sudden change in interest rates could affect asset values and spread margins. Market volatility could reduce the returns of the main fund, directly affecting the company's capital.
- Regulation in the Cayman Islands and UK could evolve, and compliance requirements could raise costs. Changes in the supervisory framework could alter the operating conditions of the reinsurance business.
- Competition in the annuity market could pressure treaty pricing and reduce reinsurance margins. A delay in the TruSpire acquisition could slow the company's growth plan.
Risks
- Concentration in the main fundhigh
Most capital is invested in a single fund run by a third party. If the fund's performance declines, the value of common equity could be significantly affected.
- TruSpire acquisitionmedium
Completion of the TruSpire acquisition is not assured at the report date. If the transaction is delayed or does not complete, the direct origination plan could be postponed.
- Credit and restructuring riskmedium
The credit portfolio could be affected by out-of-court and in-court restructurings, which have remained frequent. Credit losses could reduce the company's returns.
- Regulatory and compliance riskmedium
The company operates under the supervision of several authorities, and reporting requirements could increase. Breaches could carry financial and reputational consequences.
- Climate risklow
The company acknowledges that climate risks could influence portfolio asset values over the medium and long term. The lack of quantitative targets makes it difficult to assess progress in this area.
Investment thesis
What would need to be true (bull case)
- If the reinsurance treaty reaches its projected premium volume and the TruSpire acquisition completes, the company could significantly expand the assets managed through its integrated model.
- If credit spreads remain attractive and investment returns improve, reinsurance margins could support a return on equity in the declared target range.
- If partnerships with Third Point and Oliver Wyman continue to lower operating costs, the company could reach scale faster than competitors starting from zero.
What would break the thesis
- If the main fund's return stays below that of benchmark markets, the value of common equity could stagnate or decline, and investors could reassess the strategy.
- If the TruSpire acquisition is delayed or does not complete, growth through direct origination could be limited, and operating costs could remain high without the planned benefits.
- If market volatility and credit restructurings intensify, portfolio losses could exceed estimates, directly affecting capital and margins.
What to watch
- Progress of the reinsurance treaty toward the cumulative premium target2028
- Completion of the TruSpire acquisition and integration timeline2026
- Net return of the Master Fund investment compared with benchmark indicesnext 10-K
- Trend in the ratio of operating costs to premium volumeQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The business model combines well understood annuity liabilities with investments mainly in investment-grade credit to earn a spread. The company relies on Third Point resources for analytics, risk, finance, legal and operations, and on Oliver Wyman for actuarial services 1. The pending TruSpire acquisition, still open at the report date, would add a direct origination channel for the US retail annuity market 1.
Management describes the model as integrated, with assets and liabilities managed together for more precise pricing and cash flow matching. Initial operating costs are reduced through existing partner infrastructure, and the company intends to bring some functions in-house as it grows. Retail origination carries higher operating expenses, which will be partly funded from reinsurance profits 1.
Capital is redeployed from the Master Fund into insurance transactions on a deliberate basis when opportunities meet the mid-teens return on equity target 1. The investment in the fund represented about 80% of common equity, and its carrying value fell from $549 million to $442 million during 2025 1.
Segments
Market context
The annuity and life insurance market is described by the company as having institutional demand, where supplying liquidity and reinsurance solutions is relevant. The report notes significant opportunities in the life and annuity industry without quantifying their size in the analysed sources 1.
Reinsurance transactions are described as well understood by the company's partners, and counterparty relationships are considered essential to scaling the model. The Board expects similar relationships to form as more treaties are concluded in the coming years 1.
Trends
- Acquisition and direct originationtailwind
The TruSpire acquisition could give access to a direct origination channel in the US retail annuity market, a direction the company presents as central to future growth 1. If the acquisition is not completed, the direct origination plan could be delayed.
- Interest rates and credit yieldsmixed
Third Point's reporting notes that interest rates have remained relatively high and valuations remain far below 2020-2021 levels 1. Elevated credit yields could support spread margins, while a sharp change in rates could pressure asset values.
- Credit volatility and restructuringsheadwind
The investment manager expects liability management exercises and in-court restructurings to remain frequent in 2026, which could create volatility in the credit portfolio 1. If such events multiply, pressure on assets could affect returns of the main fund.
- Macroeconomic uncertaintyheadwind
The conflict in Iran, mentioned in the report, could affect commodity prices, inflation and consumer sentiment. The manager reduced gross and net equity exposure to preserve capital, a defensive stance in stressed periods 1.
Competitive position
The company operates in a competitive market where annuity providers and reinsurers compete on cost, pricing and access to distribution channels. The report suggests that the integrated model linking liabilities to assets could be best positioned to withstand this competition 1.
The stated advantage lies in partnerships with Third Point and Oliver Wyman, which reduce the time and cost of launching a fully equipped business. The analysed sources do not name directly listed competitors, so comparisons with other issuers remain limited.
- US annuity and life insurance providers
The analysed sources do not name listed competitors; the company describes competition in the annuity segment as intense.
- Offshore annuity reinsurers
Competition may come from reinsurers operating from Cayman or Bermuda, jurisdictions the company cites as relevant to its plan.
- Retail annuity origination platforms
The TruSpire acquisition could place the company in direct competition with US retail distribution operators.
- Alternative asset managers that own insurers
Competition may come from platforms combining asset management with insurance, a model similar to that of Third Point.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202529 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Malibu Life Holdings Limited · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.