Bermudian-based Annuity and Life Re (Holdings) Ltd has reported a narrower interim loss and stronger balance sheet for the first half of 2025, even as the Bermuda Monetary Authority has moved to deregister the company’s long-term insurance licence.

In a letter dated May 22, the BMA asked ALReH to novate or commute its remaining insurance risk and deregister its Class C licence within three months. The board met twice in late May and June and said it would “fully co-operate with the BMA while exploring all options available to have the decision reversed, including resuming writing insurance business”.

ALReH, which has not written new long-term business since 2005, reported a net loss of $3.8 million for the six months ended June 30, compared with a loss of $4.5 million a year earlier. Total assets rose to $27.6 million, up from $23.7 million at year-end, while shareholders’ equity increased to $26.1 million from $22.3 million, largely reflecting improved investment performance.

The company recorded investment income of $4.8 million and reduced impairment charges on loan receivables to $586,625, down from $1.2 million the previous year. Operating expenses also fell about 30 per cent.

ALReH remains involved in a series of legacy court cases, including efforts to collect a $17.7 million judgment against China Yida Holding Co and appeals in the Full Apex and Kingboard Copper Foil Holdings matters, which could still affect its financial position.