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October 5, 2022
BUSINESSCOMPANIESECONOMY

Life is Hard ends the first semester with a net profit of 1.6 million lei, up by 335%

LIFE IS HARD (LIH), a technology company listed on BVB, AeRo market, ends the first half of the current year with a turnover of 12.4 million lei, namely 20% higher than the same period in 2021, as well as with a net profit of 1.6 million lei, up 335% compared to the first half of the previous year.

Additionally, in the first six months of 2022, the company has reduced its debt and improved its long-term financial balance, while the wealth of LIH’s shareholders has strengthened.

“We look at the present and constantly deliver results: LIFE IS HARD exceeded its proposed financial goals in the first 6 months. Although 2022 has brought many challenges to the market, the company has increased its liquidity, and the number of LIH shareholders is increasing as well. At the same time, we look to the future and invest in business areas capable of ensuring significant and long-term results and impact: LIFE IS HARD is rapidly building the new 24broker, where we integrate significant elements of AI, and skills that the insurance industry requires to grow”, mentions Cătălin Chiș, President and CEO of LIFE IS HARD.

24broker is currently the leading insurance brokerage platform through the broker channel in Romania. It is used by 11,280 insurance consultants and 110 brokerage companies, out of a total of 270 companies active in the market. Through the platform, 4.6 billion lei in gross premiums are subscribed, supporting 51% of the brokerage channel and 37% of the total insurance industry in Romania.

Furthermore, in 2022, the development strategy of the companies in which LIH has holdings is focused on increasing access to human resources (Innobyte) by using new technologies and e-commerce platforms, respectively on expanding current capabilities (Performia), by digitizing processes in accountancy.  Both approaches have a direct impact on the profitability level medium term and are expected to have visible results in the next 18 months.

The detailed report on the financial results of LIFE IS HARD in the first half of 2022 can be consulted here.

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