ROC reports 93% increase in net loss

For the six months, IronRock posted gross premium of $173.35 million relative $38.48 million; this represents a 350% increase. While for the second quarter gross premium was $111.41 million relative to $31.46 million for 2016.

Change in gross provision for unearned premiums amounted to $132.07 million compared to $30.42 million in 2016. Excess of loss premium totaled $12.89 million relative to $4.12 million. As a result, gross insurance premium revenue amounted to $28.39 million relative to $3.994 million.

Net insurance premium revenue amounted to $23.09 million, relative to a loss $2.44 million in 2016.

Commission expense totaled $10.62 million in contrast to $707,000 in 2016, while commission income grew 901% to total 12.65 million relative to $1.26 million in 2016.

The company booked net claims of $21.28 million relative to nil in 2016.

Operating expenses for the period increased to $64.47 million relative to 2016 figure of $37.58 million. This resulted in an underwriting loss of $60.62 million compared to a loss of $39.46 million for the 2016.

Investment income amounted to $15.20 million relative to $3.41 million in 2016, a 346% increase. As a result, the company had a loss before taxes of $46.29 million compared to a loss of $23.95 million, a 93% increase.

Loss for the period totaled $46.29 million compared to a loss of $23.95 million in 2016.  For the second quarter, the company book losses amounted to $19.01 million 100% more than the $9.55 million reported in 2016.

Loss per share for the quarter totaled $0.089 (2016: $0.045); while LPS for the six months ended June 30, 2017 was $0.22 (2016: $0.11). The trailing twelve months loss per share amounted to $0.34. The numbers of shares used in the calculations are 214,000,000.00 units.

Balance Sheet Highlights:

As June 2017, assets totaled $807.44 million a significant increase when compared to the balance of $679.03 million as at June 2016.

Shareholder’s equity closed at $523.70 million down from $581.42 million for the same period of 2016. This resulted in a book value per share of $2.45 (2016: $2.72).




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