July 23, 2024
Ironrock Insurance Company Limited (ROC)
Unaudited financials for the three months ended March 31, 2024:
Ironrock Insurance Company Limited (ROC) for the three months ended March 31, 2024, reported a 29% increase in Insurance Revenue totaling $401.45 million compared to $310.41 million in the corresponding period last year.
Reinsurance Contracts Expense amounted to $251.63 million (2023: $171.62 million), this represents an increase of 47% year over year. Consequently, Insurance Service Contracts Expense decreased by 3% to $135.96 million compared to $139.59 million for the three months ended March 31, 2023.
Insurance Service results increased by 1819% to close at $13.86 million compared to 2023 with a deficit of $807,000, while Investment Return increased by 79% from $16.20 million in 2023 to $29.07 million in 2024. Consequently, Other Income decreased by 107% from $3.21 million in 2023 to a loss of $229,000 in 2024.
Total other income for the three months ended March 31, 2024, amounted to $28.84 million, a 49% increase relative to $19.41 million reported in 2023. Other operating expenses totalled $36.93 million, a 22% increase from the corresponding period last year. (2023: $30.23 million).
Profit before taxation for the three months ended March 31, 2024, amounted to $5.77 million, a 50% increase relative to the loss of $11.63 million reported in 2023.
Profit for the period for the three months amounted to $5.53 million, a 148% increase from the loss of $11.63 million reported in 2023.
Consequently, Earnings Per Share for the three months amounted to $0.03 (2023: LPS: $0.05). The twelve-month trailing EPS was $0.47, and the number of shares used in these calculations was 214,000,000.
Notably, ROC’s stock price closed the trading period on July 22, 2024, at a price of $2.18 with a corresponding P/E ratio of 4.61x.
Balance Sheet Highlights
The company’s assets totalled $1.54 billion (2023: $1.27 billion). This increase was attributable to Short-term investments which equated to $144.44 million for the first quarter of 2024. Additionally, Cash and Cash Equivalents also contributed to the increase with a 178% increase from $158.61 million in 2023 to $440.95 million in 2024.
Shareholder’s equity was $756.21 million (2023: $658.87 million), representing a book value per share of $3.53 (2023: $3.08).
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.