June 20, 2023
Ironrock Insurance Company Limited (ROC) reported for the three months ended March 31, 2023, a 35% increase in insurance revenue totaling $310.41 million compared to $230.34 million in the corresponding period last year.
Reinsurance contract expenses amounted to $171.62 million (2022: $106.08 million); this represents an increase of 62% year over year. Consequently, insurance service contract expenses increased by 15% to $137.74 million compared to $119.77 million for the three months ended March 31, 2022.
Investment income increased by 29% to close at $16.20 million (2022: $12.56 million). As a result, total other income for the three months ended March 31, 2023, amounted to $19.41 million, a 37% increase relative to the $14.21 million reported in 2022.
Other operating expenses for the three months ended March 31, 2023, amounted to $32.08 million, a 34% increase relative to the $23.99 million reported in 2022.
Loss before taxation for the three months ended March 31, 2023, amounted to $11.63 million, a 120% increase relative to the $5.28 million reported in 2022.
There was no taxation for the three months ended March 31, 2023, (2022: nil). For the first quarter, the net loss for the period was $11.63 million (2022: loss of $5.28 million).
Consequently, the loss per share for the three months amounted to $0.05 (2022: LPS: $0.02), the twelve-month trailing EPS was $0.10, and the number of shares used in these calculations was 214,000,000. Notably, ROC’s stock price closed the trading period on June 18, 2023, at a price of $2.00 with a corresponding P/E ratio of 19.63x.
Balance Sheet Highlights
The company’s assets totalled $1.27 billion (2022: $1.04 billion). This increase is mainly due to growth in Cash and cash equivalent which increased by $290% to $158.61 million and Asset for Remaining Coverage which grew by $96.14 million to $239.05 million in 2023.
Shareholder’s equity was $625.19 million (2022: $614.37 million), representing a book value per share of $2.92 (2022: $2.87).
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