ROC reported a 59% increase in net loss for nine months ended September 2017

IronRock Insurance Company Limited

For the nine months ended September 30, 2017: –


For the nine months, IronRock posted gross premium of $257.27 million relative $59.41 million; this represents a 333% increase. While for the third quarter gross premium was $83.93 million relative to $20.93 million for 2016.

Change in gross provision for unearned premiums amounted to $180.06 million compared to $45.28 million in 2016. Excess of loss premium totalled $19.33 million relative to $6.19 million in 2016. As a result, gross insurance premium revenue amounted to $57.88 million relative to $7.95 million in 2016, a 628% increase.

Net insurance premium revenue amounted to $47.29 million, relative to a loss of $1.61 million in 2016.

Commission expense totalled $20.30 million in contrast to $2.23 million in 2016, while commission income grew 508% to total $21.98 million relative to $3.62 million in 2016.

The company booked a negative net claim of $34.18 million relative to $508,000 in 2016.

Operating expenses for the period increased to $99.39 million relative to 2016 figure of $62.24 million. This resulted in an underwriting loss of $84.61 million compared to a loss of $62.96 million for the 2016.

Investment income amounted to $23.18 million relative to $9.41 million in 2016, a 146% increase. As a result, the company had a loss before taxes of $60.37 million compared to a loss of $37.91 million the year prior, a 59% increase.

Loss for the period totalled $60.43 million compared to a loss of $37.91 million in 2016, a 59% increase.  For the third quarter, the company booked losses amounting to $14.08 million 1% more than the $13.97 million reported in 2016.

Loss per share for the period totaled $0.28 (2016: $0.18); while LPS for the quarter was $0.066 (2016: $0.065). The trailing twelve months loss per share amounted to $0.34. The stock price as at November 14, 2017 was $3.25. The numbers of shares used in the calculations are 214,000,000.00 units.


Balance Sheet Highlights:

As September 30, 2017, assets totaled $795.36 million.

Shareholder’s equity closed at $524.24 million. This resulted in a book value per share of $2.45.





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 effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.