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.
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