February 13, 2025

Ironrock Insurance Company Limited(ROC)

Unaudited financials for the year ended December 31, 2024:

Ironrock Insurance Company Limited (ROC) for the year ended December 31, 2024, reported a 26% increase in Insurance Revenue totaling $1.75 billion compared to $1.40 billion in the corresponding period last year. Insurance Revenue for the fourth quarter had a 20% increase to close at $466.32 million compared to $387.74 million for the comparable quarter of 2023.

Reinsurance Contracts Expense amounted to $939.52 million (2023: $710.55 million), this represents an increase of 32% year over year. Also, insurance service contracts expenses increased by 18% to $667.64 million compared to $565.09 million for the year ended December 31, 2023.  Consequently, Insurance Service results increased by 23% to close at $147.64 million (2023: $119.72 million). For the quarter, Insurance service result amounted to $107.34 million (2023: $91.96 million).

Investment return for the year ended December 31, 2024, increased by 32% from $78.80 million in 2023 to $104.30 million in the period under review.

Other income for the year ended December 31, 2024, amounted to $9.52 million, a 53% decrease relative to $20.07 million reported in 2023.

Operating expense totalled $174.79 million a 47% increase from the corresponding period last year. (2023: $118.51 million).

Profit before taxation for the year ended December 31, 2024, amounted to $86.66 million, a 16% decrease relative to $103.10 million reported in 2023. Profit before taxation for the fourth quarter amounted to $78.35 million (2023: $92.36 million).

Taxation for the year ended December 31, 2024, had a 27% decrease to reach $14.00 million (2023: $19.17 million). As such, Profit for the year amounted to $72.66 million, a 13% decrease from the $83.94 million reported in 2023. For the fourth quarter, Profit was $63.60 million (2023: $73.20 million).

Consequently, Earnings Per Share for the year amounted to $0.34 (2023: EPS: $0.39), while Earnings Per Share for the quarter totaled $0.30 (2023: EPS: $0.34). The twelve-month trailing EPS was $0.34, and the number of shares used in these calculations was 214,000,000.

Notably, ROC’s stock price closed the trading period on February 13, 2025, at a price of $3.90 with a corresponding P/E ratio of 11.49x.

Balance Sheet Highlights

The company’s assets totalled $1.68 billion (2023: $1.57 billion). The growth in total assets was influenced mainly by a $150.61 million increase in ‘Securities purchased under resale agreement’, a $286.53 million uptick in ‘Investments’ and a $308.88 million decline in ‘Cash and cash equivalents’ during the period.

Total Shareholder’s equity was $803.44 million (2023: $748.31 million), representing a book value per share of $3.75 (2023: $3.50).

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