February 13, 2024

Ironrock Insurance Company Limited (ROC) for the twelve months ended December 31, 2023, reported a 41% increase in Insurance Revenue totalling $1.40 billion compared to $991.90 million in the corresponding period last year. Insurance Revenue for the fourth quarter had a 50% increase to close at $387.74 million compared to $258.57 million for the comparable quarter of 2022.

Reinsurance Contracts Expense amounted to $746.01 million (2022: $439.10 million), this represents an increase of 70% year over year.

Insurance service contracts expense increased by 12% to $549.64 million compared to $491.37 million for the twelve months ended December 31, 2022.

Insurance Service results increased by 62% to close at $99.71 million (2022: $61.42 million). For the quarter, insurance service result increased by 42% from $50.83 million to $71.95 million.

Investment income increased by 38% from $57.57 million in 2022 to $79.65 million in the period under review, while, other income for the twelve months ended December 31, 2023 amounted to $20.06 million, a 166% increase relative to $7.54 million reported in 2022.

Consequently, total income for the twelve months ended December 31, 2023, amounted to $99.70 million, a 53% increase relative to $65.11 million reported in 2022. Total income for the fourth quarter amounted to $29.06 million (2022: $9.23 million).

Operating expenses totalled $118.51 million, a 14% increase from the corresponding period last year. (2022: $103.60 million).

Profit before taxation for the twelve months ended December 31, 2023, amounted to $80.91 million, a 253% increase relative to $22.93 million reported in 2022. Profit before taxation for the fourth quarter amounted to $70.17 million (2022: $34.14 million).

Taxation for the twelve months ended December 31, 2023, increased 453% to $13.14 million (2022: $2.38 million).

Net profit for the twelve months ended December 31, 2023, amounted to $67.77 million, a 230% increase from the $20.55 million reported in 2022. For the fourth quarter, net profit was $57.03 million (2022: $31.77 million).

Consequently, Earnings Per Share for the twelve months amounted to $0.32 (2022: EPS: $0.10), while Earnings Per Share for the quarter totalled $0.27 (2022: EPS: $0.15). The twelve month trailing EPS was $0.32 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, 2024, at a price of $2.51 with a corresponding P/E ratio of 7.93x.

Balance Sheet Highlights

The company’s assets totalled $1.55 billion (2022: $1.24 billion). The growth in total assets was mainly due to a 214% uptick in ‘Cash and cash equivalent’ to $446.73 million (2022: $142.41 million).

Shareholder’s equity was $697.63 million (2022: $636.81 million), representing a book value per share of $3.26 (2022: $2.98).

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