May 2, 2025
Ironrock Insurance Company Limited(ROC)
Audited 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 $926.18 million (2023: $710.55 million), this represents an increase of 30% year over year. Additionally, insurance service contracts expense increased by 20% to $678.02 million compared to $565.09 million for the year ended December 31, 2023. The company booked insurance service contracts expense of $203.66 million for the fourth quarter versus $193.52 million reported for the similar quarter of 2023. Consequently, Insurance Service results increased by 26% to close at $150.61 million (2023: $119.72 million),
Interest revenue increased by 27% to $79.70 million compared to $62.67 million in 2023, white ‘Other investment revenue net’ amounted to $29.57 million (2023: $11.39 million). Additionally, impairment loss on financial assets amounted to $4.97 million (2023: Reversal of impairment on financial assets of $4.75 million). Consequently, Net Investment income 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 while Net insurance finance income amounted to $3.66 million ($3.02 million). Other operating expenses totaled $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 $93.28 million, a 10% decrease relative to $103.10 million reported in 2023. Profit before taxation for the fourth quarter amounted to $84.97 million (2023: $92.36 million).
The tax charge incurred for the year ended December 31, 2024, decreased by 34% to reach $12.57 million (2023: $19.14 million). Profit for the period for the year amounted to $80.71 million, a 4% decrease from the $83.96 million reported in 2023. For the fourth quarter, Profit for the period was $72.67 million (2023: $73.20 million).
Consequently, Earnings Per Share for the year amounted to $0.38 (2023: EPS: $0.39), while Earnings Per Share for the quarter totaled $0.340 (2023: EPS: $0.342). The number of shares used in these calculations was 214,000,000.
Notably, ROC’s stock price closed the trading period on May 01, 2025 at a price of $3.70 with a corresponding P/E ratio of 9.81x.
Balance Sheet Highlights
The company’s assets totaled $1.69 billion (2023: $1.57 billion). The movement in total assets was primarily attributable to 57% increase in ‘Investment securities’ amounting to $830.61 million (2023: $529.08 million)
Shareholder’s equity was $811.48 million (2023: $748.34 million), representing a book value per share of $3.79 (2023: $3.50).
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