November 15, 2023
Ironrock Insurance Company Limited (ROC) for the nine months ended September 30, 2023 reported a 37% increase in Insurance Revenue totaling $1.01 billion compared to $733.32 million in the corresponding period last year. Insurance Revenue for the third quarter had a 49% increase to close at $380.42 million compared to $254.96 million for the comparable quarter of 2022.
Reinsurance Contracts Expense amounted to $608.29 million (2022: 377.28 million), this represents a increase of 61% year over year. Consequently, insurance service contracts expense increased by 8% to $371.57 million compared to $345.44 million for the nine months ended September 30, 2022. The company booked insurance service contracts expense of $143.95 million for the third quarter versus $103.42 million reported for the similar quarter of 2022.
Insurance Service results increase by 162% to close at $27.76 million (2022: $10.60 million), while Investment income increase by 6% from $49.32 million in 2022 to $52.21 million in the period under review.
ROC reported Total other income for the nine months ended September 30, 2023, of $70.64 million, relative to $55.88 million reported in 2022. Total other income for the third quarter amounted to 32.42 million (2022: $32.12 million). Other operating expense totalled $87.66 million, up from the $77.69 million reported for the same period of 2022.
Profit before taxation for the nine months ended September 30, 2023, amounted to $10.74 million, a 4% decrease relative to $11.22 million reported in 2022. Profit before taxation for the third quarter amounted to 14.48 million (2022: $14.87 million).
There was no Taxation for the nine months ended September 30, 2023. Profit for the period for the nine months amounted to $10.74 million, an improvement from a loss of $11.22 million reported in 2022. For the third quarter, Profit for the period was $14.48 million (2022: $14.87 million).
Consequently, Earnings Per Share for the nine months amounted to $0.05 (2022: LPS: $0.05), while Earnings Per Share for the quarter totaled $0.07 (2022: EPS: $0.07). The twelve-month trailing EPS was $0.23 and the number of shares used in these calculations was 214,000,000.
Notably, ROC’s stock price closed the trading period on November 14, 2023 at a price of $2.19 with a corresponding P/E ratio of 9.35x.
Balance Sheet Highlights
As at September 30, 2023, ROC’s assets totalled $1.27 billion (2022: $1.06 billion), 19% greater than the amount booked during 2022. ‘Cash and cash equivalent’ contributed to the increase in the asset base closing the period at $522.31 million (2022: $175.37 million)
Shareholder’s equity was $640.60 million (2022: $608.44 million), representing a book value per share of $2.99 (2022: $2.84).
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