August 16, 2023
Ironrock Insurance Company Limited (ROC) for the six months ended June 30, 2023 reported a 31% increase in Insurance Revenue totaling $627.21 million compared to $478.37 million in the corresponding period last year. Insurance Revenue for the second quarter had a 28% increase to close at $316.80 million compared to $248.02 million for the comparable quarter of 2022.
Reinsurance Contracts Expense amounted to $383.50 million (2022: $235.18 million), this represents an increase of 63% year over year. Consequently, insurance service contracts expense increased by 6% to $227.62 million compared to $242.03 million for the six months ended June 30, 2022. The company booked insurance service contracts expense of $88.03 million for the second quarter versus $120.76 million reported for the similar quarter of 2022.
Insurance service results increased by 1281% to close at $16.09 million (2022: $1.17 million), while Investment income increased by 10% from $28.39 million in 2022 to $31.10 million in the period under review.
Total other income for the six months ended June 30, 2023, amounted to $38.23 million, a 61% increase relative to $23.76 million reported in 2022. Total other income for the second quarter amounted to $18.82 million (2022: $9.55 million). Other operating expense totalled $58.06 million, a 14% increase from the corresponding period last year (2022: $51.01 million).
Loss before taxation for the six months ended June 30, 2023, amounted to $3.74 million relative to $26.09 million reported in 2022. Profit before taxation for the second quarter amounted to $7.89 million (2022: Loss before taxation of $17.53 million).
No taxes were incurred so net loss for the period amounted to $3.74 million relative to net loss of $26.09 million reported in 2022. Profit for the second quarter amounted to $7.89 million (2022: Loss of $17.53 million).
Consequently, Loss Per Share for the six months amounted to $0.02 (2022: LPS of $0.12), while Earnings Per Share for the quarter totaled $0.04 (2022: LPS of $0.08). The twelve month trailing EPS was $0.24 and the number of shares used in these calculations was 214,000,000.
Notably, ROC’s stock price closed the trading period on August 15, 2023 at a price of $2.10 with a corresponding P/E ratio of 8.90x.
Balance Sheet Highlights
The company’s assets totalled $1.23 billion (2022: $1.07 billion). ‘Investments’ amounted to $865.22 million (2022: $810.37 million).
Shareholder’s equity was $626.12 million (2022: $607.04 million), representing a book value per share of $2.93 (2022: $2.84).
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