July 31, 2025
Ironrock Insurance Company Limited (ROC)
Unaudited financials for the six months ended June 30, 2025:
Ironrock Insurance Company Limited (ROC) for the six months ended June 30, 2025 reported a 22% increase in Insurance Revenue totaling $1.03 billion compared to $845.13 million in the corresponding period last year. Insurance Revenue for the second quarter had an 18% increase to close at $539.02 million compared to $443.69 million for the comparable quarter of 2024.
Year to date, Reinsurance Contracts Expense amounted to $663.41 million (2024: $498.60 million), this represents an increase of 33% year over year. Additionally, insurance service contracts expense increased by 10% to $357.67 million compared to $326.50 million for the six months ended June 30, 2024. The company booked insurance service contracts expense of $187.89 million for the second quarter versus $190.53 million reported for the similar quarter of 2024.
Year to date, Insurance Service results decreased by 55% to close at $8.98 million (2024: $20.04 million), while Investment return decreased by 4% from $54.80 million in 2024 to $52.62 million in the period under review.
Other income for the six months ended June 30, 2025, amounted to $8.64 million, a 903% increase relative to $861,000 reported in 2024. Other income for the second quarter amounted to $3.68 million (2024: $1.09 million). Other operating expenses totaled $101.66 million, a 35% increase from the corresponding period last year. (2024: $75.23 million).
Loss before taxation for the six months ended June 30, 2025, amounted to $31.42 million (2024: Profit of $472, 000). Loss before taxation for the second quarter amounted to $23.59 million (2024: loss of $5.30 million).
No tax charge was incurred for the period under review (2024: $240,000). Loss for the period for the six months amounted to $31.42 million, a significant decrease from the profit of $233,000 reported in 2024. For the second quarter, Loss for the period was $23.59 million (2024: Loss of $5.30 million).
Consequently, Loss Per Share for the six months amounted to $0.15 (2024: EPS: $0.00), while Loss Per Share for the quarter totaled $0.11 (2024: LPS: $0.02). 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 July 30, 2025, at a price of $4.00 with a corresponding P/E ratio of 17.45x.
Balance Sheet Highlights
The company’s assets totaled $1.81 billion (2024: $1.50 billion). The movement in total assets was primarily attributable to a 29% increase in ‘Investments’ amounting to $763.21 million (2024: $591.67 million).
Shareholders’ equity was $781.34 million (2024: $752.37 million), representing a book value per share of $3.65 (2024: $3.52).
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