August 15, 2024
Ironrock Insurance Company Limited (ROC)
Unaudited financials for the six months ended June 30, 2024:
Ironrock Insurance Company Limited (ROC) for the six months ended June 30, 2024, reported a 35% increase in Insurance Revenue totaling $845.13 million compared to $627.21 million in the corresponding period last year. Insurance Revenue for the second quarter had a 40% increase to close at $443.69 million compared to $316.80 million for the comparable quarter of 2023.
Reinsurance Contracts Expense amounted to $498.60 million (2023: $383.50 million), this represents an increase of 30% year over year. Consequently, Insurance Service Contracts Expense increased by 43% to $326.50 million compared to $227.62 million for the six months ended June 30, 2023. The company booked Insurance Service Contracts Expense of $190.53 million for the second quarter versus $88.03 million reported for the similar quarter of 2023.
Insurance Service results increased by 25% to close at $20.04 million (2023: $16.09 million), while other income for the six months ended June 30, 2024, amounted to $861,000, an 88% decrease relative to $7.13 million reported in 2023. Other income for the second quarter amounted to $1.09 million (2023: $3.92 million). Other operating expenses totalled $75.23 million, a 30% increase from the corresponding period last year. (2023: $58.06 million).
Profit before taxation for the six months ended June 30, 2024, amounted to $472,000, a 113% increase relative to the Loss before taxation of $3.74 million reported in 2023. Loss before taxation for the second quarter amounted to $5.30 million relative to the Profit before taxation of $7.89 million reported for 2023.
Net Profit for the period for the six months amounted to $202,000, a 105% increase from the Net Loss of $3.74 million reported in 2023. For the second quarter, Net Loss for the period was $5.57 million relative to the Net Profit of $7.89 million reported for 2023.
Consequently, Earnings Per Share for the six months amounted to $0.001 (2023: LPS: $0.02), while Loss Per Share for the quarter totaled $0.03 (2023: EPS: $0.04). The twelve-month trailing EPS was $0.41, and the number of shares used in these calculations was 214,000,000.
Notably, ROC’s stock price closed the trading period on August 14, 2024, at a price of $3.15 with a corresponding P/E ratio of 7.67x.
Balance Sheet Highlights
The company’s assets totalled $1.50 billion (2023: $1.23 billion). This increase in total assets was attributable to ‘Asset for Remaining Coverage’ which amounted to $306.13 million for the period under review (2023: $61.09 million). Additionally, ‘Short-term Investments’ also contributed to the increase reporting $179.45 million for the six months under review.
Shareholder’s equity was $752.37 million (2023: $659.81 million), representing a book value per share of $3.52 (2023: $3.08).
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