May 14, 2025
Ironrock Insurance Company Limited(ROC)
Unaudited financials for the three months ended March 31, 2025:
Ironrock Insurance Company Limited (ROC) for the three months ended March 31, 2025 reported a 22% increase in Insurance Revenue totaling $491.04 million compared to $401.45 million in the corresponding period last year.
Year to date, Reinsurance Contracts Expense amounted to $309.48 million (2024: $251.63 million), this represents an increase of 23% year over year. Additionally, insurance service contracts expense increased by 25% to $169.78 million compared to $135.96 million for the three months ended March 31, 2024.
Year to date, Insurance Service results decreased by 15% to close at $11.78 million (2024: $13.86 million), while Investment return decreased by 13% from $29.07 million in 2024 to $25.34 million in the period under review.
Other loss for the three months ended March 31, 2025, amounted to $4.96 million (2024: Other loss of $229,000), while Other operating expenses totaled $49.91 million, a 35% increase from the corresponding period last year. (2024: $36.93 million).
Loss before taxation for the three months ended March 31, 2025, amounted to $7.83 million relative profit before taxation of $5.77 million reported in 2024.
No tax charge was incurred for the three months ended March 31, 2025 (2024: $240,000) . Loss for the period for the three months amounted to $7.83 million (2024: Net profit of $5.53 million).
Consequently, Loss Per Share for the three months amounted to $0.04 (2024: EPS: $0.03). The twelve-month trailing EPS was $0.31 and the number of shares used in these calculations was 214,000,000.
Notably, ROC’s stock price closed the trading period on May 14, 2025 at a price of $3.71 with a corresponding P/E ratio of 11.79x.
Balance Sheet Highlights
The company’s assets totaled $1.84 billion (2024: $1.54 billion). The movement in total assets was primarily attributable to a 49% increase in ‘Investments’ amounting to $843.20 million (2024: $565.37 million) and $250.13 million increase in ‘Short term investments’ amounting to $394.57 million (2024: $144.44 million)
Shareholders’ equity was $803.76 million (2024: $756.21 million), representing a book value per share of $3.76 (2024: $3.53).
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