April 2, 2026

IronRock Insurance Company Limited (ROC)

Audited financials for the twelve months ended December 31, 2025:

IronRock Insurance Company Limited (ROC) for the twelve months ended December 31, 2025, reported a 22% increase in Insurance Revenue totalling $2.14 billion compared to $1.75 billion in the corresponding period last year. The growth was broad-based across all lines of business, with the Liability segment leading expansion at 83% year-over-year, followed by Other (+32%), Motor (+14%), and Property (+17%).

Insurance Service Expenses increased significantly by 64% to $1.11 billion (2024: $678.02 million), driven primarily by a surge in incurred claims and directly attributable costs to $751.55 million (2024: $396.31 million) stemming from the impact of Hurricane Melissa. The company recognised approximately $1.5 billion in additional insurance contract liabilities related to hurricane-related claims across the property and related portfolios, representing management’s best estimate of ultimate costs. Net Expenses from Reinsurance Contracts Held remained largely stable at $931.14 million (2024: $926.18 million), as robust reinsurance recoveries largely offset elevated ceded premiums.

Consequently, the Insurance Service Result decreased by 36% to $96.18 million (2024: $150.61 million). Net Investment Income declined marginally by 2% to $102.65 million relative to $104.30 million in the prior year, as interest revenue of $81.19 million (2024: $79.70 million) was partially offset by a contraction in other investment revenue to $22.85 million (2024: $29.57 million).

Other income for the twelve months ended December 31, 2025 amounted to $3.58 million, a 62% decline relative to the $9.52 million reported in 2024. Other operating expenses totalled $198.97 million, a 14% increase from the corresponding period (2024: $174.79 million). A new finance charge of $17.29 million was recorded in the period, reflecting interest on lease liabilities arising from the company’s relocation to its new head office at 33½ Hope Road, Kingston 10 under IFRS 16.

Loss before taxation for the twelve months ended December 31, 2025 amounted to $9.51 million (2024: profit of $93.28 million). A tax charge of $2.95 million was incurred (2024: tax charge of $12.57 million). As a result, the Net Loss for the twelve-month period was $12.45 million, a reversal from the net profit of $80.71 million reported in 2024. Tax losses available for carry-forward as at December 31, 2025 amounted to approximately $22.68 million.

Consequently, Loss Per Share for the twelve months amounted to $0.06 (2024: EPS of $0.38). The number of shares used in this calculation was 214,000,000. Notably, ROC’s stock price closed at $2.65 on April 1, 2026, implying a Price-to-Book ratio of 0.73 times, with the stock trading below book value.

A dividend of $0.09 per stock unit was declared for the period (2024: $0.10), representing total dividends paid of $19.26 million.

Balance Sheet Highlights

The company’s total assets expanded significantly to $4.58 billion (2024: $1.69 billion), a 171% increase year-over-year. This movement was driven primarily by a 383% surge in Reinsurance Contract Assets to $2.12 billion (2024: $438.64 million), as well as a 449% increase in Cash and Cash Equivalents to $1.30 billion (2024: $237.65 million).

Insurance Contract Liabilities correspondingly expanded to $3.53 billion (2024: $810.77 million). The company also recognised a Right-of-Use Asset of $195.96 million and corresponding Lease Liabilities of $206.23 million following the execution of a five-year lease for its new head office premises.

Stockholders’ equity closed at $781.78 million (2024: $811.48 million), representing a book value per share of $3.65 (2024: $3.79). The decline reflects the net loss and dividends paid during the period, partially offset by other comprehensive income of $2.02 million from fair value movements on FVOCI financial assets.

The company’s Minimum Capital Test (MCT) ratio stood at 166% as at December 31, 2025 (2024: 302%), remaining above the Financial Services Commission’s mandated minimum of 150%, notwithstanding the material impact of Hurricane Melissa on the capital position.

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