ICC Holdings, Inc. Reports 2024 Third Quarter and Nine Months Results
ICC Holdings (NASDAQ: ICCH) reported strong financial results for Q3 2024, with net earnings of $2.05 million ($0.69 per share), compared to a net loss of $769,000 in Q3 2023. Direct premiums written increased 12.9% to $27.66 million, while net investment income grew 16% to $1.56 million. The company's book value per share improved to $23.29 from $21.35 at year-end 2023. Total assets increased 10.4% to $232.93 million, driven by improved core insurance business performance and favorable investment markets. The GAAP combined ratio improved to 98.7% in Q3 2024 from 106.4% in Q3 2023.
ICC Holdings (NASDAQ: ICCH) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un utile netto di 2,05 milioni di dollari (0,69 dollari per azione), rispetto a una perdita netta di 769.000 dollari nel terzo trimestre del 2023. I premi diretti scritti sono aumentati del 12,9% a 27,66 milioni di dollari, mentre il reddito netto da investimenti è cresciuto del 16% a 1,56 milioni di dollari. Il valore contabile per azione della società è migliorato a 23,29 dollari rispetto a 21,35 dollari a fine anno 2023. I beni totali sono aumentati del 10,4% a 232,93 milioni di dollari, grazie a un miglioramento delle performance dell'attività assicurativa fondamentale e a mercati di investimento favorevoli. Il rapporto combinato GAAP è migliorato al 98,7% nel terzo trimestre del 2024, rispetto al 106,4% nel terzo trimestre del 2023.
ICC Holdings (NASDAQ: ICCH) reportó resultados financieros sólidos para el tercer trimestre de 2024, con ganancias netas de 2.05 millones de dólares (0.69 dólares por acción), en comparación con una pérdida neta de 769,000 dólares en el tercer trimestre de 2023. Las primas directas emitidas aumentaron un 12.9% a 27.66 millones de dólares, mientras que los ingresos netos por inversiones crecieron un 16% a 1.56 millones de dólares. El valor contable por acción de la empresa mejoró a 23.29 dólares desde 21.35 dólares al cierre del año 2023. Los activos totales aumentaron un 10.4% a 232.93 millones de dólares, impulsados por el mejor desempeño del negocio de seguros y mercados de inversión favorables. La ratio combinada GAAP mejoró al 98.7% en el tercer trimestre de 2024, desde el 106.4% en el tercer trimestre de 2023.
ICC Holdings (NASDAQ: ICCH)는 2024년 3분기 강력한 재무 결과를 보고했으며, 순이익이 205만 달러(주당 0.69 달러)로, 2023년 3분기 순손실 769,000 달러에서 개선되었습니다. 직접 작성된 프리미엄은 12.9% 증가하여 2766만 달러에 이르렀고, 순투자 수익은 16% 증가하여 156만 달러에 달했습니다. 회사의 주당 장부 가치는 2023년 연말 21.35 달러에서 23.29 달러로 개선되었습니다. 총 자산은 10.4% 증가하여 2억 3293만 달러에 이르렀으며, 이는 기초 보험 사업 성과 개선과 긍정적인 투자 시장에 의해 촉진되었습니다. GAAP 결합 비율은 2024년 3분기 98.7%로 개선되었으며, 이는 2023년 3분기의 106.4%에서 내려갔습니다.
ICC Holdings (NASDAQ: ICCH) a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec des bénéfices nets de 2,05 millions de dollars (0,69 dollar par action), par rapport à une perte nette de 769 000 dollars au troisième trimestre 2023. Les primes directes émises ont augmenté de 12,9 % pour atteindre 27,66 millions de dollars, tandis que le revenu net investi a crû de 16 % à 1,56 million de dollars. La valeur comptable par action de l'entreprise s'est améliorée à 23,29 dollars contre 21,35 dollars à la fin de l'année 2023. Les actifs totaux ont augmenté de 10,4 % pour atteindre 232,93 millions de dollars, soutenus par une amélioration des performances de l'activité d'assurance de base et des marchés d'investissement favorables. Le ratio combiné GAAP s'est amélioré à 98,7 % au troisième trimestre 2024, contre 106,4 % au troisième trimestre 2023.
ICC Holdings (NASDAQ: ICCH) hat für das 3. Quartal 2024 starke Finanz Ergebnisse gemeldet, mit einem Nettogewinn von 2,05 Millionen USD (0,69 USD pro Aktie), verglichen mit einem Nettverlust von 769.000 USD im 3. Quartal 2023. Die direkt geschriebenen Prämien stiegen um 12,9 % auf 27,66 Millionen USD, während die netto erzielten Anlageerträge um 16 % auf 1,56 Millionen USD wuchsen. Der Buchwert pro Aktie verbesserte sich auf 23,29 USD von 21,35 USD zum Jahresende 2023. Die Gesamtaktiva stiegen um 10,4 % auf 232,93 Millionen USD, unterstützt durch eine verbesserte Kernversicherungsleistung und günstige Anlagemärkte. Die kombinierte GAAP-Quote verbesserte sich im 3. Quartal 2024 auf 98,7 % von 106,4 % im 3. Quartal 2023.
- Net earnings increased significantly to $2.05M in Q3 2024 from a loss of $769K in Q3 2023
- Direct premiums written grew 12.9% to $27.66M
- Net investment income increased 16% to $1.56M
- Book value per share improved to $23.29 from $21.35
- Total assets increased 10.4% to $232.93M
- Combined ratio improved to 98.7% from 106.4%
- Losses and settlement expenses increased by $708K (5.3%) to $14.14M
- Policy acquisition costs increased by $273K (3.9%) to $7.30M
- Legal and consulting expenses increased by $1M due to proxy contest and pending merger
Insights
ICC Holdings delivered a strong third quarter with significant improvements across key metrics. Net earnings jumped to
The combined ratio improved to
The pending merger and implementation of AI technology (Charlee.ai) for claims processing suggest a forward-looking approach to growth and efficiency. The
THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2024 – FINANCIAL RESULTS
Net earnings totaled
Direct premiums written increased by
For the third quarter of 2024, the Company ceded to reinsurers
Net investment income increased by
Net unrealized gains and losses on equity securities increased
Losses and settlement expenses increased by
Policy acquisition costs and other operating expenses increased by
Total assets increased by
Total equity increased by
THIRD QUARTER ENDED SEPTEMBER 30, 2024 – FINANCIAL RATIOS
The Company's losses and settlement expense ratio (defined as losses and settlement expenses divided by net premiums earned) was
The expense ratio (defined as the amortization of deferred policy acquisition costs and underwriting and administrative expenses divided by net premiums earned) was
The Company's GAAP combined ratio (defined as the sum of the losses and settlement expense ratio and the expense ratio) was
MANAGEMENT COMMENTARY
"We have seen year-over-year improvement in both our losses and settlement expense ratio and underwriting expense ratio. Losses and settlement expenses are down due to our continued rate strengthening, tighter risk selection, and the introduction of Charlee.ai to improve efficiency and hasten claim resolution. Underwriting expenses are down despite the
"Investment conditions improved greatly in Q3 leading to more positive investment results in net income and earnings per share. We are seeing marked reversals in our unrealized losses from prior years market fluctuations.
"The merger has been moving forward as anticipated. The vote on the merger is planned for late November. We still expect a Q4 2024 closing," stated Arron Sutherland, President and Chief Executive Officer.
ABOUT ICC HOLDINGS, INC.
ICC Holdings, Inc. is a vertically integrated company created to facilitate the growth, expansion, and diversification of its subsidiaries to maximize value to its stakeholders. The group of companies consolidated under ICC Holdings, Inc. engages in diverse, yet complementary business activities, including property and casualty insurance, real estate, and information technology.
The Company's common shares trade on the NASDAQ Capital Market under the ticker symbol "ICCH". For more information about ICC Holdings, visit http://ir.iccholdingsinc.com.
FORWARD-LOOKING STATEMENTS
This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, or the Reform Act, which may include, but are not limited to, statements regarding the Company's plans, objectives, expectations, and intentions and other statements contained in this press release that are not historical facts, including statements identified by words such as "believe," "plan," "seek," "expect," "intend," "estimate," "anticipate," "will," and similar expressions. All statements addressing operating performance, events, or developments that the Company expects or anticipates will occur in the future, including statements relating to revenue and profit growth; future responses to and effects of the COVID-19 pandemic, including their effects on claims activity and the business operations of the Company and of our current and potential customers; new theories of liability; judicial, legislative, regulatory, and other governmental developments, including, but not limited to, liability related to business interruption claims related to COVID-19; litigation tactics and developments; product and segment expansion; regulatory approval in connection with expansion; downturns and volatility in global economies and equity and credit markets, including as a result of inflation and supply chain disruptions and continued labor shortages; interest rates and changes in rates could adversely affect the Company's business and profitability; and market share, as well as statements expressing optimism or pessimism about future operating results, are forward-looking statements within the meaning of the Reform Act. The forward-looking statements are based on management's current views and assumptions regarding future events and operating performance, and are inherently subject to significant business, economic, and competitive uncertainties and contingencies and changes in circumstances, many of which are beyond the Company's control. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.
Although the Company does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Company cannot guarantee their accuracy. The foregoing factors, among others, could cause actual results to differ materially from those described in these forward-looking statements. For a list of other factors which could affect the Company's results, see the Company's filings with the Securities and Exchange Commission, "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations," including "Forward-Looking Information," set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. No undue reliance should be placed on any forward-looking statements.
ICC Holdings, Inc. and Subsidiaries | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
As of | ||||||||
September 30, | December 31, | |||||||
2024 | 2023 | |||||||
(Unaudited) | ||||||||
Assets: | ||||||||
Investments and cash: | ||||||||
Fixed maturity securities (amortized cost of | $ | 114,743,833 | $ | 110,955,697 | ||||
Common stocks at fair value | 14,470,556 | 12,191,621 | ||||||
Preferred stocks at fair value | 2,924,056 | 2,896,296 | ||||||
Other invested assets, net of allowances for credit losses of | 13,958,375 | 8,898,409 | ||||||
Property held for investment, at cost, net of accumulated depreciation of | 5,904,718 | 5,910,864 | ||||||
Cash and cash equivalents | 11,011,618 | 1,478,135 | ||||||
Total investments and cash | 163,013,156 | 142,331,022 | ||||||
Accrued investment income | 1,042,274 | 915,156 | ||||||
Premiums and reinsurance balances receivable, net of allowances for credit losses of | 38,062,859 | 37,220,433 | ||||||
Ceded unearned premiums | 774,949 | 755,099 | ||||||
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of | 12,519,808 | 12,736,579 | ||||||
Federal income taxes | 2,544,027 | 2,775,366 | ||||||
Deferred policy acquisition costs, net | 9,178,039 | 8,552,459 | ||||||
Property and equipment, at cost, net of accumulated depreciation of | 3,271,851 | 3,325,322 | ||||||
Other assets, net of allowances for credit losses of | 2,520,452 | 2,405,577 | ||||||
Total assets | $ | 232,927,415 | $ | 211,017,013 | ||||
Liabilities: | ||||||||
Unpaid losses and settlement expenses | $ | 83,582,487 | $ | 71,919,585 | ||||
Unearned premiums | 51,295,631 | 47,259,637 | ||||||
Reinsurance balances payable | 1,020,657 | 1,132,301 | ||||||
Corporate debt | 15,000,000 | 15,000,000 | ||||||
Accrued expenses | 7,696,366 | 7,442,617 | ||||||
Other liabilities | 1,228,786 | 1,259,324 | ||||||
Total liabilities | 159,823,927 | 144,013,464 | ||||||
Equity: | ||||||||
Common stock1 | 35,000 | 35,000 | ||||||
Treasury stock, at cost2 | (5,727,278) | (5,710,324) | ||||||
Additional paid-in capital | 33,597,942 | 33,330,846 | ||||||
Accumulated other comprehensive (loss), net of tax | (4,506,518) | (6,621,336) | ||||||
Retained earnings | 51,403,889 | 47,844,368 | ||||||
Less: Unearned Employee Stock Ownership Plan shares at cost3 | (1,699,547) | (1,875,005) | ||||||
Total equity | 73,103,488 | 67,003,549 | ||||||
Total liabilities and equity | $ | 232,927,415 | $ | 211,017,013 | ||||
1 Par value |
ICC Holdings, Inc. and Subsidiaries | ||||||||
Condensed Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited) | ||||||||
For the Three-Months Ended | ||||||||
September 30, | ||||||||
2024 | 2023 | |||||||
Net premiums earned | $ | 21,711,407 | $ | 19,233,517 | ||||
Net investment income | 1,556,776 | 1,342,258 | ||||||
Net realized investment gains | 437,258 | 199,928 | ||||||
Net unrealized gains (losses) on investments | 613,594 | (1,062,332) | ||||||
Other income | 56,380 | 51,000 | ||||||
Consolidated revenues | 24,375,415 | 19,764,371 | ||||||
Losses and settlement expenses | 14,144,203 | 13,436,464 | ||||||
Policy acquisition costs and other operating expenses | 7,301,724 | 7,029,218 | ||||||
Interest expense on debt | 46,409 | 46,409 | ||||||
General corporate expenses | 264,275 | 220,092 | ||||||
Total expenses | 21,756,611 | 20,732,183 | ||||||
Earnings (loss) before income taxes | 2,618,804 | (967,812) | ||||||
Total income tax expense (benefit) | 566,613 | (198,850) | ||||||
Net earnings (loss) | $ | 2,052,191 | $ | (768,962) | ||||
Other comprehensive earnings (loss), net of tax | 3,234,962 | (3,025,254) | ||||||
Comprehensive earnings (loss) | $ | 5,287,153 | $ | (3,794,216) | ||||
Earnings per share: | ||||||||
Basic: | ||||||||
Basic net earnings (loss) per share | $ | 0.69 | $ | (0.26) | ||||
Diluted: | ||||||||
Diluted net earnings (loss) per share | $ | 0.69 | $ | (0.26) | ||||
Weighted average number of common shares outstanding: | ||||||||
Basic | 2,964,743 | 2,945,199 | ||||||
Diluted | 2,986,401 | 2,968,808 | ||||||
For the Nine-Months Ended | ||||||||
September 30, | ||||||||
2024 | 2023 | |||||||
Net premiums earned | $ | 62,331,966 | $ | 55,528,867 | ||||
Net investment income | 4,536,992 | 3,798,432 | ||||||
Net realized investment gains | 584,925 | 268,375 | ||||||
Net unrealized gains on investments | 2,134,454 | 279,100 | ||||||
Other income | 46,283 | 160,714 | ||||||
Consolidated revenues | 69,634,620 | 60,035,488 | ||||||
Losses and settlement expenses | 41,034,199 | 36,698,631 | ||||||
Policy acquisition costs and other operating expenses | 23,046,544 | 20,823,605 | ||||||
Interest expense on debt | 138,218 | 137,713 | ||||||
General corporate expenses | 870,968 | 616,304 | ||||||
Total expenses | 65,089,929 | 58,276,253 | ||||||
Earnings before income taxes | 4,544,691 | 1,759,235 | ||||||
Total income tax expense | 985,170 | 363,164 | ||||||
Net earnings | $ | 3,559,521 | $ | 1,396,071 | ||||
Other comprehensive earnings (loss), net of tax | 2,114,818 | (2,193,230) | ||||||
Comprehensive earnings (loss) | $ | 5,674,339 | $ | (797,159) | ||||
Earnings per share: | ||||||||
Basic: | ||||||||
Basic net earnings per share | $ | 1.20 | $ | 0.47 | ||||
Diluted: | ||||||||
Diluted net earnings per share | $ | 1.20 | $ | 0.47 | ||||
Weighted average number of common shares outstanding: | ||||||||
Basic | 2,954,852 | 2,945,686 | ||||||
Diluted | 2,976,510 | 2,969,295 | ||||||
Contact Info: Arron K. Sutherland, President and CEO |
Illinois Casualty Company |
(309) 732-0105 |
arrons@ilcasco.com |
225 20th Street, |
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SOURCE ICC Holdings, Inc.
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