Financial Performance - Net loss for Q2 2024 was $732,000, or $0.25 per share, compared to net earnings of $586,000, or $0.20 per share in Q2 2023[2]. - The company reported a net loss of $731,876 for the three months ended June 30, 2024, compared to net earnings of $586,489 in the same period of 2023[14]. - Basic net loss earnings per share for the three months ended June 30, 2024, was $(0.25), compared to $0.20 in the same period of 2023[14]. Revenue and Premiums - Direct premiums written increased by $1,801,000, or 7.6%, to $25,391,000 in Q2 2024, and by $4,722,000, or 10.6%, to $49,126,000 for the six months ended June 30, 2024[3]. - Net premiums earned rose by $1,904,000, or 10.3%, to $20,398,000 for Q2 2024, and by $4,326,000, or 11.9%, to $40,621,000 for the six months ended June 30, 2024[3]. - Net premiums earned for the three months ended June 30, 2024, increased to $20,398,193, up from $18,494,053 for the same period in 2023, representing a growth of 10.3%[14]. - Consolidated revenues for the three months ended June 30, 2024, reached $22,177,097, compared to $20,650,716 in 2023, reflecting an increase of 7.4%[14]. Investment Income - Net investment income increased by $293,000, or 23.5%, to $1,540,000 for Q2 2024, and by $524,000, or 21.3%, to $2,980,000 for the six months ended June 30, 2024[4]. - Net investment income for the three months ended June 30, 2024, was $1,540,014, compared to $1,246,759 in 2023, showing a rise of 23.5%[14]. Expenses - Losses and settlement expenses increased by $2,339,000, or 19.2%, to $14,553,000 for Q2 2024, and by $3,628,000, or 15.6%, to $26,890,000 for the six months ended June 30, 2024[5]. - Policy acquisition costs and other operating expenses rose by $637,000, or 8.6%, to $8,082,000 for Q2 2024, and by $1,951,000, or 14.1%, to $15,745,000 for the six months ended June 30, 2024[6]. - Total expenses for the three months ended June 30, 2024, were $23,086,617, an increase from $19,907,733 in 2023, representing a rise of 16.4%[14]. Assets and Liabilities - Total assets increased by $8,823,000, or 4.2%, to $219,840,000 as of June 30, 2024[7]. - Total assets as of June 30, 2024, amounted to $219,840,011, up from $211,017,013 as of December 31, 2023, indicating a growth of 4.0%[13]. - Total liabilities increased to $152,226,334 as of June 30, 2024, compared to $144,013,464 at the end of 2023, marking an increase of 5.5%[13]. - The company’s cash and cash equivalents increased to $3,421,284 as of June 30, 2024, from $1,478,135 at the end of 2023, a significant increase of 131.7%[13]. - The company’s retained earnings increased to $49,351,697 as of June 30, 2024, up from $47,844,368 at the end of 2023, reflecting a growth of 3.2%[13]. Operational Insights - The Company's GAAP combined ratio was 110.9% for Q2 2024, compared to 106.3% for Q2 2023[8]. - Management indicated strong premium growth from targeted rate increases and in-force policy count expansion[9]. - The merger is proceeding as planned, positively affecting the stock price, with a Q4 2024 deadline for closing[9].
ICC(ICCH) - 2024 Q2 - Quarterly Results