Earnings Performance - Net earnings for Q4 2024 were $1,608,000, or $0.54 per share, down from $2,861,000, or $0.97 per share in Q4 2023[2] - For the twelve months ended December 31, 2024, net earnings increased to $5,168,000, or $1.75 per share, compared to $4,257,000, or $1.44 per share in 2023[2] - Net earnings for the twelve months ended December 31, 2024, were $5,167,798, a 21.4% increase compared to $4,256,895 in 2023[23] - Basic net earnings per share for the three months ended December 31, 2024, decreased to $0.54 from $0.97 in 2023, reflecting a decline of 44.3%[22] Revenue and Premiums - Direct premiums written rose by $2,270,000, or 9.4%, to $26,361,000 in Q4 2024, and by $10,158,000, or 10.9%, to $103,149,000 for the full year[3] - Net premiums earned for the three months ended December 31, 2024, increased to $22,267,238, up 10.3% from $20,188,241 in 2023[22] - Consolidated revenues for the twelve months ended December 31, 2024, reached $93,569,216, representing a 12.8% increase from $82,942,127 in 2023[23] Investment Income - Net investment income increased by $291,000, or 21.1%, to $1,672,000 for Q4 2024, and by $1,030,000, or 19.9%, to $6,209,000 for the full year[5] - Net investment income for the twelve months ended December 31, 2024, increased to $6,209,214, a rise of 19.9% from $5,179,343 in 2023[23] Expenses and Liabilities - Losses and settlement expenses increased by $1,273,000, or 11.3%, to $12,504,000 in Q4 2024, and by $5,608,000, or 11.7%, to $53,538,000 for the full year[7] - Total liabilities increased to $163,614,005 as of December 31, 2024, compared to $144,013,464 in 2023, reflecting a growth of 13.7%[21] - Losses and settlement expenses for the three months ended December 31, 2024, were $12,504,039, an increase of 11.3% from $11,230,999 in 2023[22] Assets and Equity - Total assets increased by $24,343,000, or 11.5%, from $211,017,000 on December 31, 2023, to $235,360,000 on December 31, 2024[9] - Total assets as of December 31, 2024, amounted to $235,359,835, up 11.5% from $211,017,013 in 2023[21] - Total equity rose by $4,742,000, or 7.1%, from $67,004,000 as of December 31, 2023, to $71,746,000 as of December 31, 2024[10] - Total equity as of December 31, 2024, was $71,745,830, up 7.5% from $67,003,549 in 2023[21] - Cash and cash equivalents surged to $12,689,945 as of December 31, 2024, significantly higher than $1,478,135 in 2023[21] Operational Insights - The Company's GAAP combined ratio was 96.3% for Q4 2024, compared to 93.7% for Q4 2023[13] - Management anticipates continued operational efficiencies and a stable loss and settlement expense ratio in 2025[14] - The increase in policy acquisition costs was driven by merger-related expenses and positive earned premium growth[8]
ICC(ICCH) - 2024 Q4 - Annual Results