Financial Performance - Net earnings for Q4 2023 totaled $3,058,000, or $1.04 per share, compared to $3,078,000, or $1.05 per share in Q4 2022[2] - For the twelve months ended December 31, 2023, net earnings were $4,454,000, or $1.51 per share, a significant recovery from a net loss of $582,000, or $0.19 per share in 2022[2] - Consolidated revenues for the twelve months ended December 31, 2023, reached $83,156,670, compared to $69,679,838 in 2022, reflecting a year-over-year increase of 19.3%[24] - Basic net earnings per share for the twelve months ended December 31, 2023, were $1.51, compared to a loss of $0.19 per share in 2022[24] - Other comprehensive earnings for the twelve months ended December 31, 2023, were $2,050,716, a recovery from a loss of $11,761,544 in 2022[24] Premiums and Investment Income - Direct premiums written increased by $3,059,000, or 14.5%, to $24,091,000 in Q4 2023, and by $10,264,000, or 12.4%, to $92,991,000 for the full year[3] - Net premiums earned for the three months ended December 31, 2023, increased to $20,188,241, up from $18,291,583 in 2022, representing a growth of 10.4%[23] - Net investment income rose by $244,000, or 21.5%, to $1,381,000 in Q4 2023, and by $1,145,000, or 28.4%, to $5,179,000 for the twelve months[5] - Net investment income for the three months ended December 31, 2023, was $1,380,911, up from $1,137,327 in 2022, showing a growth of 21.4%[23] Expenses and Liabilities - Losses and settlement expenses increased by $1,089,000, or 10.7%, to $11,231,000 in Q4 2023, and by $3,397,000, or 7.6%, to $47,930,000 for the full year[7] - Losses and settlement expenses for the twelve months ended December 31, 2023, totaled $47,929,630, compared to $44,532,729 in 2022, an increase of 5.4%[24] - Total liabilities as of December 31, 2023, were $144,034,984, compared to $131,721,280 in 2022, indicating an increase of 9.3%[22] Assets and Equity - Total assets grew by $18,904,000, or 9.8%, from $192,162,000 at the end of 2022 to $211,066,000 at the end of 2023[9] - Total assets as of December 31, 2023, amounted to $211,066,275, an increase from $192,162,211 at the end of 2022, marking a growth of 9.9%[22] - Total equity increased by $6,590,000, or 10.9%, from $60,441,000 to $67,031,000 during the same period[10] Future Outlook - Management expects a lower loss and settlement expense ratio in 2024 due to significantly fewer open claims compared to the last four years[14] - The company anticipates continued growth in premium income as it enters new states in 2024[16] Ratios - The GAAP combined ratio was 93.6% for Q4 2023 and 100.9% for the full year, compared to 92.4% and 100.6% in 2022[13] Cash Position - Cash and cash equivalents decreased to $1,632,063 as of December 31, 2023, from $3,139,986 in 2022, a decline of 48.0%[22]
ICC(ICCH) - 2023 Q4 - Annual Results