Financial Performance - Net earnings for Q1 2024 were $2,239,000, or $0.76 per share, up from $1,579,000, or $0.54 per share in Q1 2023, representing a 42.0% increase in earnings per share [2]. - Net earnings for Q1 2024 were $2,239,205, a significant increase from $1,578,545 in Q1 2023, marking a growth of 41.8% [21]. - Basic net earnings per share improved to $0.76 in Q1 2024, up from $0.54 in Q1 2023, an increase of 40.7% [21]. - Consolidated revenues rose to $23,082,107 in Q1 2024, compared to $19,620,401 in Q1 2023, reflecting an increase of 17.5% [21]. - Total expenses increased to $20,246,701 in Q1 2024, compared to $17,636,336 in Q1 2023, which is a rise of 9.1% [21]. Premiums and Underwriting - Direct premiums written increased by $2,921,000, or 14.0%, to $23,736,000 in Q1 2024 from $20,815,000 in Q1 2023 [3]. - Net premiums earned rose by $2,421,000, or 13.6%, to $20,222,000 for Q1 2024, compared to $17,801,000 in Q1 2023 [3]. - Net premiums earned increased to $20,222,366 in Q1 2024, up from $17,801,297 in Q1 2023, representing a growth of 7.9% [21]. Investment Income - Net investment income increased by $231,000, or 19.1%, to $1,440,000 in Q1 2024 from $1,209,000 in Q1 2023 [5]. - Net investment income grew to $1,440,202 in Q1 2024, compared to $1,209,415 in Q1 2023, reflecting an increase of 19.1% [21]. - Net unrealized gains on investments reached $1,273,890 in Q1 2024, compared to $639,418 in Q1 2023, showing a substantial increase of 99.4% [21]. Expenses and Losses - Losses and settlement expenses increased by $1,289,000, or 11.7%, to $12,337,000 in Q1 2024, in line with the increase in earned premiums [6]. - Losses and settlement expenses were $12,336,928 in Q1 2024, up from $11,047,681 in Q1 2023, indicating an increase of 11.6% [21]. - Policy acquisition costs and other operating expenses rose by $1,313,000, or 20.7%, to $7,663,000 in Q1 2024, primarily due to increased commissions [7]. Assets and Equity - Total assets increased by $5,416,000, or 2.6%, from $211,017,000 on December 31, 2023, to $216,433,000 on March 31, 2024 [8]. - Total equity increased by $1,681,000, or 2.5%, from $67,004,000 as of December 31, 2023, to $68,685,000 as of March 31, 2024 [9]. Ratios and Outlook - The Company's GAAP combined ratio was 98.9% for Q1 2024, compared to 97.8% for the same period in 2023 [11]. - Management anticipates healthy results for the year as the Company enters new markets and states with its proven underwriting approach [14]. Other Comprehensive Income - Other comprehensive (loss) earnings were $(640,112) in Q1 2024, compared to $1,596,353 in Q1 2023, indicating a significant decline [21]. Share Information - The weighted average number of diluted shares outstanding was 2,969,446 in Q1 2024, slightly up from 2,956,273 in Q1 2023 [21].
ICC(ICCH) - 2024 Q1 - Quarterly Results