Core Viewpoint - ICC Holdings, Inc. reported significant financial improvements for the third quarter and nine months ended September 30, 2024, with net earnings rising and key metrics showing positive trends compared to the previous year [2][14]. Financial Results - Net earnings for Q3 2024 were $2,052,000, or $0.69 per share, a turnaround from a net loss of $769,000, or $0.26 per share, in Q3 2023 [2]. - For the nine months ended September 30, 2024, net earnings were $3,560,000, or $1.20 per share, compared to $1,396,000, or $0.47 per share, for the same period in 2023 [2]. - Book value per share increased to $23.29 as of September 30, 2024, from $21.35 at the end of 2023 [2]. Premiums and Revenue - Direct premiums written increased by $3,167,000, or 12.9%, to $27,662,000 in Q3 2024, compared to $24,495,000 in Q3 2023 [3]. - For the nine months ended September 30, 2024, direct premiums written rose by $7,888,000, or 11.4%, to $76,788,000 from $68,900,000 in the same period in 2023 [3]. - Net premiums earned increased by $2,477,000, or 12.9%, to $21,711,000 for Q3 2024, and by $6,803,000, or 12.3%, to $62,332,000 for the nine months ended September 30, 2024 [3]. Investment Income - Net investment income rose by $215,000, or 16.0%, to $1,557,000 for Q3 2024, and by $739,000, or 19.5%, to $4,537,000 for the nine months ended September 30, 2024 [5]. - Net unrealized gains on equity securities increased to $614,000 in Q3 2024, compared to losses of $1,062,000 in Q3 2023 [6]. Expenses and Losses - Losses and settlement expenses increased by $708,000, or 5.3%, to $14,144,000 for Q3 2024, driven by increased Businessowner's Liability claims [7]. - For the nine months ended September 30, 2024, losses and settlement expenses rose by $4,335,000, or 11.8%, to $41,034,000, influenced by increased Liquor Liability claims [7]. - Policy acquisition costs and other operating expenses increased by $273,000, or 3.9%, to $7,302,000 for Q3 2024, and by $2,223,000, or 10.7%, to $23,047,000 for the nine months ended September 30, 2024 [8]. Balance Sheet Highlights - Total assets increased by $21,910,000, or 10.4%, from $211,017,000 at the end of 2023 to $232,927,000 as of September 30, 2024 [9]. - Total equity rose by $6,099,000, or 9.1%, from $67,004,000 at the end of 2023 to $73,103,000 as of September 30, 2024 [10]. Financial Ratios - The losses and settlement expense ratio was 65.1% for Q3 2024, down from 69.9% in Q3 2023 [11]. - The expense ratio was 33.6% for Q3 2024, compared to 36.5% for the same period in 2023 [11]. - The GAAP combined ratio improved to 98.7% for Q3 2024, down from 106.4% in Q3 2023 [12]. Management Commentary - Management noted improvements in both losses and settlement expense ratios due to rate strengthening and operational efficiencies [13]. - The merger process is progressing as planned, with a vote scheduled for late November and an expected closing in Q4 2024 [14].
ICC Holdings, Inc. Reports 2024 Third Quarter and Nine Months Results