Iron Rock improvement continues

IronRock Insurance reports vastly improved results for the second quarter and the six months period to June from rising revenues and stable administrative cost.
A loss of $4 million was incurred for the June quarter and $8.6 million for the half year compared to a loss of $19 million and $46 million in June quarter and half year in 2017 respectively.
The vastly improved bottom-line flowed from gross written premium for the half year rising 63 percent to $282 million, from $173 million in 2017 and net earned premium increasing 248 percent to $80 million, up from: $23 million in 2017. For the second quarter premium rose at a slower pace of 14 percent to $127 million and net premium income moved 213 percent from $13 million to $42 million.
Operating expenses rose to $74 million from $65 million in 2017 and moved from $33 million to $36 million in the June quarter. Insurance damages claimed $38 million for the half year, up from $21 million in 2017 and increased claims from $9 million in the June 2017 quarter to $21 million in 2018, leading to reduced underwriting loss of $30 million versus $61 million in the corresponding in 2017. Other income for the period rose to $22 million from $14 million for the 2017 period and for the June quarter, moved from $8 million to $11 million. Shareholders’ equity inched up from $512 million to $514 million helped by unrealised gains of $10 million in the equity portfolio. Total assets stood at $988 million and comprise cash and investments of $602 million, while liabilities include $360 million for claims provision.
The stock last traded at $3.10 and could enjoy some gains going forward as company extend the improvement in both the top and bottom-lines.

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