ICC Holdings, Inc. Reports 2019 Fourth Quarter and Twelve Months Results.

ROCK ISLAND, Ill: ICC Holdings, Inc. (NASDAQ: ICCH) (the Company), parent company of Illinois Casualty Company, a regional, multi-line property and casualty insurance company focusing exclusively on the food and beverage industry, today reported preliminary, unaudited results for the fourth quarter and twelve months ended December 31, 2019.

FOURTH QUARTER AND TWELVE MONTHS ENDED DECEMBER 31, 2019 - FINANCIAL RESULTS

Net earnings totaled $3,577,000 or $1.19 per share for the fourth quarter of 2019, compared to net earnings of $635,000 or $0.21 per share for the fourth quarter of 2018. For the twelve months ended December 31, 2019, the Company reported net earnings of $4,294,000 or $1.43 per share, compared to $893,000 or $0.29 per share for the same period in 2018. Additionally, book value per share increased 13.6% to $20.13 at December 31, 2019, from $17.72 at December 31, 2018.

Direct premiums written grew by $90,000, or 0.6%, to $14,633,000 for the fourth quarter of 2019 from $14,543,000 for the same period in 2018. For the twelve months ended December 31, 2019, direct premiums written grew by $1,858,000, or 3.0%, to $62,983,000 from $61,125,000 for the same period in 2018. Net premiums earned grew by 11.7% to $13,622,000 for the fourth quarter of 2019 from $12,197,000 for the same period in 2018. Net premiums earned grew by 12.2% to $52,842,000 for the twelve months ended December 31, 2019, from $47,117,000 for the same period in 2018.

For the fourth quarter of 2019, the Company ceded to reinsurers $2,260,000 of earned premiums, compared to $2,811,000 of earned premiums for the fourth quarter of 2018. For the twelve months ended December 31, 2019, the Company ceded $9,925,000 of earned premiums to reinsurers compared to $10,759,000 of earned premiums for the same period in 2018.

Net realized investment gains including other-than-temporary impairment losses were $460,000 compared to losses of $127,000 for the fourth quarter of 2019 and 2018, respectively. For the twelve months ended December 31, 2019, net realized investment gains net of other-than-temporary impairment losses, increased by $241,000 to $1,201,000 from $960,000 for the same period in 2018.

Net investment income increased by $12,000, or 1.6%, to $778,000 for the fourth quarter of 2019, as compared to $766,000 for the same period in 2018. For the twelve months ended December 31, 2019, net investment income grew $295,000, or 10.2% to $3,185,000 from $2,890,000 for the same...