ICC Holdings, Inc Reports 2022 Third Quarter and Nine 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 unaudited results for the three and nine months ended September 30, 2022.

THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2022- FINANCIAL RESULTS

Net earnings totaled $630,000, or $0.21 per share, for the third quarter of 2022, compared to net earnings of $424,000 or $0.14 per share, for the third quarter of 2021. The change in third quarter's net earnings as compared to the same quarter last year was driven primarily by an increase in earned premiums for those three months in 2022. For the nine months ended September 30, 2022, the Company reported net loss of $(3,658,000), or $(1.20) per share, compared to net earnings of $2,149,000, or $0.71 per share, for the same period in 2021. The decrease in earnings was primarily driven by an increase in unrealized investment losses. Book value per share decreased to $17.95 at September 30, 2022, from $22.69 at December 31, 2021. This negative change in book value is due to $6,181,000 in pre-tax net unrealized losses from equity securities coupled with $12,370,000 in after tax unrealized losses on the fixed income portfolio. The $12,370,000 decrease is being driven by the rising interest rate environment.

Direct premiums written grew by $2,543,000, or 13.9%, to $20,900,000 for the third quarter of 2022 from $18,357,000 for the same period in 2021. For the nine months ended September 30, 2022, direct premiums written grew by $9,650,000, or 18.5%, to $61,695,000 compared to $52,045,000 for the same period in 2021. The third quarter's growth reflects an increase in renewal premiums. Net premiums earned grew by 25.9% or $3,646,000 to $17,725,000 for the three months ended September 30, 2022, from $14,079,000 for the same period in 2021. Net premiums earned grew by $11,905,000, or 30.6% to $50,766,000 for the nine months ended September 30, 2022, from $38,861,000 for the same period in 2021. The growth in net premiums earned is driven by the increase in direct premiums coupled with reduced ceded premiums.

For the third quarter of 2022, the Company ceded to reinsurers $2,554,000 of earned premiums, compared to $2,798,000 of earned premiums for the third quarter of 2021. For the nine months ended September 30, 2022, the Company ceded earned premiums of...