ICC Holdings, Inc. Reports 2022 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 unaudited results for the three and twelve months ended December 31, 2022.

FOURTH QUARTER AND TWELVE MONTHS ENDED DECEMBER 31, 2022 - FINANCIAL RESULTS

Net earnings totaled $3,188,000, or $1.08 per share, for the fourth quarter of 2022, compared to net earnings of $1,994,000 or $0.65 per share, for the fourth quarter of 2021. The change in the fourth quarter's net earnings as compared to the same quarter last year was driven primarily by an increase in earned premiums for 2022. For the twelve months ended December 31, 2022, the Company reported a net loss of $471,000, or $(0.16) per share, compared to net earnings of $4,143,000, or $1.36 per share, for the same period in 2021. The decrease in earnings was primarily driven by an increase in unrealized investment losses, driven by the unfavorable equity markets. Book value per share decreased to $19.20 at December 31, 2022, from $22.69 at December 31, 2021. This negative change in book value was driven by $4,706,000 in pre-tax net unrealized losses from equity securities coupled with $11,762,000 in after-tax unrealized losses on the fixed income portfolio, which exceeded the positive impact of the $2,308,000 repurchase of common stock during 2022.

Direct premiums written grew by $1,985,000, or 10.4%, to $21,032,000 for the fourth quarter of 2022 from $19,047,000 for the same period in 2021. For the twelve months ended December 31, 2022, direct premiums written grew by $11,635,000, or 16.4%, to $82,727,000 compared to $71,092,000 for the same period in 2021. The fourth quarter's growth reflects an increase in renewal premiums. Net premiums earned grew by 21.7% or $3,260,000 to $18,292,000 for the three months ended December 31, 2022, from $15,032,000 for the same period in 2021. Net premiums earned grew by $15,164,000, or 28.1% to $69,057,000 for the twelve months ended December 31, 2022, from $53,893,000 for the same period in 2021. The growth in net premiums earned is driven by the increase in direct premiums earned coupled with reduced ceded premiums earned.

For the fourth quarter of 2022, the Company ceded to reinsurers $2,435,000 of earned premiums, compared to $2,767,000 of earned premiums for the fourth quarter of 2021. For the twelve months...