Ironrock Insurance Recovers from Tough Losses

• For the year ended December 31, 2018, Ironrock Insurance Company Limited reported a year-over-year audited net profit of $2.8Mn (EPS: 0.01) relative to the $47.9Mn loss recorded for 2017.
• This improvement in profit was partly attributable to the 189.4% growth in net commission income as well as a 136.2% increase in net insurance premium revenue.
• Along with the improvements in profit, Ironrock was also able to reduce claims expenses (-24.1%) whilst reporting huge gains from the movement in the exchange rate during the year. 
• The stock has fallen 18.57% since the start of the calendar year closing at $3.99 yesterday. It currently trades at a P/B of 1.66x earnings, which is below the Junior Market Financial sector average of 3.38x.

 (Source: JSE)