IronRock Insurance Co. Ltd. Audited Financial Statements For The Year Ended December 31, 2022.
Note to the Audited Financial Statement 2022
Our audited accounts for the year 2022 reflect an after-tax profit of $28M as compared to our 4th quarter unaudited accounts of $53M. The movement in profits was a result of actuarial and income tax adjustments.
The actuarial adjustment has arisen due to an increase in the provision for claims incurred but not reported (IBNR) and unallocated loss adjustment expenses. These provisions are actuarially calculated and consider variables such as historical claim development, inflation and exchange rate movement. The provisions are unusually high this year and have undoubtedly been influenced by the elevated inflation rate.
The company’s shares were listed on the Junior Market of the Jamaica Stock exchange, effective March 15, 2016. Consequently, the company is entitled to a remission of taxes for ten (10) years in the proportions Year 1 to 5 is 100% and Year 5 to 10 is 50%. The tax rate applicable to the company is 33⅓% thus after the 50% remission the effective tax rate is 16.67%.