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    ICPH   CA44933G1046


Delayed Bourse de Toronto  -  12:16 2022-09-29 pm EDT
1.900 CAD   -9.52%
08/18ICPEI Holdings Inc. - Reports Second Quarter 2022 Results
08/18North American Morning Briefing: Stock Futures Fall as Caution Dominates After Fed Minutes
08/17ICPEI Holdings Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022
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ICPEI Holdings Inc. - Reports Second Quarter 2022 Results

08/18/2022 | 10:41am EDT

Toronto - ICPEI Holdings Inc. (the 'Company') (TSXV: ICPH) which operates in the property and casualty insurance industry in Canada, reported net income of $0.9 million for the quarter ended June 30, 2022.

Serge Lavoie, Chief Executive Officer, commented 'We are executing on our growth strategy and continue our impressive growth this quarter with premiums increasing by 72% during the quarter compared to the same period last year and a combined ratio of 93.8% for Q2 2022.'


Premiums written of $31.2 million in this quarter represent a 72% growth over the same period in 2021. Personal Lines increased by 45% and Commercial Lines increased by 106% in this period when compared to the same period last year.

ICPEI was granted a license to write commercial business in Alberta in April 2022.

The business mix at the end of the second quarter of 2022 is Commercial Lines of 53% and Personal Lines 47% compared to Commercial Lines of 46% and Personal Lines 54% in the same period last year. The growth is in line with our strategy to expand geographically in Quebec and Ontario and the commercial line of business.

A Combined ratio of 93.8% resulting in an underwriting income of $1.2 million. The higher combined ratio compared to 81.2% in the same period last year was the result of higher claim frequency in the personal line.

Investment income recorded a loss of $0.2 million in the quarter compared to an income of $0.6 million in the same period last year. Majority of our investment is in fixed income and is marked to market. With rapidly rising interest rate, valuation dropped. On the positive side, the expected yield in our investment portfolio has increased from 3.15% to 4.04% in the quarter.

The book value per share was increased by $0.06 to $1.94 from EPS in the quarter. Due to rapidly increasing interest rate environment, market value of our investment decreased and we recorded unrealized losses in Other Comprehensive Income that decreased the book value per share by $0.06. As a result, closing book value per share of $1.88 remained the same at end of last quarter.

Non-IFRS Financial Measures

The Company uses both IFRS and certain non-IFRS measures to assess performance. Securities regulators require that companies caution readers about non-IFRS measures that do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures used by other companies. The Company analyzes performance based on underwriting income and underwriting ratios such as combined, expense and loss ratios, which are non-IFRS measures. Underwriting income is defined as net earned premiums less net claims incurred, net acquisition costs, operating expenses, and excludes any impact of change in discount rate on claims and corporate expenses. Loss ratio is net claims incurred divided by net earned premiums. Expense ratio is net acquisition costs plus operating expenses divided by net earned premiums. Combined ratio is the sum of loss ratio and expense ratio. Return on Equity ('ROE') is based on trailing twelve months net income attributable to shareholders on continued operations divided by average total equity. Book value per share ('BVPS') is calculated by dividing total equity by the number of common shares outstanding

Forward-looking Information

This news release contains forward-looking information based on current expectations. This information includes, but is not limited to, statements about the operations, business, financial condition, priorities, targets, ongoing objectives, strategies, litigation outcomes and outlook of the Company. These statements, which appear in this press release generally can be identified by the use of forward-looking words such as 'may', 'will', 'expect', 'intend', 'estimate', 'anticipate', 'believe', 'plan', 'would', 'should', 'could', 'trend', 'predict', 'likely', 'potential' or 'continue' or the negative thereof and similar variations.

This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a projection as reflected in the forward-looking information. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific. A variety of material factors, many of which are beyond the Company's control, affect the operations, performance and results of its business and could cause actual results to differ materially from the expectations expressed in any of this forward-looking information.

About ICPEI Holdings Inc.

Founded in 1998, ICPEI Holdings Inc. operates in the Canadian property and casualty insurance industry through its wholly owned subsidiary The Insurance Company of Prince Edward Island (ICPEI). ICPEI provides commercial and personal lines of insurance products exclusively through the broker channel.

The Company's name was changed from EFH Holdings Inc. to ICPEI Holdings Inc. after receiving approval from shareholders on July 15, 2021. It trades on the TSX Venture Exchange under the symbol ICPH effective August 20, 2021 and prior to December 23, 2020 it traded on the Toronto Stock Exchange.



T: 905-602-2150

E: ir@icpeiholdings.ca

(C) 2022 Electronic News Publishing, source ENP Newswire

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Sales 2021 56,0 M 40,8 M 40,8 M
Net income 2021 6,36 M 4,63 M 4,63 M
Net cash 2021 13,6 M 9,90 M 9,90 M
P/E ratio 2021 4,44x
Yield 2021 -
Capitalization 28,9 M 21,1 M 21,1 M
EV / Sales 2020 0,19x
EV / Sales 2021 0,28x
Nbr of Employees 255
Free-Float 87,4%
Duration : Period :
ICPEI Holdings Inc. Technical Analysis Chart | MarketScreener
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Income Statement Evolution
Managers and Directors
Serge Lavoie President, Chief Executive Officer & Director
Teddy Chien Chief Financial Officer
D. Murray Wallace Chairman
James B. Falle Independent Director
Robert Ghiz Independent Director
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