Schedule II - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

ICC HOLDINGS, INC.

Schedule II — Condensed Financial Information of Registrant

Balance Sheet – Parent Company Only

	As of			As of
	December 31, 2023			December 31, 2022
Assets
Investment in subsidiaries	$	66,340,628		$	58,973,935
Fixed maturity securities		2,742,384			3,108,898
Common Stocks		1,431,097			1,303,224
Other invested assets		173,220			213,230
Cash and cash equivalents		668,052			348,692
Due from subsidiaries		1,041,131			1,111,804
Accrued investment income		11,912			9,375
Income taxes - current		664,148			766,927
Goodwill and other intangibles		52,500			86,042
Fixed assets		1,694			15,161
Other assets		142,489			159,426
Total assets	$	73,269,255		$	66,096,714
Liabilities and Shareholders' Equity
Liabilities:
Debt	$	5,366,494		$	5,463,608
Accrued expenses		662,969			112,722
Income taxes - deferred		22,853			24,372
Other liabilities		213,390			55,081
Total liabilities		6,265,706			5,655,783
Equity:
Common stock1		35,000			35,000
Treasury stock, at cost2		(5,710,324	)		(5,463,535	)
Additional paid-in capital		33,330,846			33,119,125
Accumulated other comprehensive earnings, net of tax		(6,621,336	)		(8,841,517	)
Retained earnings		47,844,368			43,701,233
Less: Unearned Employee Stock Ownership Plan shares at cost3		(1,875,005	)		(2,109,375	)
Total equity		67,003,549			60,440,931
Total liabilities and equity	$	73,269,255		$	66,096,714

¹ Par value $0.01; authorized: 2023 –10,000,000 shares and 2022 – 10,000,000 shares; issued: 2023 – 3,500,000 shares and 2022 – 3,500,000 shares; outstanding: 2023 – 3,138,976 shares and 2022 – 3,153,741 shares.

² 2023 – 361,024 shares and 2022 – 346,259 shares

³ 2023 – 187,498 shares and 2022 – 210,935 shares

ICC HOLDINGS, INC.

Schedule II — Condensed Financial Information of Registrant

Statement of Earnings and Comprehensive Earnings – Parent Company Only

	Year Ended			Year Ended
	December 31, 2023			December 31, 2022
Net investment income (loss)	$	(28,683	)	$	19,504
Net realized investment gains		20,186			52,564
Net unrealized gains (losses) on investments		63,457			(189,059	)
Other income		2,779			197
Total revenue		57,739			(116,794	)
Policy acquisition costs and other operating expenses		1,781,402			1,732,482
Interest expense on debt		—			40,281
General corporate expenses		(5,000	)		-
Total expenses		1,776,402			1,772,763
Loss before equity earnings of subsidiaries and income taxes		(1,718,663	)		(1,889,557	)
Total income tax benefit		(316,569	)		(299,543	)
Net loss before equity earnings of subsidiaries		(1,402,094	)		(1,590,014	)
Equity earnings in subsidiaries		5,658,989			1,008,352
Net earnings (loss)	$	4,256,895		$	(581,662	)
Other comprehensive earnings (loss), net of tax		52,458			(209,209	)
Equity in other comprehensive earnings (loss) of subsidiaries		2,167,723			(11,552,335	)
Comprehensive earnings (loss)	$	6,477,076		$	(12,343,206	)

ICC HOLDINGS, INC.

Schedule II — Condensed Financial Information of Registrant

Statement of Cash Flows – Parent Company Only

	Year Ended			Year Ended
	December 31, 2023			December 31, 2022
Cash flows from operating activities:
Net earnings (loss)	$	4,256,895		$	(581,662	)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities
Net realized and unrealized (gains) losses on investments		(83,643	)		136,495
Depreciation		(12,829	)		24,065
Deferred income tax		14,776			23,969
Equity in undistributed income of subsidiaries		(5,658,989	)		(1,008,352	)
Amortization of bond premium and discount		2,226			761
Stock-based compensation expense		446,091			388,359
Change in:
Intercompany notes receivable		—			4,473
Due to (from) subsidiaries		70,673			(1,046,958	)
Accrued investment income		(2,537	)		4,371
Accrued expenses		550,247			(4,173	)
Current federal income tax		102,779			(312,389	)
Other		214,246			(29,924	)
Net cash used in operating activities		(100,065	)		(2,400,965	)
Cash flows from investing activities:
Contributions from subsidiaries		364,529			4,691,823
Purchases of:
Fixed maturity securities		(174,482	)		(724,994	)
Common stocks		(320,098	)		(202,897	)
Proceeds from sales, maturities and calls of:
Fixed maturity securities		596,618			573,820
Common stocks		284,423			173,523
Property and equipment		12,338			24,293
Net cash provided by investing activities		763,328			4,535,568
Cash flows from financing activities:
Repayments of borrowed funds		(97,114	)		(51,490	)
Purchase of treasury stock		(246,789	)		(2,308,136	)
Net cash used in financing activities		(343,903	)		(2,359,626	)
Net increase (decrease) in cash and cash equivalents		319,360			(225,023	)
Cash and cash equivalents at beginning of year		348,692			573,715
Cash and cash equivalents at end of period	$	668,052		$	348,692
Supplemental information:
Interest paid		—			38,531