ICC HOLDINGS, INC.

Schedule II — Condensed Financial Information of Registrant

Balance Sheet – Parent Company Only


	As of		As of
	December 31, 2018		December 31, 2017
Assets
Investment in subsidiaries	$	60,766,224	$	61,945,522
Available for sale securities, at fair value
Fixed maturity securities		2,048,604		2,604,331
Common Stocks		812,938		1,031,038
Other invested assets		115,000		-
Cash and cash equivalents		861,739		1,591,979
Due from subsidiaries		9,292		483,380
Accrued investment income		9,403		6,640
Current federal income taxes		438,347		-
Net deferred federal income taxes		34,860		85,676
Other assets		679,116		93,111
Total assets	$	65,775,524	$	67,841,677

Liabilities and Shareholders' Equity
Liabilities:
Debt	$	6,459,293	$	3,496,108
Accrued expenses		145,085		79,261
Other liabilities		577,848		164,762
Total liabilities		7,182,225		3,740,131
Equity:
Common stock1		35,000		35,000
Treasury stock, at cost		(2,999,995)		-
Additional paid-in capital		32,505,423		32,333,290
Accumulated other comprehensive earnings, net of tax		(1,580,976)		2,227,069
Retained earnings		33,680,702		32,787,406
Less: Unearned Employee Stock Ownership Plan shares at cost2		(3,046,855)		(3,281,220)
Total equity		58,593,299		64,101,545
Total liabilities and equity	$	65,775,524	$	67,841,677

1Par value $0.01; authorized: 2018 - 10,000,000 shares and 2017 - 10,000,000 shares; issued: 2018 - 3,500,000 and 2017 – 3,500,000 shares; outstanding: 2018 - 2,992,734 and 2017 - 3,171,878 shares.

22018 - 304,685 shares and 2017 - 328,122 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, 2018		December 31, 2017
Net investment income	$	897,051	$	152,932
Net realized investment gains		42,554		141,902
Other-than-temporary impairment losses		—		—
Other income		(116,397)		399
Total revenue		823,208		295,233
Policy acquisition costs and other operating expenses		1,639,796		1,228,459
Interest expense on debt		129,243		98,537
General corporate expenses		8,930		—
Total expenses		1,777,968		1,326,997

Loss before equity earnings of subsidiaries and income taxes		(954,760)		(1,031,763)
Total income tax benefit		(326,056)		(346,746)
Net loss before equity earnings of subsidiaries		(628,705)		(685,017)
Equity earnings in subsidiaries		1,522,001		1,392,868

Net earnings	$	893,296	$	707,851

Other comprehensive earnings, net of tax		(264,789)		55,828
Equity in other comprehensive income of subsidiaries		(3,543,256)		650,586
Comprehensive (loss) earnings	$	(2,914,749)	$	1,414,265

ICC HOLDINGS, INC.

Schedule II — Condensed Financial Information of Registrant

Statement of Cash Flows – Parent Company Only


	Year Ended		Year Ended
	December 31, 2018		December 31, 2017
Cash flows from operating activities:
Net earnings	$	893,296	$	707,851
Adjustments to reconcile net earnings to net cash provided
by (used in) operating activities
Net realized gains		(42,554)		(141,902)
Depreciation		237,134		3,160
Deferred income tax		50,816		(85,676)
Equity in undistributed (income) of subsidiaries		(1,522,001)		(1,392,868)
Amortization of bond premium and discount		6,624		22,566
Stock-based compensation expense		406,498		—
Change in:
Due from subsidiaries		106,358		(115,650)
Accrued investment income		(2,763)		6,640
Accrued expenses		65,824		79,261
Current federal income tax		(438,347)		103,439
Other		707,864		(31,787)
Net cash provided by operating activities		468,749		(844,966)
Cash flows from investing activities:
Contributions to subsidiaries		(770,483)		(26,330,618)
Purchases of:
Fixed maturity securities, available-for-sale		(749,824)		(8,280,927)
Common stocks, available-for-sale		(1,346,958)		(1,566,247)
Other invested assets		(15,000)		—
Property and equipment		(887,574)		(28,407)
Proceeds from sales, maturities and calls of:
Fixed maturity securities, available-for-sale		1,220,578		5,762,299
Common stocks, available-for-sale		1,380,293		665,397
Property and equipment		6,790		—
Net cash used in investing activities		(1,162,178)		(29,778,503)
Cash flows from financing activities:
Net proceeds received from issuance of shares of common stock		—		28,719,340
Proceeds from loan		3,000,000		3,499,149
Repayments of borrowed funds		(36,816)		(3,041)
Purchase of common stock		(2,999,995)		—
Net cash provided by (used in) financing activities		(36,811)		32,215,448
Net increase in cash and cash equivalents		(730,240)		1,591,979
Cash and cash equivalents at beginning of year		1,591,979		—
Cash and cash equivalents at end of period	$	861,739	$	1,591,979
Supplemental information:
Federal income tax paid	$	—	$	—
Interest paid		194,680		65,276