ICC HOLDINGS, INC.

Schedule II — Condensed Financial Information of Registrant

Balance Sheet – Parent Company Only


	As of		As of
	December 31, 2019		December 31, 2018
Assets
Investment in subsidiaries	$	70,094,982	$	60,766,224
Fixed maturity securities		3,360,454		2,048,604
Common Stocks		1,172,369		812,938
Other invested assets		117,000		115,000
Cash and cash equivalents		791,266		861,739
Due from subsidiaries		385,693		9,292
Accrued investment income		18,124		9,403
Income taxes - current		37,496		438,347
Income taxes - deferred		-		34,860
Other assets		408,776		679,117
Total assets	$	76,386,160	$	65,775,524

Liabilities and Shareholders' Equity
Liabilities:
Debt	$	9,284,640	$	6,459,293
Accrued expenses		104,618		145,085
Income taxes - deferred		32,529		-
Other liabilities		622,539		577,847
Total liabilities		10,044,327		7,182,225
Equity:
Common stock1		35,000		35,000
Treasury stock, at cost2		(3,146,576)		(2,999,995)
Additional paid-in capital		32,703,209		32,505,423
Accumulated other comprehensive earnings, net of tax		2,953,936		(1,580,976)
Retained earnings		36,608,750		33,680,702
Less: Unearned Employee Stock Ownership Plan shares at cost3		(2,812,485)		(3,046,855)
Total equity		66,341,833		58,593,299
Total liabilities and equity	$	76,386,160	$	65,775,524

1 Par value $0.01; authorized: 2019 - 10,000,000 shares and 2018 – 10,000,000 shares; issued: 2019 - 3,500,000 and 2018 – 3,500,000 shares; outstanding: 2019 - 3,014,941 and 2018 – 2,992,734 shares.

2 2019 – 203,811 shares and 2018 – 196,721 shares

3 2019 – 281,248 shares and 2018 – 304,685 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, 2019		December 31, 2018
Net investment income	$	723,497	$	897,051
Net realized investment gains		15,695		42,554
Net unrealized gains on equity securities		217,376		—
Other income (expense)		21,810		(116,397)
Total revenue		978,378		823,208
Policy acquisition costs and other operating expenses		1,749,159		1,639,796
Interest expense on debt		128,790		129,243
General corporate expenses		—		8,930
Total expenses		1,877,949		1,777,968

Loss before equity earnings of subsidiaries and income taxes		(899,571)		(954,760)
Total income tax expense (benefit)		88,782		(326,055)
Net loss before equity earnings of subsidiaries		(988,353)		(628,705)
Equity earnings in subsidiaries		5,282,698		1,522,001
Net earnings	$	4,294,345	$	893,296

Other comprehensive earnings, net of tax	$	68,144	$	(264,789)
Equity in other comprehensive earnings of subsidiaries		3,100,471		(3,543,256)
Comprehensive earnings (loss)	$	7,462,960	$	(2,914,749)

ICC HOLDINGS, INC.

Schedule II — Condensed Financial Information of Registrant

Statement of Cash Flows – Parent Company Only


	Year Ended		Year Ended
	December 31, 2019		December 31, 2018
Cash flows from operating activities:
Net earnings	$	4,294,345	$	893,296
Adjustments to reconcile net earnings to net cash provided
by operating activities
Net realized gains		(15,695)		(42,554)
Depreciation		363,242		237,134
Deferred income tax		22,911		50,816
Equity in undistributed (income) of subsidiaries		(5,282,698)		(1,522,001)
Amortization of bond premium and discount		7,934		6,624
Stock-based compensation expense		432,156		406,498
Change in:
Due from subsidiaries		(492,051)		106,358
Accrued investment income		(8,721)		(2,763)
Accrued expenses		(40,467)		65,824
Current federal income tax		400,851		(438,347)
Other		315,033		707,864
Net cash (used in) provided by operating activities		(3,160)		468,749
Cash flows from investing activities:
Contributions to subsidiaries		(1,461,381)		(770,483)
Purchases of:
Fixed maturity securities		(1,502,582)		(749,824)
Common stocks		(367,425)		(1,346,958)
Other invested assets		(2,000)		(15,000)
Property and equipment		(56,022)		(887,574)
Proceeds from sales, maturities and calls of:
Fixed maturity securities		269,076		1,220,578
Common stocks		341,047		1,380,293
Property and equipment		33,208		6,790
Net cash (used in) investing activities		(2,746,079)		(1,162,178)
Cash flows from financing activities:
Proceeds from loan		3,000,000		3,000,000
Repayments of borrowed funds		(174,652)		(36,816)
Purchase of common stock		(146,581)		(2,999,995)
Net cash provided by (used in) financing activities		2,678,766		(36,811)
Net (decrease) in cash and cash equivalents		(70,473)		(730,240)
Cash and cash equivalents at beginning of year		861,739		1,591,979
Cash and cash equivalents at end of period	$	791,266	$	861,739
Supplemental information:
Federal income tax paid	$	—	$	—
Interest paid		159,909		194,680