ICC HOLDINGS, INC.

Schedule II — Condensed Financial Information of Registrant

Balance Sheet – Parent Company Only


	As of		As of
	December 31, 2020		December 31, 2019
Assets
Investment in subsidiaries	$	76,680,023	$	70,094,982
Fixed maturity securities		3,238,560		3,360,454
Common Stocks		1,115,545		1,172,369
Other invested assets		201,900		117,000
Cash and cash equivalents		462,185		791,266
Due from subsidiaries		81,166		385,693
Accrued investment income		14,002		18,124
Income taxes - current		387,407		37,496
Other assets		264,622		408,776
Total assets	$	82,445,410	$	76,386,160

Liabilities and Shareholders' Equity
Liabilities:
Debt	$	9,059,767	$	9,284,640
Accrued expenses		44,176		104,618
Income taxes - deferred		73,663		32,529
Other liabilities		524,115		622,539
Total liabilities		9,701,721		10,044,327
Equity:
Common stock1		35,000		35,000
Treasury stock, at cost		(3,153,838)		(3,146,576)
Additional paid-in capital		32,780,436		32,703,209
Accumulated other comprehensive earnings, net of tax		5,520,091		2,953,936
Retained earnings		40,140,115		36,608,750
Less: Unearned Employee Stock Ownership Plan shares at cost2		(2,578,115)		(2,812,485)
Total equity		72,743,689		66,341,833
Total liabilities and equity	$	82,445,410	$	76,386,160

1 Par value $0.01; authorized: 2020 - 10,000,000 shares and 2019 – 10,000,000 shares; issued: 2020 - 3,500,000 and 2019 – 3,500,000 shares; outstanding: 2020 - 3,033,314 and 2019 - 3,014,941 shares.

2 2020 – 208,875 shares and 2019 – 203,811 shares

3 2020 – 257,811 shares and 2019 – 281,248 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, 2020		December 31, 2019
Net investment income	$	67,727	$	419,752
Net realized investment (losses) gains		(79,924)		15,695
Net unrealized gains on equity securities		85,397		217,376
Other (loss) income		(99,008)		21,810
Total revenue		(25,808)		674,633
Policy acquisition costs and other operating expenses		1,439,908		1,749,159
Interest expense on debt		128,786		128,790
General corporate expenses		875		—
Total expenses		1,569,570		1,877,949

Loss before equity earnings of subsidiaries and income taxes		(1,595,378)		(1,203,316)
Total income tax (benefit) expense		(387,336)		88,782
Net loss before equity earnings of subsidiaries		(1,208,042)		(1,292,098)
Equity earnings in subsidiaries		4,739,406		5,586,443
Net earnings	$	3,531,364	$	4,294,345

Other comprehensive earnings, net of tax		111,334		68,144
Equity in other comprehensive earnings of subsidiaries		2,454,821		3,100,471
Comprehensive earnings	$	6,097,519	$	7,462,960

Certain balances in the 2019 financial statement have been reclassified to conform to the 2020 presentation.

ICC HOLDINGS, INC.

Schedule II — Condensed Financial Information of Registrant

Statement of Cash Flows – Parent Company Only


	Year Ended		Year Ended
	December 31, 2020		December 31, 2019
Cash flows from operating activities:
Net earnings	$	3,531,364	$	4,294,345
Adjustments to reconcile net earnings to net cash provided by operating activities
Net realized and unrealized gains on equity securities		(5,473)		(15,695)
Depreciation		98,211		363,242
Deferred income tax		11,539		22,911
Equity in undistributed income of subsidiaries		(4,739,406)		(5,282,698)
Amortization of bond premium and discount		11,950		7,934
Stock-based compensation expense		311,598		432,156
Change in:
Intercompany notes receivable		(650,000)		(630,000)
Due from subsidiaries		304,527		(492,051)
Accrued investment income		4,122		(8,721)
Accrued expenses		(60,443)		(40,467)
Current federal income tax		(349,910)		400,851
Other		20,771		315,033
Net cash used in operating activities		(1,511,150)		(633,161)
Cash flows from investing activities:
Contributions from (to) subsidiaries		1,220,000		(831,380)
Purchases of:
Fixed maturity securities		—		(1,502,582)
Common stocks		(284,298)		(367,425)
Other invested assets		(100,000)		(2,000)
Property and equipment		(52,641)		(56,022)
Proceeds from sales, maturities and calls of:
Fixed maturity securities		250,874		269,076
Common stocks		261,880		341,047
Other invested assets		100,000		—
Property and equipment		18,389		33,208
Net cash provided by (used in) investing activities		1,414,204		(2,116,078)
Cash flows from financing activities:
Proceeds from loan		—		3,000,000
Repayments of borrowed funds		(224,874)		(174,652)
Purchase of treasury stock		(7,262)		(146,581)
Net cash (used in) provided by financing activities		(232,135)		2,678,766
Net decrease in cash and cash equivalents		(329,081)		(70,473)
Cash and cash equivalents at beginning of year		791,266		861,739
Cash and cash equivalents at end of period	$	462,185	$	791,266
Supplemental information:
Federal income tax paid	$	—	$	—
Interest paid		128,823		159,909

Certain balances in the 2019 financial statement have been reclassified to conform to the 2020 presentation.