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Schedule II - Condensed Financial Information of Registrant
12 Months Ended
Dec. 31, 2021
Condensed Financial Information of Registrant [Abstract]  
Schedule II - Condensed Financial Information of Registrant ICC HOLDINGS, INC.Schedule II — Condensed Financial Information of RegistrantBalance Sheet – Parent Company Only As of As of December 31, 2021 December 31, 2020Assets Investment in subsidiaries $ 74,209,041 $ 76,680,023Fixed maturity securities 3,223,307 3,238,560Common Stocks 1,410,345 1,115,545Other invested assets 218,403 201,900Cash and cash equivalents 573,715 462,185Due from subsidiaries 64,846 81,166Accrued investment income 13,746 14,002Income taxes - current 454,538 387,407Other assets 359,575 264,622Total assets $ 80,527,515 $ 82,445,410 Liabilities and Shareholders' Equity Liabilities: Debt $ 5,515,098 $ 9,059,767Accrued expenses 116,894 44,176Income taxes - deferred 56,016 73,663Other liabilities 135,592 524,115Total liabilities 5,823,601 9,701,721Equity: Common stock1 35,000 35,000Treasury stock, at cost (3,155,399) (3,153,838)Additional paid-in capital 32,965,136 32,780,436Accumulated other comprehensive earnings, net of tax 2,920,027 5,520,091Retained earnings 44,282,895 40,140,115Less: Unearned Employee Stock Ownership Plan shares at cost2 (2,343,745) (2,578,115)Total equity 74,703,914 72,743,689Total liabilities and equity $ 80,527,514 $ 82,445,410 1Par value $0.01; authorized: 2021 - 10,000,000 shares and 2020 -10,000,000 shares; issued: 2021 - 3,500,000 shares and 2020 - 3,500,000 shares; outstanding: 2021 - 3,291,852 shares and 2020 - 3,291,125 shares22021 - 208,148 shares and 2020 - 208,875 shares 32021 - 234,374 shares and 2020 - 257,811 shares ICC HOLDINGS, INC.Schedule II — Condensed Financial Information of RegistrantStatement of Earnings and Comprehensive Earnings – Parent Company Only Year Ended Year Ended December 31, 2021 December 31, 2020Net investment income $ 139,907 $ 67,727Net realized investment gains (losses) 39,629 (79,924)Net unrealized gains on equity securities 234,537 85,397Other income (loss) 6,717 (99,008)Total revenue 420,790 (25,808)Policy acquisition costs and other operating expenses 1,676,944 1,439,908Interest expense on debt 129,854 128,786General corporate expenses 7,767 875Total expenses 1,814,566 1,569,570 Loss before equity earnings of subsidiaries and income taxes (1,393,776) (1,595,378)Total income tax benefit (54,646) (387,336)Net loss before equity earnings of subsidiaries (1,339,130) (1,208,042)Equity earnings in subsidiaries 5,481,909 4,739,406Net earnings $ 4,142,779 $ 3,531,364 Other comprehensive (loss) earnings, net of tax (78,861) 111,334Equity in other comprehensive (loss) earnings of subsidiaries (2,521,202) 2,454,821Comprehensive earnings $ 1,542,715 $ 6,097,519 ICC HOLDINGS, INC.Schedule II — Condensed Financial Information of RegistrantStatement of Cash Flows – Parent Company Only Year Ended Year Ended December 31, 2021 December 31, 2020Cash flows from operating activities: Net earnings $ 4,142,779 $ 3,531,364Adjustments to reconcile net earnings to net cash provided by operating activities Net realized and unrealized gains on equity securities (274,166) (5,473)Depreciation 51,235 98,211Deferred income tax 3,316 11,539Equity in undistributed income of subsidiaries (5,481,909) (4,739,406)Amortization of bond premium and discount — 11,950Stock-based compensation expense 419,070 311,598Change in: Intercompany notes receivable (1,380,000) (650,000)Due from subsidiaries 16,321 304,527Accrued investment income 255 4,122Accrued expenses 72,719 (60,443)Current federal income tax (67,131) (349,910)Other (476,240) 20,771Net cash used in operating activities (2,973,750) (1,511,150)Cash flows from investing activities: Contributions from subsidiaries 6,605,654 1,220,000Purchases of: Fixed maturity securities (312,114) —Common stocks (216,473) (284,298)Other invested assets — (100,000)Property and equipment — (52,641)Proceeds from sales, maturities and calls of: Fixed maturity securities 220,950 250,874Common stocks 195,840 261,880Other invested assets 16,403 100,000Property and equipment 121,249 18,389Net cash provided by investing activities 6,631,510 1,414,204Cash flows from financing activities: Repayments of borrowed funds (3,544,668) (224,874)Purchase of treasury stock (1,561) (7,262)Net cash used in financing activities (3,546,230) (232,135)Net increase (decrease) in cash and cash equivalents 111,530 (329,081)Cash and cash equivalents at beginning of year 462,185 791,266Cash and cash equivalents at end of period $ 573,715 $ 462,185Supplemental information: Federal income tax paid $ — $ —Interest paid 128,104 128,823