BETHESDA, Md., May 3, 2024 /PRNewswire/ -- Forge Group, Inc. (the "Company", "we", "us", "our", or "Forge") (OTC:FIGP), a specialist commercial auto insurance business, recently announced its financial results for the twelve months ended December 31, 2023. For additional information, please refer to the Company's 2023 Annual Report on Form 1-K. The Company has provided certain selected financial data in the table below for (i) the six months ended December 31, 2023 ("2H23") and 2022 ("2H22"), respectively and (ii) the twelve months ended December 31, 2023 ("2023") and 2022 ("2022"), respectively: Selected Financial Data For the 6 months ended For the 12 months ended December 31, December 31, December 31, December 31, 2023 2022 2023 2022 (dollars in thousands except for per-share items) (unaudited) (unaudited) (audited) (audited) Gross premiums written 11,664 7,451 20,210 12,150 Net premiums written 11,071 7,103 18,949 11,525 Net premiums earned 8,294 5,028 15,009 9,402 Underwriting income (loss) 1 (315) (1,041) (2,080) (2,839) Operating income (loss) before income taxes 2 435 (341) (605) (1,682) Operating ratios Loss ratio 3 41.1 % 44.1 % 50.6 % 48.0 % Expense ratio 4 62.7 % 76.6 % 63.2 % 82.2 % Combined ratio 5 103.8 % 120.7 % 113.9 % 130.2 % Less: Investment ratio 6 -9.0 % -13.9 % -9.8 % -12.3 % Operating ratio 7 94.8 % 106.8 % 104.0 % 117.9 % Adjusted book value per common share equivalent 8 $19.76 $19.79 Adjusted tangible book value per common share equivalent 9 $17.46 $17.44 Footnotes Underwriting income (loss) is a non-GAAP financial metric which measures the pre-tax profitability of our insurance operations before considering investment income. It is derived by subtracting loss and loss adjustment expense and underwriting expenses from net premiums earned. See Exhibits for more detail. Operating income (loss) before income taxes is a non-GAAP financial metric which measures the pre-tax profitability of our insurance operations before considering the impact of net realized and unrealized gains (losses), income (loss) from real estate operations, and certain non-recurring items which relate primarily to the conversion and related transactions. See Exhibits for more detail. Loss ratio is losses and loss adjustment expenses incurred expressed as a percentage of net premiums earned. Expense ratio is underwriting expenses expressed as a percentage of net premiums earned. Combined ratio is the sum of the loss ratio and the expense ratio. Investment ratio is net investment income expressed as a percentage of net premiums earned. Operating ratio is the combined ratio minus the investment ratio. Adjusted book value per common share equivalent is a non-GAAP metric that our board and management team uses to evaluate overall long-term corporate performance. See Exhibits for more detail. Adjusted tangible book value per common share equivalent is a non-GAAP metric that our board and management team uses to evaluate overall long-term corporate performance. See Exhibits for more detail. 2H23 financial highlights include: Premium revenue. Gross premiums written were $11.7 million in 2H23, an increase of 56.5% compared to 2H22. Net premiums written were $11.1 million in 2H23, an increase of 55.9% compared to 2H22. Net premiums earned were $8.3 million in 2H23, an increase of 65.0% compared to 2H22. Loss ratio. Our loss ratio continues to perform well and below that of the commercial auto industry generally. Our loss ratio was 41.1% in 2H23 compared to 44.1% for 2H22. Expense ratio. Our expense ratio continues to decline as we grow our premium revenue and scale our fixed expenses. Our expense ratio was 62.7% in 2H23, which represents a decline of 13.8% compared to 2H22. Our expense ratio was negatively impacted by a one-time write-off of legacy accounts receivable made in connection with our transition to a new policy administration technology system, which increased our 2H23 expense ratio by 4.0%. Combined ratio. Our combined ratio continues to decline as our expense ratio declines and our loss ratio remains within our long-term targets. As a reminder, a lower combined ratio is better and our intermediate-term goal is to generate a combined ratio of below 100%, thereby producing an underwriting profit. Our combined ratio was 103.8% in 2H23, which represents a decline of 16.9% compared to 2H22. Underwriting income (loss). We reported an underwriting loss of $315 thousand in 2H23 compared to an underwriting loss of $1.0 million in 2H22. This represents an improvement of $726 thousand. Operating ratio. Our operating ratio continues to decline due to improvement in the combined ratio. Our investment ratio declined in 2H23 compared to 2H22 as our premium revenue (denominator) increased at a more rapid rate than net investment income. As a reminder, a lower operating ratio is better and our near-term goal is to generate an operating ratio below 100%, thereby producing an operating profit. Our operating ratio was 94.8% in 2H23, which represents a decline of 12.0% compared to 2H22. Operating income (loss) before income taxes. We reported a pre-tax operating profit of $435 thousand in 2H23 compared to a pre-tax operating loss of $341 thousand in 2H22. This represents an improvement of $775 thousand. 2023 financial highlights include: Premium revenue. Gross premiums written were $20.2 million in 2023, an increase of 66.3% compared to 2022. Net premiums written were $18.9 million in 2023, an increase of 64.4% compared to 2022. Net premiums earned were $15.0 million in 2023, an increase of 59.6% compared to 2022. Loss ratio. Our loss ratio continues to perform well and below that of the commercial auto industry generally. Our loss ratio was 50.6% in 2023 compared to 48.0% for 2022. Expense ratio. Our expense ratio continues to decline as we grow our premium revenue and scale our fixed expenses. Our expense ratio was 63.2% in 2023, which represents a decline of 19.0% compared to 2022. Our expense ratio was negatively impacted by a one-time write-off of legacy accounts receivable made in connection with our transition to a new policy administration technology system, which increased our 2023 expense ratio by 2.2%. Combined ratio. Our combined ratio continues to decline as our expense ratio declines. As a reminder, a lower combined ratio is better and our intermediate-term goal is to generate a combined ratio of below 100%, thereby producing an underwriting profit. Our combined ratio was 113.9% in 2023, which represents a decline of 16.3% compared to 2022. Underwriting income (loss). We reported an underwriting loss of $2.0 million in 2023 compared to an underwriting loss of $2.8 million in 2022. This represents an improvement of $760 thousand. Operating ratio. Our operating ratio continues to decline due to improvement in the combined ratio. Our investment ratio declined in 2023 compared to 2022 as our premium revenue (denominator) increased at a more rapid rate than net investment income. As a reminder, a lower operating ratio is better and our near-term goal is to generate an operating ratio below 100%, thereby producing an operating profit. Our operating ratio was 104.0% in 2023, which represents a decline of 13.9% compared to 2022. Operating income (loss) before income taxes. We reported a pre-tax operating loss of $605 thousand in 2023 compared to a pre-tax operating loss of $1.7 million in 2022. This represents an improvement of $1.1 million. Adjusted book value and tangible book value per common share equivalent. Adjusted book value per common share equivalent (adjusted book value per share) was $19.76 as of December 31, 2023, which represents a decline of 0.2% compared to December 31, 2022, the starting point for the full year 2023. Adjusted tangible book value per common share equivalent (adjusted tangible book value per share) was $17.46 as of December 31, 2023, which represents an increase of 0.1% ...