Company: FRHC
Filing Date: 2025-02-07
Form Type: 10-Q
Source: 0000924805-25-000002
Chunk: 17

Company: Freedom Holding Corp.
Filing Date: 2025-02-07
Form: 10-Q
Item: Part I, Item 2
Chunk 17
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 31, 2023. The increase was primarily attributable to a $99.3 million, or 128%, increase in insurance underwriting income from written insurance premiums for the three months ended December 31, 2024, as compared to the three months ended December 31, 2023, due to the expansion of our insurance operations such as in the pension annuity and accident insurance between the two quarters. This increase in income from written insurance premiums was partially offset by a $1.9 million decrease in reinsurance premiums ceded for the three months ended December 31, 2024, as compared to the three months ended December 31, 2023. The following table sets out information on our insurance underwriting income for the periods presented.

Three months ended December 31,(amounts in thousands)20242023Amount Change%ChangeWritten insurance premiums$176,784 $77,473 $99,311 128 %Reinsurance premiums ceded(4,254)(2,308)(1,946)84 %Change in unearned premium reserve, net4,942 3,852 1,090 28 %Insurance underwriting income$177,472 $79,017 $98,455 125 %

70

Expense

The following table sets out information on our total expense for the periods presented.

Three months ended December 31, 2024Three months ended December 31, 2023Change(amounts in thousands)Amount%*AmountAmount%Fee and commission expense$93,927 17 %$42,818 14 %$51,109 119 %Interest expense131,136 24 %131,223 43 %(87)— %Insurance claims incurred, net of reinsurance104,511 19 %40,989 13 %63,522 155 %Payroll and bonuses77,395 14 %45,083 15 %32,312 72 %Professional services10,955 2 %6,217 2 %4,738 76 %Stock compensation expense13,417 2 %1,039 — %12,378 1191 %Advertising expense21,472 4 %11,066 4 %10,406 94 %General and administrative expense73,437 13 %32,106 10 %41,331 129 %Provision