Kingsway Financial Services, Inc. (KFS) financial statements (2022 and earlier)

Company profile

Business Address 150 PIERCE RD
ITASCA, IL 60143
State of Incorp. DE
Fiscal Year End December 31
SIC 6331 - Fire, Marine, and Casualty Insurance (benchmarking)
More info Complete financial analysis Financial benchmarking

Balance sheet (Statement of financial position) ($ in thousands)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments12,79914,53113,63314,77144,43736,87652,101
Cash and cash equivalents12,64214,37413,47814,61944,28636,47551,701
Short-term investments157157155152151401400
Total current assets:12,79914,53113,63314,77144,43736,87652,101
Noncurrent Assets
Operating lease, right-of-use asset2,2482,9603,327
Property, plant and equipment108,58795,01599,064103,142108,230116,9615,577
Long-term investments and receivables18,80032,33328,4448739,99610,42619,865
Long-term investments18,80032,81129,07895110,31410,70020,141
Accounts and financing receivable, after allowance for credit loss (478)(634)(78)(318)(274)(276)
Intangible assets, net (including goodwill)218,477205,263168,528157,925167,727160,07824,814
Goodwill110,247121,13082,10474,65980,11271,06110,078
Intangible assets, net (excluding goodwill)108,23084,13386,42483,26687,61589,01714,736
Total noncurrent assets:348,112335,571299,363261,940285,953287,46550,256
Other undisclosed assets114,723102,37286,627101,529154,210176,680138,665
TOTAL ASSETS:475,634452,474399,623378,240484,600501,021241,022
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities   2,500   
Interest and dividends payable   2,500   
Total current liabilities:   2,500   
Noncurrent Liabilities
Liabilities, other than long-term debt28,55327,55529,015    
Deferred income tax liabilities28,55327,55529,015
Total noncurrent liabilities:28,55327,55529,015    
Other undisclosed liabilities432,327406,256349,835345,682435,290437,759190,925
Total liabilities:460,880433,811378,850348,182435,290437,759190,925
Temporary equity, carrying amount 6,5046,8195,8005,4616,4276,394
Stockholders' equity
Stockholders' equity attributable to parent(5,724)(1,998)87412,46238,68256,00641,951
Treasury stock, value(492)(492)(492)    
Additional paid in capital359,138355,242354,101353,890356,021353,882341,646
Accumulated other comprehensive income (loss)30,77938,05935,34740,768(3,852)(208)9,300
Accumulated deficit(395,149)(394,807)(388,082)(382,196)(313,487)(297,668)(308,995)
Stockholders' equity attributable to noncontrolling interest13,98114,15713,08011,7965,1678291,752
Total stockholders' equity:8,25712,15913,95424,25843,84956,83543,703
Other undisclosed liabilities and equity6,497      
TOTAL LIABILITIES AND EQUITY:475,634452,474399,623378,240484,600501,021241,022

Income statement (P&L) ($ in thousands)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
Revenues91,76661,36259,94852,078193,194176,630159,966
Operating leases, income statement, lease revenue13,376
Insurance commissions and fees78,40147,60746,11138,286
Financial services revenue162,352151,840140,399
Cost of revenue(6,607) (4,154)(3,141)(28,180)(27,711)(26,932)
Deferred policy acquisition costs, amortization expense(6,607) (4,154)(3,246)(28,428)(27,822)(26,361)
Gross profit:85,15961,36255,79448,937165,014148,919133,034
Operating expenses(88,527)(66,193)(61,357)(54,371)(211,246)(183,477)(161,494)
Other operating expense, net   (19,656)(11,364)(3,606)(9,794)
Other undisclosed operating income6,607 4,15431,79044,04631,09536,479
Operating income (loss):3,239(4,831)(1,409)6,700(13,550)(7,069)(1,775)
Nonoperating income (expense)(2,788)5,992(5,519)(2,232)(3,186)6,839(8,200)
Investment income, nonoperating 5,2503,0055,9316,26514,450(3,232)
Profit from real estate operations 800 800   
Other nonoperating expense(2,788)(58)(8,524)(8,963)(9,436)(7,596)(3,753)
Interest and debt expense(3,667)(23,087)(8,991)(7,407)(4,977)(4,496)(5,278)
Loss from continuing operations before equity method investments, income taxes:(3,216)(21,926)(15,919)(2,939)(21,713)(4,726)(15,253)
Income (loss) from equity method investments  169(2,499)2,115(1,017)(339)
Other undisclosed income (loss) from continuing operations before income taxes(2,568)15,38912,618(16,511)(9,818)(4,710)4,270
Loss from continuing operations before income taxes:(5,784)(6,537)(3,132)(21,949)(29,416)(10,453)(11,322)
Income tax expense (benefit)7,6441,115363(315)17,7619,720(93)
Income (loss) before gain (loss) on sale of properties:1,860(5,422)(2,769)(22,264)(11,655)(733)(11,415)
Other undisclosed net income (loss) 6(1,544)(6,072)5231,25512,684
Net income (loss):1,860(5,416)(4,313)(28,336)(11,132)5221,269
Net income (loss) attributable to noncontrolling interest(2,202)1,309(1,573)(1,765)(4,337)281(162)
Other undisclosed net loss attributable to parent (3,684) (620)   
Net income (loss) attributable to parent:(342)(7,791)(5,886)(30,721)(15,469)8031,107
Preferred stock dividends and other adjustments(494)(1,066)(1,019) (350)  
Other undisclosed net income (loss) available to common stockholders, basic 1,060 6,072 (398)(329)
Net income (loss) available to common stockholders, diluted:(836)(7,797)(6,905)(24,649)(15,819)405778

Comprehensive Income ($ in thousands)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
Net income (loss):1,860(5,416)(4,313)(28,336)(11,132)5221,269
Other comprehensive income (loss)(7,295)2,723(5,409)4,124(3,643)2,270160
Comprehensive income (loss):(5,435)(2,693)(9,722)(24,212)(14,775)2,7921,429
Comprehensive income (loss), net of tax, attributable to noncontrolling interest(2,187)(1,320)(1,585)(1,764)(4,338)289308
Comprehensive income (loss), net of tax, attributable to parent:(7,622)(4,013)(11,307)(25,976)(19,113)3,0811,737

Statements sources

The financial statements are based on the company's filings with the The U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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