KEY Insurance Company Limited (KEY) continues to see growth in its financial position as the company reported $1.69 billion in gross written premium for the nine months ending September 30, 2022 â€” an 18 per cent increase over the comparative period in 2021.
In its unaudited financial results for the third quarter, the insurance company also registered 13.5 per cent growth in gross premiums written over corresponding period last year. Gross premium written for the three months amounted to $584.1 million.
The company has also begun to reap positive results on its focus on investment income, which rose from $37.7 million to $93.9 million in the nine-month period under review.
Chairman of KEY and group CEO of GraceKennedy (GK) Don Wehby pointed out that KEY has delivered on its strategy despite having to navigate the challenging macroeconomic environment in which it operates.
“KEY’s team has continued their laser-like focus on optimising the company’s performance, despite the inflationary pressures and other headwinds affecting business, to ensure that shareholder value is protected. There is synergistic value across GraceKennedy’s insurance segment which we are also leveraging for the benefit of all our stakeholders, including KEY and its customers,” he explained.
Net profit attributable to stockholders jumped from $12.8 million in the nine months ended September 30, 2021, to $27.5 million in the period under review. As a result, earnings per stock unit for the period increased by 104.2 per cent.
According to KEY General Manager Tammara Glaves-Hucey, the company continues to be vigilant in pursuing its path of growth and profitability.
“[The year] 2022 has not been an easy year for the company. Notwithstanding, the team remains committed to always giving our very best and being resilient in the face of challenges as they may come.”
GK acquired 65 per cent of the share capital of KEY in March 2020 through its wholly owned subsidiary GraceKennedy Financial Group (GKFG). Led by Wehby, the company’s new board of directors then defined four strategic drivers for the company: sustained growth and innovation; consumer centricity; improved business processes for greater efficiency; and a performance-driven culture, underpinned by strong change management processes.
Total assets declined by 7.3 per cent to $4.82 billion, with cash and deposits by dipping 5.0 per cent or $57.5 million, to $1.14 billion.