Key Insurance has labelled its fourth quarter, the period between October and December 2021, as its best in seven years.

For the period the company said it earned before tax profits of $237.64 million, outperforming its prior year profits by $687.10 million or 153 per cent. Net profit attributable to shareholders also increased by 151 per cent over the prior year, and earnings per stock went up by approximately 136 per cent.

The general insurance firm, which is majority owned by GraceKennedy (GK) since it purchased a 65 per cent stake in the company in 2020, was previously plagued by a series of misfortunes. Following an aggressive turnaround strategy implemented by the new management, which included the launching of a rights issue that helped the company to raise $668 million in fresh capital, the general insurer has since been able to return to profitability and growth.

“We had a plan and we executed it, and now we are seeing the returns. This performance will only strengthen our resolve to continuing on this path of growth and profitability. To be able to say that we recorded Key’s best performance in seven years is truly a testament to our team’s passion for ensuring that our customers get excellent service and value for money,” said Tammara Glaves-Hucey, general manager.

The company, which last year focused on growing its investment income, said it saw significant gains as income climbed to $59.74 million for the year, $32 million more than that of the previous year. Gross written premium for the final quarter of the fourth quarter moved up to total $484.6 million when compared to the $372.9 million recorded in 2020.

Key’s underwriting results also showed improvement of about 115 per cent, growing from a loss of $534.9 million in 2020 to a gain of $79.1 million in 2021.

“2021 was a year of strong performance for Key, which is a direct result of the management team’s pursuit of the four strategic drivers established by the board in 2020: sustained growth and innovation; consumer centricity; improved business processes for greater efficiency; and a performance-driven culture,” stated chairman of Key and group CEO of GraceKennedy Don Wehby.

“I commend the entire Key team, who can now proudly show the results of their hard work and dedication, which has delivered the company’s best performance in seven years,” he also said.