Key tops insurance revenue in third quarter
KEY Insurance, as it continues to turn around, has seen its insurance revenues climb 22 per cent to total $1.9 billion at the end of the third-quarter period in September.
This was $361 million more than it made for the same period of the prior year and was largely driven by the company’s continued growth in its non-motor insurance portfolio. For the nine months its net profit also increased to $40.4 million — 47 per cent or almost $13 million above that in 2022.
“A significant contributor to this growth was the steady expansion of premiums in the non-motor portfolio, accounting for 61.7 per cent or $223.2 million of our insurance revenue growth. This sustained growth in insurance revenue underscores our commitment to strategic initiatives aimed at enhancing our financial performance,” the company’s directors said in their latest report to shareholders.
Insurance revenues for the three-month period also grew to $688.7 million, backed by strong profit of $27.4 million and total assets of $4.2 billion.
Key’s chairman, and CEO of the GraceKennedy Group Don Wehby, in commending the performance said the results are testament of the company’s resilience and strategic approach in navigating the current economic landscape.
“We remain committed to delivering value to our stakeholders while fostering sustainable growth,” he stated.
Despite higher insurance services expenses — which increased by almost $120 million following a $72.8-million or 10 per cent increase in claims during the nine months — the company, in looking to continue its growth momentum after past misfortunes, said it remains highly optimistic and bullish on growing market share with a clear focus on bolstering revenue and enhancing profitability.
“Our team’s focus on strategic initiatives, especially in expanding premiums in the non-motor portfolio, have proven instrumental in driving our financial performance. This sustained growth underscores our commitment to delivering exceptional results,” stated General Manager Tammara Glaves-Hucey.
“We continue to proactively address market challenges, rigorously assess both the non-motor and motor portfolios, and remain vigilant in identifying opportunities to enhance our operational efficiency and ultimately boost our bottom line. Customer engagement and strategic relationships continue to be our top priorities,” the directors further said in the report.
“We also remain dedicated in providing innovative and customer-centric solutions. In leveraging the strength of our strategic partnerships we aim to deliver exceptional value to all our stakeholders,” they added.