HIGHLIGHTING its motor segment as the “backbone of its business”, Key Insurance in its half-year performance delivered revenues of $1.3 billion — $238.8 million more or 22.7 per cent above that of the prior year’s period.

The motor segment, which grew near 12 per cent, for the six-month period contributed almost 64 per cent of total insurance revenues which amounted to $821.6 million.

The non-motor segment, which also showed significant strength, the company said outpaced the six-month period of last year, elevating its contribution to insurance revenues by some 36.3 per cent. The segment made up of general insurance, property, travel, and other classes of insurance contributed over $468 million in half-year outturns.

In 2022, revenue performance for Key’s motor and non-motor segments climbed to $735 million and $315.5 million, respectively.

Owing to rising reinsurance costs and increased claims in certain segments, insurance service expenses for the company increased 11.6 per cent for the quarter and 13 per cent for the six months when compared to the prior year’s corresponding periods.

As a result of some strategic initiatives undertaken by the company its investment portfolio, which it said also delivered strong performances, recorded net investment income of $117.8 million.

“This represents a noteworthy 145.7 per cent increase over the prior year six-month period. This substantial growth is attributable to the repositioning of our investment portfolio to take advantage of increased interest rates,” highlights from its recent results showed.

The insurance company which continues to reap the positive results of its turnaround strategy, for the period realised profit of $12.9 million at the end of the six months and $9.3 million for the three-month period. Total assets for the company further increased to $3.9 billion.

“Looking forward, we anticipate the increases in property rates to continue to contribute positively to our future results. Targeted measures are being deployed to improve our claims results and we expect these actions to positively impact our performance as the year progresses,” the company’s management said in its recently released quarterly report.

Key, a subsidiary of the GraceKennedy group, in its mission said it remains committed to protecting its policyholders by providing quality products, excellent service, and security of assets through constant product and technological improvement, led by a highly motivated and competent staff.

“The company also remains optimistic and is focused on driving profitable growth in the upcoming quarters. Key strives to optimise performance and maintain strong momentum throughout the end of the year,” the report further noted.