Profit-before-tax up 197% over corresponding period of last year
Key Insurance Company Limited (Key) continues to deliver strong financial results and has announced a strong 2022 first-quarter performance. In its unaudited first-quarter financial results for the three-month period ending March 31, 2022, the Company reported Profit-Before-Tax (PBT) of $3.4 million, which is a 197% increase over the corresponding period of 2021.
Gross premiums written by Key grew by $84.9 million, which represents a 20.5% increase over the corresponding period of 2021. Meanwhile, Net Premiums Earned grew by $99.6 million, or 40%. Growth was realized in all premium lines, with the non-motor portfolio reporting the largest increase of $44.7 million or 53.5%. The motor portfolio’s underwriting result increased by 107.5%. This performance was primarily due to a 12.2% increase in gross premiums and a 75.6% reduction in the unearned premium charge.
Key has also continued its focus on growing investment income and reported 88% growth in that area during the first quarter over the corresponding period of 2021.
Don Wehby, Chairman of Key and Group CEO of GraceKennedy (GK) explained that Key remains keenly focused on executing its strategic goals. “We have a very strong team in place, who are dedicated to delivering on our strategy – sustained growth and innovation, consumer centricity, improved business processes for greater efficiency, and a performance-driven culture. It is an honour for me and the other Board Members to be part of this exciting journey,” he said.
General Manager of Key, Tammara Glaves-Hucey, says the Company has the necessary internal controls and systems in place to ensure that it can meet any challenge head-on. “The Jamaican insurance space is dynamic and competitive. As such, we are making sure that Key is well-positioned to navigate whatever economic challenges may arise, while also giving our customers value for money and providing a good return to all our shareholders,” she said.
GK, through its wholly owned subsidiary, GraceKennedy Financial Group Limited (GKFG), acquired 65 per cent of the share capital of Key in March 2020.
Key celebrates its 40th anniversary in October this year.