Key Insurance Company Limited (Key) continues to deliver strong financial results and has announced that it recorded its best performance in seven years in the last quarter of 2021. On Monday, the Company released its unaudited fourth quarter financial results for the period and the year ending December 31, 2021. In 2021 Key recorded profit before tax of $237.64 million, outperforming its prior year profits by $687.10 million or 152.9%. Net profit attributable to stockholders also reflected a 150.9% increase over prior year. The earnings per stock unit for the period also increased by 135.8% when compared to the comparative period of 2020.
Don Wehby, Chairman of Key, and Group CEO of GraceKennedy (GK) Limited, which acquired the insurance company in 2020, expressed “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. 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.”
Key also reported a 30% increase in its gross premium written for the final quarter of 2021, $484.60 million compared to the comparative period of 2020 which recorded $372.92 million.
Key’s underwriting results also showed improvement, growing from a loss of $534.92 million in 2020 to a gain of $79.13 million in 2021, an improvement of 114.8%.
In 2021 Key also focused on growing its investment income through portfolio repositioning, which caused income to climb to $59.74 million for the year ending December 31, 2021, up from $27.49 million recorded the prior year.
General Manager of Key, Tammara Glaves-Hucey, also heaped praises on her team for the strong performance of 2021, “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. A huge thanks to our team, our customers, and all Key’s stakeholders for their continued support. 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.”
In March 2020, GK, through its wholly owned subsidiary, GraceKennedy Financial Group Limited, acquired 65 per cent of the share capital of Key. A rights issue launched by Key in December 2020 raised over $660 million in capital towards strengthening the company’s regulatory compliance and implementing its growth strategy.