Key Insurance reports 51.3% surge in pre-tax profit

KEY Insurance Company has reported a significant increase in its financial performance for the nine-month period ending September 30, with a pre-tax profit of $41.1 million, marking a 51.3% year-over-year rise. The company’s revenue also saw a substantial boost, climbing by 22.4% to reach $361.6 million, largely propelled by its non-motor portfolio which contributed $223.2 million.

Chairman Don Wehby and GraceKennedy Group CEO highlighted the resilience and strategic planning that have underpinned the company’s success, particularly emphasizing the growth in non-motor premiums as a key driver of this performance. General Manager Tammara Glaves-Hucey echoed this sentiment, noting that the strategic initiatives to expand non-motor premiums were integral to the revenue increase.

Despite facing increased claims costs that resulted in a 9.7% rise in insurance service expenses, totaling $72.8 million, KEY’s focus on operational efficiency and market share expansion has not wavered. The company remains optimistic about its future financial performance as it continues to deliver value to stakeholders and enhance profitability through strategic planning and resilience in a challenging economic landscape.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.