Q3 results show growth in gross premium written and stockholder value

Key Insurance Company Limited has delivered a strong third-quarter performance.

In its unaudited financial results for the period ending September 30, 2022, Key reported an 18 per cent growth of gross premium written to J$1.69 billion versus the comparative period in September 2021. Similarly, gross premium written grew by 13.5 per cent in the quarter to J$584.1 million when compared to the corresponding period last year.

Key has also reported an increase in net profit attributable to stockholders from J$12.8 million in the nine months ended September 30, 2021, to J$27.5 million over the similar period in 2022. Additionally, earnings per stock unit for the period increased by 104.2 per cent.

The company has also begun to reap positive results on its focus on investment income and reported an increase from J$37.7 million to J$93.9 million in the nine-month period under review.

Don Wehby, chairman of Key and group CEO of GraceKennedy (GK), said Key has been delivering on its strategy despite the challenging macroeconomic environment in which it currently operates.

“Key’s team has continued their laser-like focus on optimising the company’s performance despite the inflationary pressures and other headwinds affecting business, to ensure that shareholder value is protected. There is synergistic value across GraceKennedy’s insurance segment which we are also leveraging for the benefit of all our stakeholders, including Key and its customers,” he explained.

Key General Manager Tammara Glaves-Hucey said the company continues to be vigilant in pursuing its path of growth and profitability.

Said Glaves-Hucey: “2022 has not been an easy year for the company. Notwithstanding, the team remains committed to always giving our very best and being resilient in the face of challenges as they may come.”

GK, through its wholly owned subsidiary, GraceKennedy Financial Group (GKFG), acquired 65 per cent of the share capital of Key in March 2020. The company’s new board of directors, led by Wehby, soon defined four strategic drivers for the company: sustained growth and innovation; consumer centricity; improved business processes for greater efficiency; and a performance-driven culture, underpinned by strong change management processes.

Key celebrated its 40th anniversary in October 2022.