Key Insurance Company Limited (KEY) has delivered strong results for the first half of 2022. In its unaudited results for the six months ending June 30, 2022, KEY reported profit-before-tax (PBT) of $17.7 million, an improvement over the $2.7 million recorded for the corresponding period of 2021. Net profit for the first half of the year increased to $12.2 million from $1.8 million in the corresponding period in 2021.
KEY has attributed the robust financial performance to improvements in both the insurance and investment segments of its business. The company’s gross written premiums grew by $188.3 million during the first six months of 2022, and there was also a $64-million reduction in the unearned premium charges. KEY has also successfully repositioned its investment portfolio, and earned $47.9 million in interest income, compared to the $22.8 million earned in the same period the previous year.
Commenting on the half-year results Don Wehby, GraceKennedy (GK) group CEO and chairman of KEY, explained that KEY was well positioned to successfully navigate the headwinds currently being experienced in the local and global economy. He expressed confidence in the company’s management team and their ability to execute on KEY’s four strategic drivers – sustained growth and innovation, great customer service, improved efficiency using technology and fostering a performance-driven culture.
Tammara Glaves-Hucey, general manager of KEY, also expressed that she was pleased with the company’s performance for the first half of the year, but was also mindful that challenges lie ahead.
“We put in a great effort during the first half of the year, and our team continues to work hard to continuously position our company to be able to withstand any potential shocks, by improving our operations, managing our expenses, and always exceeding our customers’ expectations,” she said.
Wehby continued: “This October, KEY will celebrate its 40th anniversary and we are grateful for all our stakeholders, including the amazing KEY team, for their commitment to our company. Their support has been critical to our improved performance, and we are looking forward to an even brighter future. We are pleased to have KEY as a part of the GK family.”