Key Insurance Company Limited (KEY)

Unaudited financials for the six months ended June 30, 2025:

Key Insurance Company Limited (KEY) for the six months ended June 30, 2025, reported a 12% increase in Insurance Revenue totaling $1.63 billion compared to $1.46 billion in the corresponding period last year. Insurance Revenue for the second quarter had a 10% increase to close at $833.02 million compared to $760.41 million for the comparable quarter of 2024.

Year to date, Insurance service expenses amounted to $1.18 billion (2024: $1.02 billion), this represents an increase of 15% year over year. Additionally, net expenses from reinsurance contracts decreased by 2% to $453.43 million compared to $464.06 million for the six months ended June 30, 2024.

Consequently, Insurance Service Result amounted to $5.41 million (2024: loss of $30.46 million).

Interest revenue from financial assets decreased by 8% to reach $109.70 million (2024: $119.54 million) for the period under review. As a result, net insurance and investment result for the six months ended June 30, 2025, amounted to $115.11 million, a 29% increase relative to $89.09 million reported in 2024.

Other income for the six months ended June 30, 2025, amounted to $25.96 million, a 41% increase relative to $18.47 million reported in 2024 while other operating expenses totaled $74.91 million, an 8% increase from the corresponding period last year. (2024: $69.08 million)

Profit Before Taxation totaled $66.16 million, a 72% increase from the corresponding period last year. (2024: $38.48 million)

The tax charge incurred for the six months ended June 30, 2025, amounted to $22.06 million, a 73% increase relative to $12.74 million reported in 2024. As a result, Net profit for the six months ended June 30, 2025, had a 71% increase to reach $44.11 million (2024: $25.74 million). Net profit for the second quarter amounted to $31.62 million compared to $15.80 million recorded in the same period last year.

Consequently, Earnings Per Share for the six months amounted to $0.08 (2024: EPS: $0.05), while Earnings Per Share for the quarter totaled $0.06 (2024: EPS: $0.03). The twelve-month trailing EPS was $0.15, and the number of shares used in these calculations was 559,323,101.

Notably, Key’s stock price closed the trading period on August 10, 2025, at a price of $2.67 with a corresponding P/E ratio of 17.50x.

Balance Sheet Highlights

The company’s assets totalled $4.97 billion (2024: $4.37 billion). The movement in total assets was mainly influenced by a 46% increase in ‘Investment securities’ amounting to $2.49 billion (2024: $1.70 billion) and a 26% increase in Plant, Property and Equipment amounting to $372.70 million (2024: $295.66 million). Additionally, reinsurance contract assets increased by $194.35 million to reach $237.77 million (2024: $43.42 million).

Shareholder’s equity was $1.47 billion (2024: $1.36 billion), representing a book value per share of $2.63 (2024: $2.44).

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