May 14, 2024
Unaudited financials for the first quarter ended March 31, 2024:
Key Insurance Company Limited (KEY) for the first quarter ended March 31, 2024, reported a 19% increase in Insurance Revenue totalling $697.51 million compared to $585.01 million in the corresponding three months last year.
Insurance Services Expense amounted to $497.79 million (2023: $430.39 million), this represents an increase of 16% year over year. Consequently, net premiums written increased by 29% to $199.72 million compared to $154.62 million for the first quarter ended March 31, 2023.
Change in unearned premium reserve related to current year gross increase by 19% to close at $208.08 million (2023: $175.05 million), while Net Premiums Earned on premiums written during the year decrease by 59% from $20.43 million in 2023 to $8.36 million for the three months.
Other income for the three months amounted to $7.33 million, a 38% decrease relative to $11.84 million reported in 2023. In addition, other operating expenses totalled $36.53 million a 22% increase from the corresponding period last year (2023: $29.88 million). While Profit Before Taxation for the first quarter ended March 31, 2024, amounted to $14.77 million, a 179% increase relative to $5.30 million reported in 2023.
Taxation for the three months had a 174% increase to reach $4.84 million (2023: $1.77 million) . Net profit After Taxation for the three months amounted to $9.94 million (2023: $3.53 million).
Earnings per share for the three months to close at $0.02 (2023: $0.01). The twelve-month trailing EPS was $0.09 and the number of shares used in these calculations was 559,323,101. Notably, Key’s stock price closed the trading period on May 14, 2024 at a price of $2.28 with a corresponding P/E ratio of 26.38x.
Balance Sheet Highlights
The company’s assets totalled $4.20 billion (2023: $3.84 billion). Additionally, KEY’s total liabilities for the first quarter of 2024 totalled $2.85 billion (2023: $2.56 billion).
Shareholder’s equity was $1.35 billion (2023: $1.27 billion), representing a book value per share of $2.41 (2023: $2.28).
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