March 4, 2024
Key Insurance Company Limited (Key) for the twelve month ended December 31, 2023, reported a 16% increase in Insurance Revenue totalling $2.50 billion compared to $2.15 billion in the corresponding period last year.
Insurance service expenses amounted to $1.84 billion (2022: $1.68 billion), this represents an increase of 10% year over year.
Net expenses from reinsurance contracts held increased 41% from $503.51 million to $710.89 million in the period under review.
Consequently, Net insurance service cost amounted $51.43 million compared to $30.02 million for the twelve month ended December 31, 2022.
Interest revenue from financial Assets increased by 39% to close at $192.41 million (2022: $138.33 million).
Net finance income from insurance contracts held decreased by 69% from $16.08 million in 2022 to $4.92 million in the period under review.
As a result, Net Insurance and Investment result for the twelve month ended December 31, 2023, amounted to $145.90 million, a 17% increase relative to $124.39 million reported in 2022.
Other income for the twelve month ended December 31, 2023, amounted to $45.94 million, a 32% decrease relative to $67.58 million reported in 2022.
Other operating expenses totalled $114.58 million a 4% decrease from the corresponding period last year. (2022: $119.88 million).
Profit Before Taxation totalled $77.26 million a 7% increase from the corresponding period last year. (2022: $72.10 million).
Taxation for the twelve month ended December 31, 2023, amounted to $35.32 million, a 99% increase relative to $17.74 million reported in 2022.
Net profit for the twelve month ended December 31, 2023, had a 23% decrease to reach $41.94 million (2022: $54.35 million). For the quarter, Net profit amounted to $1.54 million (2022: $26.88 million).
Net profit attributable to Owners of Key Insurance Company Limited for the twelve month amounted to $30.73 million, a 23% decrease from the $39.82 million reported in 2022.
Consequently, Earnings Per Share for the twelve month amounted to $0.07 (2022: EPS: $0.10), while Earnings Per Share for the quarter totalled $0.003 (2022: EPS: $0.05). The number of shares used in these calculations was 559,323,101.
Notably, Key’s stock price closed the trading period on March 04, 2024, at a price of $2.75 with a corresponding P/E ratio of 36.67x.
Balance Sheet Highlights
The company’s assets totalled $4.10 billion (2022: $3.76 billion). The growth in total assets was primarily due to ‘Investment Securities’ increasing 19% to $1.88 billion (2022: $1.58 billion).
Shareholder’s equity was $1.34 billion (2022: $1.30 billion), representing a book value per share of $2.39 (2022: $2.32).
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