Key Insurance Company Limited(Key)

Unaudited financials for the first quarter ended March 31, 2025

Key Insurance Company Limited (Key) for the first quarter ended March 31, 2025, reported a 15% increase in insurance revenue totaling $801.73 million compared to $697.51 million in the corresponding three months last year.

Year to date, Insurance service expenses amounted to $581.59 million (2024: $497.79 million), this represents an increase of 17% year over year. Additionally, net expenses from reinsurance contracts held decreased by 11% to $231.35 million compared to $208.08 million for the first quarter ended March 31, 2024.

Consequently, the insurance service result experienced a 34% increase, culminating in a loss of $11.22 million for 2024, compared to a loss of $8.36 million in the preceding year. Interest revenue from financial assets increased by 3% to reach $54.01 million (2024: 52.34 million). As a result, Net insurance and investment result for the first quarter amounted to $42.79 million, a 3% decrease compared to $43.98 million reported in 2024.

Other income for the three months amounted to $13.12 million, a 79% increase relative to $7.33 million reported in 2024 while other operating expenses totaled $37.19 million, a 2% decrease from the corresponding period last year. (2024: $36.53 million).

Profit Before Taxation for the first quarter ended March 31, 2025, amounted to $18.73 million, a 27% increase relative to $14.77 million reported in 2024.

The tax charge incurred for the three months had a 29% increase to reach $6.24 million (2024: $4.84 million). As a result, Net profit for the three months amounted to $12.48 million (2024: $9.94 million). Total Comprehensive income for the three months amounted to $12.48 million, a 26% increase from the $9.94 million reported in 2024.

Consequently, Earnings Per Share for the three months amounted to $0.02 (2024: EPS: $0.02). The twelve-month trailing EPS was $0.12 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, 2025, at a price of $2.70 with a corresponding P/E ratio of 22.56x.

Balance Sheet Highlights

The company’s assets totaled $4.83 billion (2024: $4.20 billion). The movement in total assets was mainly influenced by a 65% increase in ‘Investment securities’ amounting to $2.54 billion (2024: $1.54 billion) and a 45% increase in Plant, Property and Equipment amounting to $374.40 million (2024: $261.53 million). Additionally, reinsurance contract assets increased by $260.37 million to reach $272.79 million (2023: $12.42 million).

Shareholder’s equity was $1.44 billion (2024: $1.35 billion), representing a book value per share of $2.58 (2024: $2.41).

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