Key Insurance Company Limited (KEY)

Unaudited financials for the nine months ended September 30, 2025:

Key Insurance Company Limited (KEY) for the nine months ended September 30, 2025, reported an 11% increase in Insurance Revenue totaling $2.51 billion compared to $2.27 billion in the corresponding period last year. Insurance Revenue for the third quarter had an 8% increase to close at $879.95 million compared to $813.84 million for the comparable quarter of 2024.

Year to date, Insurance service expenses amounted to $1.81 billion (2024: $1.59 billion), representing a 13% increase year over year, driven by higher claims activity. Net expenses from reinsurance contracts decreased by 3% to $685.62 million compared to $704.06 million for the nine months ended September 30, 2024.

Consequently, Insurance Service Result amounted to $23.38 million (2024: loss of $24.09 million), marking a significant turnaround from the prior year.

Interest revenue from financial assets declined by 8% to $161.61 million (2024: $174.75 million) for the period under review. As a result, net insurance and investment result for the nine months ended September 30, 2025, amounted to $184.99 million, a 23% increase relative to $150.66 million reported in 2024.

Other operating income for the nine months ended September 30, 2025, amounted to $37.91 million, a 14% increase relative to $33.17 million reported in 2024, while other operating expenses totaled $117.74 million, an 8% increase from the corresponding period last year (2024: $108.71 million).

Profit Before Taxation totaled $105.17 million, a 40% increase from the corresponding period last year (2024: $75.12 million).

The tax charge incurred for the nine months ended September 30, 2025, amounted to $35.06 million, a 41% increase relative to $24.95 million reported in 2024. As a result, Net profit for the nine months ended September 30, 2025, had a 40% increase to reach $70.11 million (2024: $50.17 million). Net profit for the third quarter amounted to $26.01 million compared to $24.43 million recorded in the same period last year.

Consequently, Earnings Per Share for the nine months amounted to $0.125 (2024: EPS: $0.09), while Earnings Per Share for the quarter totaled $0.046 (2024: EPS: $0.044). The twelve-month trailing EPS was $0.16 and the number of shares used in these calculations was 559,323,101.

Notably, Key’s stock price closed the trading period on November 13, 2025 at a price of $2.09 with a corresponding P/E ratio of 13.45x.

Key Insurance highlighted strong revenue growth driven by sustained motor portfolio performance and disciplined expense management, despite rising claims costs and lower investment income.

Balance Sheet Highlights

The company’s assets totaled $5.14 billion (2024: $4.34 billion). The growth in total assets was mainly due to an increase in investment securities, rising by $851.32 million or 50% to $2.57 billion compared to $1.71 billion as at September 30, 2024.

Shareholders’ equity was $1.50 billion (2024: $1.39 billion), representing a book value per share of $2.68 (2024: $2.48).

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