Non-motor drives growth for Key Insurance

 

 

Key Insurance Company Limited for the year ended 31 December 2024, reported insurance revenue climbing 22 per cent-year over-year and pre-tax profits up 33 per cent compared to the same period.

For the full year, the company reported net income of JMD 49.05 million compared to JMD 30.73 million a year ago. Basic earnings per share from continuing operations was JMD 0.12 compared to JMD 0.07 a year ago.

The non-motor portfolio spearheaded revenue growth, achieving 48 per cent expansion and a 35 per cent contribution to overall insurance revenue.

Key moved to capitalize on the hardening of rates for select non-motor business classes, along with growth in its fire class of business.

At the same time the motor segment recorded 17 per cent growth, over prior year constituting 65 per cent of insurance revenue.

Insurance service expenses rose 24 per cent year over year.



Management outlines meanwhile that the economic landscape posed several challenges, including falling interest rates, an active hurricane season, and rising inflation, all of which impacted motor claims costs.

Key said it strengthened its brand presence through a strategic mix of content marketing, branding consistency, and audience engagement.

“We continued producing impactful video series, including *Claims Boss and 60 Seconds with Key*, solidifying our authority on insurance claims and providing valuable industry insights. Additionally, we expanded our content strategy to highlight our expertise in insurance products such as Home & Contents and Motor Insurance, offering practical tips for road users, homeowners, business owners, and travelers; as well as expanded community-driven content.”

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