Key Insurance Company is reporting a 5-percent reduction in gross premium income for the first quarter ended March 31, 2019.
Premium income for the period was nearly $369-million. The company says this was lower than the first quarter of 2018, when Premium income was almost 388-million dollars.
Chairman Natalia Gobin-Gunter says this result was consistent with their underwriting strategy to achieve a desired targeted risk profile. She says the company’s claims expense has remained at the same level as last year, reversing the increasing trend.
There was an overall increase of $7.7-million in operating costs for the period, due to non-recurring professional fees in the first quarter of 2019, compared to the first quarter of 2018.
Key Insurance Company closed the first quarter ending March 31, 2019 with a loss per share of 8-cents.
For 2018, the company reported a loss per share of 11-cents for the quarter and a loss per share of 45-cents for the full 2018 financial year.