Key Insurance Company is reporting for the financial year ending December 2018 a net loss of over $167 million.
This compared to a profit of nearly $43 million for 2017. Despite its net loss, the company is reporting an improvement in Net Premium earned to more than $1 billion, up from nearly $800 million in 2017.
There was also a major jump in underwriting loss moving from $63 million in 2017 to $318 million in 2018.
The company was however able to report a growth in Gross Premiums Written of nearly $2 billion. This represents an improvement on the $1.4 billion in the previous year.
The company’s claims expense saw a major jump to over a billion dollars, compared to the $334 million for 2017.
For the First Quarter ended March 31, 2019 the company’s claims expense remained at the same level as that of March 31 2018, reversing the previous periods increasing trend.
Notwithstanding, management is reportedly committed to maintaining efficiency in the handling of claims by ensuring prudent reserving and settlement practices.
Key Insurance Company closed the financial year ending December 2018 with a negative earnings per share of 45 cents.