Key Insurance Sinks Deeper Into Losses

• Key Insurance Company Limited reported unaudited net loss of $338.62Mn (EPS: -$0.919) for the three months ended March 31, 2020, representing a 789.9% (or $300.57Mn) increase relative to the$38.05Mn loss made in the prior year.
• The main contributors to this performance was a 410.8% (or $221.99Mn) increase in claim expense, an 11.4% (or $11.22Mn) increase in administration and other expense as well as a reported $323.14Mn in amortization of underwriting assets. In addition, the company recorded a 73.3% (or $34.95Mn) reduction in commission on reinsurance ceded and a 73.7% (or $8.67Mn) decrease in investment income.
• The stock has risen 49.7% since the start of the calendar year. Key Insurance closed Tuesday’s trading session at $4.79 and currently trades at a P/B of 5.73x which is above the Main Market Financial Sector Average of 1.76x.

(Source: Key Insurance Financials)