Are tech-driven insurance coverage suppliers producing sturdy financials?
Digital-first residence insurance coverage supplier Kin has disclosed its monetary outcomes for the fourth quarter ending December 31, 2023.
The firm reported a gross written premium of $344.1 million and complete income reaching $104.5 million for the yr. Kin achieved an working revenue of $5.0 million, reflecting a big 143% improve in comparison with the earlier yr. The agency additionally noticed its premium in power surge to $343.5 million within the final quarter of 2023, marking a 54% rise from the identical interval within the prior yr.
Throughout 2023, Kin expanded its companies into 5 new states — Alabama, Arizona, Mississippi, South Carolina, and Virginia — practically quadrupling its operational footprint. This growth contributed to Kin’s continued development, with January the second most profitable month within the firm’s historical past for brand spanking new certain premium.
Sean Harper, CEO of Kin, expressed satisfaction with the corporate’s efficiency in 2023, highlighting the operational revenue achieved alongside fast development.
“We’ve always had positive unit economics, and with more of our revenue coming from renewals and our expenses growing slower than revenue, we’re now generating positive operating income,” he stated.
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