Kin Announces Financial Results | Insurance business America
Are technology-driven insurance providers achieving strong financials?
Property
By Kenneth Araullo
Digital-first home insurance provider Kin has reported its financial results for the fourth quarter ended December 31, 2023.
The company reported gross written premium of $344.1 million and total revenue of $104.5 million for the year. Kin achieved an operating profit of $5.0 million, a significant increase of 143% compared to the previous year. Additionally, the company saw its premium increase to $343.5 million in the final quarter of 2023, up 54% from the same period last year.
During 2023, Kin expanded its services to five new states – Alabama, Arizona, Mississippi, South Carolina and Virginia – nearly quadrupling its operational footprint. This expansion contributed to Kin’s continued growth, with January being the second most successful month in company history for newly bonded rewards.
Sean Harper, CEO of Kin, expressed satisfaction with the company’s performance in 2023, highlighting the operating profit achieved alongside rapid growth.
“We have always had positive unit economics, and with much of our revenue coming from contract renewals and our expenses growing slower than revenue, we are now generating positive operating income,” he said.
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2024-02-16 15:06:44
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