Kin, the direct-to-consumer home insurance company, has posted $77.8 million in gross written premium and $24.2 million in total revenue for the third quarter of 2023.
This compares to last year’s GWP of $47,7 million and $14.8 million total revenue, respectively.
The company’s said that it’s operating income remains positive at $11.0 million year-to-date, which represents an increase of 194% over the prior-year comparative period.
At the same time, Kin’s premium in force also shifted to $325.5 million in the third quarter of 2023, an increase of 60% over the prior-year comparative period.
Moving forward, while combined ratios have witnessed a deterioration across the P&C industry, Kin continues to drive down its adjusted loss ratio. The adjusted loss ratio for the Kin Interinsurance Network, net of XOL recoveries, was 32.5% through Q3, while non-cat adjusted loss ratio sat at 17.4% just slightly above the all-time low of 17.3% in the first quarter of 2023.
Kin CEO Sean Harper, commented on the company’s Q3 results: “The third quarter was very positive – our reciprocal exchanges continued their momentum on loss ratio, we posted our fastest year-over-year growth so far this year, and our operating expenses grew much slower than our revenue. We’re on track to achieve the rule of 70 for the year and continue our strategy of growing fast while expanding margins.”
Angel Conlin, chief insurance officer at Kin, said: “We’ve weathered the storms, both literal and figurative, by taking a very proactive, technology-driven approach to support customers and triage claims. Our strong loss ratio demonstrates that we’re well-managed and focused on sustainability, even with increasing volume. It’s all about the security and confidence we provide to those who rely on us.”
