Kin, the direct-to-consumer home insurance company, has posted $344.1 million in gross written premium (GWP) in their full year 2023 results, representing 51% year-over-year (YoY) growth.
Total revenue for FY23 sat at $104.5 million, which represented 53% YoY growth compared to 2022’s $68.2 million.
The company also posted an operating income of $5.0 million, representing an increase of 143% over the prior-year period.
For Q423, Kin posted $73.3 million in GWP, a solid increase from the prior year’s $55.6 million.
Total revenue for the quarter also sat at $23.2 million, compared to $17.2 million from the prior year quarter.
Kin’s premium in force also jumped to $343.5 million in the fourth quarter of 2023, an increase of 54% over the prior-year period.
Meanwhile, the reciprocal exchanges managed by Kin continued to drive down their adjusted loss ratios.
The adjusted loss ratio for the Kin Interinsurance Network, net of XOL recoveries, was 20.0% in Q423, the lowest for a single quarter in Kin’s history.
At the same time, Kin’s non-cat adjusted loss ratio was 15.0% in Q4, a solid improvement from the previous low of 17.3% in the first quarter of 2023.
In addition, the adjusted loss ratio landed at 28.9% for the year, which bettered Kin’s target by 15.5%.
Sean Harper, CEO of Kin, commented: “We’re very proud of our 2023 results. Kin generated an operating profit while maintaining a fast growth rate, and our reciprocal exchanges beat their forecasted loss ratios. We did that while investing heavily in technology to extend our competitive moat. 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.”
Angel Conlin, chief insurance officer at Kin, said: “Kin’s reciprocals have always performed well compared to their geographic competitors when it comes to loss ratio. However, combined ratios really deteriorated across the P&C industry in 2021 and 2022. Now that the industry has returned to healthier levels, you can really see Kin’s outperformance, which is due to our data and technology advantage throughout the insurance value chain.”
