Home insurtech Kin reported its operating results for the Q1 2024. Kin Q1 premium in force grows by 49% year-over-year, accelerates diversification by driving 29% of new revenue from non-FL markets.
The company achieved $112.7 million in gross written premium, marking a 53.8% increase from the fourth quarter of 2023 and a 35.5% rise compared to the same period last year.
Kin recorded an operating income of $1 million, an improvement of $5.8 million from the previous quarter. Revenue growth in the first quarter reached 44.8% over the prior quarter, significantly outpacing the 16.8% growth in operating expenses.
We delivered strong overall results in Q1 2024. We were able to achieve a high growth rate and maintain operating income profitability
Sean Harper, CEO of Kin
“We are on pace to deliver $500 million+ in total written premium, while generating an operating profit and meaningfully growing in our new states outside of Florida”, said Sean Harper.
Management is focused on enhancing operating leverage while investing in technology, data analytics, and predictive modeling to bolster their strategic advantage.
Summary of Kin’s Operating Results
- Gross Written Premium: $112.7 million
- 53.8% increase over Q4 2023
- 35.5% increase over Q1 2023
- Operating Income: $1 million
- Improved by $5.8 million compared to Q4 2023
- Revenue Growth: 44.8% increase over Q4 2023
- Operating Expenses Growth: 16.8% increase over Q4 2023
- Adjusted Loss Ratio (Net of XOL Recoveries): 24.1%
- Non-cat Adjusted Loss Ratio: 16.8%
- Improved for 13 consecutive quarters
The Kin managed reciprocal exchanges reported an adjusted loss ratio, net of XOL recoveries, of 24.1% for the first quarter of 2024.
The non-cat adjusted loss ratio was 16.8% and has improved for 13 consecutive quarters on an inception-to-date basis.
Kin aims to make insurance more cost-effective and efficient, improving the customer experience, particularly in underserved regions.
Our geographies had very little storm activity in Q1 2023, which was great for our loss ratio. Q1 2024 wasn’t quite as fortunate, with a few major severe convective storm systems
Angel Conlin, Kin’s chief insurance officer
- Successfully entered 5 new states in 2023
- Entered Texas and Georgia in 2024
- Plans to launch in several more markets in the coming months
After successfully expanding into five additional states in 2023, Kin has entered Texas and Georgia in 2024, with plans to launch in several more markets in the coming months.
by Peter Sonner
