Kin announces financial results
Kin announces financial results | Insurance Business America
Property
Kin announces financial results
Are tech-driven insurance providers producing strong financials?
Property
By
Kenneth Araullo
Digital-first home insurance provider Kin has disclosed its financial results for the fourth quarter ending December 31, 2023.
The company reported a gross written premium of $344.1 million and total revenue reaching $104.5 million for the year. Kin achieved an operating income of $5.0 million, reflecting a significant 143% increase compared to the previous year. The firm also saw its premium in force surge to $343.5 million in the last quarter of 2023, marking a 54% rise from the same period in the prior year.
Throughout 2023, Kin expanded its services into 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 the second most successful month in the company’s history for new bound premium.
Sean Harper, CEO of Kin, expressed satisfaction with the company’s performance in 2023, highlighting the operational profit achieved alongside rapid growth.
“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 said.
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