RETRANSMISSION: Kin Posts 58% Revenue Growth Year-Over-Year with $124M in Gross Written Premium [Yahoo! Finance]
Allstate Corporation (The) (ALL)
Last allstate corporation (the) earnings: 2/4 06:08 pm
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Source: Yahoo! Finance
Kin recorded $38 million in total revenue during the third quarter of 2024, compared to $24.1 million in the prior year's third quarter. Kin's managed reciprocal exchanges generated $124 million in gross written premium in the third quarter of 2024, compared to $78.3 million in the third quarter of 2023. Kin's premium in force grew to $465.7 million. "Q3 tends to be a slower growth quarter from a seasonal perspective, so we are pleased with a 58% year-over-year growth rate. We have also begun disclosing our gross profit margin, which was 94% in Q3. Our main ongoing costs to service an existing customer include customer service and claims overhead, as the costs of claims and reinsurance are borne by the reciprocal exchanges we manage," said Kin Founder and CEO Sean Harper. "As you can see, our gross margins are quite high, especially compared to traditional insurance agencies or distributors, who pay ongoing commissions to their producers." Baseline Operating Margin, a metric the
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Earnings
- 10/30/24 - Beat
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Sec Filings
- 11/21/24 - Form 8-K
- 11/14/24 - Form 13F-HR
- 11/5/24 - Form 4
- ALL's page on the SEC website