Kin reports $495m GWP for 2024 as operating income rises 126%

Kin, the direct-to-consumer home insurer, closed 2024 with $495.3 million in gross written premiums and $156.1 million in total revenue, as operating income for the year hit $12 million, representing a 126% increase over the prior year.

The two Kin-managed reciprocal exchanges posted an adjusted loss ratio, net of catastrophe excess of loss reinsurance recoveries, of 25.9% for FY’24, a continued improvement over the last four years.

The adjusted non-catastrophe loss ratio of 15.5% improved by 600 basis points over 2023, reflecting strong underwriting performance, explained Kin.

The adjusted catastrophe loss ratio increased by 190 basis points compared to the prior year, due to more frequent weather events, resulting in the Kin-managed reciprocal exchanges generating positive adjusted net income for the year.

Sean Harper, Founder and Chief Executive Officer, Kin, commented, “In 2024 we grew revenue 48% while non-growth expenses increased 24%. That’s an important ratio for us and something we expect to continue – growing our fixed expenses at approximately half the rate of revenue growth. As a result, Baseline Operating Margin increased from 22% to 33%, demonstrating the earning power of our business.

“This year we deployed $58.6 million of organically generated capital toward R&D and expanding our competitive moat. We are pretty efficient, so we created a lot of distance with that investment”.

Jerry Fadden, Chief Financial Officer, Kin, added, “New revenue, which represents the fees attributable to new policies, grew approximately 60% in 2024 compared to 2023, and that growth was efficient with our $76.9 million of growth expenses generating an additional $60.9 million of new ARR.”

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