Company: KNSL
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001669162-25-000027
Chunk: 108

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Item 2
Chunk 108
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,($ in thousands)20252024Change% ChangeGross written premiums$484,275 $448,644 $35,631 7.9 %Ceded written premiums(102,570)(97,590)(4,980)5.1 %Net written premiums$381,705 $351,054 $30,651 8.7 %Net earned premiums $365,790 $309,518 $56,272 18.2 %Fee income9,559 8,092 1,467 18.1 %Losses and loss adjustment expenses232,976 186,786 46,190 24.7 %Underwriting, acquisition and insurance expenses74,912 65,753 9,159 13.9 %Underwriting income (1)67,461 65,071 2,390 3.7 %Net investment income43,819 32,933 10,886 33.1 %Change in fair value of equity securities3,038 18,053 (15,015)NMNet realized investment gains537 3,866 (3,329)NMChange in allowance for credit losses on investments(20)10 (30)NMInterest expense(2,538)(2,422)(116)4.8 %Other income (expense), net14 (1,644)1,658 NMIncome before taxes112,311 115,867 (3,556)(3.1)%Income tax expense23,084 16,926 6,158 36.4 %Net income$89,227 $98,941 $(9,714)(9.8)%Net operating earnings (2)$86,419 $81,617 $4,802 5.9 %Loss ratio62.1 %58.8 %Expense ratio20.0 %20.7 %Combined ratio (3)82.1 %79.5 %Annualized return on equity23.3 %35.1 %Annualized operating return on equity (2)22.5 %28.9 %

NM - Percentage change not meaningful.

(1) Underwriting income is a non-GAAP financial measure. See "—Reconciliation of Non-GAAP Financial Measures" for a reconciliation of net income in accordance with GAAP to underwriting income.

(2)