Company: KNSL
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001669162-25-000058
Chunk: 100

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-10-23
Form: 10-Q
Item: Item 8
Chunk 100
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Table of Contents

Nine months ended September 30, 2025 compared to nine months ended September 30, 2024 

The following table summarizes our results of operations for the nine months ended September 30, 2025 and 2024:

Nine Months Ended September 30,($ in thousands)20252024Change% ChangeGross written premiums$1,526,048 $1,427,060 $98,988 6.9 %Ceded written premiums(280,583)(295,833)15,250 (5.2)%Net written premiums$1,245,465 $1,131,227 $114,238 10.1 %Net earned premiums $1,160,360 $990,731 $169,629 17.1 %Fee income30,655 25,572 5,083 19.9 %Losses and loss adjustment expenses677,497 580,351 97,146 16.7 %Underwriting, acquisition and insurance expenses244,932 207,960 36,972 17.8 %Underwriting income (1)268,586 227,992 40,594 17.8 %Net investment income139,896 108,424 31,472 29.0 %Change in fair value of equity securities55,376 41,871 13,505 NMNet realized investment gains2,832 6,737 (3,905)NMChange in allowance for credit losses on investments(11)490 (501)NMInterest expense(7,664)(7,575)(89)1.2 %Other income (expense), net463 (1,874)2,337 NMIncome before taxes459,478 376,065 83,413 22.2 %Income tax expense94,484 70,316 24,168 34.4 %Net income$364,994 $305,749 $59,245 19.4 %Net operating earnings (2)$319,019 $266,962 $52,057 19.5 %Loss ratio56.9 %57.1 %Expense ratio20.6 %20.5 %Combined ratio (3)77.5 %77.6 %Annualized return on equity29.1 %32.3