Company: KNSL
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001669162-25-000043
Chunk: 40

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Item 1
Chunk 40
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%Net investment income90,292 68,780 21,512 31.3 %Change in fair value of equity securities31,659 21,212 10,447 NMNet realized investment gains673 6,745 (6,072)NMChange in allowance for credit losses on investments(15)486 (501)NMInterest expense(5,095)(4,986)(109)2.2 %Other income (expense), net172 (1,700)1,872 NMIncome before taxes280,600 231,667 48,933 21.1 %Income tax expense57,252 40,147 17,105 42.6 %Net income$223,348 $191,520 $31,828 16.6 %Net operating earnings (2)$197,817 $169,050 $28,767 17.0 %Loss ratio58.5 %57.7 %Expense ratio20.3 %20.9 %Combined ratio (3)78.8 %78.6 %Annualized return on equity27.9 %32.7 %Annualized operating return on equity (2)24.7 %28.8 %

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) Net operating earnings and annualized operating return on equity are non-GAAP financial measures. Net operating earnings is defined as net income excluding the net change in the fair value of equity securities, after taxes, net realized investment gains and losses, after taxes, and change in allowance for credit losses on investments, after taxes. Annualized operating return on equity is defined as net operating earnings expressed on an annualized basis as a percentage of average beginning and ending total stockholders’ equity during the period. See "—Reconciliation of Non-GAAP Financial Measures" for a reconciliation of net income in accordance with GAAP to net operating earnings.

(3) The combined ratio is the sum of the loss ratio and expense ratio as presented. Calculations of each component may not add due to rounding. 

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Table of Contents

Overview

Net income was $223.3 million for the six months ended June 30, 2025 compared to $191