Company: KNSL
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001669162-25-000058
Chunk: 36

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-10-23
Form: 10-Q
Item: Item 1
Chunk 36
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1)105,672 86,862 18,810 21.7 %Net investment income49,604 39,644 9,960 25.1 %Change in the fair value of equity securities23,717 20,659 3,058 NMNet realized investment gains (losses)2,159 (8)2,167 NMChange in allowance for credit losses on investments4 4 — NMInterest expense(2,569)(2,589)20 (0.8)%Other income (expense), net291 (174)465 NMIncome before taxes178,878 144,398 34,480 23.9 %Income tax expense37,232 30,169 7,063 23.4 %Net income$141,646 $114,229 $27,417 24.0 %Net operating earnings (2)$121,201 $97,911 $23,290 23.8 %Loss ratio53.9 %56.1 %Expense ratio21.0 %19.6 %Combined ratio (3)74.9 %75.7 %Annualized return on equity31.6 %33.9 %Annualized operating return on equity (2)27.0 %29.1 %

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.

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(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. 

Net income was $141.6 million for