Company: KNSL
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001669162-25-000058
Chunk: 101

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-10-23
Form: 10-Q
Item: Item 8
Chunk 101
---
 %Annualized operating return on equity (2)25.4 %28.2 %

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. 

39

Table of Contents

Overview

Net income was $365.0 million for the nine months ended September 30, 2025 compared to $305.7 million for the nine months ended September 30, 2024, an increase of 19.4%. The increase in net income for the first nine months of 2025 over the same period last year was primarily due to continued profitable growth, higher investment income and higher returns on equity investments. 

Underwriting income was $268.6 million for the nine months ended September 30, 2025 compared to $228.0 million for the nine months ended September 30, 2024, an increase of 17.8%. The corresponding combined ratios were 77.5% for the nine months ended September 30, 2025 compared to 77.6% for the nine months ended September 30, 2024. The increase in underwriting income for the first nine months of 2025 compared to the same period last year was primarily due to continued growth in the business and higher favorable development of loss reserves from prior accident years offset in part by higher catastrophe losses incurred.

Premiums

Gross written premiums were $1.5 billion for the nine months ended September 30, 2025 compared to $1.4 billion for the nine months ended September 30, 2024