Company: KNSL
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001669162-25-000010
Chunk: 81

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 81
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2024 compared to year ended December 31, 2023 

The following table summarizes our results of operations for the years ended December 31, 2024 and 2023:

Year Ended December 31,($ in thousands)20242023Change% ChangeGross written premiums$1,870,341 $1,568,815 $301,526 19.2 %Ceded written premiums(392,993)(304,185)(88,808)29.2 %Net written premiums$1,477,348 $1,264,630 $212,718 16.8 %Net earned premiums $1,350,470 $1,072,537 $277,933 25.9 %Fee income34,118 27,026 7,092 26.2 %Losses and loss adjustment expenses772,899 600,219 172,680 28.8 %Underwriting, acquisition and insurance expenses285,808 228,970 56,838 24.8 %Underwriting income (1)325,881 270,374 55,507 20.5 %Net investment income150,287 102,335 47,952 46.9 %Change in fair value of equity securities43,367 15,277 28,090 NMNet realized investment gains6,831 6,040 791 NMChange in allowance for credit losses on investments526 (187)713 NMInterest expense(10,134)(10,301)167 (1.6)%Other (expenses) income, net(2,042)479 (2,521)NMIncome before taxes514,716 384,017 130,699 34.0 %Income tax expense99,873 75,924 23,949 31.5 %Net income$414,843 $308,093 $106,750 34.6 %Net operating earnings (2)$374,771 $291,400 $83,371 28.6 %Loss ratio55.8 %54.6 %Expense ratio20.6 %20.8 %Combined ratio (3)76.4 %75.4 %Return on equity32.3 %33.6 %Operating return on equity (2)29.2 %31.8 %

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