Company: KNSL
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001669162-25-000043
Chunk: 34

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Item 1
Chunk 34
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 the period.

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Table of Contents

Results of Operations

Three months ended June 30, 2025 compared to three months ended June 30, 2024 

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

Three Months Ended June 30,($ in thousands)20252024Change% ChangeGross written premiums$555,522 $529,770 $25,752 4.9 %Ceded written premiums(96,822)(99,534)2,712 (2.7)%Net written premiums$458,700 $430,236 $28,464 6.6 %Net earned premiums $383,613 $332,461 $51,152 15.4 %Fee income10,796 8,991 1,805 20.1 %Losses and loss adjustment expenses217,359 193,325 24,034 12.4 %Underwriting, acquisition and insurance expenses81,597 72,068 9,529 13.2 %Underwriting income (1)95,453 76,059 19,394 25.5 %Net investment income46,473 35,847 10,626 29.6 %Change in the fair value of equity securities28,621 3,159 25,462 NMNet realized investment gains136 2,879 (2,743)NMChange in allowance for credit losses on investments5 476 (471)NMInterest expense(2,557)(2,564)7 (0.3)%Other income (expense), net158 (56)214 NMIncome before taxes168,289 115,800 52,489 45.3 %Income tax expense34,168 23,221 10,947 47.1 %Net income$134,121 $92,579 $41,542 44.9 %Net operating earnings (2)$111,399 $87,433 $23,966 27.4 %Loss ratio55.1 %56.6 %Expense ratio20.7 %21.1 %Combined ratio (3)75.8 %77.7 %Annualized return on equity32.5 %30.5 %Annualized operating return on equity (2