Company: KNSL
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001669162-25-000058
Chunk: 136

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-10-23
Form: 10-Q
Item: Item 2
Chunk 136
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5 and 2024:

Nine Months Ended September 30,($ in thousands)20252024ChangeInterest from fixed-maturity securities$132,733 $105,096 $27,637 Dividends from equity securities5,983 4,331 1,652 Cash equivalents and short-term investments4,800 1,726 3,074 Real estate investment income— 153 (153)Gross investment income143,516 111,306 32,210 Investment expenses(3,620)(2,882)(738)Net investment income139,896 108,424 31,472 Change in fair value of equity securities55,376 41,871 13,505 Net realized investment gains2,832 6,737 (3,905)Change in allowance for credit losses on investments(11)490 (501)Net realized and unrealized investment gains58,197 49,098 9,099 Total$198,093 $157,522 $40,571 

Net investment income increased by 29.0% to $139.9 million for the nine months ended September 30, 2025 from $108.4 million for the nine months ended September 30, 2024. The increase in the first nine months of 2025 compared to the same period last year was primarily due to growth in our investment portfolio largely generated from the investment of strong operating cash flows. Our investment portfolio, excluding cash equivalents and unrealized gains and losses, had an annualized gross investment return of 4.3% for both the nine months ended September 30, 2025 and 2024.

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During the first nine months of 2025, the change in fair value of equity securities of $55.4 million primarily reflected unrealized gains arising during the period on our common stocks of $34.3 million, ETFs of $20.5 million and non-redeemable preferred stock of $0.6 million generally consistent with the broader U.S. stock market. 

During the first nine months of 2024, the change in fair value of equity securities of $41.9 million included changes in unrealized gains related to common stocks of $25.4 million and ETFs of $13.2 million and changes in unrealized gains related to non-redeemable preferred stock of $3.3 million. The change in the fair