Company: KNSL
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001669162-25-000058
Chunk: 132

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-10-23
Form: 10-Q
Item: Item 2
Chunk 132
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 income139,896 108,424 31,472 29.0 %Change in fair value of equity securities55,376 41,871 13,505 NMNet realized investment gains2,832 6,737 (3,905)NMChange in allowance for credit losses on investments(11)490 (501)NMInterest expense(7,664)(7,575)(89)1.2 %Other income (expense), net463 (1,874)2,337 NMIncome before taxes459,478 376,065 83,413 22.2 %Income tax expense94,484 70,316 24,168 34.4 %Net income$364,994 $305,749 $59,245 19.4 %Net operating earnings (2)$319,019 $266,962 $52,057 19.5 %Loss ratio56.9 %57.1 %Expense ratio20.6 %20.5 %Combined ratio (3)77.5 %77.6 %Annualized return on equity29.1 %32.3 %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. 

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Table of Contents

Overview

Net income was $365.0 million for the nine months ended September 30, 2025 compared to $305.