Company: KNSL
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001669162-25-000043
Chunk: 92

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Item 8
Chunk 92
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$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)27.0 %28.8 %

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