Kinsale Capital Group, Inc. Reports 2023 Fourth Quarter and Year-End Results
- Kinsale Capital Group, Inc. reported robust financial results for Q4 2023 and the full year 2023.
- Net income for Q4 2023 was $103.4 million, a 53.7% increase from Q4 2022.
- Full-year 2023 net income reached $308.1 million, up by 93.6% from 2022.
- Gross written premiums increased by 33.8% in Q4 2023 and 42.3% for the full year 2023.
- Net investment income rose by 71.2% in Q4 2023 and 99.6% for the full year 2023.
- Underwriting income was $84.8 million in Q4 2023, resulting in a combined ratio of 72.1%.
- For the full year 2023, underwriting income was $270.4 million with a combined ratio of 75.4%.
- The company's operating return on equity was 31.8% for the full year 2023.
- None.
Insights
The reported financial results from Kinsale Capital Group, Inc. indicate a robust performance for the fourth quarter and the full year of 2023. The significant increase in net income of 53.7% for the quarter and 93.6% for the year, alongside a substantial growth in gross written premiums and net investment income, are indicative of a strong operational year. The combined ratio, an essential measure of profitability in the insurance industry, improved from 78.5% to 75.4% year-over-year, suggesting enhanced efficiency in claims and expense management.
From an investor's perspective, the operating return on equity (ROE) of 31.8% is particularly noteworthy, as it significantly exceeds the 2022 figure of 25.0%. This metric is crucial as it reflects the profitability generated from the shareholders' equity. The improved ROE, coupled with a higher book value per share, which increased from $32.28 to $46.88, may be viewed positively by the market, potentially influencing the company's stock valuation.
Kinsale Capital's performance is a testament to the current favorable conditions in the Excess & Surplus (E&S) insurance market. The company's ability to achieve a combined ratio well below 100% indicates underwriting profitability, as it suggests that they are earning more in premiums than they are paying out in claims and expenses. The loss ratio improvement from 56.3% to 54.6% and the expense ratio reduction from 22.2% to 20.8% for the full year are also significant, as they reflect the company's disciplined risk assessment and cost management strategies.
Moreover, the increase in gross written premiums by 42.3% for the year suggests that the company is not only retaining existing customers but also successfully expanding its customer base. This growth, combined with favorable loss experience and lower net commissions, has contributed to the overall increase in underwriting income.
Analyzing the investment component of Kinsale Capital's earnings, the net investment income growth of 99.6% year-over-year is remarkable. This surge can be attributed to higher interest rates and the strategic growth of the company's investment portfolio. The conservative investment approach, focusing on high-quality securities with an average credit quality of 'AA-', aligns with the company's risk-averse profile. Additionally, the reported gross investment return increased from 3.0% to 4.0%, which suggests effective investment management during a period of fluctuating interest rates.
The investment portfolio's weighted average duration has decreased from 3.5 years to 2.8 years, indicating a potential strategic shift to shorter-term investments, which may offer more flexibility in a changing rate environment. Such a move could be seen as a proactive approach to mitigate interest rate risk.
Net operating earnings(1) were
Highlights for the fourth quarter of 2023 included:
-
Net income increased by
53.7% compared to the fourth quarter of 2022
-
Net operating earnings(1) of
$90.3 million 49.6% compared to the fourth quarter of 2022
-
Gross written premiums increased by
33.8% to$395.2 million
-
Net investment income increased by
71.2% to$30.4 million
-
Underwriting income(2) was
$84.8 million 72.1%
Highlights for the full year of 2023 included:
-
Net income increased by
93.6% compared to the full year of 2022
-
Net operating earnings(1) of
$291.4 million 61.6% compared to the full year of 2022
-
Gross written premiums increased by
42.3% to$1.6 billion
-
Net investment income increased by
99.6% to$102.3 million
-
Underwriting income(2) was
$270.4 million 75.4%
-
Operating return on equity(7) was
31.8% for the year ended December 31, 2023
"We generated record growth and profitability in 2023 by executing our business plan and capitalizing on favorable E&S market conditions. These results demonstrate our ability to deliver exceptional shareholder returns as we continue to focus on disciplined underwriting and technology-enabled expense management. We are confident that the execution of our differentiated strategy provides an enduring competitive advantage," said Chief Executive Officer, Michael P. Kehoe.
Results of Operations
Underwriting Results
Gross written premiums were
Underwriting income(2) was
Underwriting income(2) was
Summary of Operating Results
The Company’s operating results for the three months and year ended December 31, 2023 and 2022 are summarized as follows:
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
($ in thousands) |
||||||||||||||
Gross written premiums |
$ |
395,216 |
|
|
$ |
295,467 |
|
|
$ |
1,568,815 |
|
|
$ |
1,102,092 |
|
Ceded written premiums |
|
(88,937 |
) |
|
|
(53,397 |
) |
|
|
(304,185 |
) |
|
|
(165,282 |
) |
Net written premiums |
$ |
306,279 |
|
|
$ |
242,070 |
|
|
$ |
1,264,630 |
|
|
$ |
936,810 |
|
|
|
|
|
|
|
|
|
||||||||
Net earned premiums |
$ |
296,831 |
|
|
$ |
216,140 |
|
|
$ |
1,072,537 |
|
|
$ |
794,119 |
|
Fee income |
|
6,998 |
|
|
|
5,241 |
|
|
|
27,026 |
|
|
|
19,604 |
|
Losses and loss adjustment expenses |
|
158,591 |
|
|
|
113,580 |
|
|
|
600,219 |
|
|
|
457,913 |
|
Underwriting, acquisition and insurance expenses |
|
60,403 |
|
|
|
48,297 |
|
|
|
228,970 |
|
|
|
180,322 |
|
Underwriting income(2) |
$ |
84,835 |
|
|
$ |
59,504 |
|
|
$ |
270,374 |
|
|
$ |
175,488 |
|
|
|
|
|
|
|
|
|
||||||||
Loss ratio(3) |
|
52.2 |
% |
|
|
51.3 |
% |
|
|
54.6 |
% |
|
|
56.3 |
% |
Expense ratio(4) |
|
19.9 |
% |
|
|
21.8 |
% |
|
|
20.8 |
% |
|
|
22.2 |
% |
Combined ratio(5) |
|
72.1 |
% |
|
|
73.1 |
% |
|
|
75.4 |
% |
|
|
78.5 |
% |
|
|
|
|
|
|
|
|
||||||||
Annualized return on equity(6) |
|
41.1 |
% |
|
|
39.4 |
% |
|
|
33.6 |
% |
|
|
22.0 |
% |
Annualized operating return on equity(7) |
|
35.9 |
% |
|
|
35.4 |
% |
|
|
31.8 |
% |
|
|
25.0 |
% |
(1) |
|
Net operating earnings is a non-GAAP financial measure. See discussion of "Non-GAAP Financial Measures" below. |
(2) |
|
Underwriting income is a non-GAAP financial measure. See discussion of "Non-GAAP Financial Measures" below. |
(3) |
|
Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses to the sum of net earned premiums and fee income. Prior periods have been revised to conform to the current period's presentation. |
(4) |
|
Expense ratio, expressed as a percentage, is the ratio of underwriting, acquisition and insurance expenses to the sum of net earned premiums and fee income. Prior periods have been revised to conform to the current period's presentation. |
(5) |
|
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. Prior periods have been revised to conform to the current period's presentation. |
(6) |
|
Annualized return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period. |
(7) |
|
Annualized operating return on equity is net operating earnings (a non-GAAP financial measure) expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period. |
The following tables summarize losses incurred for the current accident year and the development of prior accident years for the three months and year ended December 31, 2023 and 2022:
|
Three Months Ended December 31, 2023 |
|
Three Months Ended December 31, 2022 |
||||||||||
|
Losses and Loss Adjustment Expenses |
|
% of Sum of Earned Premiums and Fee Income |
|
Losses and Loss Adjustment Expenses |
|
% of Sum of Earned Premiums and Fee Income |
||||||
Loss ratio: |
($ in thousands) |
||||||||||||
Current accident year |
$ |
165,351 |
|
|
54.4 |
% |
|
$ |
120,212 |
|
|
54.3 |
% |
Current accident year - catastrophe losses |
|
407 |
|
|
0.1 |
% |
|
|
405 |
|
|
0.2 |
% |
Effect of prior accident year development |
|
(7,167 |
) |
|
(2.3 |
)% |
|
|
(7,037 |
) |
|
(3.2 |
)% |
Total |
$ |
158,591 |
|
|
52.2 |
% |
|
$ |
113,580 |
|
|
51.3 |
% |
|
Year Ended December 31, 2023 |
|
Year Ended December 31, 2022 |
||||||||||
|
Losses and Loss Adjustment Expenses |
|
% of Sum of Earned Premiums and Fee Income |
|
Losses and Loss Adjustment Expenses |
|
% of Sum of Earned Premiums and Fee Income |
||||||
Loss ratio: |
($ in thousands) |
||||||||||||
Current accident year |
$ |
631,407 |
|
|
57.4 |
% |
|
$ |
467,182 |
|
|
57.4 |
% |
Current accident year - catastrophe losses |
|
4,586 |
|
|
0.4 |
% |
|
|
26,618 |
|
|
3.3 |
% |
Effect of prior accident year development |
|
(35,774 |
) |
|
(3.2 |
)% |
|
|
(35,887 |
) |
|
(4.4 |
)% |
Total |
$ |
600,219 |
|
|
54.6 |
% |
|
$ |
457,913 |
|
|
56.3 |
% |
Investment Results
Net investment income was
(8) |
Gross investment return is investment income from fixed-maturity and equity securities (and short-term investments, if any), before any deductions for fees and expenses, expressed as a percentage of average beginning and ending book values of those investments during the period. |
Other
The effective tax rate for the year ended December 31, 2023 was
Stockholders' equity was
Beginning in the second quarter of 2023, the Company reclassified policy fees to fee income and modified the definition of the loss and expense ratios to include fee income in the denominator of each ratio. Historically, these fees were presented as a reduction to underwriting, acquisition and insurance expenses. The Company has reclassified prior periods' results to conform to the current period's presentation.
Non-GAAP Financial Measures
Net Operating Earnings
Net operating earnings is defined as net income excluding the effects of the change in the fair value of equity securities, after taxes, net realized investment gains and losses, after taxes, and the change in allowance for credit losses on investments, after taxes. Management believes the exclusion of these items provides a useful comparison of the Company's underlying business performance from period to period. Net operating earnings and percentages or calculations using net operating earnings (e.g., diluted operating earnings per share and annualized operating return on equity) are non-GAAP financial measures. Net operating earnings should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define net operating earnings differently.
For the three months and year ended December 31, 2023 and 2022, net income and diluted earnings per share reconcile to net operating earnings and diluted operating earnings per share as follows:
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
|
($ in thousands, except per share data) |
||||||||||||||
Net operating earnings: |
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
103,387 |
|
|
$ |
67,249 |
|
|
$ |
308,093 |
|
|
$ |
159,114 |
|
Adjustments: |
|
|
|
|
|
|
|
|
||||||||
Change in the fair value of equity securities, before taxes |
|
|
(11,481 |
) |
|
|
(9,476 |
) |
|
|
(15,277 |
) |
|
|
27,723 |
|
Income tax expense (benefit) (1) |
|
|
2,411 |
|
|
|
1,990 |
|
|
|
3,208 |
|
|
|
(5,822 |
) |
Change in fair value of equity securities, after taxes |
|
|
(9,070 |
) |
|
|
(7,486 |
) |
|
|
(12,069 |
) |
|
|
21,901 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net realized investment (gains) losses, before taxes |
|
|
(5,127 |
) |
|
|
344 |
|
|
|
(6,040 |
) |
|
|
(1,191 |
) |
Income tax expense (benefit) (1) |
|
|
1,077 |
|
|
|
(72 |
) |
|
|
1,268 |
|
|
|
250 |
|
Net realized investment (gains) losses, after taxes |
|
|
(4,050 |
) |
|
|
272 |
|
|
|
(4,772 |
) |
|
|
(941 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Change in allowance for credit losses on investments, before taxes |
|
|
(12 |
) |
|
|
366 |
|
|
|
187 |
|
|
|
366 |
|
Income tax (benefit) expense (1) |
|
|
3 |
|
|
|
(77 |
) |
|
|
(39 |
) |
|
|
(77 |
) |
Change in allowance for credit losses on investments, after taxes |
|
|
(9 |
) |
|
|
289 |
|
|
|
148 |
|
|
|
289 |
|
Net operating earnings |
|
$ |
90,258 |
|
|
$ |
60,324 |
|
|
$ |
291,400 |
|
|
$ |
180,363 |
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted operating earnings per share: |
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share |
|
$ |
4.43 |
|
|
$ |
2.90 |
|
|
$ |
13.22 |
|
|
$ |
6.88 |
|
Change in fair value of equity securities, after taxes, per share |
|
|
(0.39 |
) |
|
|
(0.32 |
) |
|
|
(0.52 |
) |
|
|
0.95 |
|
Net realized investment (gains) losses, after taxes, per share |
|
|
(0.17 |
) |
|
|
0.01 |
|
|
|
(0.20 |
) |
|
|
(0.04 |
) |
Change in allowance for credit losses on investments, after taxes, per share |
|
|
— |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
Diluted operating earnings per share(2) |
|
$ |
3.87 |
|
|
$ |
2.60 |
|
|
$ |
12.50 |
|
|
$ |
7.80 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating return on equity: |
|
|
|
|
|
|
|
|
||||||||
Average equity(3) |
|
$ |
1,005,297 |
|
|
$ |
682,452 |
|
|
$ |
916,141 |
|
|
$ |
722,392 |
|
Annualized return on equity(4) |
|
|
41.1 |
% |
|
|
39.4 |
% |
|
|
33.6 |
% |
|
|
22.0 |
% |
Annualized operating return on equity(5) |
|
|
35.9 |
% |
|
|
35.4 |
% |
|
|
31.8 |
% |
|
|
25.0 |
% |
(1) |
|
Income taxes on adjustments to reconcile net income to net operating earnings use a |
(2) |
|
Diluted operating earnings per share may not add due to rounding. |
(3) |
|
Average equity is computed by adding the total stockholders' equity as of the date indicated to the prior quarter-end or year-end total, as applicable, and dividing by two. |
(4) |
|
Annualized return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period. |
(5) |
|
Annualized operating return on equity is net operating earnings expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period. |
Underwriting Income
Underwriting income is defined as net income excluding net investment income, the change in the fair value of equity securities, net realized investment gains and losses, the change in allowance for credit losses on investments, interest expense, other expenses, other income and income tax expense. The Company uses underwriting income as an internal performance measure in the management of its operations because the Company believes it gives management and users of the Company's financial information useful insight into the Company's results of operations and underlying business performance. Underwriting income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define underwriting income differently.
For the three months and year ended December 31, 2023 and 2022, net income reconciles to underwriting income as follows:
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
|
(in thousands) |
||||||||||||||
Net income |
|
$ |
103,387 |
|
|
$ |
67,249 |
|
|
$ |
308,093 |
|
|
$ |
159,114 |
|
Income tax expense |
|
|
26,634 |
|
|
|
16,901 |
|
|
|
75,924 |
|
|
|
36,450 |
|
Income before income taxes |
|
|
130,021 |
|
|
|
84,150 |
|
|
|
384,017 |
|
|
|
195,564 |
|
Net investment income |
|
|
(30,382 |
) |
|
|
(17,742 |
) |
|
|
(102,335 |
) |
|
|
(51,282 |
) |
Change in fair value of equity securities |
|
|
(11,481 |
) |
|
|
(9,476 |
) |
|
|
(15,277 |
) |
|
|
27,723 |
|
Net realized investment (gains) losses |
|
|
(5,127 |
) |
|
|
344 |
|
|
|
(6,040 |
) |
|
|
(1,191 |
) |
Change in allowance for credit losses on investments |
|
|
(12 |
) |
|
|
366 |
|
|
|
187 |
|
|
|
366 |
|
Interest expense |
|
|
2,434 |
|
|
|
1,978 |
|
|
|
10,301 |
|
|
|
4,284 |
|
Other expenses (6) |
|
|
(278 |
) |
|
|
200 |
|
|
|
942 |
|
|
|
721 |
|
Other income |
|
|
(340 |
) |
|
|
(316 |
) |
|
|
(1,421 |
) |
|
|
(697 |
) |
Underwriting income |
|
$ |
84,835 |
|
|
$ |
59,504 |
|
|
$ |
270,374 |
|
|
$ |
175,488 |
|
(6) |
Other expenses are corporate expenses not allocated to the Company's insurance operations. |
Conference Call
Kinsale Capital Group will hold a conference call to discuss this press release on Friday, February 16, 2024, at 9:00 a.m. (Eastern Time). Members of the public may access the conference call by dialing (888) 660-6493, conference ID# 3573726, or via the Internet by going to www.kinsalecapitalgroup.com and clicking on the "Investor Relations" link. A replay of the call will be available on the website until the close of business on March 15, 2024.
Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as "anticipates," "estimates," "expects," "intends," "plans," "predicts," "projects," "believes," "seeks," "outlook," "future," "will," "would," "should," "could," "may," "can have," "prospects" or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and factors, they include, among others, the following: inadequate loss reserves to cover the Company's actual losses; inherent uncertainty of models resulting in actual losses that are materially different than the Company's estimates; adverse economic factors; a decline in the Company's financial strength rating; loss of one or more key executives; loss of a group of brokers that generate significant portions of the Company's business; failure of any of the loss limitations or exclusions the Company employs, or change in other claims or coverage issues; adverse performance of the Company's investment portfolio; adverse market conditions that affect its excess and surplus lines insurance operations; and other risks described in the Company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
About Kinsale Capital Group, Inc.
Kinsale Capital Group, Inc. is a specialty insurance group headquartered in
KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES |
||||||||||||||||
Unaudited Consolidated Statements of Income and Comprehensive Income |
||||||||||||||||
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Revenues |
|
(in thousands, except per share data) |
||||||||||||||
Gross written premiums |
|
$ |
395,216 |
|
|
$ |
295,467 |
|
|
$ |
1,568,815 |
|
|
$ |
1,102,092 |
|
Ceded written premiums |
|
|
(88,937 |
) |
|
|
(53,397 |
) |
|
|
(304,185 |
) |
|
|
(165,282 |
) |
Net written premiums |
|
|
306,279 |
|
|
|
242,070 |
|
|
|
1,264,630 |
|
|
|
936,810 |
|
Change in unearned premiums |
|
|
(9,448 |
) |
|
|
(25,930 |
) |
|
|
(192,093 |
) |
|
|
(142,691 |
) |
Net earned premiums |
|
|
296,831 |
|
|
|
216,140 |
|
|
|
1,072,537 |
|
|
|
794,119 |
|
Fee income |
|
|
6,998 |
|
|
|
5,241 |
|
|
|
27,026 |
|
|
|
19,604 |
|
Net investment income |
|
|
30,382 |
|
|
|
17,742 |
|
|
|
102,335 |
|
|
|
51,282 |
|
Change in fair value of equity securities |
|
|
11,481 |
|
|
|
9,476 |
|
|
|
15,277 |
|
|
|
(27,723 |
) |
Net realized investment gains (losses) |
|
|
5,127 |
|
|
|
(344 |
) |
|
|
6,040 |
|
|
|
1,191 |
|
Change in allowance for credit losses on investments |
|
|
12 |
|
|
|
(366 |
) |
|
|
(187 |
) |
|
|
(366 |
) |
Other income |
|
|
340 |
|
|
|
316 |
|
|
|
1,421 |
|
|
|
697 |
|
Total revenues |
|
|
351,171 |
|
|
|
248,205 |
|
|
|
1,224,449 |
|
|
|
838,804 |
|
|
|
|
|
|
|
|
|
|
||||||||
Expenses |
|
|
|
|
|
|
|
|
||||||||
Losses and loss adjustment expenses |
|
|
158,591 |
|
|
|
113,580 |
|
|
|
600,219 |
|
|
|
457,913 |
|
Underwriting, acquisition and insurance expenses |
|
|
60,403 |
|
|
|
48,297 |
|
|
|
228,970 |
|
|
|
180,322 |
|
Interest expense |
|
|
2,434 |
|
|
|
1,978 |
|
|
|
10,301 |
|
|
|
4,284 |
|
Other expenses |
|
|
(278 |
) |
|
|
200 |
|
|
|
942 |
|
|
|
721 |
|
Total expenses |
|
|
221,150 |
|
|
|
164,055 |
|
|
|
840,432 |
|
|
|
643,240 |
|
Income before income taxes |
|
|
130,021 |
|
|
|
84,150 |
|
|
|
384,017 |
|
|
|
195,564 |
|
Income tax expense |
|
|
26,634 |
|
|
|
16,901 |
|
|
|
75,924 |
|
|
|
36,450 |
|
Net income |
|
|
103,387 |
|
|
|
67,249 |
|
|
|
308,093 |
|
|
|
159,114 |
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
||||||||
Change in unrealized gains (losses) on available-for-sale investments, net of taxes |
|
|
60,410 |
|
|
|
12,421 |
|
|
|
40,301 |
|
|
|
(153,043 |
) |
Total comprehensive income |
|
$ |
163,797 |
|
|
$ |
79,670 |
|
|
$ |
348,394 |
|
|
$ |
6,071 |
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
4.48 |
|
|
$ |
2.94 |
|
|
$ |
13.37 |
|
|
$ |
6.97 |
|
Diluted |
|
$ |
4.43 |
|
|
$ |
2.90 |
|
|
$ |
13.22 |
|
|
$ |
6.88 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
23,071 |
|
|
|
22,909 |
|
|
|
23,045 |
|
|
|
22,815 |
|
Diluted |
|
|
23,320 |
|
|
|
23,208 |
|
|
|
23,307 |
|
|
|
23,125 |
|
KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES |
||||||
Unaudited Condensed Consolidated Balance Sheets |
||||||
|
|
December 31, 2023 |
|
December 31, 2022 |
||
|
|
(in thousands) |
||||
Assets |
|
|
|
|
||
Investments: |
|
|
|
|
||
Fixed-maturity securities at fair value |
|
$ |
2,711,759 |
|
$ |
1,760,100 |
Equity securities at fair value |
|
|
234,813 |
|
|
152,471 |
Real estate investments, net |
|
|
14,791 |
|
|
76,387 |
Short-term investments |
|
|
5,589 |
|
|
41,337 |
Total investments |
|
|
2,966,952 |
|
|
2,030,295 |
|
|
|
|
|
||
Cash and cash equivalents |
|
|
126,694 |
|
|
156,274 |
Investment income due and accrued |
|
|
21,689 |
|
|
14,451 |
Premiums receivable, net |
|
|
143,212 |
|
|
105,754 |
Reinsurance recoverables, net |
|
|
247,836 |
|
|
220,454 |
Ceded unearned premiums |
|
|
52,516 |
|
|
42,935 |
Deferred policy acquisition costs, net of ceding commissions |
|
|
88,395 |
|
|
61,594 |
Indefinite-lived intangible assets |
|
|
3,538 |
|
|
3,538 |
Deferred income tax asset, net |
|
|
55,699 |
|
|
56,983 |
Other assets |
|
|
66,443 |
|
|
54,844 |
Total assets |
|
$ |
3,772,974 |
|
$ |
2,747,122 |
|
|
|
|
|
||
Liabilities & Stockholders' Equity |
|
|
|
|
||
Liabilities: |
|
|
|
|
||
Reserves for unpaid losses and loss adjustment expenses |
|
$ |
1,692,875 |
|
$ |
1,238,402 |
Unearned premiums |
|
|
701,351 |
|
|
499,677 |
Payable to reinsurers |
|
|
47,582 |
|
|
32,024 |
Accounts payable and accrued expenses |
|
|
44,922 |
|
|
31,361 |
Debt |
|
|
183,846 |
|
|
195,747 |
Other liabilities |
|
|
15,566 |
|
|
4,462 |
Total liabilities |
|
|
2,686,142 |
|
|
2,001,673 |
|
|
|
|
|
||
Stockholders' equity |
|
|
1,086,832 |
|
|
745,449 |
Total liabilities and stockholders' equity |
|
$ |
3,772,974 |
|
$ |
2,747,122 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240215300029/en/
Kinsale Capital Group, Inc.
Bryan Petrucelli
Executive Vice President, Chief Financial Officer and Treasurer
804-289-1272
ir@kinsalecapitalgroup.com
Source: Kinsale Capital Group, Inc.
FAQ
What was Kinsale Capital Group's net income for Q4 2023?
How much did net income increase in full-year 2023 compared to 2022?
What was the company's underwriting income for Q4 2023?
What was the combined ratio for the full year 2023?
How much did gross written premiums increase in Q4 2023?
