Kinsale Capital Group Reports Second Quarter 2024 Results
Kinsale Capital Group (NYSE: KNSL) reported strong Q2 2024 results, with net income of $92.6 million ($3.97 per diluted share), up from $72.8 million ($3.12 per diluted share) in Q2 2023. Key highlights include:
- Gross written premiums increased by 20.9% to $529.8 million
- Net investment income rose 48.3% to $35.8 million
- Underwriting income was $76.1 million, with a combined ratio of 77.7%
- Annualized operating return on equity was 28.8% for H1 2024
The company's growth was driven by strong submission flow from brokers and a favorable pricing environment. Kinsale's investment portfolio had an annualized gross investment return of 4.3% for H1 2024, with a conservative approach and an average credit quality of "AA-".
Kinsale Capital Group (NYSE: KNSL) ha riportato risultati solidi nel Q2 2024, con un reddito netto di 92,6 milioni di dollari (3,97 dollari per azione diluita), in aumento rispetto ai 72,8 milioni di dollari (3,12 dollari per azione diluita) nel Q2 2023. I punti salienti includono:
- I premi lordi scritti sono aumentati del 20,9% a 529,8 milioni di dollari
- Il reddito netto da investimenti è salito del 48,3% a 35,8 milioni di dollari
- Il reddito da sottoscrizione è stato di 76,1 milioni di dollari, con un rapporto combinato del 77,7%
- Il rendimento operativo annualizzato sul capitale proprio è stato del 28,8% per il primo semestre del 2024
La crescita dell'azienda è stata sostenuta da un forte flusso di iscrizioni da parte dei broker e da un ambiente di prezzi favorevole. Il portafoglio di investimenti di Kinsale ha registrato un rendimento lordo annualizzato del 4,3% per il primo semestre del 2024, con un approccio conservativo e una qualità creditizia media di "AA-".
Kinsale Capital Group (NYSE: KNSL) reportó resultados sólidos en el Q2 2024, con un ingreso neto de 92,6 millones de dólares (3,97 dólares por acción diluida), en comparación con los 72,8 millones de dólares (3,12 dólares por acción diluida) en el Q2 2023. Los aspectos más destacados incluyen:
- Las primas brutas suscritas aumentaron un 20,9% a 529,8 millones de dólares
- El ingreso neto de inversiones creció un 48,3% a 35,8 millones de dólares
- El ingreso por suscripción fue de 76,1 millones de dólares, con una relación combinada del 77,7%
- El rendimiento operativo anualizado sobre el capital fue del 28,8% para el primer semestre de 2024
El crecimiento de la empresa se vio impulsado por un fuerte flujo de presentaciones de los corredores y un entorno de precios favorable. La cartera de inversiones de Kinsale tuvo un rendimiento de inversión bruto anualizado del 4,3% para el primer semestre de 2024, con un enfoque conservador y una calidad crediticia promedio de "AA-".
Kinsale Capital Group (NYSE: KNSL)은 2024년 2분기에 9,260만 달러(희석주당 3.97 달러)의 순이익을 보고하며 강력한 실적을 기록했으며, 이는 2023년 2분기의 7,280만 달러(희석주당 3.12 달러)에서 증가한 수치입니다. 주요 하이라이트는 다음과 같습니다:
- 총 서면 프리미엄이 20.9% 증가하여 5억 2,980만 달러에 이르렀습니다.
- 순 투자 수익이 48.3% 증가하여 3,580만 달러에 도달했습니다.
- 언더라이팅 수익은 7,610만 달러였으며, 결합 비율은 77.7%였습니다.
- 2024년 상반기 자본 수익률은 28.8%였습니다.
회사의 성장은 브로커들의 강력한 제출 흐름과 유리한 가격 환경에 의해 촉진되었습니다. Kinsale의 투자 포트폴리오는 2024년 상반기에 연율화된 총 투자 수익률이 4.3%였으며, 보수적인 접근 방식과 "AA-"의 평균 신용 품질을 유지했습니다.
Kinsale Capital Group (NYSE: KNSL) a annoncé de solides résultats pour le Q2 2024, avec un revenu net de 92,6 millions de dollars (3,97 dollars par action diluée), en hausse par rapport aux 72,8 millions de dollars (3,12 dollars par action diluée) du Q2 2023. Les points clés incluent :
- Les primes brutes écrites ont augmenté de 20,9 % pour atteindre 529,8 millions de dollars
- Le revenu net d'investissement a augmenté de 48,3 % pour atteindre 35,8 millions de dollars
- Le revenu de souscription s'est élevé à 76,1 millions de dollars, avec un ratio combiné de 77,7 %
- Le rendement opérationnel annualisé sur les capitaux propres s'élevait à 28,8 % pour le premier semestre 2024
La croissance de l'entreprise a été soutenue par un fort flux de soumissions de la part des courtiers et un environnement tarifaire favorable. Le portefeuille d'investissements de Kinsale a enregistré un rendement brut annuelisé de 4,3 % pour le premier semestre 2024, avec une approche conservatrice et une qualité de crédit moyenne de "AA-".
Kinsale Capital Group (NYSE: KNSL) hat im Q2 2024 starke Ergebnisse gemeldet, mit einem Nettogewinn von 92,6 Millionen Dollar (3,97 Dollar pro verwässerter Aktie), im Vergleich zu 72,8 Millionen Dollar (3,12 Dollar pro verwässerter Aktie) im Q2 2023. Wichtige Highlights sind:
- Die brutto geschriebenen Prämien stiegen um 20,9% auf 529,8 Millionen Dollar
- Der Nettoinvestmentertrag stieg um 48,3% auf 35,8 Millionen Dollar
- Der Underwriting-Ertrag betrug 76,1 Millionen Dollar, mit einer kombinierten Quote von 77,7%
- Der annualisierte operativen Eigenkapitalrendite lag im H1 2024 bei 28,8%
Das Wachstum des Unternehmens wurde durch einen starken Zustrom von Angeboten von Maklern sowie ein vorteilhaftes Preisumfeld vorangetrieben. Das Investitionsportfolio von Kinsale erzielte im H1 2024 eine annualisierte Bruttorentabilität von 4,3%, mit einem konservativen Ansatz und einer durchschnittlichen Kreditbewertung von "AA-".
- Net income increased by 27.2% to $3.97 per diluted share in Q2 2024
- Gross written premiums grew by 20.9% to $529.8 million in Q2 2024
- Net investment income rose by 48.3% to $35.8 million in Q2 2024
- Underwriting income increased to $76.1 million with a combined ratio of 77.7% in Q2 2024
- Annualized operating return on equity was 28.8% for H1 2024
- Book value per share increased to $53.99 at June 30, 2024, from $46.88 at December 31, 2023
- Annualized operating return on equity decreased from 30.6% in H1 2023 to 28.8% in H1 2024
Insights
Kinsale Capital Group's Q2 2024 results demonstrate robust growth and profitability, signaling strong market positioning in the specialty insurance sector. Net income increased by 27.2% to $92.6 million, or $3.97 per diluted share, compared to Q2 2023. This growth was driven by a 20.9% increase in gross written premiums to $529.8 million and a 48.3% jump in net investment income to $35.8 million.
The company's underwriting performance remains impressive, with a combined ratio of 77.7% for Q2 2024. This indicates strong profitability in their core insurance operations. The 28.8% annualized operating return on equity for the first half of 2024 is particularly noteworthy, showcasing the company's ability to generate substantial returns for shareholders.
Kinsale's investment portfolio, with an average credit quality of "AA-" and a weighted average duration of 3.0 years, reflects a conservative approach. This strategy, combined with rising interest rates, has contributed to the significant increase in investment income.
Overall, Kinsale's results reflect a well-executed strategy in a favorable market environment. However, investors should monitor the slight increase in the loss ratio, which rose to 56.6% in Q2 2024 from 55.7% in Q2 2023, as this could impact profitability if the trend continues.
Net operating earnings(1) were
Highlights for the quarter included:
-
Diluted earnings per share increased by
27.2% to$3.97 -
Diluted operating earnings(1) per share increased by
30.2% to$3.75 -
Gross written premiums increased by
20.9% to$529.8 million -
Net investment income increased by
48.3% to$35.8 million -
Underwriting income(2) was
$76.1 million 77.7% -
Annualized operating return on equity(7) was
28.8% for the six months ended June 30, 2024
“We are pleased with our second quarter results highlighted by continued growth and strong margins. Delivering long-term value for stockholders remains our focus as we leverage underwriting and technological competitive advantages and our low-cost model to profitably grow market share,” said Chairman and Chief Executive Officer, Michael P. Kehoe.
Results of Operations
Underwriting Results
Gross written premiums were
Underwriting income(2) was
Underwriting income(2) was
Summary of Operating Results
The Company’s operating results for the three and six months ended June 30, 2024 and 2023 are summarized as follows:
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
($ in thousands) |
||||||||||||||
Gross written premiums |
$ |
529,770 |
|
|
$ |
438,222 |
|
|
$ |
978,414 |
|
|
$ |
795,810 |
|
Ceded written premiums |
|
(99,534 |
) |
|
|
(73,181 |
) |
|
|
(197,124 |
) |
|
|
(131,739 |
) |
Net written premiums |
$ |
430,236 |
|
|
$ |
365,041 |
|
|
$ |
781,290 |
|
|
$ |
664,071 |
|
|
|
|
|
|
|
|
|
||||||||
Net earned premiums |
$ |
332,461 |
|
|
$ |
257,046 |
|
|
$ |
641,979 |
|
|
$ |
494,204 |
|
Fee income |
|
8,991 |
|
|
|
6,986 |
|
|
|
17,083 |
|
|
|
13,187 |
|
Losses and loss adjustment expenses |
|
193,325 |
|
|
|
147,042 |
|
|
|
380,111 |
|
|
|
286,076 |
|
Underwriting, acquisition and insurance expenses |
|
72,068 |
|
|
|
55,473 |
|
|
|
137,821 |
|
|
|
108,219 |
|
Underwriting income(2) |
$ |
76,059 |
|
|
$ |
61,517 |
|
|
$ |
141,130 |
|
|
$ |
113,096 |
|
|
|
|
|
|
|
|
|
||||||||
Loss ratio(3) |
|
56.6 |
% |
|
|
55.7 |
% |
|
|
57.7 |
% |
|
|
56.4 |
% |
Expense ratio(4) |
|
21.1 |
% |
|
|
21.0 |
% |
|
|
20.9 |
% |
|
|
21.3 |
% |
Combined ratio(5) |
|
77.7 |
% |
|
|
76.7 |
% |
|
|
78.6 |
% |
|
|
77.7 |
% |
|
|
|
|
|
|
|
|
||||||||
Annualized return on equity(6) |
|
30.5 |
% |
|
|
34.5 |
% |
|
|
32.7 |
% |
|
|
31.8 |
% |
Annualized operating return on equity(7) |
|
28.8 |
% |
|
|
31.8 |
% |
|
|
28.8 |
% |
|
|
30.6 |
% |
(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. |
|
(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. |
|
(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. |
|
(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 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 and six months ended June 30, 2024 and 2023:
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||
|
Losses and
|
|
% of Sum of
|
|
Losses and
|
|
% of Sum of
|
||||||
Loss ratio: |
($ in thousands) |
||||||||||||
Current accident year |
$ |
199,406 |
|
|
58.4 |
% |
|
$ |
156,008 |
|
|
59.1 |
% |
Current accident year - catastrophe losses |
|
3,420 |
|
|
1.0 |
% |
|
|
1,451 |
|
|
0.5 |
% |
Effect of prior accident year development |
|
(9,501 |
) |
|
(2.8 |
)% |
|
|
(10,417 |
) |
|
(3.9 |
)% |
Total |
$ |
193,325 |
|
|
56.6 |
% |
|
$ |
147,042 |
|
|
55.7 |
% |
|
Six Months Ended
|
|
Six Months Ended
|
||||||||||
|
Losses and
|
|
% of Sum of
|
|
Losses and
|
|
% of Sum of
|
||||||
Loss ratio: |
($ in thousands) |
||||||||||||
Current accident year |
$ |
394,060 |
|
|
59.8 |
% |
|
$ |
302,511 |
|
|
59.6 |
% |
Current accident year - catastrophe losses |
|
3,998 |
|
|
0.6 |
% |
|
|
3,025 |
|
|
0.6 |
% |
Effect of prior accident year development |
|
(17,947 |
) |
|
(2.7 |
)% |
|
|
(19,460 |
) |
|
(3.8 |
)% |
Total |
$ |
380,111 |
|
|
57.7 |
% |
|
$ |
286,076 |
|
|
56.4 |
% |
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 rates for the six months ended June 30, 2024 and 2023 were
Stockholders' equity was
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 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 and six months ended June 30, 2024 and 2023, net income and diluted earnings per share reconcile to net operating earnings and diluted operating earnings per share as follows:
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
($ in thousands, except per share data) |
||||||||||||||
Net operating earnings: |
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
92,579 |
|
|
$ |
72,791 |
|
|
$ |
191,520 |
|
|
$ |
128,591 |
|
Adjustments: |
|
|
|
|
|
|
|
|
||||||||
Change in the fair value of equity securities, before taxes |
|
|
(3,159 |
) |
|
|
(5,811 |
) |
|
|
(21,212 |
) |
|
|
(9,329 |
) |
Income tax expense (1) |
|
|
663 |
|
|
|
1,220 |
|
|
|
4,455 |
|
|
|
1,959 |
|
Change in fair value of equity securities, after taxes |
|
|
(2,496 |
) |
|
|
(4,591 |
) |
|
|
(16,757 |
) |
|
|
(7,370 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net realized investment (gains) losses, before taxes |
|
|
(2,879 |
) |
|
|
(1,291 |
) |
|
|
(6,745 |
) |
|
|
3,361 |
|
Income tax expense (benefit) (1) |
|
|
605 |
|
|
|
271 |
|
|
|
1,416 |
|
|
|
(706 |
) |
Net realized investment (gains) losses, after taxes |
|
|
(2,274 |
) |
|
|
(1,020 |
) |
|
|
(5,329 |
) |
|
|
2,655 |
|
|
|
|
|
|
|
|
|
|
||||||||
Change in allowance for credit losses on investments, before taxes |
|
|
(476 |
) |
|
|
(25 |
) |
|
|
(486 |
) |
|
|
56 |
|
Income tax expense (benefit) (1) |
|
|
100 |
|
|
|
5 |
|
|
|
102 |
|
|
|
(12 |
) |
Change in allowance for credit losses on investments, after taxes |
|
|
(376 |
) |
|
|
(20 |
) |
|
|
(384 |
) |
|
|
44 |
|
Net operating earnings |
|
$ |
87,433 |
|
|
$ |
67,160 |
|
|
$ |
169,050 |
|
|
$ |
123,920 |
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted operating earnings per share: |
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share |
|
$ |
3.97 |
|
|
$ |
3.12 |
|
|
$ |
8.21 |
|
|
$ |
5.52 |
|
Change in the fair value of equity securities, after taxes, per share |
|
|
(0.11 |
) |
|
|
(0.20 |
) |
|
|
(0.72 |
) |
|
|
(0.32 |
) |
Net realized investment (gains) losses, after taxes, per share |
|
|
(0.10 |
) |
|
|
(0.04 |
) |
|
|
(0.23 |
) |
|
|
0.11 |
|
Change in allowance for credit losses on investments, after taxes, per share |
|
|
(0.02 |
) |
|
|
— |
|
|
|
(0.02 |
) |
|
|
— |
|
Diluted operating earnings per share(2) |
|
$ |
3.75 |
|
|
$ |
2.88 |
|
|
$ |
7.25 |
|
|
$ |
5.32 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating return on equity: |
|
|
|
|
|
|
|
|
||||||||
Average equity(3) |
|
$ |
1,214,086 |
|
|
$ |
843,773 |
|
|
$ |
1,172,018 |
|
|
$ |
808,632 |
|
Annualized return on equity(4) |
|
|
30.5 |
% |
|
|
34.5 |
% |
|
|
32.7 |
% |
|
|
31.8 |
% |
Annualized operating return on equity(5) |
|
|
28.8 |
% |
|
|
31.8 |
% |
|
|
28.8 |
% |
|
|
30.6 |
% |
(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, 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 and six months ended June 30, 2024 and 2023, net income reconciles to underwriting income as follows:
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(in thousands) |
||||||||||||||
Net income |
|
$ |
92,579 |
|
|
$ |
72,791 |
|
|
$ |
191,520 |
|
|
$ |
128,591 |
|
Income tax expense |
|
|
23,221 |
|
|
|
17,319 |
|
|
|
40,147 |
|
|
|
29,912 |
|
Income before income taxes |
|
|
115,800 |
|
|
|
90,110 |
|
|
|
231,667 |
|
|
|
158,503 |
|
Net investment income |
|
|
(35,847 |
) |
|
|
(24,172 |
) |
|
|
(68,780 |
) |
|
|
(44,867 |
) |
Change in the fair value of equity securities |
|
|
(3,159 |
) |
|
|
(5,811 |
) |
|
|
(21,212 |
) |
|
|
(9,329 |
) |
Net realized investment (gains) losses |
|
|
(2,879 |
) |
|
|
(1,291 |
) |
|
|
(6,745 |
) |
|
|
3,361 |
|
Change in allowance for credit losses on investments |
|
|
(476 |
) |
|
|
(25 |
) |
|
|
(486 |
) |
|
|
56 |
|
Interest expense |
|
|
2,564 |
|
|
|
2,724 |
|
|
|
4,986 |
|
|
|
5,294 |
|
Other expenses (6) |
|
|
796 |
|
|
|
417 |
|
|
|
2,759 |
|
|
|
819 |
|
Other income |
|
|
(740 |
) |
|
|
(435 |
) |
|
|
(1,059 |
) |
|
|
(741 |
) |
Underwriting income |
|
$ |
76,059 |
|
|
$ |
61,517 |
|
|
$ |
141,130 |
|
|
$ |
113,096 |
|
(6) |
Other expenses includes primarily 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, July 26, 2024 at 9:00 a.m. (Eastern Time). Members of the public may access the conference call by dialing (800) 715-9871, conference ID# 7469751, 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 August 23, 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
|
|
Six Months Ended
|
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues |
|
(in thousands, except per share data) |
||||||||||||||
Gross written premiums |
|
$ |
529,770 |
|
|
$ |
438,222 |
|
|
$ |
978,414 |
|
|
$ |
795,810 |
|
Ceded written premiums |
|
|
(99,534 |
) |
|
|
(73,181 |
) |
|
|
(197,124 |
) |
|
|
(131,739 |
) |
Net written premiums |
|
|
430,236 |
|
|
|
365,041 |
|
|
|
781,290 |
|
|
|
664,071 |
|
Change in unearned premiums |
|
|
(97,775 |
) |
|
|
(107,995 |
) |
|
|
(139,311 |
) |
|
|
(169,867 |
) |
Net earned premiums |
|
|
332,461 |
|
|
|
257,046 |
|
|
|
641,979 |
|
|
|
494,204 |
|
Fee income |
|
|
8,991 |
|
|
|
6,986 |
|
|
|
17,083 |
|
|
|
13,187 |
|
Net investment income |
|
|
35,847 |
|
|
|
24,172 |
|
|
|
68,780 |
|
|
|
44,867 |
|
Change in the fair value of equity securities |
|
|
3,159 |
|
|
|
5,811 |
|
|
|
21,212 |
|
|
|
9,329 |
|
Net realized investment gains (losses) |
|
|
2,879 |
|
|
|
1,291 |
|
|
|
6,745 |
|
|
|
(3,361 |
) |
Change in allowance for credit losses on investments |
|
|
476 |
|
|
|
25 |
|
|
|
486 |
|
|
|
(56 |
) |
Other income |
|
|
740 |
|
|
|
435 |
|
|
|
1,059 |
|
|
|
741 |
|
Total revenues |
|
|
384,553 |
|
|
|
295,766 |
|
|
|
757,344 |
|
|
|
558,911 |
|
|
|
|
|
|
|
|
|
|
||||||||
Expenses |
|
|
|
|
|
|
|
|
||||||||
Losses and loss adjustment expenses |
|
|
193,325 |
|
|
|
147,042 |
|
|
|
380,111 |
|
|
|
286,076 |
|
Underwriting, acquisition and insurance expenses |
|
|
72,068 |
|
|
|
55,473 |
|
|
|
137,821 |
|
|
|
108,219 |
|
Interest expense |
|
|
2,564 |
|
|
|
2,724 |
|
|
|
4,986 |
|
|
|
5,294 |
|
Other expenses |
|
|
796 |
|
|
|
417 |
|
|
|
2,759 |
|
|
|
819 |
|
Total expenses |
|
|
268,753 |
|
|
|
205,656 |
|
|
|
525,677 |
|
|
|
400,408 |
|
Income before income taxes |
|
|
115,800 |
|
|
|
90,110 |
|
|
|
231,667 |
|
|
|
158,503 |
|
Total income tax expense |
|
|
23,221 |
|
|
|
17,319 |
|
|
|
40,147 |
|
|
|
29,912 |
|
Net income |
|
|
92,579 |
|
|
|
72,791 |
|
|
|
191,520 |
|
|
|
128,591 |
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive (loss) income |
|
|
|
|
|
|
|
|
||||||||
Change in net unrealized losses on available-for-sale investments, net of taxes |
|
|
(5,658 |
) |
|
|
(14,107 |
) |
|
|
(15,598 |
) |
|
|
3,402 |
|
Total comprehensive income |
|
$ |
86,921 |
|
|
$ |
58,684 |
|
|
$ |
175,922 |
|
|
$ |
131,993 |
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
4.00 |
|
|
$ |
3.16 |
|
|
$ |
8.28 |
|
|
$ |
5.59 |
|
Diluted |
|
$ |
3.97 |
|
|
$ |
3.12 |
|
|
$ |
8.21 |
|
|
$ |
5.52 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
23,165 |
|
|
|
23,040 |
|
|
|
23,137 |
|
|
|
23,024 |
|
Diluted |
|
|
23,329 |
|
|
|
23,301 |
|
|
|
23,332 |
|
|
|
23,293 |
|
KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES Unaudited Condensed Consolidated Balance Sheets |
||||||
|
|
June 30, 2024 |
|
December 31, 2023 |
||
Assets |
|
(in thousands) |
||||
Investments: |
|
|
|
|
||
Fixed-maturity securities at fair value |
|
$ |
3,072,718 |
|
$ |
2,711,759 |
Equity securities at fair value |
|
|
317,482 |
|
|
234,813 |
Real estate investments, net |
|
|
15,045 |
|
|
14,791 |
Short-term investments |
|
|
6,908 |
|
|
5,589 |
Total investments |
|
|
3,412,153 |
|
|
2,966,952 |
|
|
|
|
|
||
Cash and cash equivalents |
|
|
171,021 |
|
|
126,694 |
Investment income due and accrued |
|
|
25,112 |
|
|
21,689 |
Premiums receivable, net |
|
|
171,815 |
|
|
143,212 |
Reinsurance recoverables, net |
|
|
302,092 |
|
|
247,836 |
Ceded unearned premiums |
|
|
58,492 |
|
|
52,516 |
Deferred policy acquisition costs, net of ceding commissions |
|
|
109,358 |
|
|
88,395 |
Intangible assets |
|
|
3,538 |
|
|
3,538 |
Deferred income tax asset, net |
|
|
57,410 |
|
|
55,699 |
Other assets |
|
|
84,300 |
|
|
66,443 |
Total assets |
|
$ |
4,395,291 |
|
$ |
3,772,974 |
|
|
|
|
|
||
Liabilities & Stockholders' Equity |
|
|
|
|
||
Liabilities: |
|
|
|
|
||
Reserves for unpaid losses and loss adjustment expenses |
|
$ |
2,013,055 |
|
$ |
1,692,875 |
Unearned premiums |
|
|
846,638 |
|
|
701,351 |
Payable to reinsurers |
|
|
48,397 |
|
|
47,582 |
Accounts payable and accrued expenses |
|
|
27,188 |
|
|
44,922 |
Debt |
|
|
183,984 |
|
|
183,846 |
Other liabilities |
|
|
18,826 |
|
|
15,566 |
Total liabilities |
|
|
3,138,088 |
|
|
2,686,142 |
|
|
|
|
|
||
Stockholders' equity |
|
|
1,257,203 |
|
|
1,086,832 |
Total liabilities and stockholders' equity |
|
$ |
4,395,291 |
|
$ |
3,772,974 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725559552/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 (KNSL) net income for Q2 2024?
How much did Kinsale Capital Group's (KNSL) gross written premiums increase in Q2 2024?
What was Kinsale Capital Group's (KNSL) combined ratio for Q2 2024?
How much did Kinsale Capital Group's (KNSL) net investment income grow in Q2 2024?
What was Kinsale Capital Group's (KNSL) book value per share as of June 30, 2024?
