Kinsale Capital Group Reports Third Quarter 2024 Results
Kinsale Capital Group (KNSL) reported strong Q3 2024 results with net income of $114.2 million ($4.90 per diluted share), up from $76.1 million ($3.26 per diluted share) in Q3 2023. Key highlights include: gross written premiums increased 18.8% to $448.6 million, net investment income grew 46.4% to $39.6 million, and the company achieved a combined ratio of 75.7%. The company maintained strong underwriting performance despite $10.8 million in after-tax catastrophe losses. The Board authorized a new $100 million share repurchase program in October 2024.
Kinsale Capital Group (KNSL) ha riportato risultati solidi per il Q3 2024, con un reddito netto di 114,2 milioni di dollari (4,90 dollari per azione diluita), in aumento rispetto ai 76,1 milioni di dollari (3,26 dollari per azione diluita) del Q3 2023. I punti salienti includono: premi lordi scritti aumentati del 18,8% a 448,6 milioni di dollari, reddito netto da investimenti cresciuto del 46,4% a 39,6 milioni di dollari e la società ha raggiunto un rapporto combinato del 75,7%. La società ha mantenuto una forte performance di sottoscrittura nonostante perdite da catastrofi dopo le tasse di 10,8 milioni di dollari. Il Consiglio ha autorizzato un nuovo programma di riacquisto di azioni da 100 milioni di dollari nell'ottobre 2024.
Kinsale Capital Group (KNSL) reportó sólidos resultados en el Q3 2024 con un ingreso neto de 114.2 millones de dólares (4.90 dólares por acción diluida), en comparación con 76.1 millones de dólares (3.26 dólares por acción diluida) en el Q3 2023. Los aspectos destacados incluyen: primas brutas suscritas que aumentaron un 18.8% a 448.6 millones de dólares, ingreso neto de inversiones que creció un 46.4% a 39.6 millones de dólares, y la empresa alcanzó un ratio combinado del 75.7%. La empresa mantuvo un fuerte rendimiento de suscripción a pesar de pérdidas catastróficas post-impuestos de 10.8 millones de dólares. La Junta autorizó un nuevo programa de recompra de acciones de 100 millones de dólares en octubre de 2024.
킨세일 캐피탈 그룹 (KNSL)는 2024년 3분기 실적을 발표하며 순이익이 1억 1,420만 달러(희석주당 4.90달러)로, 2023년 3분기 7,610만 달러(희석주당 3.26달러)에서 증가했다고 보고했습니다. 주요 하이라이트는 다음과 같습니다: 총 서면 보험료가 18.8% 증가하여 4억 4,860만 달러로 늘었고, 순 투자 수익이 46.4% 증가하여 3,960만 달러에 도달했으며, 회사의 연결 비율이 75.7%에 이르렀습니다. 회사는 세후 재해 손실이 1,080만 달러에도 불구하고 강력한 인수 성과를 유지했습니다. 이사회는 2024년 10월에 1억 달러 규모의 새로운 자사주 매입 프로그램을 승인했습니다.
Kinsale Capital Group (KNSL) a rapporté de bons résultats pour le Q3 2024, avec un revenu net de 114,2 millions de dollars (4,90 dollars par action diluée), en hausse par rapport à 76,1 millions de dollars (3,26 dollars par action diluée) au Q3 2023. Les faits saillants incluent : primes brutes souscrites en hausse de 18,8 % à 448,6 millions de dollars, revenu net d'investissement en croissance de 46,4 % à 39,6 millions de dollars et l'entreprise a atteint un ratio combiné de 75,7 %. L'entreprise a maintenu de solides performances de souscription malgré des pertes catastrophiques après impôts de 10,8 millions de dollars. Le conseil d'administration a autorisé un nouveau programme de rachat d'actions de 100 millions de dollars en octobre 2024.
Kinsale Capital Group (KNSL) hat starke Ergebnisse für das Q3 2024 mit einem Nettogewinn von 114,2 Millionen Dollar (4,90 Dollar pro verwässerter Aktie) gemeldet, was einem Anstieg von 76,1 Millionen Dollar (3,26 Dollar pro verwässerter Aktie) im Q3 2023 entspricht. Zu den wichtigsten Höhepunkten gehören: brutto schriftliche Prämien, die um 18,8% auf 448,6 Millionen Dollar gestiegen sind, netto Investitionseinkommen, das um 46,4% auf 39,6 Millionen Dollar gewachsen ist, und das Unternehmen erreichte eine kombinierte Quote von 75,7%. Das Unternehmen hielt eine starke Underwriting-Leistung trotz nachsteuerverschuldeter Katastrophenverluste von 10,8 Millionen Dollar aufrecht. Der Vorstand genehmigte im Oktober 2024 ein neues Aktienrückkaufprogramm über 100 Millionen Dollar.
- Net income increased 50.3% YoY to $114.2 million in Q3 2024
- Gross written premiums grew 18.8% to $448.6 million
- Net investment income rose 46.4% to $39.6 million
- Strong combined ratio of 75.7%
- Net operating cash flows increased 17.7% to $763.3 million
- After-tax catastrophe losses increased to $10.8 million in Q3 2024 from $0.9 million in Q3 2023
- Loss ratio increased to 56.1% from 53.9% YoY
- Operating return on equity decreased to 28.2% from 32.1% YoY
Insights
Kinsale Capital Group delivered exceptional Q3 2024 results, with
The company's disciplined underwriting and low-cost technology strategy continues to drive profitability, maintaining an impressive
The newly authorized
Net operating earnings(1) were
Highlights for the quarter included:
-
Diluted earnings per share increased by
50.3% to compared to the third quarter of 2023$4.90 -
Diluted operating earnings(1) per share increased by
26.9% to compared to the third quarter of 2023$4.20 -
Gross written premiums increased by
18.8% to compared to the third quarter of 2023$448.6 million -
Net investment income increased by
46.4% to compared to the third quarter of 2023$39.6 million -
Underwriting income(2) was
in the third quarter of 2024, resulting in a combined ratio(5) of$86.9 million 75.7% -
Annualized operating return on equity(7) was
28.2% for the nine months ended September 30, 2024
“Our third quarter results reflect the continued execution of our strategy of disciplined underwriting and technology-enabled low costs. Our reported
Results of Operations
Underwriting Results
Gross written premiums were
Underwriting income(2) was
Underwriting income(2) was
Summary of Operating Results
The Company’s operating results for the three and nine months ended September 30, 2024 and 2023 are summarized as follows:
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
($ in thousands) |
||||||||||||||
Gross written premiums |
$ |
448,646 |
|
|
$ |
377,789 |
|
|
$ |
1,427,060 |
|
|
$ |
1,173,599 |
|
Ceded written premiums |
|
(98,709 |
) |
|
|
(83,509 |
) |
|
|
(295,833 |
) |
|
|
(215,248 |
) |
Net written premiums |
$ |
349,937 |
|
|
$ |
294,280 |
|
|
$ |
1,131,227 |
|
|
$ |
958,351 |
|
|
|
|
|
|
|
|
|
||||||||
Net earned premiums |
$ |
348,752 |
|
|
$ |
281,502 |
|
|
$ |
990,731 |
|
|
$ |
775,706 |
|
Fee income |
|
8,489 |
|
|
|
6,841 |
|
|
|
25,572 |
|
|
|
20,028 |
|
Losses and loss adjustment expenses |
|
200,240 |
|
|
|
155,552 |
|
|
|
580,351 |
|
|
|
441,628 |
|
Underwriting, acquisition and insurance expenses |
|
70,139 |
|
|
|
60,348 |
|
|
|
207,960 |
|
|
|
168,567 |
|
Underwriting income(2) |
$ |
86,862 |
|
|
$ |
72,443 |
|
|
$ |
227,992 |
|
|
$ |
185,539 |
|
|
|
|
|
|
|
|
|
||||||||
Loss ratio(3) |
|
56.1 |
% |
|
|
53.9 |
% |
|
|
57.1 |
% |
|
|
55.5 |
% |
Expense ratio(4) |
|
19.6 |
% |
|
|
20.9 |
% |
|
|
20.5 |
% |
|
|
21.2 |
% |
Combined ratio(5) |
|
75.7 |
% |
|
|
74.8 |
% |
|
|
77.6 |
% |
|
|
76.7 |
% |
|
|
|
|
|
|
|
|
||||||||
Annualized return on equity(6) |
|
33.9 |
% |
|
|
33.9 |
% |
|
|
32.3 |
% |
|
|
32.7 |
% |
Annualized operating return on equity(7) |
|
29.1 |
% |
|
|
34.4 |
% |
|
|
28.2 |
% |
|
|
32.1 |
% |
(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 nine months ended September 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 |
$ |
196,750 |
|
|
55.1 |
% |
|
$ |
163,545 |
|
|
56.7 |
% |
Current accident year - catastrophe losses |
|
13,615 |
|
|
3.8 |
% |
|
|
1,154 |
|
|
0.4 |
% |
Effect of prior accident year development |
|
(10,125 |
) |
|
(2.8 |
)% |
|
|
(9,147 |
) |
|
(3.2 |
)% |
Total |
$ |
200,240 |
|
|
56.1 |
% |
|
$ |
155,552 |
|
|
53.9 |
% |
|
Nine Months Ended
|
|
Nine Months Ended
|
||||||||||
|
Losses and
|
|
% of Sum of
|
|
Losses and
|
|
% of Sum of
|
||||||
Loss ratio: |
($ in thousands) |
||||||||||||
Current accident year |
$ |
590,810 |
|
|
58.1 |
% |
|
$ |
466,056 |
|
|
58.6 |
% |
Current accident year - catastrophe losses |
|
17,613 |
|
|
1.7 |
% |
|
|
4,179 |
|
|
0.5 |
% |
Effect of prior accident year development |
|
(28,072 |
) |
|
(2.7 |
)% |
|
|
(28,607 |
) |
|
(3.6 |
)% |
Total |
$ |
580,351 |
|
|
57.1 |
% |
|
$ |
441,628 |
|
|
55.5 |
% |
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 nine months ended September 30, 2024 and 2023 were
Stockholders' equity was
Share Repurchase Authorization
In October 2024, the Company's Board of Directors authorized a share repurchase program authorizing the repurchase of up to
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 nine months ended September 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
|
|
Nine Months Ended
|
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
($ in thousands, except per share data) |
||||||||||||||
Net operating earnings: |
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
114,229 |
|
|
$ |
76,115 |
|
|
$ |
305,749 |
|
|
$ |
204,706 |
|
Adjustments: |
|
|
|
|
|
|
|
|
||||||||
Change in the fair value of equity securities, before taxes |
|
|
(20,659 |
) |
|
|
5,533 |
|
|
|
(41,871 |
) |
|
|
(3,796 |
) |
Income tax expense (benefit) (1) |
|
|
4,338 |
|
|
|
(1,162 |
) |
|
|
8,793 |
|
|
|
797 |
|
Change in fair value of equity securities, after taxes |
|
|
(16,321 |
) |
|
|
4,371 |
|
|
|
(33,078 |
) |
|
|
(2,999 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net realized investment (gains) losses, before taxes |
|
|
8 |
|
|
|
(4,274 |
) |
|
|
(6,737 |
) |
|
|
(913 |
) |
Income tax expense (benefit) (1) |
|
|
(2 |
) |
|
|
898 |
|
|
|
1,415 |
|
|
|
192 |
|
Net realized investment (gains) losses, after taxes |
|
|
6 |
|
|
|
(3,376 |
) |
|
|
(5,322 |
) |
|
|
(721 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Change in allowance for credit losses on investments, before taxes |
|
|
(4 |
) |
|
|
143 |
|
|
|
(490 |
) |
|
|
199 |
|
Income tax expense (benefit) (1) |
|
|
1 |
|
|
|
(30 |
) |
|
|
103 |
|
|
|
(42 |
) |
Change in allowance for credit losses on investments, after taxes |
|
|
(3 |
) |
|
|
113 |
|
|
|
(387 |
) |
|
|
157 |
|
Net operating earnings |
|
$ |
97,911 |
|
|
$ |
77,223 |
|
|
$ |
266,962 |
|
|
$ |
201,143 |
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted operating earnings per share: |
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share |
|
$ |
4.90 |
|
|
$ |
3.26 |
|
|
$ |
13.10 |
|
|
$ |
8.79 |
|
Change in the fair value of equity securities, after taxes, per share |
|
|
(0.70 |
) |
|
|
0.19 |
|
|
|
(1.42 |
) |
|
|
(0.13 |
) |
Net realized investment (gains) losses, after taxes, per share |
|
|
— |
|
|
|
(0.14 |
) |
|
|
(0.23 |
) |
|
|
(0.03 |
) |
Change in allowance for credit losses on investments, after taxes, per share |
|
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
|
|
0.01 |
|
Diluted operating earnings per share(2) |
|
$ |
4.20 |
|
|
$ |
3.31 |
|
|
$ |
11.44 |
|
|
$ |
8.63 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating return on equity: |
|
|
|
|
|
|
|
|
||||||||
Average equity(3) |
|
$ |
1,346,076 |
|
|
$ |
897,789 |
|
|
$ |
1,260,891 |
|
|
$ |
834,606 |
|
Annualized return on equity(4) |
|
|
33.9 |
% |
|
|
33.9 |
% |
|
|
32.3 |
% |
|
|
32.7 |
% |
Annualized operating return on equity(5) |
|
|
29.1 |
% |
|
|
34.4 |
% |
|
|
28.2 |
% |
|
|
32.1 |
% |
(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 nine months ended September 30, 2024 and 2023, net income reconciles to underwriting income as follows:
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(in thousands) |
||||||||||||||
Net income |
|
$ |
114,229 |
|
|
$ |
76,115 |
|
|
$ |
305,749 |
|
|
$ |
204,706 |
|
Income tax expense |
|
|
30,169 |
|
|
|
19,378 |
|
|
|
70,316 |
|
|
|
49,290 |
|
Income before income taxes |
|
|
144,398 |
|
|
|
95,493 |
|
|
|
376,065 |
|
|
|
253,996 |
|
Net investment income |
|
|
(39,644 |
) |
|
|
(27,086 |
) |
|
|
(108,424 |
) |
|
|
(71,953 |
) |
Change in the fair value of equity securities |
|
|
(20,659 |
) |
|
|
5,533 |
|
|
|
(41,871 |
) |
|
|
(3,796 |
) |
Net realized investment (gains) losses |
|
|
8 |
|
|
|
(4,274 |
) |
|
|
(6,737 |
) |
|
|
(913 |
) |
Change in allowance for credit losses on investments |
|
|
(4 |
) |
|
|
143 |
|
|
|
(490 |
) |
|
|
199 |
|
Interest expense |
|
|
2,589 |
|
|
|
2,573 |
|
|
|
7,575 |
|
|
|
7,867 |
|
Other expenses (6) |
|
|
692 |
|
|
|
401 |
|
|
|
3,451 |
|
|
|
1,220 |
|
Other income |
|
|
(518 |
) |
|
|
(340 |
) |
|
|
(1,577 |
) |
|
|
(1,081 |
) |
Underwriting income |
|
$ |
86,862 |
|
|
$ |
72,443 |
|
|
$ |
227,992 |
|
|
$ |
185,539 |
|
(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, October 25, 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 November 22, 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 |
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Unaudited Consolidated Statements of Income and Comprehensive Income |
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Three Months Ended
|
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Nine Months Ended
|
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|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues |
|
(in thousands, except per share data) |
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Gross written premiums |
|
$ |
448,646 |
|
|
$ |
377,789 |
|
|
$ |
1,427,060 |
|
|
$ |
1,173,599 |
|
Ceded written premiums |
|
|
(98,709 |
) |
|
|
(83,509 |
) |
|
|
(295,833 |
) |
|
|
(215,248 |
) |
Net written premiums |
|
|
349,937 |
|
|
|
294,280 |
|
|
|
1,131,227 |
|
|
|
958,351 |
|
Change in unearned premiums |
|
|
(1,185 |
) |
|
|
(12,778 |
) |
|
|
(140,496 |
) |
|
|
(182,645 |
) |
Net earned premiums |
|
|
348,752 |
|
|
|
281,502 |
|
|
|
990,731 |
|
|
|
775,706 |
|
Fee income |
|
|
8,489 |
|
|
|
6,841 |
|
|
|
25,572 |
|
|
|
20,028 |
|
Net investment income |
|
|
39,644 |
|
|
|
27,086 |
|
|
|
108,424 |
|
|
|
71,953 |
|
Change in the fair value of equity securities |
|
|
20,659 |
|
|
|
(5,533 |
) |
|
|
41,871 |
|
|
|
3,796 |
|
Net realized investment gains (losses) |
|
|
(8 |
) |
|
|
4,274 |
|
|
|
6,737 |
|
|
|
913 |
|
Change in allowance for credit losses on investments |
|
|
4 |
|
|
|
(143 |
) |
|
|
490 |
|
|
|
(199 |
) |
Other income |
|
|
518 |
|
|
|
340 |
|
|
|
1,577 |
|
|
|
1,081 |
|
Total revenues |
|
|
418,058 |
|
|
|
314,367 |
|
|
|
1,175,402 |
|
|
|
873,278 |
|
|
|
|
|
|
|
|
|
|
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Expenses |
|
|
|
|
|
|
|
|
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Losses and loss adjustment expenses |
|
|
200,240 |
|
|
|
155,552 |
|
|
|
580,351 |
|
|
|
441,628 |
|
Underwriting, acquisition and insurance expenses |
|
|
70,139 |
|
|
|
60,348 |
|
|
|
207,960 |
|
|
|
168,567 |
|
Interest expense |
|
|
2,589 |
|
|
|
2,573 |
|
|
|
7,575 |
|
|
|
7,867 |
|
Other expenses |
|
|
692 |
|
|
|
401 |
|
|
|
3,451 |
|
|
|
1,220 |
|
Total expenses |
|
|
273,660 |
|
|
|
218,874 |
|
|
|
799,337 |
|
|
|
619,282 |
|
Income before income taxes |
|
|
144,398 |
|
|
|
95,493 |
|
|
|
376,065 |
|
|
|
253,996 |
|
Total income tax expense |
|
|
30,169 |
|
|
|
19,378 |
|
|
|
70,316 |
|
|
|
49,290 |
|
Net income |
|
|
114,229 |
|
|
|
76,115 |
|
|
|
305,749 |
|
|
|
204,706 |
|
|
|
|
|
|
|
|
|
|
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Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
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Change in net unrealized losses on available-for-sale investments, net of taxes |
|
|
63,464 |
|
|
|
(23,511 |
) |
|
|
47,866 |
|
|
|
(20,109 |
) |
Total comprehensive income |
|
$ |
177,693 |
|
|
$ |
52,604 |
|
|
$ |
353,615 |
|
|
$ |
184,597 |
|
|
|
|
|
|
|
|
|
|
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Earnings per share: |
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|
|
|
|
|
|
|
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Basic |
|
$ |
4.93 |
|
|
$ |
3.30 |
|
|
$ |
13.21 |
|
|
$ |
8.89 |
|
Diluted |
|
$ |
4.90 |
|
|
$ |
3.26 |
|
|
$ |
13.10 |
|
|
$ |
8.79 |
|
|
|
|
|
|
|
|
|
|
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Weighted-average shares outstanding: |
|
|
|
|
|
|
|
|
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Basic |
|
|
23,175 |
|
|
|
23,058 |
|
|
|
23,150 |
|
|
|
23,036 |
|
Diluted |
|
|
23,335 |
|
|
|
23,315 |
|
|
|
23,333 |
|
|
|
23,298 |
|
KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES |
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Unaudited Condensed Consolidated Balance Sheets |
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|
|
September 30,
|
|
December 31,
|
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Assets |
|
(in thousands) |
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Investments: |
|
|
|
|
||
Fixed-maturity securities at fair value |
|
$ |
3,467,038 |
|
$ |
2,711,759 |
Equity securities at fair value |
|
|
365,626 |
|
|
234,813 |
Real estate investments, net |
|
|
15,045 |
|
|
14,791 |
Short-term investments |
|
|
— |
|
|
5,589 |
Total investments |
|
|
3,847,709 |
|
|
2,966,952 |
|
|
|
|
|
||
Cash and cash equivalents |
|
|
111,691 |
|
|
126,694 |
Investment income due and accrued |
|
|
26,083 |
|
|
21,689 |
Premiums receivable, net |
|
|
134,952 |
|
|
143,212 |
Reinsurance recoverables, net |
|
|
318,636 |
|
|
247,836 |
Ceded unearned premiums |
|
|
55,370 |
|
|
52,516 |
Deferred policy acquisition costs, net of ceding commissions |
|
|
110,590 |
|
|
88,395 |
Intangible assets |
|
|
3,538 |
|
|
3,538 |
Deferred income tax asset, net |
|
|
34,995 |
|
|
55,699 |
Other assets |
|
|
88,679 |
|
|
66,443 |
Total assets |
|
$ |
4,732,243 |
|
$ |
3,772,974 |
|
|
|
|
|
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Liabilities & Stockholders' Equity |
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|
|
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||
Liabilities: |
|
|
|
|
||
Reserves for unpaid losses and loss adjustment expenses |
|
$ |
2,160,763 |
|
$ |
1,692,875 |
Unearned premiums |
|
|
844,701 |
|
|
701,351 |
Payable to reinsurers |
|
|
43,215 |
|
|
47,582 |
Accounts payable and accrued expenses |
|
|
39,780 |
|
|
44,922 |
Debt |
|
|
184,053 |
|
|
183,846 |
Other liabilities |
|
|
24,782 |
|
|
15,566 |
Total liabilities |
|
|
3,297,294 |
|
|
2,686,142 |
|
|
|
|
|
||
Stockholders' equity |
|
|
1,434,949 |
|
|
1,086,832 |
Total liabilities and stockholders' equity |
|
$ |
4,732,243 |
|
$ |
3,772,974 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241024163547/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 KNSL's net income for Q3 2024?
How much did KNSL's gross written premiums grow in Q3 2024?
What was KNSL's combined ratio in Q3 2024?