Kinsale Capital Group (KNSL) Q4 2025 earnings summary

Executive summary

• Diluted operating EPS rose 26% year-over-year in Q4 2025; gross and net written premiums grew 1.8% and 7.1%, respectively.

• Net income for Q4 2025 was $138.6M ($5.99/diluted share), up from $109.1M ($4.68) in Q4 2024; full-year net income was $503.6M ($21.65), up from $414.8M ($17.78) in 2024.

• Book value per share increased 33% since year-end 2024, reaching $84.66 at year-end 2025.

• Growth headwinds mainly from shrinking commercial property division, while other divisions posted double-digit growth.

• Technology and AI adoption, along with a low-cost model, are driving productivity and underwriting advantages.

Financial highlights

• Net income and net operating earnings increased 27% and 25% quarter-over-quarter; Q4 net operating earnings were $134.6M ($5.81/diluted share).

• Gross written premiums rose 1.8% to $451.1M in Q4 and 5.7% to $2.0B for the year; net written premiums increased 7.1% in Q4 and 9.4% for the year.

• Net investment income grew 24.9% in Q4 to $52.3M and 27.9% for the year to $192.2M.

• Float reached $3.1 billion at end of 2025, up from $2.5 billion at end of 2024.

• Underwriting income was $120.6M in Q4 (combined ratio 71.7%) and $389.2M for the year (combined ratio 75.9%).

Outlook and guidance

• Expectation for continued stabilization in commercial property after a few more quarters.

• Anticipate ongoing competitive environment, especially in large account property, into 2026.

• Focus remains on maintaining low 20s ROE or better, with conservative reserving.

• Management expressed confidence in the business model's resilience and ability to deliver long-term value.

• Bullish on long-term opportunity and confident in ability to deliver strong returns.