Kinsale Capital Group (KNSL) Q4 2025 earnings summary

Executive summary

• Diluted operating EPS rose 26% year-over-year in Q4 2025; net income and net operating earnings increased 27% and 25% quarter-over-quarter, with Q4 net income at $138.6M ($5.99/diluted share) and net operating earnings at $134.6M ($5.81/diluted share).

• Gross written premium grew 1.8% and net written premium 7.1% over Q4 2024; excluding commercial property, gross written premium grew 10.2% for the quarter and 13.3% for the year.

• Combined ratio for the quarter was 71.7%, with a full-year operating ROE of 26.4%.

• Book value per share increased to $84.66 at year-end from $63.75 a year earlier; float increased 23%.

• Diluted EPS increased 28.0% in Q4 and 21.8% for the year, driven by disciplined underwriting and technology-enabled low costs.

Financial highlights

• Net investment income increased 24.9% in Q4 year-over-year to $52.3M, and 27.9% for the year to $192.2M.

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

• Gross return on investments was 4.4% for the year; new money yields averaged 5% with a 4-year duration.

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

• Book value per share increased 33% since year-end 2024.

Outlook and guidance

• Management expects commercial property division growth to stabilize after a few more quarters of competitive pressure.

• Excluding commercial property, business growth remains robust, with 13% annual growth and strong margins.

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

• Focus remains on underwriting discipline and maintaining a low 20s ROE or better.