Kingstone Companies (KINS) investor relations material

Executive summary

• Achieved record quarterly net income of $11.3M, up 149–150% year-over-year, with diluted EPS of $0.78 and annualized ROE exceeding 50%.

• Core direct written premium grew 17% year-over-year, with policies in force reaching 77,000 as of June 30, 2025.

• Benefited from competitor exits in New York, capturing significant new business and shifting product mix toward more profitable, lower-risk policies.

• Reinstated quarterly dividend, reflecting confidence in future growth and stability.

• Five-year goal to double written premium to $500M through organic and inorganic growth, including expansion into new states.

Financial highlights

• Net income for Q2 2025 was $11.3M, up 149–150% year-over-year; six-month net income was $15.1M, up 154.7%.

• Net premiums earned increased 51.8–52.5% year-over-year for Q2 and six months ended June 30, 2025.

• Direct premiums written for Q2 2025 were $61.1M, up 14.1% year-over-year; core business premiums up 17–19.5%.

• Adjusted EBITDA for Q2 2025 was $14.8M, up 88% year-over-year.

• Net investment income grew 30–33.1% year-over-year in Q2 2025, with average yield on non-cash invested assets at 4%.

Outlook and guidance

• 2025 guidance: net premiums earned ~$187M, core direct premiums written growth 15–25%, combined ratio 79–85%.

• Basic EPS guidance $2.10–$2.50; diluted EPS $1.95–$2.35; ROE between 30–38%.

• Five-year goal to reach $500M in direct written premium through expansion and diversification.

• Strategic expansion planned: +2 states in 2026 and +2 in 2027.

• Guidance does not assume any major catastrophe events.