Kinsale Capital Group (KNSL) investor relations material

Executive summary

• Q3 net income fell 30.7% to $98.1M, or $4.36 per diluted share, while net operating earnings rose 5.9% to $128.3M, or $5.70 per diluted share.

• Diluted operating EPS rose 9.4% YoY; annualized operating ROE was 25.6% for the nine months ended September 30.

• 9M net income increased to $386.6M from $365.0M, and net operating earnings increased to $372.3M from $319.0M.

• Gross written premiums fell 4.8% as competition and a shift toward smaller accounts weighed on premium growth; submission, quote and bind-order activity increased.

Financial highlights

• Q3 total revenue decreased 8.6% to $454.8M; net earned premiums increased 3.0% to $423.5M, while net written premiums declined 1.5% to $399.1M.

• Q3 diluted EPS was $4.36 versus $6.09 YoY; 9M diluted EPS was $16.97 versus $15.67.

• Q3 net investment income rose 17.5% to $58.3M; 9M net investment income increased 21.1% to $169.4M.

• 9M total revenue rose to $1.47B from $1.39B; underwriting income increased 14.3% to $307.0M.

• Float reached $3.5B at September 30, up from $3.1B at year-end 2025; new-money yields averaged above 5%.

Outlook and guidance

• Pricing and underwriting models target a 20% ROE or better; selected business is expected to meet that return threshold.

• The large-to-small account mix adjustment is expected to run its course relatively quickly, with a return to modest growth anticipated near term; no date was specified.

• Five or six additional product offerings were planned for rollout by year-end; broker appointments and product expansion are intended to support growth.

• Technology-driven productivity is expected to help the expense ratio drift lower over time; liquidity is expected to cover operating needs and committed capital expenditures for the next 12 months.