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% respectively 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).

• Full-year net income was $503.6M ($21.65/diluted share), and net operating earnings were $453.7M ($19.51/diluted share), both up significantly from 2024.

• 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 Q4 was 71.7%, with a full-year operating ROE of 26.4%.

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

Financial highlights

• 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.

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

• Diluted operating EPS was $5.81 for Q4, up from $4.62 in Q4 2024.

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

Outlook and guidance

• Expect commercial property division to stabilize after a few more quarters; competitive environment in large account property likely to persist into 2026.

• Confident in ability to generate best-in-class returns and growth, maintaining strong balance sheet and conservative reserves.

• Focus remains on disciplined underwriting and leveraging technology and AI for productivity and risk segmentation.