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Kinsale Q4 Earnings and Revenues Top Estimates on Solid Underwriting
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Key Takeaways
KNSL Q4 net operating EPS rose 25.8% to $5.81, beating estimates by 9.6%.
Kinsale Capital's underwriting income jumped 23.2% as combined ratio improved to 71.7.
KNSL ended 2025 with $163.4M in cash, launched a $250M buyback and raised dividend 47.1%.
Kinsale Capital Group, Inc. (KNSL - Free Report) delivered fourth-quarter 2025 net operating earnings of $5.81 per share, which outpaced the Zacks Consensus Estimate by 9.6%. The bottom line increased 25.8% year over year.
Operating revenues increased 17.3% year over year to $483.3 million, which surpassed the Zacks Consensus Estimate by 2.5%.
The quarterly results benefited from growth in net premiums written, higher fee income, increased net investment income, and other income, supported by efficient capital management and disciplined underwriting. However, these gains were partially offset by elevated operating expenses.
Kinsale Capital Group, Inc. Price, Consensus and EPS Surprise
Gross written premiums of $451.1 million rose 1.8% year over year.
Net written premiums climbed 7.1% year over year to $370.6 million.
Net investment income increased 24.9% year over year to $52.3 million. The increase was primarily driven by growth in the company’s investment portfolio. However, net investment income missed the Zacks Consensus Estimate by 0.7%.
Total expenses increased 12.8% year over year to $308.4 million due to a rise in losses and loss adjustment expenses, underwriting, acquisition and insurance expenses. Our model estimate was $289.6 million.
Kinsale Capital’s underwriting income was $120.6 million, up 23.2% year over year. The increase was driven by continued business growth, higher favorable development of loss reserves from prior accident years, and lower catastrophe losses. Underwriting income surpassed our model estimate by 22.8%.
The combined ratio improved 170 basis points (bps) year over year to 71.7 compared with the Zacks Consensus Estimate of 75.2. The loss ratio improved 220 bps to 50.1, reflecting lower catastrophe losses and favorable reserve development. However, the expense ratio deteriorated 50 bps year over year to 21.6.
Full-Year 2025 Highlights
KNSL’s full-year 2025 net operating earnings were $19.51 per share, surpassing the Zacks Consensus Estimate by 3%. The bottom line increased 21.5% year over year.
Operating revenues rose 18% year over year to approximately $1.9 billion, exceeding the Zacks Consensus Estimate by 0.5%.
The full-year 2025 combined ratio was 75.9, representing an improvement of 50 basis points year over year.
Financial Update
Kinsale Capital exited the fourth quarter of 2025 with cash and cash equivalents of $163.4 million, which increased 44.3% from the 2024-end level.
As of Dec. 31, 2025, stockholders’ equity increased 32.1% year over year to approximately $2 billion.
Book value per share was $84.66 as of Dec. 31, 2025, up 32.8% from the 2024-end level.
Annualized operating return on equity contracted 140 bps year over year to 28.2% in the reported quarter.
Capital Deployment
KNSL repurchased $50 million of its shares in the fourth quarter of 2025, fully utilizing the initial $100 million share repurchase authorization. In December 2025, the company announced a new $250 million share repurchase program. In February 2026, KNSL declared a cash dividend of 25 cents per share, up 47.1% from the previous level.
AXIS Capital Holdings Limited (AXS - Free Report) reported fourth-quarter 2025 operating income of $3.25 per share, which outpaced the Zacks Consensus Estimate by 9.4% and rose 9.4% year over year.
Axis’ total operating revenues of $1.7 billion beat the Zacks Consensus Estimate by 5.2%. The top line rose nearly 9% year over year on higher premiums earned. Net premiums written rose 13% to $1.4 billion, with an increase of 14% in the Insurance segment and growth of 5% in the Reinsurance segment.
Selective Insurance Group (SIGI - Free Report) reported fourth-quarter 2025 operating income of $2.57 per share, which marginally beat the Zacks Consensus Estimate by 0.3%. The bottom line increased 59% year over year.
Selective’s total revenues of $1.4 billion increased 8.3% from the year-ago quarter’s level, driven primarily by higher net premiums earned and net investment income. The top line marginally exceeded the Zacks Consensus Estimate by 0.1%.
Cincinnati Financial Corporation (CINF - Free Report) reported fourth-quarter 2025 operating income of $3.37 per share, which surpassed the Zacks Consensus Estimate by 17.8%. The bottom line increased 7% year over year.
Cincinnati’s total operating revenues for the quarter were $2.9 billion, reflecting a 9.8% year-over-year increase. The figure missed the Zacks Consensus Estimate by 0.02% on premium growth initiatives, price increases, and higher interest income from fixed-maturity securities, partially offset by higher expenses.
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Kinsale Q4 Earnings and Revenues Top Estimates on Solid Underwriting
Key Takeaways
Kinsale Capital Group, Inc. (KNSL - Free Report) delivered fourth-quarter 2025 net operating earnings of $5.81 per share, which outpaced the Zacks Consensus Estimate by 9.6%. The bottom line increased 25.8% year over year.
Operating revenues increased 17.3% year over year to $483.3 million, which surpassed the Zacks Consensus Estimate by 2.5%.
The quarterly results benefited from growth in net premiums written, higher fee income, increased net investment income, and other income, supported by efficient capital management and disciplined underwriting. However, these gains were partially offset by elevated operating expenses.
Kinsale Capital Group, Inc. Price, Consensus and EPS Surprise
Kinsale Capital Group, Inc. price-consensus-eps-surprise-chart | Kinsale Capital Group, Inc. Quote
KNSL’s Operational Update
Gross written premiums of $451.1 million rose 1.8% year over year.
Net written premiums climbed 7.1% year over year to $370.6 million.
Net investment income increased 24.9% year over year to $52.3 million. The increase was primarily driven by growth in the company’s investment portfolio. However, net investment income missed the Zacks Consensus Estimate by 0.7%.
Total expenses increased 12.8% year over year to $308.4 million due to a rise in losses and loss adjustment expenses, underwriting, acquisition and insurance expenses. Our model estimate was $289.6 million.
Kinsale Capital’s underwriting income was $120.6 million, up 23.2% year over year. The increase was driven by continued business growth, higher favorable development of loss reserves from prior accident years, and lower catastrophe losses. Underwriting income surpassed our model estimate by 22.8%.
The combined ratio improved 170 basis points (bps) year over year to 71.7 compared with the Zacks Consensus Estimate of 75.2. The loss ratio improved 220 bps to 50.1, reflecting lower catastrophe losses and favorable reserve development. However, the expense ratio deteriorated 50 bps year over year to 21.6.
Full-Year 2025 Highlights
KNSL’s full-year 2025 net operating earnings were $19.51 per share, surpassing the Zacks Consensus Estimate by 3%. The bottom line increased 21.5% year over year.
Operating revenues rose 18% year over year to approximately $1.9 billion, exceeding the Zacks Consensus Estimate by 0.5%.
The full-year 2025 combined ratio was 75.9, representing an improvement of 50 basis points year over year.
Financial Update
Kinsale Capital exited the fourth quarter of 2025 with cash and cash equivalents of $163.4 million, which increased 44.3% from the 2024-end level.
As of Dec. 31, 2025, stockholders’ equity increased 32.1% year over year to approximately $2 billion.
Book value per share was $84.66 as of Dec. 31, 2025, up 32.8% from the 2024-end level.
Annualized operating return on equity contracted 140 bps year over year to 28.2% in the reported quarter.
Capital Deployment
KNSL repurchased $50 million of its shares in the fourth quarter of 2025, fully utilizing the initial $100 million share repurchase authorization. In December 2025, the company announced a new $250 million share repurchase program.
In February 2026, KNSL declared a cash dividend of 25 cents per share, up 47.1% from the previous level.
Zacks Rank
KNSL currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Insurers
AXIS Capital Holdings Limited (AXS - Free Report) reported fourth-quarter 2025 operating income of $3.25 per share, which outpaced the Zacks Consensus Estimate by 9.4% and rose 9.4% year over year.
Axis’ total operating revenues of $1.7 billion beat the Zacks Consensus Estimate by 5.2%. The top line rose nearly 9% year over year on higher premiums earned. Net premiums written rose 13% to $1.4 billion, with an increase of 14% in the Insurance segment and growth of 5% in the Reinsurance segment.
Selective Insurance Group (SIGI - Free Report) reported fourth-quarter 2025 operating income of $2.57 per share, which marginally beat the Zacks Consensus Estimate by 0.3%. The bottom line increased 59% year over year.
Selective’s total revenues of $1.4 billion increased 8.3% from the year-ago quarter’s level, driven primarily by higher net premiums earned and net investment income. The top line marginally exceeded the Zacks Consensus Estimate by 0.1%.
Cincinnati Financial Corporation (CINF - Free Report) reported fourth-quarter 2025 operating income of $3.37 per share, which surpassed the Zacks Consensus Estimate by 17.8%. The bottom line increased 7% year over year.
Cincinnati’s total operating revenues for the quarter were $2.9 billion, reflecting a 9.8% year-over-year increase. The figure missed the Zacks Consensus Estimate by 0.02% on premium growth initiatives, price increases, and higher interest income from fixed-maturity securities, partially offset by higher expenses.