Kinsale Capital Group Inc

Latest Results (18.12.2024):

Net Income Growth

Kinsale Capital Group Inc. reported a significant increase in net income for the third quarter of 2024, reaching $114.2 million, or $4.90 per diluted share. This marks a substantial rise from the $76.1 million, or $3.26 per diluted share, recorded in the third quarter of 2023. The net income figures for the first nine months of 2024 also showed growth, totaling $305.7 million, or $13.10 per diluted share, compared to $204.7 million, or $8.79 per diluted share, for the same period in 2023.

Premiums and Underwriting Income

For the third quarter of 2024, Kinsale Capital Group Inc. saw an 18.8% increase in gross written premiums, amounting to $448.6 million compared to $377.8 million in the third quarter of 2023. Underwriting income for the same quarter was $86.9 million, resulting in a combined ratio of 75.7%. This is an improvement from the $72.4 million underwriting income and a combined ratio of 74.8% reported in the third quarter of 2023.

Investment Income Surge

Net investment income for Kinsale Capital Group Inc. rose by 46.4% in the third quarter of 2024, reaching $39.6 million, up from $27.1 million in the same quarter of the previous year. For the first nine months of 2024, net investment income increased by 50.7%, totaling $108.4 million compared to $72.0 million for the same period in 2023. This growth was driven by the expansion of the company's investment portfolio and higher interest rates.

Operating Earnings and Return on Equity

Kinsale Capital Group Inc. reported net operating earnings of $97.9 million, or $4.20 per diluted share, for the third quarter of 2024, up from $77.2 million, or $3.31 per diluted share, in the third quarter of 2023. The annualized operating return on equity for the first nine months of 2024 was 28.2%, reflecting the company's strong financial performance and strategic focus on disciplined underwriting and cost management.

Outlook and Strategic Focus

Looking ahead, Kinsale Capital Group Inc. remains confident in its ability to drive profitable growth and deliver long-term value for its stockholders. The company's strategy of disciplined underwriting and technology-enabled low costs continues to support its financial performance, as evidenced by the favorable combined ratio and robust growth in premiums and investment income.