Kinsale Capital (NYSE: KNSL) Earnings beat expectations. Kinsale Capital Q4 2025 posted net income of $138.6 million. This grew 27% from last year. Also, the combined ratio improved to 71.7%. So, underwriting profits reached new highs. For full details, see the Kinsale Capital Q4 2025 earnings press release.
Kinsale Capital Q4 2025 Earnings: Fourth Quarter Results
Q4 net income hit $138.6 million. This grew 27% versus last year. Also, net operating earnings reached $134.6 million. That increased 25% year-over-year. So, profitability accelerated in Q4. Furthermore, underwriting income was $120.6 million. As a result, the combined ratio improved to 71.7%. This compared to 73.4% last year. The loss ratio was 50.1%. Also, the expense ratio was 21.6%.
Premium Growth Performance
Gross written premiums were $451.1 million in Q4. This grew 1.8% year-over-year. Also, net written premiums reached $370.6 million. That increased 7.1% versus prior year. So, retention on reinsurance treaties improved. Furthermore, excluding Commercial Property, gross premiums grew 10.2%. Most divisions showed healthy submission flow.
Kinsale Capital Q4 2025 Earnings: Quarterly Premium Trend
Full Year 2025 Performance
Full year 2025 net income totaled $503.6 million. This grew 21% versus 2024. Also, net operating earnings reached $453.7 million. That increased 21% year-over-year. Furthermore, gross written premiums hit $2.0 billion. Net written premiums reached $1.6 billion. So, top-line growth continued. The full year combined ratio was 75.9%.
Investment Results
Net investment income was $52.3 million in Q4. This grew 25% year-over-year. Also, full year investment income reached $192.2 million. That increased 28% versus 2024. So, the portfolio delivered solid returns. Furthermore, gross investment return was 4.4%. The portfolio has an average credit quality of AA-. Cash and invested assets totaled $5.2 billion.
Kinsale Capital Q4 2025 Earnings: Combined Ratio Trend
Underwriting Performance
Underwriting income was $120.6 million in Q4. This resulted in a 71.7% combined ratio. Also, favorable development was $17.0 million. That provided 4.0 points of benefit. So, prior year reserves developed favorably. Furthermore, catastrophe losses were just $2.3 million after-tax. This compared to $6.2 million last year. The loss ratio improved 220 basis points.
Capital Management
The company repurchased $50.0 million of stock in Q4. Also, a new $250 million repurchase program was announced. Furthermore, the quarterly dividend increased 47%. The new dividend is $0.25 per share. So, capital returns to shareholders rose. In addition, book value reached $84.66 per share. This compared to $63.75 last year.
Balance Sheet Position
Stockholders’ equity reached $2.0 billion. This grew from $1.5 billion last year. Also, operating return on equity was 26.4%. So, profitability metrics remain solid. Furthermore, cash and invested assets totaled $5.2 billion. That grew from $4.1 billion in 2024. The balance sheet continues to strengthen.
Management Outlook
“We delivered another solid quarter to close out 2025,” said CEO Michael Kehoe. “Exceptional profitability resulted from disciplined underwriting. Also, technology-enabled low costs helped in a competitive market. We remain confident in our model. It positions us for long-term value creation.”
Kinsale Capital Q4 2025 Earnings: Key Takeaways
Kinsale Capital delivered exceptional Q4 results. Net income grew 27% to $138.6 million. Also, the combined ratio improved to 71.7%. So, underwriting remained profitable. Net written premiums grew 7.1%. Investment income rose 25%. Furthermore, the dividend increased 47%. Looking ahead, management sees continued value creation. For more details, visit the Kinsale investor relations page or Yahoo Finance KNSL.
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