earnings
confidence high
sentiment neutral
materiality 0.72
Kinsale Q3 net income falls to $98.1M on $37.6M investment loss; operating EPS rises to $5.70
Kinsale Capital Group, Inc.
- Q3 net income $98.1M, or $4.36 diluted EPS, down from $141.6M and $6.09 a year earlier; net operating earnings rose to $128.3M, or $5.70 per share.
- Gross written premiums fell 4.8% to $462.9M; net written premiums down 1.5% to $399.1M, while net earned premiums rose 3.0% to $423.5M.
- Combined ratio 75.4% vs 74.9%; underwriting income $107.1M; net investment income jumped 17.5% to $58.3M.
- Q3 results included a $37.6M pre-tax realized loss on fixed-maturity sales tied to a strategic investment-portfolio repositioning; after-tax catastrophe losses were $1.7M.
- Property premiums fell 19.3% in Q3, including a 26.8% drop in Commercial Property; casualty premiums rose 0.9% amid heightened competition.