Kinsale Capital Group, Inc. (NYSE: KNSL) reported net income of $138.6 million, $5.99 per diluted share, for the fourth quarter of 2025 compared to $109.1 million, $4.68 per diluted share, for the fourth quarter of 2024. Net income was $503.6 million, $21.65 per diluted share, for the year ended December 31, 2025 compared to $414.8 million, $17.78 per diluted share, for the year ended December 31, 2024. Net income included after-tax catastrophe losses of $2.3 million in the fourth quarter of 2025 compared to $6.2 million in the fourth quarter of 2024. For the years ended December 31, 2025 and 2024, net income included after-tax catastrophe losses of $24.0 million and $20.2 million, respectively.

Net operating earnings⁽¹⁾⁽¹⁾

Highlights for the fourth quarter of 2025 included:

Highlights for the full year of 2025 included:

"We delivered another strong quarter to close out 2025, marked by exceptional profitability resulting from continued disciplined underwriting and technology-enabled low costs in a competitive market. We remain confident that the resilience of our model positions us to deliver long-term value for our stockholders throughout the market cycle," said Chairman and Chief Executive Officer, Michael P. Kehoe.

Results of Operations

Underwriting Results

Gross written premiums were $451.1 million for the fourth quarter of 2025 compared to $443.3 million for the fourth quarter of 2024, an increase of 1.8%. Gross written premiums were $2.0 billion for the year ended December 31, 2025 compared to $1.9 billion for the year ended December 31, 2024, an increase of 5.7%. Gross written premiums in the Commercial Property Division, the Company’s largest division, declined 28.3% in the fourth quarter and 17.9% for the year ended December 31, 2025, compared to the prior-year periods, reflecting lower rates and increased competition, including from standard carriers. Excluding the Commercial Property Division, gross written premiums increased 10.2% for the quarter and 13.3% for the full year compared to the prior-year periods, driven by continued strong submission flow across most divisions.

Net written premiums were $370.6 million for the fourth quarter of 2025 compared to $346.1 million for the fourth quarter of 2024, an increase of 7.1%. Net written premiums were $1.6 billion for the year ended December 31, 2025 compared to $1.5 billion for the year ended December 31, 2024, an increase of 9.4%. Growth in net written premiums during the fourth quarter and year ended December 31, 2025 over the prior-year periods was largely due to higher gross written premiums and an increase in the retention on the Company’s reinsurance treaties.

Underwriting income⁽²⁾⁽⁵⁾⁽⁵⁾⁽²⁾⁽³⁾⁽⁴⁾

Summary of Operating Results

The Company’s operating results for the three months and years ended December 31, 2025 and 2024 are summarized as follows:

The following tables summarize losses incurred for the current accident year and the development of prior accident years for the three months and years ended December 31, 2025 and 2024:

Investment Results

Net investment income was $52.3 million in the fourth quarter of 2025 compared to $41.9 million in the fourth quarter of 2024, an increase of 24.9%. Net investment income was $192.2 million for the full year of 2025 compared to $150.3 million for the full year of 2024, an increase of 27.9%. These increases were driven by growth in the Company's investment portfolio generated primarily from the investment of strong operating cash flows since December 31, 2024. The Company’s investment portfolio, excluding cash and cash equivalents, had a gross investment return⁽⁸⁾

Capital Return to Stockholders

During the fourth quarter of 2025, the Company repurchased 119,752 shares of its common stock in the open market at an average price of $417.52 per share for a total cost of $50.0 million, exhausting the initial $100 million share repurchase authorization. In December 2025, the Company announced a new $250 million share repurchase authorization.

In February 2026, the Company's Board of Directors declared a cash dividend of $0.25 per share of common stock, a 47.1% increase from the prior cash dividend, reflecting continued confidence in the Company’s financial position and capital generation abilities.

The new share repurchase authorization and increased dividend return excess capital to stockholders while maintaining a conservative capital position for the Company's business.

Other

The effective tax rates for the years ended December 31, 2025 and 2024 were 20.6% and 19.4%, respectively. The effective tax rates were lower than the federal statutory rate primarily due to the tax benefits from stock-based compensation, including stock options exercised, and from tax-exempt investment income. The effective tax rate was higher for the full year of 2025 compared to the full year of 2024 due primarily to a lower volume of stock option exercises.

Stockholders' equity was $2.0 billion at December 31, 2025, compared to $1.5 billion at December 31, 2024. Book value per share was $84.66 at December 31, 2025 compared to $63.75 at December 31, 2024. Operating return on equity was 26.4% for the full year of 2025, a decrease from 29.2% for the full year of 2024. The decrease was due primarily to higher average stockholders' equity as a result of profitable growth and an increase in the fair value of the Company's investment portfolio offset in part by share repurchases.

Non-GAAP Financial Measures

Net Operating Earnings

Net operating earnings is defined as net income excluding the effects of the change in the fair value of equity securities, after taxes, net realized investment gains and losses, after taxes, and the change in allowance for credit losses on investments, after taxes. Management believes the exclusion of these items provides a useful comparison of the Company's underlying business performance from period to period. Net operating earnings and percentages or calculations using net operating earnings (e.g., diluted operating earnings per share and annualized operating return on equity) are non-GAAP financial measures. Net operating earnings should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define net operating earnings differently.

For the three months and years ended December 31, 2025 and 2024, net income and diluted earnings per share reconcile to net operating earnings and diluted operating earnings per share as follows:

Underwriting Income

Underwriting income is defined as net income excluding net investment income, the change in the fair value of equity securities, net realized investment gains and losses, the change in allowance for credit losses on investments, interest expense, other expenses, other income and income tax expense. The Company uses underwriting income as an internal performance measure in the management of its operations because the Company believes it gives management and users of the Company's financial information useful insight into the Company's results of operations and underlying business performance. Underwriting income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define underwriting income differently.

For the three months and years ended December 31, 2025 and 2024, net income reconciles to underwriting income as follows:

Conference Call

Kinsale Capital Group will hold a conference call to discuss this press release on Friday, February 13, 2026, at 9:00 a.m. (Eastern Time). Members of the public may access the conference call by dialing (800) 715-9871, conference ID# 6520221, or via the Internet by going towww.kinsalecapitalgroup.com

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as "anticipates," "estimates," "expects," "intends," "plans," "predicts," "projects," "believes," "seeks," "outlook," "future," "will," "would," "should," "could," "may," "can have," "prospects" or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and factors, they include, among others, the following: inadequate loss reserves to cover the Company's actual losses; inherent uncertainty of models resulting in actual losses that are materially different than the Company's estimates; adverse economic factors; a decline in the Company's financial strength rating; loss of one or more key executives; loss of a group of brokers that generate significant portions of the Company's business; failure of any of the loss limitations or exclusions the Company employs, or change in other claims or coverage issues; adverse performance of the Company's investment portfolio; adverse market conditions that affect its excess and surplus lines insurance operations; and other risks described in the Company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

About Kinsale Capital Group, Inc.

Kinsale Capital Group, Inc. is a specialty insurance group headquartered in Richmond, Virginia, focusing on the excess and surplus lines market.

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	Three Months Ended						Year Ended
	December 31,						December 31,
	2025			2024			2025			2024
	($ in thousands)
Gross written premiums	$	451,123		$	443,281		$	1,977,171		$	1,870,341
Ceded written premiums		(80,571	)		(97,160	)		(361,154	)		(392,993	)
Net written premiums	$	370,552		$	346,121		$	1,616,017		$	1,477,348

Net earned premiums	$	415,482		$	359,739		$	1,575,842		$	1,350,470
Fee income		10,059			8,546			40,714			34,118
Losses and loss adjustment expenses		213,196			192,548			890,693			772,899
Underwriting, acquisition and insurance expenses		91,764			77,848			336,696			285,808
Underwriting income⁽²⁾	$	120,581		$	97,889		$	389,167		$	325,881

Loss ratio⁽³⁾		50.1	%		52.3	%		55.1	%		55.8	%
Expense ratio⁽⁴⁾		21.6	%		21.1	%		20.8	%		20.6	%
Combined ratio⁽⁵⁾		71.7	%		73.4	%		75.9	%		76.4	%

Annualized return on equity⁽⁶⁾		29.0	%		29.9	%		29.3	%		32.3	%
Annualized operating return on equity⁽⁷⁾		28.2	%		29.6	%		26.4	%		29.2	%

⁽¹⁾		Net operating earnings is a non-GAAP financial measure. See discussion of "Non-GAAP Financial Measures" below.
⁽²⁾		Underwriting income is a non-GAAP financial measure. See discussion of "Non-GAAP Financial Measures" below.
⁽³⁾		Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses to the sum of net earned premiums and fee income.
⁽⁴⁾		Expense ratio, expressed as a percentage, is the ratio of underwriting, acquisition and insurance expenses to the sum of net earned premiums and fee income.
⁽⁵⁾		The combined ratio is the sum of the loss ratio and expense ratio as presented. Calculations of each component may not add due to rounding.
⁽⁶⁾		Annualized return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.
⁽⁷⁾		Annualized operating return on equity is net operating earnings (a non-GAAP financial measure) expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.

	Three Months Ended					Three Months Ended
	December 31, 2025					December 31, 2024
	Losses and Loss Adjustment Expenses			% of Sum of Earned Premiums and Fee Income		Losses and Loss Adjustment Expenses			% of Sum of Earned Premiums and Fee Income
Loss ratio:	($ in thousands)
Current accident year	$	227,309		53.4	%	$	194,226		52.7	%
Current accident year - catastrophe losses		2,851		0.7	%		7,905		2.2	%
Effect of prior accident year development		(16,964	)	(4.0	)%		(9,583	)	(2.6	)%
Total	$	213,196		50.1	%	$	192,548		52.3	%

	Year Ended					Year Ended
	December 31, 2025					December 31, 2024
	Losses and Loss Adjustment Expenses			% of Sum of Earned Premiums and Fee Income		Losses and Loss Adjustment Expenses			% of Sum of Earned Premiums and Fee Income
Loss ratio:	($ in thousands)
Current accident year	$	923,160		57.1	%	$	785,036		56.7	%
Current accident year - catastrophe losses		30,350		1.9	%		25,518		1.8	%
Effect of prior accident year development		(62,817	)	(3.9	)%		(37,655	)	(2.7	)%
Total	$	890,693		55.1	%	$	772,899		55.8	%

⁽⁸⁾

Gross investment return is investment income from fixed-maturity and equity securities (and short-term investments, if any), before any deductions for fees and expenses, expressed as a percentage of average beginning and ending book values of those investments during the period.

	Three Months Ended						Year Ended
	December 31,						December 31,
	2025			2024			2025			2024
	($ in thousands, except per share data)
Net operating earnings:
Net income	$	138,620		$	109,094		$	503,614		$	414,843
Adjustments:
Change in the fair value of equity securities, before taxes		(3,460	)		(1,496	)		(58,836	)		(43,367	)
Income tax expense⁽¹⁾		727			314			12,356			9,107
Change in fair value of equity securities, after taxes		(2,733	)		(1,182	)		(46,480	)		(34,260	)

Net realized investment gains, before taxes		(1,558	)		(94	)		(4,390	)		(6,831	)
Income tax expense⁽¹⁾		327			20			922			1,435
Net realized investment gains, after taxes		(1,231	)		(74	)		(3,468	)		(5,396	)

Change in allowance for credit losses on investments, before taxes		(9	)		(36	)		2			(526	)
Income tax expense⁽¹⁾		2			8			—			110
Change in allowance for credit losses on investments, after taxes		(7	)		(28	)		2			(416	)
Net operating earnings	$	134,649		$	107,810		$	453,668		$	374,771

Diluted operating earnings per share:
Diluted earnings per share	$	5.99		$	4.68		$	21.65		$	17.78
Change in fair value of equity securities, after taxes, per share		(0.12	)		(0.05	)		(2.00	)		(1.47	)
Net realized investment gains, after taxes, per share		(0.05	)		—			(0.15	)		(0.23	)
Change in allowance for credit losses on investments, after taxes, per share		—			—			—			(0.02	)
Diluted operating earnings per share⁽²⁾	$	5.81		$	4.62		$	19.51		$	16.06

Operating return on equity:
Average equity⁽³⁾	$	1,912,400		$	1,459,255		$	1,721,572		$	1,285,197
Annualized return on equity⁽⁴⁾		29.0	%		29.9	%		29.3	%		32.3	%
Annualized operating return on equity⁽⁵⁾		28.2	%		29.6	%		26.4	%		29.2	%

⁽¹⁾		Income taxes on adjustments to reconcile net income to net operating earnings use a 21% effective tax rate.
⁽²⁾		Diluted operating earnings per share may not add due to rounding.
⁽³⁾		Average equity is computed by adding the total stockholders' equity as of the date indicated to the prior quarter-end or year-end total, as applicable, and dividing by two.
⁽⁴⁾		Annualized return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.
⁽⁵⁾		Annualized operating return on equity is net operating earnings expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.

	Three Months Ended						Year Ended
	December 31,						December 31,
	2025			2024			2025			2024
	(in thousands)
Net income	$	138,620		$	109,094		$	503,614		$	414,843
Income tax expense		36,204			29,557			130,688			99,873
Income before income taxes		174,824			138,651			634,302			514,716
Net investment income		(52,296	)		(41,863	)		(192,192	)		(150,287	)
Change in fair value of equity securities		(3,460	)		(1,496	)		(58,836	)		(43,367	)
Net realized investment gains		(1,558	)		(94	)		(4,390	)		(6,831	)
Change in allowance for credit losses on investments		(9	)		(36	)		2			(526	)
Interest expense		2,982			2,559			10,646			10,134
Other expenses⁽⁶⁾		505			517			1,650			3,968
Other income		(407	)		(349	)		(2,015	)		(1,926	)
Underwriting income	$	120,581		$	97,889		$	389,167		$	325,881

⁽⁶⁾

Other expenses includes primarily corporate expenses not allocated to the Company's insurance operations.

KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Income and Comprehensive Income

	Three Months Ended						Year Ended
	December 31,						December 31,
	2025			2024			2025			2024
Revenues	(in thousands, except per share data)
Gross written premiums	$	451,123		$	443,281		$	1,977,171		$	1,870,341
Ceded written premiums		(80,571	)		(97,160	)		(361,154	)		(392,993	)
Net written premiums		370,552			346,121			1,616,017			1,477,348
Change in unearned premiums		44,930			13,618			(40,175	)		(126,878	)
Net earned premiums		415,482			359,739			1,575,842			1,350,470
Fee income		10,059			8,546			40,714			34,118
Net investment income		52,296			41,863			192,192			150,287
Change in fair value of equity securities		3,460			1,496			58,836			43,367
Net realized investment gains		1,558			94			4,390			6,831
Change in allowance for credit losses on investments		9			36			(2	)		526
Other income		407			349			2,015			1,926
Total revenues		483,271			412,123			1,873,987			1,587,525

Expenses
Losses and loss adjustment expenses		213,196			192,548			890,693			772,899
Underwriting, acquisition and insurance expenses		91,764			77,848			336,696			285,808
Interest expense		2,982			2,559			10,646			10,134
Other expenses		505			517			1,650			3,968
Total expenses		308,447			273,472			1,239,685			1,072,809
Income before income taxes		174,824			138,651			634,302			514,716
Income tax expense		36,204			29,557			130,688			99,873
Net income		138,620			109,094			503,614			414,843

Other comprehensive income (loss)
Change in unrealized gains (losses) on available-for-sale investments, net of taxes		5,548			(50,455	)		66,514			(2,589	)
Total comprehensive income	$	144,168		$	58,639		$	570,128		$	412,254

Earnings per share:
Basic	$	6.01		$	4.71		$	21.76		$	17.92
Diluted	$	5.99		$	4.68		$	21.65		$	17.78

Weighted-average shares outstanding:
Basic		23,056			23,164			23,140			23,153
Diluted		23,161			23,330			23,259			23,332

KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets

	December 31, 2025		December 31, 2024
	(in thousands)
Assets
Investments:
Fixed-maturity securities at fair value	$	4,341,450	$	3,537,563
Equity securities at fair value		626,399		398,359
Real estate investments, net		55,236		15,045
Short-term investments		3,864		3,714
Total investments		5,026,949		3,954,681

Cash and cash equivalents		163,361		113,213
Investment income due and accrued		30,971		27,366
Premiums receivable, net		124,593		140,027
Reinsurance recoverables, net		394,329		337,891
Ceded unearned premiums		44,506		52,736
Deferred policy acquisition costs, net of ceding commissions		118,737		109,263
Indefinite-lived intangible assets		3,538		3,538
Deferred income tax asset, net		42,191		60,215
Other assets		94,386		87,774
Total assets	$	6,043,561	$	4,886,704

Liabilities & Stockholders' Equity
Liabilities:
Reserves for unpaid losses and loss adjustment expenses	$	2,890,870	$	2,285,668
Unearned premiums		860,394		828,449
Payable to reinsurers		34,385		43,959
Accounts payable and accrued expenses		66,301		55,159
Debt		224,397		184,122
Other liabilities		7,631		5,786
Total liabilities		4,083,978		3,403,143

Stockholders' equity		1,959,583		1,483,561
Total liabilities and stockholders' equity	$	6,043,561	$	4,886,704

Diluted earnings per share increased by 28.0% and diluted operating earnings⁽¹⁾
Gross written premiums increased by 1.8% to $451.1 million and net written premiums increased by 7.1% to $370.6 million compared to the fourth quarter of 2024
Net investment income increased by 24.9% to $52.3 million compared to the fourth quarter of 2024
Underwriting income⁽²⁾⁽⁵⁾

Diluted earnings per share increased by 21.8% and diluted operating earnings⁽¹⁾
Gross written premiums increased by 5.7% to $2.0 billion and net written premiums increased by 9.4% to $1.6 billion compared to the full year of 2024
Net investment income increased by 27.9% to $192.2 million compared to the full year of 2024
Underwriting income⁽²⁾⁽⁵⁾
Operating return on equity⁽⁷⁾