Earnings release
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Exhibit 99.1 Kinsale Capital Group Reports Second Quarter 2025 Results Richmond, VA, July 24, 2025 - Kinsale Capital Group, Inc. (NYSE: KNSL) reported net income of $134.1 million, $5.76 per diluted share, for the second quarter of 2025 compared to $92.6 million, $3.97 per diluted share, for the second quarter of 2024. Net income was $223.3 million, $9.59 per diluted share, for the first half of 2025 compared to $191.5 million, $8.21 per diluted share, for the first half of 2024. Net income included after-tax catastrophe losses of $2.9 million in the second quarter of 2025 and $2.7 million in the second quarter of 2024. Net income included after-tax catastrophe losses of $20.8 million in the first half of 2025 and $3.2 million in the first half of 2024. Net operating earnings were $111.4 million, $4.78 per diluted share, for the second quarter of 2025 compared to $87.4 million, $3.75 per diluted share, for the second quarter of 2024. Net operating earnings were $197.8 million, $8.49 per diluted share, for the first half of 2025 compared to $169.1 million, $7.25 per diluted share, for the first half of 2024. Highlights for the quarter included: • Diluted earnings per share increased by 45.1% to $5.76 compared to the second quarter of 2024 • Diluted operating earnings per share increased by 27.5% to $4.78 compared to the second quarter of 2024 • Gross written premiums increased by 4.9% to $555.5 million compared to the second quarter of 2024 • Net investment income increased by 29.6% to $46.5 million compared to the second quarter of 2024 • Underwriting income was $95.5 million in the second quarter of 2025, resulting in a combined ratio of 75.8% • Annualized operating return on equity was 24.7% for the six months ended June 30, 2025 “In the second quarter our business produced record per share net income and net operating earnings as we continue to execute our strategy of disciplined underwriting and technology-enabled expense management. Moving forward, we have confidence in our ability to continue generating long-term value for stockholders throughout the market cycle,” said Chairman and Chief Executive Officer, Michael P. Kehoe. Results of Operations Underwriting Results Gross written premiums were $555.5 million for the second quarter of 2025 compared to $529.8 million for the second quarter of 2024, an increase of 4.9%. Gross written premiums were $1.0 billion for the first half of 2025 compared to $978.4 million for the first half of 2024, an increase of 6.3%. Gross written premiums in the Commercial Property Division, the Company’s largest division, declined 16.8% in the second quarter and 17.5% in the first half of 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 14.3% for the quarter and 15.5% for the first half of 2025 driven by continued strong submission flow across most divisions. Underwriting income was $95.5 million, resulting in a combined ratio of 75.8% for the second quarter of 2025, compared to $76.1 million and a combined ratio of 77.7% for the same period last year. The increase in underwriting income was largely due to continued growth in the business and higher favorable development of loss reserves from prior accident years. Loss and expense ratios were 55.1% and 20.7%, respectively, for the second quarter of 2025 compared to 56.6% and 21.1% for the second quarter of 2024. (1) (1) (1) (2) (5) (7) (2) (5) (5) (2) (3) (4) 1
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Results for the second quarter of 2025 and 2024 included net favorable development of loss reserves from prior accident years of $15.4 million, or 3.9 points, and $9.5 million, or 2.8 points, respectively. Underwriting income was $162.9 million, resulting in a combined ratio of 78.8% for the first half of 2025 compared to $141.1 million and a combined ratio of 78.6% for the first half of 2024. The increase in underwriting income was largely due to continued growth in the business and higher favorable development of loss reserves from prior accident years offset in part by higher catastrophe losses incurred. Loss and expense ratios were 58.5% and 20.3%, respectively, for the first half of 2025 compared to 57.7% and 20.9% for the first half of 2024. Results for the first half of 2025 and 2024 included net favorable development of loss reserves from prior accident years of $30.1 million, or 3.9 points, and $17.9 million, or 2.7 points, respectively. The loss ratio for the first half of 2025 included 3.4 points of net catastrophe losses, primarily related to the Palisades Fire. The loss ratio for the first half of 2024 included 0.6 points of net catastrophe losses. Summary of Operating Results The Company’s operating results for the three and six months ended June 30, 2025 and 2024 are summarized as follows: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 ($ in thousands) Gross written premiums $ 555,522 $ 529,770 $ 1,039,797 $ 978,414 Ceded written premiums (96,822) (99,534) (199,392) (197,124) Net written premiums $ 458,700 $ 430,236 $ 840,405 $ 781,290 Net earned premiums $ 383,613 $ 332,461 $ 749,403 $ 641,979 Fee income 10,796 8,991 20,355 17,083 Losses and loss adjustment expenses 217,359 193,325 450,335 380,111 Underwriting, acquisition and insuranceexpenses 81,597 72,068 156,509 137,821 Underwriting income $ 95,453 $ 76,059 $ 162,914 $ 141,130 Loss ratio 55.1 % 56.6 % 58.5 % 57.7 % Expense ratio 20.7 % 21.1 % 20.3 % 20.9 % Combined ratio 75.8 % 77.7 % 78.8 % 78.6 % Annualized return on equity 32.5 % 30.5 % 27.9 % 32.7 % Annualized operating return on equity 27.0 % 28.8 % 24.7 % 28.8 % Net operating earnings is a non-GAAP financial measure. See discussion of "Non-GAAP Financial Measures" below. Underwriting income is a non-GAAP financial measure. See discussion of "Non-GAAP Financial Measures" below. 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. 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. 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. (2) (5) (5) (2) (3) (4) (2) (3) (4) (5) (6) (7) (1) (2) (3) (4) (5) 2
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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. 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. The following tables summarize losses incurred for the current accident year and the development of prior accident years for the three and six months ended June 30, 2025 and 2024: Three Months EndedJune 30, 2025 Three Months EndedJune 30, 2024 Losses andLossAdjustmentExpenses % of Sum ofEarnedPremiums andFee Income Losses andLossAdjustmentExpenses % of Sum ofEarnedPremiums andFee Income Loss ratio: ($ in thousands) Current accident year $ 229,100 58.1 % $ 199,406 58.4 % Current accident year - catastrophe losses 3,705 0.9 % 3,420 1.0 % Effect of prior accident year development (15,446) (3.9)% (9,501) (2.8)% Total $ 217,359 55.1 % $ 193,325 56.6 % Six Months EndedJune 30, 2025 Six Months EndedJune 30, 2024 Losses andLossAdjustmentExpenses % of Sum ofEarnedPremiums andFee Income Losses andLossAdjustmentExpenses % of Sum ofEarnedPremiums andFee Income Loss ratio: ($ in thousands) Current accident year $ 454,147 59.0 % $ 394,060 59.8 % Current accident year - catastrophe losses 26,283 3.4 % 3,998 0.6 % Effect of prior accident year development (30,095) (3.9)% (17,947) (2.7)% Total $ 450,335 58.5 % $ 380,111 57.7 % Investment Results Net investment income was $46.5 million in the second quarter of 2025 compared to $35.8 million in the second quarter of 2024, an increase of 29.6%. Net investment income was $90.3 million in the first half of 2025 compared to $68.8 million in the first half of 2024, an increase of 31.3%. These increases were driven by growth in the Company's investment portfolio generated largely from the investment of strong operating cash flows. The Company’s investment portfolio had an annualized gross investment return of 4.3% for both the first half of 2025 and 2024. Funds are generally invested conservatively in high quality securities with an average credit quality of "AA-" and the weighted average duration of the fixed-maturity investment portfolio, including cash equivalents, was 3.1 years and 3.0 years at June 30, 2025 and December 31, 2024, respectively. Cash and invested assets totaled $4.6 billion at June 30, 2025 and $4.1 billion at December 31, 2024. 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. Other The effective tax rates for the six months ended June 30, 2025 and 2024 were 20.4% and 17.3%, respectively. In the first half of 2025 and 2024, the effective tax rates were lower than the federal statutory rate of 21% (6) (7) (8) (8) 3
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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 six months ended June 30, 2025 compared to the same period in 2024 due primarily to a lower volume of stock option exercises. Stockholders' equity was $1.7 billion at June 30, 2025 compared to $1.5 billion at December 31, 2024. Book value per share was $73.93 at June 30, 2025 compared to $63.75 at December 31, 2024. Annualized operating return on equity was 24.7% for the first half of 2025, a decrease from 28.8% for the first half of 2024. The decrease was due primarily to higher average stockholders' equity and higher net catastrophe losses primarily related to the Palisades Fire. Average stockholders' equity increased as a result of profitable growth and an increase in the fair value of our fixed-income portfolio. Share Repurchases During the second quarter of 2025, the Company repurchased 23,309 shares of its common stock in the open market at an average price of $429.02 per share for a total cost of $10.0 million. Non-GAAP Financial Measures Net Operating Earnings Net operating earnings is defined as net income excluding the effects of the change in the fair value of equity securities, after taxes, net realized investment gains and losses, after taxes, and change in allowance for credit losses on investments, after taxes. Management believes the exclusion of these items provides a useful comparison of the Company's underlying business performance from period to period. Net operating earnings and percentages or calculations using net operating earnings (e.g., diluted operating earnings per share and annualized operating return on equity) are non-GAAP financial measures. Net operating earnings should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define net operating earnings differently. (7) 4
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For the three and six months ended June 30, 2025 and 2024, net income and diluted earnings per share reconcile to net operating earnings and diluted operating earnings per share as follows: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 ($ in thousands, except per share data) Net operating earnings: Net income $ 134,121 $ 92,579 $ 223,348 $ 191,520 Adjustments: Change in the fair value of equitysecurities, before taxes (28,621) (3,159) (31,659) (21,212) Income tax expense 6,010 663 6,648 4,455 Change in fair value of equitysecurities, after taxes (22,611) (2,496) (25,011) (16,757) Net realized investment gains, beforetaxes (136) (2,879) (673) (6,745) Income tax expense 29 605 141 1,416 Net realized investment gains, aftertaxes (107) (2,274) (532) (5,329) Change in allowance for credit losses oninvestments, before taxes (5) (476) 15 (486) Income tax (benefit) expense 1 100 (3) 102 Change in allowance for credit losseson investments, after taxes (4) (376) 12 (384) Net operating earnings $ 111,399 $ 87,433 $ 197,817 $ 169,050 Diluted operating earnings per share: Diluted earnings per share $ 5.76 $ 3.97 $ 9.59 $ 8.21 Change in the fair value of equitysecurities, after taxes, per share (0.97) (0.11) (1.07) (0.72) Net realized investment gains, after taxes,per share — (0.10) (0.02) (0.23) Change in allowance for credit losses oninvestments, after taxes, per share — (0.02) — (0.02) Diluted operating earnings per share $ 4.78 $ 3.75 $ 8.49 $ 7.25 Operating return on equity: Average equity $ 1,652,774 $ 1,214,086 $ 1,603,067 $ 1,172,018 Annualized return on equity 32.5 % 30.5 % 27.9 % 32.7 % Annualized operating return on equity 27.0 % 28.8 % 24.7 % 28.8 % Income taxes on adjustments to reconcile net income to net operating earnings use a 21% effective tax rate. Diluted operating earnings per share may not add due to rounding. 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. 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. (1) (1) (1) (2) (3) (4) (5) (1) (2) (3) (4) 5
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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. 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, 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 and six months ended June 30, 2025 and 2024, net income reconciles to underwriting income as follows: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (in thousands) Net income $ 134,121 $ 92,579 $ 223,348 $ 191,520 Income tax expense 34,168 23,221 57,252 40,147 Income before income taxes 168,289 115,800 280,600 231,667 Net investment income (46,473) (35,847) (90,292) (68,780) Change in the fair value of equity securities (28,621) (3,159) (31,659) (21,212) Net realized investment gains (136) (2,879) (673) (6,745) Change in allowance for credit losses oninvestments (5) (476) 15 (486) Interest expense 2,557 2,564 5,095 4,986 Other expenses 12 796 672 2,759 Other income (170) (740) (844) (1,059) Underwriting income $ 95,453 $ 76,059 $ 162,914 $ 141,130 Other expenses includes primarily corporate expenses not allocated to the Company's insurance operations. Conference Call Kinsale Capital Group will hold a conference call to discuss this press release on Friday, July 25, 2025 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 to www.kinsalecapitalgroup.com and clicking on the "Investor Relations" link. A replay of the call will be available on the website until the close of business on August 22, 2025. 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 theserisks 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 (5) (6) (6) 6
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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. Contact Kinsale Capital Group, Inc. Bryan Petrucelli Executive Vice President, Chief Financial Officer and Treasurer 804-289-1272 ir@kinsalecapitalgroup.com 7
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KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES Unaudited Consolidated Statements of Income and Comprehensive Income Three Months Ended June30, Six Months Ended June30, 2025 2024 2025 2024 Revenues (in thousands, except per share data) Gross written premiums $ 555,522 $ 529,770 $ 1,039,797 $ 978,414 Ceded written premiums (96,822) (99,534) (199,392) (197,124) Net written premiums 458,700 430,236 840,405 781,290 Change in unearned premiums (75,087) (97,775) (91,002) (139,311) Net earned premiums 383,613 332,461 749,403 641,979 Fee income 10,796 8,991 20,355 17,083 Net investment income 46,473 35,847 90,292 68,780 Change in the fair value of equity securities 28,621 3,159 31,659 21,212 Net realized investment gains 136 2,879 673 6,745 Change in allowance for credit losses on investments 5 476 (15) 486 Other income 170 740 844 1,059 Total revenues 469,814 384,553 893,211 757,344 Expenses Losses and loss adjustment expenses 217,359 193,325 450,335 380,111 Underwriting, acquisition and insurance expenses 81,597 72,068 156,509 137,821 Interest expense 2,557 2,564 5,095 4,986 Other expenses 12 796 672 2,759 Total expenses 301,525 268,753 612,611 525,677 Income before income taxes 168,289 115,800 280,600 231,667 Total income tax expense 34,168 23,221 57,252 40,147 Net income 134,121 92,579 223,348 191,520 Other comprehensive income (loss) Change in net unrealized losses on available-for-saleinvestments, net of taxes 14,453 (5,658) 40,835 (15,598) Total comprehensive income $ 148,574 $ 86,921 $ 264,183 $ 175,922 Earnings per share: Basic $ 5.79 $ 4.00 $ 9.64 $ 8.28 Diluted $ 5.76 $ 3.97 $ 9.59 $ 8.21 Weighted-average shares outstanding: Basic 23,175 23,165 23,172 23,137 Diluted 23,291 23,329 23,301 23,332 8
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KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES Unaudited Condensed Consolidated Balance Sheets June 30, 2025 December 31, 2024 Assets (in thousands) Investments: Fixed-maturity securities at fair value $ 3,918,078 $ 3,537,563 Equity securities at fair value 513,882 398,359 Real estate investments, net 15,045 15,045 Short-term investments 34,310 3,714 Total investments 4,481,315 3,954,681 Cash and cash equivalents 138,101 113,213 Investment income due and accrued 30,936 27,366 Premiums receivable, net 168,366 140,027 Reinsurance recoverables, net 387,279 337,891 Ceded unearned premiums 54,421 52,736 Deferred policy acquisition costs, net of ceding commissions 124,070 109,263 Intangible assets 3,538 3,538 Deferred income tax asset, net 45,097 60,215 Other assets 123,403 87,774 Total assets $ 5,556,526 $ 4,886,704 Liabilities & Stockholders' Equity Liabilities: Reserves for unpaid losses and loss adjustment expenses $ 2,623,653 $ 2,285,668 Unearned premiums 921,136 828,449 Payable to reinsurers 41,620 43,959 Accounts payable and accrued expenses 38,232 55,159 Debt 184,260 184,122 Other liabilities 25,052 5,786 Total liabilities 3,833,953 3,403,143 Stockholders' equity 1,722,573 1,483,561 Total liabilities and stockholders' equity $ 5,556,526 $ 4,886,704 9