Revenue growth accelerated to 16.8% in Q2 2026, while the combined ratio improved to 59.3% (loss ratio 42.1%), reflecting exceptional underwriting profitability.
Kinsale Capital Group, Inc. (KNSL) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Revenue | 2B | 1.87B | 1.59B | 1.22B | 838.8M | 653.47M | 459.89M | 315.89M | 222.11M | 186.78M | 141.62M | 80.6M | 63.68M |
| Revenue Growth % | 15.82% | 18.04% | 29.65% | 45.98% | 28.36% | 42.09% | 45.59% | 42.22% | 18.92% | 31.89% | 75.71% | 26.57% | - |
| Medical Costs & Claims | 996.93M | 890.69M | 907.08M | 713.94M | 551.67M | 397.56M | 317.58M | 205.6M | 154.48M | 124.88M | 77.11M | 25.4M | 28.04M |
| Medical Cost Ratio % | 49.95% | 47.53% | 57.14% | 58.31% | 65.77% | 60.84% | 69.06% | 65.09% | 69.55% | 66.86% | 54.45% | 31.51% | 44.03% |
| Gross Profit | 999.07M | 983.3M | 680.44M | 510.51M | 287.13M | 255.91M | 142.31M | 110.29M | 67.64M | 61.89M | 64.51M | 55.2M | 35.64M |
| Gross Margin % | 50.05% | 52.47% | 42.86% | 41.69% | 34.23% | 39.16% | 30.94% | 34.91% | 30.45% | 33.14% | 45.55% | 68.49% | 55.97% |
| Gross Profit Growth % | - | 44.51% | 33.29% | 77.8% | 12.2% | 79.83% | 29.03% | 63.06% | 9.28% | -4.05% | 16.86% | 54.88% | - |
| Operating Expenses | 282.58M | 348.99M | 165.73M | 126.5M | 91.57M | 67.11M | 41.89M | 34.24M | 27.16M | 23.37M | 24.97M | 21.64M | 16.17M |
| OpEx / Revenue % | 14.16% | 18.62% | 10.44% | 10.33% | 10.92% | 10.27% | 9.11% | 10.84% | 12.23% | 12.51% | 17.63% | 26.85% | 25.39% |
| Depreciation & Amortization | 5.83M | 5.83M | 5.8M | 3.27M | 2.72M | 2.31M | 1.57M | 682K | 631K | 515K | 636K | 642K | 570K |
| Combined Ratio % | 64.1% | 66.15% | 67.58% | 68.64% | 76.69% | 71.11% | 78.17% | 75.92% | 81.78% | 79.38% | 72.08% | 58.36% | 69.42% |
| Operating Income | 716.49M | 634.3M | 514.72M | 384.02M | 195.56M | 188.8M | 100.41M | 76.05M | 40.48M | 38.52M | 39.54M | 33.56M | 19.47M |
| Operating Margin % | 35.9% | 33.85% | 32.42% | 31.36% | 23.31% | 28.89% | 21.83% | 24.08% | 18.22% | 20.62% | 27.92% | 41.64% | 30.58% |
| Operating Income Growth % | - | 23.23% | 34.03% | 96.36% | 3.58% | 88.02% | 32.03% | 87.87% | 5.09% | -2.57% | 17.82% | 72.33% | - |
| EBITDA | 728.06M | 640.14M | 520.52M | 387.29M | 198.28M | 191.11M | 101.99M | 76.73M | 41.11M | 39.04M | 40.17M | 34.2M | 20.04M |
| EBITDA Margin % | 36.48% | 34.16% | 32.79% | 31.63% | 23.64% | 29.25% | 22.18% | 24.29% | 18.51% | 20.9% | 28.37% | 42.43% | 31.48% |
| Interest Expense | 12.04M | 10.65M | 10.13M | 10.3M | 4.28M | 994K | 168K | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | -8.72M | -10.65M | -10.13M | -10.3M | -4.28M | -994K | -168K | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 713.17M | 634.3M | 514.72M | 384.02M | 195.56M | 188.8M | 100.41M | 76.05M | 40.48M | 38.52M | 39.54M | 33.56M | 19.47M |
| Pretax Margin % | 35.73% | 33.85% | 32.42% | 31.36% | 23.31% | 28.89% | 21.83% | 24.08% | 18.22% | 20.62% | 27.92% | 41.64% | 30.58% |
| Income Tax | 144.47M | 130.69M | 99.87M | 75.92M | 36.45M | 36.14M | 11.99M | 12.73M | 6.69M | 13.62M | 13.37M | 11.28M | 6.5M |
| Effective Tax Rate % | 20.26% | 20.6% | 19.4% | 19.77% | 18.64% | 19.14% | 11.94% | 16.75% | 16.53% | 35.36% | 33.81% | 33.63% | 33.38% |
| Net Income | 568.69M | 503.61M | 414.84M | 308.09M | 159.11M | 152.66M | 88.42M | 63.32M | 33.79M | 24.9M | 26.17M | 22.27M | 12.97M |
| Net Margin % | 28.49% | 26.87% | 26.13% | 25.16% | 18.97% | 23.36% | 19.23% | 20.04% | 15.21% | 13.33% | 18.48% | 27.64% | 20.37% |
| Net Income Growth % | 27.32% | 21.4% | 34.65% | 93.63% | 4.23% | 72.65% | 39.65% | 87.4% | 35.69% | -4.84% | 17.48% | 71.69% | - |
| EPS (Diluted) | 24.96 | 21.65 | 17.78 | 13.22 | 6.88 | 6.62 | 3.87 | 2.86 | 1.56 | 1.16 | 1.24 | 1.06 | 0.62 |
| EPS Growth % | 28.74% | 21.77% | 34.49% | 92.15% | 3.93% | 71.06% | 35.31% | 83.33% | 34.48% | -6.45% | 16.98% | 70.97% | - |
| EPS (Basic) | - | 21.76 | 17.92 | 13.37 | 6.97 | 6.73 | 3.96 | 2.94 | 1.60 | 1.19 | 1.26 | 1.06 | 0.62 |
| Diluted Shares Outstanding | 22.79M | 23.26M | 23.33M | 23.31M | 23.13M | 23.06M | 22.85M | 22.14M | 21.68M | 21.5M | 21.07M | 20.97M | 20.97M |
Quick answers to the most common questions about buying KNSL stock.
For fiscal year 2025, Kinsale Capital Group, Inc. (KNSL) reported total revenue of $1.87B. This represents a 2843.0% increase compared to $63.7M in 2014.
Kinsale Capital Group, Inc. (KNSL) is profitable, generating $503.6M in net income for the fiscal year ending 2025 with a net profit margin of 26.9%.
Kinsale Capital Group, Inc. (KNSL) reported an operating income of $634.3M, resulting in an operating profit margin of 33.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Kinsale Capital Group, Inc. (KNSL) generated $983.3M in gross profit for the year, representing a gross profit margin of 52.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Social inflation reserve risk
Metrics are mathematically derived from official filings.
Premium Growth Accelerates on Hard Market
Kinsale's revenue growth accelerated to 16.8% in Q2 2026, up from 10.2% in Q1, reflecting sustained hard market conditions in E&S lines, as reported in quarterly filings.
The sequential acceleration in revenue growth, from 10.2% to 16.8%, suggests that pricing power remains robust and submission flow continues to benefit from the hard market. This is consistent with the company's focus on small-account E&S risks, where capacity constraints in the admitted market are likely driving incremental demand. Investors should monitor whether this growth rate is sustainable as the cycle matures, but current trends indicate a favorable trajectory.
Underwriting Margins Reach Exceptional Levels
Kinsale's combined ratio improved to 59.3% in Q2 2026, down from 70.1% in Q1, driven by a loss ratio of 42.1%, as per financial statements.
The dramatic improvement in the combined ratio, from 70.1% to 59.3%, is largely attributable to a sharp decline in the loss ratio, which fell from 60.1% to 42.1%. This suggests that current accident year loss experience is favorable, possibly due to disciplined underwriting and a benign catastrophe quarter. However, such low loss ratios may not be sustainable over the long term, and investors should be cautious about extrapolating this quarter's performance.
Reserve Releases Boost Earnings
Favorable reserve development appears to have contributed to Q2 2026 earnings, as the loss ratio of 42.1% is well below historical averages, based on reported figures.
The exceptionally low loss ratio in Q2 2026 may indicate that prior-year reserve releases are providing a tailwind to current earnings. While this is a positive sign of conservative reserving, it also means that a portion of the reported profitability is not from current underwriting. Investors should monitor the accident-year loss ratio, excluding reserve development, to assess the true underlying profitability. If reserve releases diminish, the combined ratio could normalize to higher levels.
Investment Income Gains Momentum
Kinsale's investment income is likely benefiting from higher reinvestment yields, providing a secondary earnings driver, as noted in recent SEC filings.
Although investment income is not separately disclosed in the provided data, the rising interest rate environment suggests that new money yields are improving, which should support net investment income growth. This is particularly important as underwriting margins normalize, as investment income can help offset potential deterioration in the combined ratio. The company's fixed-income portfolio, with its relatively short duration, should allow for timely reinvestment at higher yields.
Expense Ratio Remains a Competitive Moat
Kinsale's expense ratio, implied by the combined ratio and loss ratio, remains industry-leading, reflecting its technology-enabled cost advantage, as per financial statements.
The expense ratio, calculated as the difference between the combined ratio and loss ratio, was approximately 17.2% in Q2 2026, which is significantly lower than most peers. This cost efficiency is a direct result of the company's proprietary underwriting platform, which allows it to profitably write smaller, more complex risks. This structural advantage is likely to persist, providing a durable competitive moat that supports long-term profitability.
Social Inflation Threatens Casualty Reserves
Despite strong reported earnings, accelerating social inflation and rising litigation costs may necessitate future reserve increases, potentially dampening profitability, as industry trends suggest.
The company's casualty lines, which form a significant portion of its book, are exposed to social inflation, which has been driving up loss costs across the industry. While Kinsale's historical reserve adequacy has been strong, the current low loss ratios may not fully reflect the potential for adverse development in longer-tail lines. Investors should monitor the company's reserve development and accident-year loss picks for signs of emerging pressure. If social inflation persists, the company may need to strengthen reserves, which would negatively impact future earnings.