Kinsale Capital reports GWP growth of 33.8% in Q4’23
Kinsale Capital Group has reported a net income of $103.4 million for the fourth quarter of 2023, compared to a net income of $67.2 million from the fourth quarter of 2022.
The company also reported net income of $308.1 million for the year ended December 31, 2023, compared to $159.1 million for the year ended December 31, 2022.
The company also saw a huge increase in gross written premiums (GWP) for the quarter. GWP for Q4’23 was $395.2 million, a 33.8% increase compared to $295.5 million from Q4’22.
GWP were $1.6 billion for the year ended December 31, 2023, compared to $1.1 billion for the year ended December 31, 2022, an increase of 42.3%.
The company stated that the increase in GWP during both the fourth quarter and full year 2023 over the same periods last year reflected strong submission flow from brokers and a favourable pricing environment.
Net operating earnings were $90.3 million for Q4’23 compared to $60.3 million for Q4’22. Net operating earnings were $291.4 million for the year ended December 31, 2023 compared to $180.4 million for the year ended December 31, 2022.
Furthermore, underwriting income was $84.8 million, resulting in a combined ratio of 72.1%, for the fourth quarter of 2023, compared to $59.5 million, and a combined ratio of 73.1% for the same period last year.
The increase in underwriting income for the fourth quarter of 2023 was due to a combination of premium growth, rate increases, favourable loss experience, lower net commissions and scale.
Underwriting income was $270.4 million, resulting in a combined ratio of 75.4%, for the year ended December 31, 2023, compared to $175.5 million, and a combined ratio of 78.5% for the prior year.
Meanwhile, net investment income was $30.4 million in Q4’23 compared to $17.7 million in Q4’22, an increase of 71.2%. Net investment income was $102.3 million for the full year of 2023 compared to $51.3 million for the full year of 2022, and increase of 99.6%.
“We generated record growth and profitability in 2023 by executing our business plan and capitalising on favourable E&S market conditions. These results demonstrate our ability to deliver exceptional shareholder returns as we continue to focus on disciplined underwriting and technology-enabled expense management,” said Chief Executive Officer, Michael P. Kehoe.
“We are confident that the execution of our differentiated strategy provides an enduring competitive advantage.”
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