Kinsale Capital Group (NYSE:KNSL) Reports Bullish Q4 CY2025

Kinsale Capital Group (NYSE:KNSL) Reports Bullish Q4 CY2025

Jabin Bastian

Fri, February 13, 2026 at 6:21 AM GMT+9 4 min read

In this article:

•                                       StockStory Top Pick 
  

  KNSL

  -1.09%

Specialty insurance provider Kinsale Capital Group (NYSE:KNSL) beat Wall Street’s revenue expectations in Q4 CY2025, with sales up 17.3% year on year to $483.3 million. Its non-GAAP profit of $5.81 per share was 9.5% above analysts’ consensus estimates.

Is now the time to buy Kinsale Capital Group? Find out in our full research report.

Kinsale Capital Group (KNSL) Q4 CY2025 Highlights:

**Net Premiums Earned:** $415.5 million vs analyst estimates of $404.2 million (15.5% year-on-year growth, 2.8% beat)

**Revenue:** $483.3 million vs analyst estimates of $467.7 million (17.3% year-on-year growth, 3.3% beat)

**Combined Ratio:** 71.7% vs analyst estimates of 74.8% (305.7 basis point beat)

**Adjusted EPS:** $5.81 vs analyst estimates of $5.31 (9.5% beat)

**Book Value per Share:** $84.66 vs analyst estimates of $84.88 (32.9% year-on-year growth, in line)

**Market Capitalization:** $9.43 billion

Company Overview

Founded in 2009 during the aftermath of the financial crisis when many insurers were retreating from riskier markets, Kinsale Capital Group (NYSE:KNSL) is an insurance company that specializes in writing policies for hard-to-place, unusual, or high-risk businesses that standard insurers typically avoid.

Revenue Growth

Insurance companies generate revenue three ways. The first is the core insurance business itself, represented in the income statement as premiums earned. The second source is investment income from investing the “float” (premiums collected but not yet paid out as claims) in assets such as fixed-income assets and equities. The third is fees from policy administration, annuities, and other value-added services. Over the last five years, Kinsale Capital Group grew its revenue at an incredible 32.4% compounded annual growth rate. Its growth surpassed the average insurance company and shows its offerings resonate with customers, a great starting point for our analysis.

Kinsale Capital Group Quarterly Revenue

Long-term growth is the most important, but within financials, a half-decade historical view may miss recent interest rate changes and market returns. Kinsale Capital Group’s annualized revenue growth of 23.7% over the last two years is below its five-year trend, but we still think the results suggest healthy demand.

Kinsale Capital Group Year-On-Year Revenue Growth

This quarter, Kinsale Capital Group reported year-on-year revenue growth of 17.3%, and its $483.3 million of revenue exceeded Wall Street’s estimates by 3.3%.

Net premiums earned made up 87.3% of the company’s total revenue during the last five years, meaning Kinsale Capital Group barely relies on non-insurance activities to drive its overall growth.

Kinsale Capital Group Quarterly Net Premiums Earned as % of Revenue

Our experience and research show the market cares primarily about an insurer’s net premiums earned growth as investment and fee income are considered more susceptible to market volatility and economic cycles.

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Book Value Per Share (BVPS)

Insurers are balance sheet businesses, collecting premiums upfront and paying out claims over time. Premiums collected but not yet paid out, often referred to as the float, are invested and create an asset base supported by a liability structure. Book value per share (BVPS) captures this dynamic by measuring these assets (investment portfolio, cash, reinsurance recoverables) less liabilities (claim reserves, debt, future policy benefits). BVPS is essentially the residual value for shareholders.

We therefore consider BVPS very important to track for insurers and a metric that sheds light on business quality because it reflects long-term capital growth and is harder to manipulate than more commonly-used metrics like EPS.

Kinsale Capital Group’s BVPS grew at an incredible 27.3% annual clip over the last five years. BVPS growth has also accelerated recently, growing by 34.4% annually over the last two years from $46.88 to $84.66 per share.

Kinsale Capital Group Quarterly Book Value per Share

Over the next 12 months, Consensus estimates call for Kinsale Capital Group’s BVPS to grow by 19.2% to $84.88, elite growth rate.

Key Takeaways from Kinsale Capital Group’s Q4 Results

We were impressed by how significantly Kinsale Capital Group blew past analysts’ net premiums earned expectations this quarter. We were also glad its revenue outperformed Wall Street’s estimates. On the other hand, its book value per share was in line. Overall, we think this was a decent quarter with some key metrics above expectations. The market seemed to be hoping for more, and the stock traded down 2.9% to $389.41 immediately after reporting.

So should you invest in Kinsale Capital Group right now? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here, it’s free.

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