Kingstone Reports Record Fourth Quarter and Full Year 2025 Results

Rhea-AI Summary

Kingstone (Nasdaq: KINS) reported record fourth-quarter and full-year 2025 results, driven by underwriting improvement and premium growth. FY 2025 net income $40.8M (+122%), net premiums earned $187.1M (+45.6%), direct premiums written $277.8M (+14.8%), and FY book value per share $8.28 (+75%).

Q4 GAAP net combined ratio was 64.2% and FY net combined ratio was 75.0%. Management updated 2026 guidance for continued premium growth and provided catastrophe sensitivities.

Positive

• FY net income +122% to $40.8M
• Net premiums earned +45.6% to $187.1M
• Book value per share +75% to $8.28
• Net combined ratio improved 500 bps to 75.0% for FY 2025

Negative

• 2026 guidance projects higher GAAP net combined ratio of 81%–86%
• 2026 guidance assumes catastrophe loss ratio of 7%–10%, above recent actuals

Key Figures

FY 2025 net income: $40.8M Q4 2025 diluted EPS: $1.03 Q4 2025 net combined ratio: 64.2% +5 more

8 metrics

FY 2025 net income $40.8M Full year 2025, up 122% vs 2024

Q4 2025 diluted EPS $1.03 Quarter ended December 31, 2025; up 157.5% vs Q4 2024

Q4 2025 net combined ratio 64.2% Quarter ended December 31, 2025; improved from 78.5%

Book value per share $8.28 Diluted, year-end 2025; up 75.2% vs 2024

FY 2025 net premiums earned $187.1M Full year 2025; up 45.6% vs 2024

FY 2025 direct premiums written $277.8M Full year 2025; up 14.8% vs 2024

2026 EPS guidance $2.20–$2.90 Net income per share – diluted, 2026 estimate vs $2.88 in 2025

2026 catastrophe loss ratio 7%–10% 2026 guidance vs 1.2% actual in 2025

Market Reality Check

Price: $16.22 Vol: Volume 68,937 is below th...

low vol

$16.22 Last Close

Volume Volume 68,937 is below the 20-day average of 124,279 (relative volume 0.55x). low

Technical Price 16.50 is trading above the 200-day MA at 15.28, indicating a pre-news uptrend.

Peers on Argus

KINS was up 0.86% pre-release while peers were mixed: NODK (-0.31%), GBLI (-1.71...

KINS was up 0.86% pre-release while peers were mixed: NODK (-0.31%), GBLI (-1.71%), ACIC (+0.17%), HRTG (0.00%), UFCS (+1.48%). This points to a stock-specific driver rather than a broad sector move.

Common Catalyst Only one peer, GBLI, reported a dividend-related headline today, suggesting no sector-wide catalyst.

Previous Earnings Reports

5 past events · Latest: Feb 04 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 04	Prelim Q4/FY 2025	Positive	+9.4%	Preliminary record Q4 and FY 2025 results with strong profitability metrics.
Nov 06	Q3 2025 earnings	Positive	+0.1%	Strong Q3 2025 earnings, better combined ratio, higher EPS and guidance raise.
Aug 07	Q2 2025 earnings	Positive	-7.0%	Record Q2 2025 net income and ROE with improved combined ratio and guidance hike.
May 08	Q1 2025 earnings	Positive	+19.1%	Q1 2025 profit growth, solid combined ratio and reaffirmed 2025 guidance.
Mar 13	Q4/FY 2024 earnings	Positive	+21.6%	Record Q4 and FY 2024 results with large combined ratio improvement and growth.

Pattern Detected

Earnings releases have generally driven positive moves for KINS, with four of the last five earnings reports seeing gains and one notable selloff on strong Q2 2025 results.

Recent Company History

Over the past year, KINS has repeatedly reported strong earnings, including record quarters and full-year results in 2024 and successive quarters through 2025. These updates highlighted improving combined ratios, rising EPS, and robust premium growth. Price reactions around earnings have often been positive, with several double-digit percentage gains. Today’s detailed Q4 and FY 2025 report and updated 2026 guidance extend this pattern of operational momentum and build directly on February’s preliminary numbers.

Historical Comparison

+8.7% avg move · In the last five earnings releases, KINS moved an average of 8.66%, usually higher on strong results...

earnings

+8.7%

Average Historical Move earnings

In the last five earnings releases, KINS moved an average of 8.66%, usually higher on strong results. Today’s full Q4/FY 2025 report and guidance update follow that established earnings-driven pattern.

Earnings have progressed from record FY 2024 results through increasingly strong 2025 quarters, culminating in record Q4 and FY 2025 metrics and refreshed multi-year growth and profitability targets.

Market Pulse Summary

This announcement details record Q4 and full-year 2025 results, including stronger profitability, hi...

Analysis

This announcement details record Q4 and full-year 2025 results, including stronger profitability, higher net premiums earned, and substantial book value growth, alongside updated 2026 guidance and catastrophe assumptions. Compared with prior earnings releases that also highlighted improving combined ratios, it extends a multi-year turnaround narrative. Investors may focus on how the higher guided catastrophe loss ratio, overall combined ratio targets, and execution on growth plans track against these newly reported benchmarks.

Key Terms

net combined ratio, diluted eps, return on equity, direct premiums written, +4 more

8 terms

net combined ratio financial

"Q4 GAAP Net Combined Ratio of 64.2% | Q4 Diluted EPS of $1.03"

Net combined ratio measures an insurance company's underwriting profitability by comparing claims paid and operating costs to earned premiums after accounting for reinsurance. A ratio below 100% means the insurer is making money on its insurance policies; above 100% means it is paying out more in claims and costs than it receives in premiums. Investors use it like a household budget check to see whether the core insurance business is sustainably profitable or dependent on investment income.

diluted eps financial

"Q4 GAAP Net Combined Ratio of 64.2% | Q4 Diluted EPS of $1.03"

Diluted earnings per share (EPS) shows how much profit a company makes for each share of stock, assuming all possible shares from stock options or convertible securities are used. It provides a more conservative estimate than basic EPS, accounting for potential share increases that could dilute ownership. Investors use diluted EPS to get a clearer picture of a company's true profitability on a per-share basis.

return on equity financial

"Q4 Annualized ROE of 51.3%Q4 Diluted Operating EPS1 of $1.08"

Return on equity shows how effectively a company uses its shareholders' money to generate profit. It is calculated by dividing the company's net profit by its shareholders' equity, indicating how much profit is earned for each dollar invested by owners. Higher return on equity suggests the company is good at turning investments into earnings, which can be an important factor for investors assessing its profitability and efficiency.

direct premiums written financial

"Direct Premiums Written Growth1 of 15% for FY 2025"

Direct premiums written is the total dollar value of insurance policies an insurer sells during a specific period, measured before subtracting any amounts it passes to other insurers. Think of it as the full price tags on goods a store sells before accounting for any items it consigns to other shops; it shows sales volume, growth and market reach, and helps investors gauge revenue potential and the company’s exposure to underwriting risk.

underlying combined ratio financial

"Underlying combined ratio 1 | | 62.6 | %"

The underlying combined ratio is an insurer’s core underwriting profit measure: it compares claims paid plus operating costs to premiums earned, after removing one-off or unusual items (like major catastrophe losses, reserve adjustments or accounting timing effects). It matters to investors because it reveals the steady, repeatable strength of an insurer’s business—like a car’s average fuel efficiency when you ignore a single outlier trip—helping separate true performance from temporary noise.

prior-year reserve development financial

"Underlying combined ratio 1,2 (excluding catastrophe losses and prior-year reserve development)"

An adjustment to an insurance company’s past estimates for money set aside to pay claims, showing whether earlier reserve amounts were too high or too low. It matters to investors because favorable or unfavorable changes reveal how well the insurer judged its past liabilities — like discovering your grocery budget was off after shopping — and can materially change reported profits and the company’s financial strength.

catastrophe loss ratio financial

"Catastrophe loss ratio 3 | 7% to 10% | 1.2%"

The catastrophe loss ratio measures the portion of an insurer’s collected premiums that is paid out to cover claims from major disasters, like storms, earthquakes or large-scale accidents. It matters to investors because a high ratio is like a household draining its savings after an unexpected storm: it can squeeze profits, force the company to raise prices or tap capital, and reveal whether disaster coverage is priced and managed sustainably.

aoci financial

"Book value per share, at the end of the period - diluted excluding AOCI"

Accumulated Other Comprehensive Income (AOCI) is a section of owners’ equity that records certain unrealized gains and losses that aren’t shown in the company’s regular profit and loss statement—things like currency translation shifts, changes in the value of certain investments, or pension plan adjustments. Think of it as a separate holding jar for value swings the company hasn’t cashed in yet; investors watch it because large or volatile balances can change reported net worth and signal future earnings or balance-sheet risk when those items are realized.

AI-generated analysis. Not financial advice.

Strongest Quarterly and Annual Results in Company History

Q4 GAAP Net Combined Ratio of 64.2% | Q4 Diluted EPS of $1.03 | Q4 Annualized ROE of 51.3%
Q4 Diluted Operating EPS¹ of $1.08 | FY Net Income of $40.8M, up 122% | FY Book Value per Share of $8.28 up 75%
Net Premiums Earned Growth of 46% for FY 2025 |Direct Premiums Written Growth¹ of 15% for FY 2025 
Updates 2026 Guidance

Management to Host Conference Call Tomorrow at 8:30 a.m. Eastern Time

KINGSTON, N.Y., March 05, 2026 (GLOBE NEWSWIRE) -- Kingstone Companies, Inc. (Nasdaq:  KINS) (“Kingstone” or the “Company”), a Northeast regional property and casualty insurance holding company, today announced its financial results for the fourth quarter and year ended December 31, 2025.  The Company has also provided an investor presentation that can be accessed through the News & Events/Presentations section of the Company website at www.kingstonecompanies.com. 

Key Financial and Operational Highlights
	Quarters Ended								Years Ended
($ in thousands, except per share data)	December 31,								December 31,
		2025			2024		Change			2025			2024		Change
Net premiums earned	$	49,463		$	35,967		37.5	%	$	187,127		$	128,498		45.6	%
Direct premiums written1	$	82,753		$	72,533		14.1	%	$	277,801		$	241,980		14.8	%
Net combined ratio		64.2	%		78.5	%	(14.3)pts			75.0	%		80.0	%	(5.0)pts
Underlying combined ratio1		62.6	%		78.9	%	(16.3)pts			74.4	%		79.5	%	(5.1)pts
Net income	$	14,760		$	5,439		171.4	%	$	40,767		$	18,358		122.1	%
Net income per share - diluted	$	1.03		$	0.40		157.5	%	$	2.88		$	1.48		94.6	%
Operating net income per share - diluted1	$	1.08		$	0.46		134.8	%	$	2.79		$	1.45		92.4	%
Return on equity - annualized		51.3	%		34.4	%	16.9 pts			43.0	%		36.3	%	6.7 pts
1 Refer to section entitled "Definitions and Non-GAAP Measures" included in this press release.

Management Commentary

Meryl Golden, President and Chief Executive Officer of Kingstone, stated, "We delivered record results for the fourth quarter and the full year, confirming the preliminary results we reported in February and marking our ninth consecutive quarter of profitability. From year-end 2023 to year-end 2025, we have grown direct premiums written by 39% while improving our combined ratio by 30 points. These results are structural, not simply weather-driven, and they validate the transformation we have executed.

Our competitive advantages are clear. Select, now 57% of policies in force compared to 45% one year ago, continues to drive lower claim frequency through improved risk selection. Our operating efficiency, with a net expense ratio that has improved from 41% in 2021 to 30% in 2025, provides margin durability. Net earned premium growth of 46% for the full year, combined with net investment income growth of 44%, demonstrates the breadth of our earnings power. And our conservative financial position, with no debt and robust reinsurance, means that a major catastrophe event is an income statement impact, not an existential risk.

We are now entering our next chapter of profitable growth. We have set a 2029 goal of $500 million in direct premiums written through continued growth in New York along with measured expansion into new markets, starting with California in Q2,  supported by an infrastructure that scales with minimal incremental investment. We are updating our 2026 guidance today, which reflects continued direct premiums written growth of 16% to 20% and an underlying combined ratio¹ of 74% to 76%. We will continue to execute with discipline, advance our measured expansion roadmap and allocate capital prudently to deliver long-term value to our shareholders."

Fiscal Year 2026 Outlook
(see “Disclaimer and Forward-Looking Statements” below)

The Company is providing an updated growth and profitability outlook for fiscal year 2026. The guidance ranges below reflect management’s current expectations based on information available as of March 5, 2026 and are subject to the risks and uncertainties described in “Disclaimer and Forward-Looking Statements” below.

Guidance Metrics	2026 Estimate		2025 Actual
Direct premiums written1,5 growth	16% to 20%		14.8%
Net combined ratio	81% to 86%		75.0%
Underlying combined ratio1,2 (excluding catastrophe losses and prior-year reserve development)	74% to 76%		74.4%
Prior-year reserve development	—%		(0.6)%
Catastrophe loss ratio3	7% to 10%		1.2%
Net income per share – diluted	$2.20 to $2.90		$2.88
Return on equity	24% to 30%		43.0%
Illustrative: Net income per share - diluted at 2025 Actual catastrophe loss ratio (1.2%)4	~$3.53

_{¹Refer to “Definitions and Non-GAAP Measures” for definitions and 2025 reconciliations.
²The Underlying Combined Ratio is a non-GAAP measure. It is computed as the sum of the underlying loss ratio (which is a non-GAAP measure) and the net underwriting expense ratio. The underlying loss ratio excludes catastrophe losses and prior-year reserve development from the GAAP net loss ratio. The most directly comparable GAAP measure is the net combined ratio. Refer to the section entitled “Definitions and Non-GAAP Measures” included in this press release for definitions and reconciliations of non-GAAP financial measures. A reconciliation of the 2026 estimate of Underlying Combined Ratio to the GAAP net combined ratio is not provided because the Company is unable to predict catastrophe losses and prior-year reserve development with reasonable certainty without unreasonable efforts. These items could materially impact the GAAP measure.
³The catastrophe loss ratio estimate for 2026 of 7% to 10% is at or above the Company’s six-year historical average of 7.1% (2019–2024) and gives effect to the elevated winter storm activity experienced in early 2026. Catastrophe losses are reported net of reinsurance recoveries and include loss adjustment expenses. The Company defines catastrophe events consistent with PCS industry designations.
⁴Illustrative sensitivity only; not forward-looking guidance. Represents guidance-midpoint net income per share-diluted recalculated at FY2025 actual catastrophe loss ratio of 1.2%, assuming that all other guidance assumptions remain constant. This figure is provided for modeling context only.
⁵Guidance for the most comparable GAAP measure, net premiums earned, is not provided because net premiums earned is an output of multiple variables including direct written premium growth, quota share cession rates, and premium earning patterns, several of which are not within the Company’s direct control, therefore the Company is unable to predict such variables with reasonable certainty without unreasonable efforts.}

Catastrophe Sensitivity

For purposes of the 2026 guidance, it is assumed that each 1 point of catastrophe loss ratio will result in ~$2.5 million pre-tax losses, or ~$0.13 per diluted share after tax, as indicated below:

CAT Sensitivity Metric (Per 1.0 pt change)	2026E
Pre-tax underwriting impact	~$2.5 million
After-tax underwriting impact per share (at assumed effective tax rate)	~$0.13 per share

Key Modeling Assumptions

The following reflects certain key modeling assumptions with respect to the full year 2026 guidance:

Assumption	2026E
Illustrative net premiums earned*	~$252 million
Assumed effective tax rate	21%
Weighted average diluted shares outstanding	14.8 million

* For modeling purposes only. The illustrative net premiums earned figure is a baseline assumption used solely for the catastrophe sensitivity calculations above. It is not forward-looking guidance on net premiums earned and should not be interpreted as such. Net premiums earned is an output of multiple variables including direct written premium growth, quota share cession rates, and premium earning patterns, several of which are not within the Company’s direct control.

Consolidated Financial Results

Consolidated Financial Results	Quarters Ended								Years Ended
($ in thousands, except policy and per share data)	December 31,								December 31,
		2025			2024		Change			2025			2024		Change
Net premiums earned	$	49,463		$	35,967		37.5	%	$	187,127		$	128,498		45.6	%
Direct premiums written1	$	82,753		$	72,533		14.1	%	$	277,801		$	241,980		14.8	%
Policies in force, at the end of the period										80,432			77,656		3.6	%
Net investment income	$	2,951		$	1,906		54.8	%	$	9,799		$	6,824		43.6	%
Net gains (losses) on investments	$	(901	)	$	(905	)	0.4	%	$	(310	)	$	415		NM
Gain on sale of real estate	$	—		$	—		—	%	$	1,966		$	—		NM
Net loss ratio		36.3	%		48.7	%	(12.4)pts			45.0	%		48.7	%	(3.7)pts
Net underwriting expense ratio		27.9	%		29.8	%	(1.9)pts			30.0	%		31.3	%	(1.3)pts
Net combined ratio		64.2	%		78.5	%	(14.3)pts			75.0	%		80.0	%	(5.0)pts
Net loss ratio		36.3	%		48.7	%	(12.4)pts			45.0	%		48.7	%	(3.7)pts
Catastrophe loss ratio1		2.1	%		—	%	2.1pts			1.2	%		1.9	%	(0.7)pts
Net loss ratio excluding the effect of catastrophes1		34.2	%		48.7	%	(14.5)pts			43.8	%		46.8	%	(3.0)pts
Effect of prior-year favorable  reserve development	(0.5) %			(0.4) %			(0.1)pts		(0.6) %			(1.4) %			0.8pts
Underlying loss ratio1		34.7	%		49.1	%	(14.4)pts			44.4	%		48.2	%	(3.8)pts
Net Income	$	14,760		$	5,439		171.4	%	$	40,767		$	18,358		122.1	%
Net Income per share - basic	$	1.04		$	0.44		136.4	%	$	2.93		$	1.60		83.1	%
Net Income per share - diluted	$	1.03		$	0.40		157.5	%	$	2.88		$	1.48		94.6	%
Return on equity - annualized		51.3	%		34.4	%	16.9pts			43.0	%		36.3	%	6.7pts
Adjusted EBITDA1	$	20,342		$	9,303		118.7	%	$	54,052		$	30,516		77.1	%
Other comprehensive income (loss), net of tax	$	663		$	(3,135	)	NM		$	6,094		$	99		NM
Operating net income1	$	15,471		$	6,153		151.4	%	$	39,459		$	18,031		118.8	%
Operating net income per share - basic1	$	1.09		$	0.49		122.4	%	$	2.83		$	1.57		80.3	%
Operating net income per share - diluted1	$	1.08		$	0.46		134.8	%	$	2.79		$	1.45		92.4	%
Operating return on equity1		13.4	%		9.7	%	3.7pts			41.7	%		35.6	%	6.1pts
Operating return on equity1 - annualized		53.7	%		38.9	%	14.8pts			41.7	%		35.6	%	6.1pts
Book value per share, at the end of the period - diluted									$	8.28		$	4.73		75.2	%
Book value per share, at the end of the period - diluted excluding AOCI									$	8.69		$	5.59		55.5	%

 NM = Not Meaningful
1 Refer to section entitled "Definitions and Non-GAAP Measures" included in this press release.

Conference Call Details

Friday, March 6, 2026, at 8:30 a.m. Eastern Time

To participate please dial:

	U.S. toll free	1-877-407-2991
	International	1-201-389-0925

Participants are asked to dial-in approximately 10 minutes before the conference call is scheduled to begin. The conference call will also be available via live webcast on the Company’s website under the News & Events/Presentations section at  www.kingstonecompanies.com.  A replay will be available for 30 days.

About Kingstone Companies, Inc.
Kingstone is a Northeast regional property and casualty insurance holding company whose principal operating subsidiary is Kingstone Insurance Company ("KICO"). KICO is a New York domiciled carrier writing business through retail and wholesale agents and brokers. Kingstone delivers tailored homeowners insurance solutions through its sophisticated product suite, Select, supported by a scalable and efficient operating platform that enables the Company to pursue significant market opportunities and strategic expansion. KICO was the 12th largest writer of homeowners insurance in New York in 2024 and is also licensed in New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire, and Maine.

Investor Relations Contact:
Elevate IR
KINS@elevate-ir.com 
720-330-2829

Disclaimer and Forward-Looking Statements

The guidance provided above is based on information available as of March 5, 2026 and management's review of the anticipated financial results for 2026. Such guidance remains subject to change based on management's ongoing review of the Company's 2026 results and is a forward-looking statement (see below). Kingstone assumes no obligation to update this guidance. The actual results may be materially different and are affected by the risk factors and uncertainties identified in this press release and in Kingstone's annual and quarterly filings with the Securities and Exchange Commission.

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those included in forward-looking statements due to a variety of factors. For more details on factors that could affect expectations, see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024. 

The risks and uncertainties include, without limitation, the following:

• the risk of significant losses from catastrophes and severe weather events;
• risks related to the lack of a financial strength rating from A.M. Best;
• risks related to limitations on the ability of our insurance subsidiary to pay dividends to us;
• adverse capital, credit and financial market conditions;
• risks related to volatility in net investment income;
• the unavailability of reinsurance at current levels and prices;
• the exposure to greater net insurance losses in the event of reduced reliance on reinsurance;
• the credit risk of our reinsurers;
• the inability to maintain the requisite amount of risk-based capital needed to grow our business;
• the effects of climate change on the frequency or severity of weather events and wildfires;
• risks related to the limited market area of our business;
• risks related to a concentration of business in a limited number of producers;
• legislative and regulatory changes, including changes in insurance laws and regulations and their application by our regulators; 
• the effects of competition in our market areas;
• our reliance on certain key personnel;
• risks related to security breaches or other attacks involving our computer systems or those of our vendors;
• our reliance on information technology and information systems; and
• the uncertainty relating to our geographic diversification strategy in entering the California market and other markets.

Kingstone undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Definitions and Non-GAAP Measures

Direct premiums written represent the total premiums charged on policies issued by the Company during the respective fiscal period. 

Net premiums written are direct premiums written less premiums ceded to reinsurers. Net premiums earned, the GAAP measure most comparable to direct premiums written and net premiums written, are net premiums written that are pro-rata earned during the fiscal period presented. All of the Company’s policies are written for a twelve-month period. Management uses direct premiums written and net premiums written, along with other measures, to gauge the Company’s performance and evaluate results.  Direct premiums written and net premiums written are provided as supplemental information, not as a substitute for net premiums earned, and do not reflect the Company’s net premiums earned.

Adjusted EBITDA is net income (loss) exclusive of interest expense, income tax expense (benefit), depreciation and amortization, loss on extinguishment of debt, net gains (losses) on investments, gain on sale of real estate, and stock-based compensation.  Net income (loss) is the GAAP measure most closely comparable to adjusted EBITDA.

Management uses adjusted EBITDA along with other measures to gauge the Company’s performance and evaluate results, which can be skewed when including interest expense, income tax expense (benefit), depreciation and amortization, loss on extinguishment of debt, net gains (losses) on investments, gain on sale of real estate, and stock-based compensation, and may vary significantly between periods.  Adjusted EBITDA is provided as supplemental information, not as a substitute for net income and does not reflect the Company’s overall profitability.

Operating net income and basic operating net income per share is net income and basic income per share exclusive of net gains (losses) on investments and gain on sale of real estate, net of tax.  Net income and basic net income per share are the GAAP measures most closely comparable to operating net income and basic operating net income per share.

Management uses operating net income and basic operating net income per share along with other measures to gauge the Company’s performance and evaluate results, which can be skewed when including net gains (losses) on investments and gain on sale of real estate and may vary significantly between periods.  Operating net income and basic operating net income per share are provided as supplemental information, not as a substitute for net income and basic net income per share and do not reflect the Company’s overall profitability.

Operating net income and diluted operating net income per share is net income and diluted income per share exclusive of net gains (losses) on investments and gain on sale of real estate, net of tax.  Net income and diluted net income per share are the GAAP measures most closely comparable to operating net income and diluted operating net income (loss) per share.

Management uses operating net income and diluted operating net income per share along with other measures to gauge the Company’s performance and evaluate results, which can be skewed when including net gains (losses) on investments and gain on sale of real estate and may vary significantly between periods.  Operating net income and diluted operating net income per share are provided as supplemental information, not as a substitute for net income and diluted net income per share, and do not reflect the Company’s overall profitability.

Operating return on equity is operating income divided by average equity.  Return on equity is the GAAP measure most closely comparable to operating return on equity.

Management uses operating return on equity, along with other measures, to gauge the Company’s performance and evaluate results, which can be skewed when including net gains (losses) on investments and gain on sale of real estate, which may vary significantly between periods.  Operating return on equity is provided as supplemental information, is not a substitute for return on equity and does not reflect the Company’s overall return on average common equity.

Underlying loss ratio is a non-GAAP ratio, which is computed as the GAAP net loss ratio excluding the effect of prior year loss reserve development and catastrophe losses.

Management believes that this ratio is useful to investors, and it is used by management to reveal the trends in the Company’s business that may be obscured by prior year loss reserve development and catastrophe losses.  Catastrophe losses cause the Company’s loss ratios to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on the net loss ratio.  Management believes that this measure is useful for investors to evaluate this component separately when reviewing the Company’s underwriting performance.  The most directly comparable GAAP measure is the net loss ratio.  The underlying loss ratio should not be considered a substitute for the net loss ratio and does not reflect the Company’s net loss ratio.

Net loss ratio excluding the effect of catastrophes is a non-GAAP ratio, which is computed as the difference between GAAP net loss ratio and the effect of catastrophes on the net loss ratio.

Management believes that this ratio is useful to investors, and it is used by management to reveal the trends in the Company’s business that may be obscured by catastrophe losses.  Catastrophe losses cause the Company’s net loss ratios to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on the net loss ratio.  Management believes that this measure is useful for investors to evaluate this component separately when reviewing the Company’s underwriting performance.  The most directly comparable GAAP measure is the net loss ratio.  The net loss ratio excluding the effect of catastrophes should not be considered a substitute for the net loss ratio and does not reflect the Company’s net loss ratio.

Underlying combined ratio is a non-GAAP measure, which is computed as the sum of the underlying loss ratio and the net underwriting expense ratio.

Management believes that this ratio is useful to investors, and it is used by management to reveal the trends in the Company’s business that may be obscured by prior year loss reserve development and catastrophe losses.  Catastrophe losses cause the Company’s loss ratios to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on the net combined ratio. Management believes that this measure is useful for investors to evaluate this component separately when reviewing the Company’s underwriting performance. The most directly comparable GAAP measure is the net combined ratio. The underlying combined ratio should not be considered a substitute for the net combined ratio and does not reflect the Company’s net combined ratio.

The table below reconciles net premiums earned to direct premiums written for the periods presented:

	For the Three Months Ended									For the Years  Ended
	December 31,									December 31,
							%									%
(000’s except percentages)		2025			2024		Change				2025			2024		Change
Direct Premiums Written Reconciliation:
Net premiums earned	$	49,463		$	35,967		37.5	%		$	187,127		$	128,498		45.6	%
Change in unearned premiums		19,387			18,197		6.5				26,592			25,732		3.3
Net premiums written		68,850			54,164		27.1				213,719			154,230		38.6
Ceded written premiums		13,903			18,369		(24.3	)			64,082			87,750		(27.0	)
Direct premiums written	$	82,753		$	72,533		14.1	%		$	277,801		$	241,980		14.8	%
(Components may not sum due to rounding)

The following table reconciles net income to adjusted EBITDA for the periods indicated:

	For the Three Months Ended									For the Years Ended
	December 31,									December 31,
							%											%
(000’s except percentages)		2025			2024		Change				2025				2024			Change
Adjusted EBITDA Reconciliation:
Net income	$	14,760		$	5,439		171.4	%		$	40,767			$	18,358			122.1	%
Interest expense		69			629		(89.0	)			445				3,514			(87.3	)
Income tax expense		3,695			1,241		197.7				10,279				4,930			108.5
Depreciation and amortization		678			613		10.6				2,560				2,449			4.5
EBITDA		19,201			7,922		142.4				54,051				29,251			84.8
Loss on extinguishment of debt		—			—		NM				175				297			(41.1	)
Net loss (gain) on investments		901			905		(0.4	)			310				(415	)		NM
Gain on sale of real estate		—			—		NM				(1,966	)			—			NM
Stock-based compensation		241			477		(49.5	)			1,482				1,383			7.2
Adjusted EBITDA	$	20,342		$	9,303		118.7	%		$	54,052			$	30,516			77.1	%
(Components may not sum due to rounding)

NM = Not Meaningful

The following table reconciles net income to operating net income and basic net income per share to basic operating net income per share for the periods indicated: 

	For the Three Months Ended												For the Years Ended
	December 31, 2025						December 31, 2024						December 31, 2025								December 31, 2024
(000’s except per common share and outstanding share amounts)	Amount			Basic income per common share			Amount			Basic income per common share			Amount				Basic income per common share				Amount				Basic income per common share
Net income	$	14,760		$	1.04		$	5,439		$	0.44		$	40,767			$	2.93			$	18,358			$	1.60
Net loss (gain) on investments		901						905						310								(415	)
Gain on sale of real estate		—						—						(1,966	)							—
Net loss (gain) on investments and (gain) on sale of real estate		901						905						(1,656	)							(415	)
Less tax benefit (expense) on net loss (gain)		189						190						(348	)							(87	)
Net loss (gain) on investments and (gain) on sale of real estate, net of taxes		711		$	0.05			715		$	0.06			(1,308	)		$	(0.09	)			(327	)		$	(0.03	)
Operating net income	$	15,471		$	1.09		$	6,153		$	0.49		$	39,459			$	2.83			$	18,031			$	1.57
Weighted average basic shares outstanding		14,153,746						12,482,146						13,926,024								11,478,899
(Components may not sum due to rounding)

The following table reconciles net income to operating net income and diluted net income per share to diluted operating net income per share for the periods indicated:

	For the Three Months Ended												For the Years Ended
	December 31, 2025						December 31, 2024						December 31, 2025								December 31, 2024
(000’s except per common share and outstanding share amounts)	Amount			Diluted income per common share			Amount			Diluted income per common share			Amount				Diluted income per common share				Amount				Diluted income per common share
Net income	$	14,760		$	1.03		$	5,439		$	0.40		$	40,767			$	2.88			$	18,358			$	1.48
Net loss (gain) on investments		901						905						310								(415	)
Gain on sale of real estate		—						—						(1,966	)							—
Net loss (gain) on investments and (gain) on sale of real estate		901						905						(1,656	)							(415	)
Less tax benefit (expense) on net loss (gain)		189						190						(348	)							(87	)
Net loss (gain) on investments and (gain) on sale of real estate, net of taxes		711		$	0.05			715		$	0.05			(1,308	)		$	(0.09	)			(327	)		$	(0.03	)
Operating net income	$	15,471		$	1.08		$	6,153		$	0.46		$	39,459			$	2.79			$	18,031			$	1.45
Weighted average diluted shares outstanding		14,383,270						13,491,412						14,143,173								12,423,769
(Components may not sum due to rounding)

The following table reconciles net income to operating net income and return on equity to operating return on equity for the periods indicated:

	For the Three Months Ended											For the Years Ended
	December 31,											December 31,
(000’s except percentages)		2025				2024			Change				2025				2024			Change
Operating Net Income Reconciliation:
Net income	$	14,760			$	5,439			171.4	%		$	40,767			$	18,358			122.1	%
Net loss (gain) on investments		901				905			(0.4)%				310				(415	)		NM
Gain on sale of real estate		—				—			NM				(1,966	)			—			NM
Net loss (gain) on investments and (gain) on sale of real estate		901				905			(0.4)%				(1,656	)			(415	)		299.0	%
Less tax benefit (expense) on net loss (gain)		189				190			(0.5)%				(348	)			(87	)		300.0	%
Net loss (gain) on investments and (gain) on sale of real estate, net of taxes		711				715			(0.6)%				(1,308	)			(327	)		300.0	%
Operating net income	$	15,471			$	6,153			151.4	%		$	39,459			$	18,031			118.8	%
Operating Return on Equity Reconciliation:
Net income	$	14,760			$	5,439			171.4	%		$	40,767			$	18,358			122.1	%
Average equity	$	115,192			$	63,189			82.3	%		$	94,720			$	50,606			87.2	%
Return on equity		12.8	%			8.6	%		4.2 pts				43.0	%			36.3	%		6.7 pts
Return on equity - annualized		51.3	%			34.4	%		16.9 pts				43.0	%			36.3	%		6.7 pts
Net loss (gain) on investments and (gain) on sale of real estate, net of taxes	$	711			$	715			(0.6)%			$	(1,308	)		$	(327	)		300.0	%
Average equity	$	115,192			$	63,189			82.3	%		$	94,720			$	50,606			87.2	%
Effect of net loss (gain) on investments and (gain) on sale of real estate, net of taxes, on return on equity		0.6	%			1.1	%		(0.5)pts			(1.4)%				(0.6)%				(0.8)pts
Operating net income	$	15,471			$	6,153			151.4	%		$	39,459			$	18,031			118.8	%
Operating net income - annualized	$	61,884			$	24,612			151.4	%		$	39,459			$	18,031			118.8	%
Average equity	$	115,192			$	63,189			82.3	%		$	94,720			$	50,606			87.2	%
Operating return on equity		13.4	%			9.7	%		3.7pts				41.7	%			35.6	%		6.1pts
Operating return on equity - annualized		53.7	%			38.9	%		14.8pts				41.7	%			35.6	%		6.1pts
(Components may not sum due to rounding)

NM = Not Meaningful

The following table reconciles the net loss ratio to the underlying loss ratio, which excludes the effect of catastrophe losses and prior-year loss reserve development  for the periods presented:

	For the Three Months Ended										For the Years Ended
	December 31,										December 31,
	2025			2024			Percentage Point Change				2025			2024			Percentage Point Change
Underlying Loss Ratio Reconciliation:
Net loss ratio	36.3	%		48.7	%		(12.4	)	pts		45.0	%		48.7	%		(3.7	)	pts
Effect of catastrophes	2.1	%		—	%		2.1		pts		1.2	%		1.9	%		(0.7	)	pts
Net loss ratio excluding the effect of catastrophes	34.2	%		48.7	%		(14.5	)	pts		43.8	%		46.8	%		(3.0	)	pts
Effect of prior-year favorable reserve development	(0.5) %			(0.4) %			(0.1	)	pts		(0.6) %			(1.4) %			0.8		pts
Underlying Loss Ratio	34.7	%		49.1	%		(14.4	)	pts		44.4	%		48.2	%		(3.8	)	pts
(Components may not sum due to rounding)

The following table reconciles the net combined ratio to the underlying combined ratio, which excludes the effect of catastrophe losses and prior-year loss reserve development for the periods presented:

	For the Three Months Ended										For the Years Ended
	December 31,										December 31,
	2025			2024			Percentage Point Change				2025			2024			Percentage Point Change
Underlying Combined Ratio Reconciliation:
Net combined ratio	64.2	%		78.5	%		(14.3	)	pts		75.0	%		80.0	%		(5.0	)	pts
Effect of catastrophes	2.1	%		—	%		2.1		pts		1.2	%		1.9	%		(0.7	)	pts
Effect of prior-year favorable reserve development	(0.5) %			(0.4) %			(0.1	)	pts		(0.6) %			(1.4) %			0.8		pts
Underlying Combined Ratio	62.6	%		78.9	%		(16.3	)	pts		74.4	%		79.5	%		(5.1	)	pts
(Components may not sum due to rounding)

KINGSTONE COMPANIES, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
	December 31, 2025				December 31, 2024
	(unaudited)
Assets
Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of $5,137,267 at December 31, 2025 and $5,959,265 at December 31, 2024)	$	6,042,348			$	7,047,342
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $296,738,055 at December 31, 2025 and $202,308,158 at December 31, 2024)		289,037,190				186,893,438
Equity securities, at fair value (cost of $13,546,654 at December 31, 2025 and $13,527,554 at December 31, 2024)		10,056,595				10,296,505
Other investments		4,552,378				4,380,656
Total investments		309,688,511				208,617,941
Cash and cash equivalents		12,178,730				28,669,441
Premiums receivable, net of allowance for credit losses of $20,831 at December 31, 2025 and $402,290 at December 31, 2024		21,012,408				21,766,988
Reinsurance receivables, net		58,996,945				69,322,436
Prepaid reinsurance		2,142,329				—
Deferred policy acquisition costs		27,867,207				24,732,371
Intangible assets		500,000				500,000
Property and equipment, net		7,897,675				9,283,970
Deferred income taxes, net		4,179,559				5,597,920
Other assets		8,961,787				6,424,776
Total assets	$	453,425,151			$	374,915,843
Liabilities
Loss and loss adjustment expense reserves	$	140,538,618			$	126,210,428
Unearned premiums		154,028,072				134,701,733
Advance premiums		4,003,453				3,503,063
Reinsurance balances payable		5,232,319				10,509,121
Deferred ceding commission revenue		8,362,529				11,541,239
Accounts payable, accrued expenses and other liabilities		11,253,649				10,570,388
Income taxes payable		2,835,135				—
Debt, net (Current $1,296,900 and long-term $3,143,227 at December 31, 2025 and current $6,849,257 and long-term $4,322,163 at December 31, 2024)		4,440,127				11,171,420
Total liabilities		330,693,902				308,207,392
Commitments and Contingencies		—				—
Stockholders' Equity
Preferred stock, $0.01 par value; authorized 2,500,000 shares		—				—
Common stock, $0.01 par value; authorized 20,000,000 shares; issued 15,921,651 shares at December 31, 2025 and 14,448,205 shares at December 31, 2024; outstanding 14,397,526 shares at December 31, 2025 and 12,924,080 shares at December 31, 2024		159,216				144,482
Capital in excess of par		99,624,713				89,063,326
Accumulated other comprehensive loss		(6,081,530	)			(12,175,476	)
Retained earnings (accumulated deficit)		34,596,857				(4,755,874	)
		128,299,256				72,276,458
Treasury stock, at cost, 1,524,125 shares at December 31, 2025 and 1,524,125 shares
at December 31, 2024		(5,568,007	)			(5,568,007	)
Total stockholders' equity		122,731,249				66,708,451
Total liabilities and stockholders' equity	$	453,425,151			$	374,915,843

KINGSTONE COMPANIES, INC. AND SUBSIDIARIES
Consolidated Statements of Income and Comprehensive Income
	For the Three Months Ended								For the Years Ended
	December 31,								December 31,
		2025				2024				2025				2024
	(Unaudited)								(Unaudited)
Revenues
Net premiums earned	$	49,463,346			$	35,967,212			$	187,126,722			$	128,497,920
Ceding commission revenue		4,734,323				4,967,198				15,674,971				18,837,946
Net investment income		2,950,830				1,906,461				9,798,764				6,823,590
Net (losses) gains on investments		(900,588	)			(904,756	)			(309,994	)			414,551
Realized gain on sale of real estate		—				—				1,965,989				—
Other income		173,346				166,968				610,849				568,096
Total revenues		56,421,257				42,103,083				214,867,301				155,142,103
Expenses
Loss and loss adjustment expenses		17,931,158				17,509,224				84,265,722				62,634,716
Commission expense		10,476,200				8,840,787				40,726,801				33,929,333
Other underwriting expenses		8,227,549				7,017,007				31,718,770				25,692,727
Other operating expenses		585,835				813,963				4,105,310				3,634,583
Depreciation and amortization		677,955				613,429				2,559,835				2,448,932
Interest expense		68,076				629,474				445,213				3,513,655
Total expenses		37,966,773				35,423,884				163,821,651				131,853,946
Income from operations before taxes		18,454,484				6,679,199				51,045,650				23,288,157
Income tax expense		3,694,823				1,240,524				10,278,522				4,929,721
Net income		14,759,661				5,438,675				40,767,128				18,358,436
Other comprehensive income, net of tax
Gross (increase) decrease in unrealized losses on available-for-sale-securities		628,661				(3,971,325	)			7,491,149				111,446
Reclassification adjustment for losses included in net income		210,580				2,511				222,706				13,979
Net (increase) decrease in unrealized losses		839,241				(3,968,814	)			7,713,855				125,425
Income tax benefit (expense) related to items of other comprehensive income (loss)		(176,241	)			833,451				(1,619,909	)			(26,338	)
Other comprehensive income (loss), net of tax		663,000				(3,135,363	)			6,093,946				99,087
Comprehensive income	$	15,422,661			$	2,303,312			$	46,861,074			$	18,457,523
Earnings per common share:
Basic	$	1.04			$	0.44			$	2.93			$	1.60
Diluted	$	1.03			$	0.40			$	2.88			$	1.48
Weighted average common shares outstanding
Basic		14,153,746				12,482,146				13,926,024				11,478,899
Diluted		14,383,270				13,491,412				14,143,173				12,423,769
Dividends declared and paid per common share	$	0.05			$	—			$	0.10			$	—

FAQ

What were Kingstone's (KINS) full-year 2025 net income and growth rate?

Kingstone reported $40.8 million net income for FY 2025, a 122% increase. According to the company, stronger underwriting results and premium and investment income growth drove the year-over-year improvement.

How much did Kingstone's (KINS) net premiums earned grow in 2025?

Net premiums earned grew to $187.1 million, up 45.6% versus 2024. According to the company, growth was driven by higher direct premiums written and improved policy mix, including higher 'Select' policy penetration.

What guidance did Kingstone (KINS) provide for 2026 direct premiums written and profitability?

Kingstone expects 16%–20% direct premiums written growth in 2026 and an underlying combined ratio of 74%–76%. According to the company, guidance reflects continued New York growth and measured expansion into California.

What was Kingstone's (KINS) FY 2025 return on equity and book value per share?

FY 2025 return on equity was 43.0%, and diluted book value per share was $8.28, up 75%. According to the company, capital strength reflects profitable underwriting and retained earnings accumulation.

How did Kingstone (KINS) perform in the fourth quarter of 2025 on combined ratio and EPS?

Q4 GAAP net combined ratio was 64.2% and diluted EPS was $1.03. According to the company, lower loss frequency and expense efficiency contributed to unusually strong quarterly metrics.

How sensitive is Kingstone's (KINS) 2026 outlook to catastrophe losses?

Each 1.0 point change in catastrophe loss ratio is ~$2.5 million pre-tax, about $0.13 per diluted share. According to the company, this sensitivity underlies its 2026 catastrophe ratio assumption of 7%–10%.