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 Meaningful1 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[email protected] 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 ...
