Kingstone Companies Inc (NASDAQ:KINS) saw its stock trade higher by 10% on Wednesday after the Kingston, New York-based regional property-and-casualty insurer released preliminary, record results for the fourth quarter and full year 2025.
The company reported a materially stronger underwriting performance in the fourth quarter, with a GAAP net combined ratio estimated between 64% and 66%. That compares with a combined ratio of 79% in the same quarter a year earlier, representing an improvement of 13 to 15 percentage points. For the full year 2025, Kingstone’s GAAP net combined ratio is projected in the 75% to 77% range, an improvement from 80% in 2024.
On an operating basis, net income per diluted share for the fourth quarter is expected to be between $1.03 and $1.08. That range represents a 124% to 135% increase versus $0.46 reported in the fourth quarter of 2024. For the full year 2025, the company anticipates net income per diluted share of $2.80 to $2.88, an increase of 89% to 95% from $1.48 in 2024.
Kingstone also reported growth in written premium volume. Direct premiums written in the fourth quarter reached $83 million, up 14% from $73 million in the year-ago quarter. For the entire year 2025, direct premiums written rose 15% to $278 million, up from $242 million in 2024.
Profitability measures reflected the improved results. The company projects a fourth-quarter return on equity in the 49% to 51% range, compared with 34% in the same quarter a year earlier. Full-year 2025 return on equity is estimated at 41% to 43%, versus 36% in 2024.
Kingstone said its Select product line has continued to gain share among its policies in force, now accounting for 57% of policies, up from 45% a year earlier.
Management has scheduled a conference call to discuss fourth-quarter results on Friday, March 6. The figures released are preliminary and are presented as ranges for several metrics.
Sections impacted
- Insurance sector - regional property-and-casualty operations
- Financials - underwriting performance and capital returns