<p><strong>Kinsale Capital Group</strong>（KNSL 0.79%）是一家专注于超额和盈余（E&amp;S）市场的专业财产和意外险保险公司，于 2025 年 7 月 24 日发布了季度业绩。主要消息是关键指标的明显超出预期：非 GAAP 每股收益（EPS）达到了 4.78 美元（预期为 4.41 美元）。由于商业财产部门的激烈竞争和费率压力，毛保费增长较去年有所放缓。该季度的运营回报和利润率仍远高于行业平均水平，非 GAAP 的股本回报率为 27.0%，确认了公司在顶线增长面临阻力时的成本控制和细分市场专注。</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度预估</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（非 GAAP）</td>
<td>4.78 美元</td>
<td>4.41 美元</td>
<td>3.75 美元</td>
<td>27.5%</td>
</tr>
<tr>
<td>收入（GAAP）</td>
<td>4.698 亿美元</td>
<td>4.242 亿美元</td>
<td>3.846 亿美元</td>
<td>22.2%</td>
</tr>
<tr>
<td>净投资收入</td>
<td>4650 万美元</td>
<td></td>
<td>3580 万美元</td>
<td>29.9%</td>
</tr>
<tr>
<td>毛保费</td>
<td>5.555 亿美元</td>
<td></td>
<td>5.298 亿美元</td>
<td>4.8%</td>
</tr>
<tr>
<td>承保收入（非 GAAP）</td>
<td>9550 万美元</td>
<td></td>
<td>7610 万美元</td>
<td>25.5%</td>
</tr>
<tr>
<td>综合比率</td>
<td>75.8%</td>
<td></td>
<td>77.7%</td>
<td>(1.9) pp</td>
</tr>
</tbody>
</table>
<p>来源：FactSet 提供的季度分析师预估。</p>
<h2>关于 Kinsale Capital Group 及其商业模式</h2>
<p>Kinsale Capital Group 是一家专注于 E&amp;S 市场的保险公司。该领域涵盖了大多数标准保险公司避免的异常或难以承保的风险，例如新兴企业、高风险运营以及位于诉讼较多的司法管辖区的企业。其核心专长在于对每个账户进行单独承保，使其能够在保险行业中保持更严格的控制和更高的利润率，该领域的价格竞争性低于标准市场。</p>
<p>近年来，Kinsale 专注于三个主要驱动因素：严格的承保、用于成本效率的专有技术以及谨慎的灾难风险管理。几乎所有的保费收入都来自商业险，特别是较小的 E&amp;S 账户，公司在定价和风险选择上保持完全控制。其集成技术平台帮助保持行业中最低的运营成本，从而支持了盈利能力和市场扩展。</p>
<h2>本季度亮点和关键发展</h2>
<p>公司实现了创纪录的净收入，并在非 GAAP 每股收益和 GAAP 收入上均大幅超出预期。净收入（GAAP）上升至 1.341 亿美元。股本回报率是衡量保险公司盈利能力的关键指标，计算方式为年化净收入或运营收益除以股本，保持在 27.0%（非 GAAP），远高于行业平均水平。承保收入，即净赚保费减去索赔和运营费用，同比上升 25.5%。综合比率——衡量用于索赔和管理费用的保费百分比（低于 100% 被视为盈利）——从 77.7% 改善至 75.8%。</p>
<p>毛保费，即在此期间新承保的保险业务金额，增长了 4.9%。虽然这一增长仍然是积极的，但相比之前的两位数增长有所放缓。放缓主要集中在商业财产部门，毛保费下降了 16.8%。管理层将此归因于行业范围内约 20% 的保费率下降和年初竞争加剧。除商业财产外，其他部门的毛保费增长了 14.3%，显示出较小的财产、意外和个人险产品的健康活动。</p>
<p>公司的投资组合也作出了积极贡献，净投资收入增长了 29.6%，得益于更大的资产池和稳定的固定收益收益率。上半年的年化毛投资回报率为 4.3%，投资组合保持保守定位，信用质量高（AA-平均）且加权平均久期略超过三年。现金和投资从年初的 41 亿美元增加到 46 亿美元。每股账面价值（GAAP）从 2024 年 12 月 31 日的 63.75 美元增加到 2025 年 6 月 30 日的 73.93 美元，增长了 15.96%。</p>
<p>然而，截止目前的税后灾难损失在上半年的急剧上升至 2080 万美元，而 2024 年上半年的损失为 320 万美元，反映了年初的事件。公司继续进行增量股票回购（1000 万美元），年化运营股本回报率从 28.8% 降至 24.7%，变化主要反映了更大的股本基础和更高的灾难索赔的影响。</p>
<h2>Kinsale Capital Group 的产品线和市场聚焦</h2>
<p>Kinsale 最大的细分市场是商业财产保险，涵盖高风险企业的物理设施和建筑。该部门的下滑导致增长放缓。由于其他 E&amp;S 承保商和传统保险公司在响应前几年的收益时寻求承保更多财产业务，竞争加剧。随着这一领域的费率从 2024 年中期的高峰回落，管理层强调将专注于盈利而非增长，并不会以其认为对风险过于激进的价格承保。</p>
<p>公司的个人险产品，包括高价值房主险、制造房屋险和细分财产政策，继续以两位数的速度扩张。管理层指出，尤其是在加利福尼亚等市场受到干扰的州，新的机会正在出现。其他意外险产品，如商业汽车和一般意外险，价格和整体保费增长温和。提交增长，作为未来承保保费的领先指标，在商业财产线以外增长了 11%，显示出非财产细分市场的积极增长趋势。</p>
<p>Kinsale 的专有技术平台支撑了其效率。</p>
<p>针对保险市场中波动的灾难索赔，公司部署了详细的灾难模型，并维持强大的再保险计划。这将风险分散到其他保险公司，并帮助限制任何单一事件的财务影响。管理层强调其持续的保守策略，索赔的账面准备金保持在高水平，尤其是对于像建筑保险这样的长期责任险。公司报告了净有利的前期准备金发展，表明之前对最终索赔支付的估计普遍较为保守，实际成本低于预期。</p>
<h2>展望未来：管理层的观点和前瞻性主题</h2>
<p>公司没有对即将到来的季度或财政年度发布定量的前瞻性指引。然而，管理层评论称，商业物业部门的增长阻力在下半年应该会减轻，因为大多数物业续保发生在上半年，保费比较会变得更容易，但公司整体的毛书面保费增长可能仍会保持较为温和，除非市场定价或竞争条件发生变化。</p>
<p>投资者应关注 E&amp;S 市场竞争强度的演变，特别是随着新进入者和 “前端公司” 寻求市场份额。管理层对当前的竞争水平充满信心，尤其是来自那些以微薄或负边际撰写业务的低效竞争者的竞争，这种情况在长期内是不可持续的。此外，年初至今灾难损失的近期激增突显了风险管理和准备金纪律的重要性。前期准备金发展的趋势将持续作为承保质量的信号，而公司每季度继续进行定期、增量的股票回购，预计会在机会出现时进行更大规模的回购。</p>
<p><em>除非另有说明，收入和净收入均采用美国公认会计原则（GAAP）呈现。</em></p>

KNSL

<p>Kinsale Capital Group 报告了 2025 年第二季度的强劲业绩，非公认会计原则每股收益为 4.78 美元，超过了 4.41 美元的预期。毛保费增长了 4.9%，尽管商业地产部门由于竞争加剧和费率压力面临 16.8% 的下降。公司实现净收入 1.341 亿美元，股本回报率为 27.0%。尽管灾难损失有所上升，Kinsale 的严格承保和以技术驱动的方法支持了盈利能力和市场扩张。公司在当前竞争激烈的环境中，仍然专注于保持盈利能力，而非激进增长</p>

<p><strong>Kinsale Capital Group</strong>(KNSL 0.79%), a specialty property and casualty insurer focusing on the excess and surplus (E&amp;S) market, released its results for the quarter on July 24, 2025. The main news was a clear outperformance on key metrics: non-GAAP EPS reached $4.78 (versus estimates of $4.41). Gross written premium growth decelerated compared to the prior year due to heavy competition and rate pressure in its Commercial Property division. The quarter saw operating returns and profit margins remain well above industry averages, with operating return on equity (non-GAAP) at 27.0%, confirming the company’s cost discipline and niche market focus even as top-line growth faced headwinds.</p>
<div class="lb-trans"><p><strong>Kinsale Capital Group</strong>（KNSL 0.79%）是一家专注于超额和盈余（E&amp;S）市场的专业财产和意外险保险公司，于 2025 年 7 月 24 日发布了季度业绩。主要消息是关键指标的明显超出预期：非 GAAP 每股收益（EPS）达到了 4.78 美元（预期为 4.41 美元）。由于商业财产部门的激烈竞争和费率压力，毛保费增长较去年有所放缓。该季度的运营回报和利润率仍远高于行业平均水平，非 GAAP 的股本回报率为 27.0%，确认了公司在顶线增长面临阻力时的成本控制和细分市场专注。</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q2 2025</th>
<th>Q2 2025 Estimate</th>
<th>Q2 2024</th>
<th>Y/Y Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS (Non-GAAP)</td>
<td>$4.78</td>
<td>$4.41</td>
<td>$3.75</td>
<td>27.5%</td>
</tr>
<tr>
<td>Revenue (GAAP)</td>
<td>$469.8 million</td>
<td>$424.2 million</td>
<td>$384.6 million</td>
<td>22.2%</td>
</tr>
<tr>
<td>Net Investment Income</td>
<td>$46.5 million</td>
<td></td>
<td>$35.8 million</td>
<td>29.9%</td>
</tr>
<tr>
<td>Gross Written Premiums</td>
<td>$555.5 million</td>
<td></td>
<td>$529.8 million</td>
<td>4.8%</td>
</tr>
<tr>
<td>Underwriting Income (Non-GAAP)</td>
<td>$95.5 million</td>
<td></td>
<td>$76.1 million</td>
<td>25.5%</td>
</tr>
<tr>
<td>Combined Ratio</td>
<td>75.8%</td>
<td></td>
<td>77.7%</td>
<td>(1.9) pp</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度预估</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（非 GAAP）</td>
<td>4.78 美元</td>
<td>4.41 美元</td>
<td>3.75 美元</td>
<td>27.5%</td>
</tr>
<tr>
<td>收入（GAAP）</td>
<td>4.698 亿美元</td>
<td>4.242 亿美元</td>
<td>3.846 亿美元</td>
<td>22.2%</td>
</tr>
<tr>
<td>净投资收入</td>
<td>4650 万美元</td>
<td></td>
<td>3580 万美元</td>
<td>29.9%</td>
</tr>
<tr>
<td>毛保费</td>
<td>5.555 亿美元</td>
<td></td>
<td>5.298 亿美元</td>
<td>4.8%</td>
</tr>
<tr>
<td>承保收入（非 GAAP）</td>
<td>9550 万美元</td>
<td></td>
<td>7610 万美元</td>
<td>25.5%</td>
</tr>
<tr>
<td>综合比率</td>
<td>75.8%</td>
<td></td>
<td>77.7%</td>
<td>(1.9) pp</td>
</tr>
</tbody>
</table>
</div><p>Source: Analyst estimates for the quarter provided by FactSet.</p>
<div class="lb-trans"><p>来源：FactSet 提供的季度分析师预估。</p>
</div><h2>About Kinsale Capital Group and Its Business Approach</h2>
<div class="lb-trans"><h2>关于 Kinsale Capital Group 及其商业模式</h2>
</div><p>Kinsale Capital Group is an insurer that specializes in the E&amp;S market. This space covers unusual or hard-to-place risks that most standard insurers avoid, such as new businesses, high-risk operations, and those located in more litigious jurisdictions. Its core expertise lies in individually underwriting each account, allowing it to maintain tighter control and higher margins in a part of the insurance world that is less price competitive than the standard market.</p>
<div class="lb-trans"><p>Kinsale Capital Group 是一家专注于 E&amp;S 市场的保险公司。该领域涵盖了大多数标准保险公司避免的异常或难以承保的风险，例如新兴企业、高风险运营以及位于诉讼较多的司法管辖区的企业。其核心专长在于对每个账户进行单独承保，使其能够在保险行业中保持更严格的控制和更高的利润率，该领域的价格竞争性低于标准市场。</p>
</div><p>In recent years, Kinsale has focused on three main drivers: disciplined underwriting, proprietary technology for cost efficiency, and careful catastrophe risk management. Nearly all of its premium volume comes from commercial lines, particularly smaller E&amp;S accounts where the company maintains full control over pricing and risk selection. Its integrated technology platform helps keep operating costs among the lowest in the industry, which has supported both profitability and market expansion.</p>
<div class="lb-trans"><p>近年来，Kinsale 专注于三个主要驱动因素：严格的承保、用于成本效率的专有技术以及谨慎的灾难风险管理。几乎所有的保费收入都来自商业险，特别是较小的 E&amp;S 账户，公司在定价和风险选择上保持完全控制。其集成技术平台帮助保持行业中最低的运营成本，从而支持了盈利能力和市场扩展。</p>
</div><h2>Highlights and Key Developments During the Quarter</h2>
<div class="lb-trans"><h2>本季度亮点和关键发展</h2>
</div><p>The company delivered record net income and strong beats on both non-GAAP EPS and GAAP revenue. Net income (GAAP) rose to $134.1 million. Operating return on equity, a key measure of profitability for insurers and calculated as annualized net income or operating earnings divided by equity, remained well above industry averages at 27.0% (non-GAAP). Underwriting income, which is net earned premiums minus claims and operating expenses, rose 25.5% compared to the same period last year. The combined ratio--which measures the percentage of premiums spent on claims and overhead (with anything below 100% considered profitable)--improved from 77.7% to 75.8%.</p>
<div class="lb-trans"><p>公司实现了创纪录的净收入，并在非 GAAP 每股收益和 GAAP 收入上均大幅超出预期。净收入（GAAP）上升至 1.341 亿美元。股本回报率是衡量保险公司盈利能力的关键指标，计算方式为年化净收入或运营收益除以股本，保持在 27.0%（非 GAAP），远高于行业平均水平。承保收入，即净赚保费减去索赔和运营费用，同比上升 25.5%。综合比率——衡量用于索赔和管理费用的保费百分比（低于 100% 被视为盈利）——从 77.7% 改善至 75.8%。</p>
</div><p>Gross written premiums, the amount of new insurance business booked during the period, increased by 4.9%. While this was still positive, it was a step down from previous double-digit increases. The slowdown was concentrated in the Commercial Property division, where gross written premium declined by 16.8%. Management attributed this to industry-wide premium rate declines of about 20% and intensified competition earlier in the year. Excluding Commercial Property, other divisions grew gross written premiums by 14.3%, showing healthy activity in smaller property, casualty, and personal lines insurance products.</p>
<div class="lb-trans"><p>毛保费，即在此期间新承保的保险业务金额，增长了 4.9%。虽然这一增长仍然是积极的，但相比之前的两位数增长有所放缓。放缓主要集中在商业财产部门，毛保费下降了 16.8%。管理层将此归因于行业范围内约 20% 的保费率下降和年初竞争加剧。除商业财产外，其他部门的毛保费增长了 14.3%，显示出较小的财产、意外和个人险产品的健康活动。</p>
</div><p>The company’s investment portfolio also contributed positively, with net investment income up 29.6% due to a larger pool of assets and steady fixed-income yields. The annualized gross investment return was 4.3% for the first half of the year, and the portfolio remained conservatively positioned with high credit quality (AA- average) and a weighted average duration of just over three years. Cash and investments rose from $4.1 billion to $4.6 billion since year end. Book value per share (GAAP) increased 15.96% from $63.75 at December 31, 2024, to $73.93 at June 30, 2025.</p>
<div class="lb-trans"><p>公司的投资组合也作出了积极贡献，净投资收入增长了 29.6%，得益于更大的资产池和稳定的固定收益收益率。上半年的年化毛投资回报率为 4.3%，投资组合保持保守定位，信用质量高（AA-平均）且加权平均久期略超过三年。现金和投资从年初的 41 亿美元增加到 46 亿美元。每股账面价值（GAAP）从 2024 年 12 月 31 日的 63.75 美元增加到 2025 年 6 月 30 日的 73.93 美元，增长了 15.96%。</p>
</div><p>However, Year-to-date after-tax catastrophe losses rose sharply to $20.8 million for the first half of the year from $3.2 million for the first half of 2024, reflecting events earlier in the year. The company continued incremental stock buybacks ($10 million), and annualized operating return on equity moderated from 28.8 % to 24.7 %, with the change mainly reflecting a larger equity base and the impact of higher catastrophe claims.</p>
<div class="lb-trans"><p>然而，截止目前的税后灾难损失在上半年的急剧上升至 2080 万美元，而 2024 年上半年的损失为 320 万美元，反映了年初的事件。公司继续进行增量股票回购（1000 万美元），年化运营股本回报率从 28.8% 降至 24.7%，变化主要反映了更大的股本基础和更高的灾难索赔的影响。</p>
</div><h2>Kinsale Capital Group’s Product Lines and Market Focus</h2>
<div class="lb-trans"><h2>Kinsale Capital Group 的产品线和市场聚焦</h2>
</div><p>Kinsale’s largest segment is Commercial Property insurance, covering physical plants and buildings for higher-risk businesses. The downturn in this division caused growth to decelerate. Competition intensified as both other E&amp;S carriers and traditional insurers sought to write more property business in response to prior years’ gains. With rates for this line having fallen from their mid-2024 peak, management highlighted that it will focus on profitability over growth, and will not write policies at prices it considers too aggressive for the risk.</p>
<div class="lb-trans"><p>Kinsale 最大的细分市场是商业财产保险，涵盖高风险企业的物理设施和建筑。该部门的下滑导致增长放缓。由于其他 E&amp;S 承保商和传统保险公司在响应前几年的收益时寻求承保更多财产业务，竞争加剧。随着这一领域的费率从 2024 年中期的高峰回落，管理层强调将专注于盈利而非增长，并不会以其认为对风险过于激进的价格承保。</p>
</div><p>The company’s personal lines, which include products such as high-value homeowners, manufactured homes, and niche property policies, continued to expand at a double-digit pace. Management noted that new opportunities are emerging here, especially in market-disrupted states like California. Other casualty lines, such as commercial auto and general casualty, saw modest pricing and overall premium growth. Submission growth, a leading indicator for future written premium, grew 11% outside of Commercial Property lines, signaling a positive growth trend in non-property segments.</p>
<div class="lb-trans"><p>公司的个人险产品，包括高价值房主险、制造房屋险和细分财产政策，继续以两位数的速度扩张。管理层指出，尤其是在加利福尼亚等市场受到干扰的州，新的机会正在出现。其他意外险产品，如商业汽车和一般意外险，价格和整体保费增长温和。提交增长，作为未来承保保费的领先指标，在商业财产线以外增长了 11%，显示出非财产细分市场的积极增长趋势。</p>
</div><p>Kinsale’s proprietary technology platform underpins its efficiency.</p>
<div class="lb-trans"><p>Kinsale 的专有技术平台支撑了其效率。</p>
</div><p>In response to volatile catastrophe claims across the insurance market, the company deploys detailed catastrophe models and maintains a robust reinsurance program. This spreads risk across other insurers and helps limit any single event’s financial impact. Management emphasized its continued conservative approach, with book reserves for claims held at high levels, especially for long-tail lines like construction insurance. The company reported net favorable prior year reserve development, indicating that prior estimates of eventual claim payouts were generally conservative and actual costs have been lower than expected.</p>
<div class="lb-trans"><p>针对保险市场中波动的灾难索赔，公司部署了详细的灾难模型，并维持强大的再保险计划。这将风险分散到其他保险公司，并帮助限制任何单一事件的财务影响。管理层强调其持续的保守策略，索赔的账面准备金保持在高水平，尤其是对于像建筑保险这样的长期责任险。公司报告了净有利的前期准备金发展，表明之前对最终索赔支付的估计普遍较为保守，实际成本低于预期。</p>
</div><h2>Looking Ahead: Management’s Perspective and Forward-Looking Themes</h2>
<div class="lb-trans"><h2>展望未来：管理层的观点和前瞻性主题</h2>
</div><p>The company did not issue quantitative forward guidance for the coming quarter or fiscal year. However, management commented that growth headwinds in the Commercial Property division should ease in the latter half of the year, as most property renewals occur in the first half and premium comparisons get easier, but company-wide gross written premium growth is likely to remain more modest unless market pricing or competitive conditions shift.</p>
<div class="lb-trans"><p>公司没有对即将到来的季度或财政年度发布定量的前瞻性指引。然而，管理层评论称，商业物业部门的增长阻力在下半年应该会减轻，因为大多数物业续保发生在上半年，保费比较会变得更容易，但公司整体的毛书面保费增长可能仍会保持较为温和，除非市场定价或竞争条件发生变化。</p>
</div><p>Investors should watch the evolution of competitive intensity in the E&amp;S market, especially as new entrants and “fronting companies” seek market share. Management is confident that current levels of competition, particularly from less efficient competitors writing business at slim or negative margins, are not sustainable long-term. Additionally, the recent spike in catastrophe losses year-to-date highlights the importance of risk management and reserving discipline. Trends in prior-year reserve development will be an ongoing signal of underwriting quality, while the company continues to perform regular, incremental share repurchases each quarter, with larger purchases expected opportunistically.</p>
<div class="lb-trans"><p>投资者应关注 E&amp;S 市场竞争强度的演变，特别是随着新进入者和 “前端公司” 寻求市场份额。管理层对当前的竞争水平充满信心，尤其是来自那些以微薄或负边际撰写业务的低效竞争者的竞争，这种情况在长期内是不可持续的。此外，年初至今灾难损失的近期激增突显了风险管理和准备金纪律的重要性。前期准备金发展的趋势将持续作为承保质量的信号，而公司每季度继续进行定期、增量的股票回购，预计会在机会出现时进行更大规模的回购。</p>
</div><p><em>Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.</em></p>
<div class="lb-trans"><p><em>除非另有说明，收入和净收入均采用美国公认会计原则（GAAP）呈现。</em></p>
</div>

Kinsale Capital 报告第二季度利润大幅增长