<p><strong>Kinsale Capital Group</strong>（KNSL 0.79%）是一家專注於超額和盈餘（E&amp;S）市場的專業財產和意外險保險公司，於 2025 年 7 月 24 日發佈了季度業績。主要消息是關鍵指標的明顯超出預期：非 GAAP 每股收益（EPS）達到了 4.78 美元（預期為 4.41 美元）。由於商業財產部門的激烈競爭和費率壓力，毛保費增長較去年有所放緩。該季度的運營回報和利潤率仍遠高於行業平均水平，非 GAAP 的股本回報率為 27.0%，確認了公司在頂線增長面臨阻力時的成本控制和細分市場專注。</p>
<table>
<thead>
<tr>
<th>指標</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度預估</th>
<th>2024 年第二季度</th>
<th>同比變化</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 億美元</td>
<td>4.242 億美元</td>
<td>3.846 億美元</td>
<td>22.2%</td>
</tr>
<tr>
<td>淨投資收入</td>
<td>4650 萬美元</td>
<td></td>
<td>3580 萬美元</td>
<td>29.9%</td>
</tr>
<tr>
<td>毛保費</td>
<td>5.555 億美元</td>
<td></td>
<td>5.298 億美元</td>
<td>4.8%</td>
</tr>
<tr>
<td>承保收入（非 GAAP）</td>
<td>9550 萬美元</td>
<td></td>
<td>7610 萬美元</td>
<td>25.5%</td>
</tr>
<tr>
<td>綜合比率</td>
<td>75.8%</td>
<td></td>
<td>77.7%</td>
<td>(1.9) pp</td>
</tr>
</tbody>
</table>
<p>來源：FactSet 提供的季度分析師預估。</p>
<h2>關於 Kinsale Capital Group 及其商業模式</h2>
<p>Kinsale Capital Group 是一家專注於 E&amp;S 市場的保險公司。該領域涵蓋了大多數標準保險公司避免的異常或難以承保的風險，例如新興企業、高風險運營以及位於訴訟較多的司法管轄區的企業。其核心專長在於對每個賬户進行單獨承保，使其能夠在保險行業中保持更嚴格的控制和更高的利潤率，該領域的價格競爭性低於標準市場。</p>
<p>近年來，Kinsale 專注於三個主要驅動因素：嚴格的承保、用於成本效率的專有技術以及謹慎的災難風險管理。幾乎所有的保費收入都來自商業險，特別是較小的 E&amp;S 賬户，公司在定價和風險選擇上保持完全控制。其集成技術平台幫助保持行業中最低的運營成本，從而支持了盈利能力和市場擴展。</p>
<h2>本季度亮點和關鍵發展</h2>
<p>公司實現了創紀錄的淨收入，並在非 GAAP 每股收益和 GAAP 收入上均大幅超出預期。淨收入（GAAP）上升至 1.341 億美元。股本回報率是衡量保險公司盈利能力的關鍵指標，計算方式為年化淨收入或運營收益除以股本，保持在 27.0%（非 GAAP），遠高於行業平均水平。承保收入，即淨賺保費減去索賠和運營費用，同比上升 25.5%。綜合比率——衡量用於索賠和管理費用的保費百分比（低於 100% 被視為盈利）——從 77.7% 改善至 75.8%。</p>
<p>毛保費，即在此期間新承保的保險業務金額，增長了 4.9%。雖然這一增長仍然是積極的，但相比之前的兩位數增長有所放緩。放緩主要集中在商業財產部門，毛保費下降了 16.8%。管理層將此歸因於行業範圍內約 20% 的保費率下降和年初競爭加劇。除商業財產外，其他部門的毛保費增長了 14.3%，顯示出較小的財產、意外和個人險產品的健康活動。</p>
<p>公司的投資組合也作出了積極貢獻，淨投資收入增長了 29.6%，得益於更大的資產池和穩定的固定收益收益率。上半年的年化毛投資回報率為 4.3%，投資組合保持保守定位，信用質量高（AA-平均）且加權平均久期略超過三年。現金和投資從年初的 41 億美元增加到 46 億美元。每股賬面價值（GAAP）從 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，增長了 15.96%。</p>
<p>然而，截止目前的税後災難損失在上半年的急劇上升至 2080 萬美元，而 2024 年上半年的損失為 320 萬美元，反映了年初的事件。公司繼續進行增量股票回購（1000 萬美元），年化運營股本回報率從 28.8% 降至 24.7%，變化主要反映了更大的股本基礎和更高的災難索賠的影響。</p>
<h2>Kinsale Capital Group 的產品線和市場聚焦</h2>
<p>Kinsale 最大的細分市場是商業財產保險，涵蓋高風險企業的物理設施和建築。該部門的下滑導致增長放緩。由於其他 E&amp;S 承保商和傳統保險公司在響應前幾年的收益時尋求承保更多財產業務，競爭加劇。隨着這一領域的費率從 2024 年中期的高峰回落，管理層強調將專注於盈利而非增長，並不會以其認為對風險過於激進的價格承保。</p>
<p>公司的個人險產品，包括高價值房主險、製造房屋險和細分財產政策，繼續以兩位數的速度擴張。管理層指出，尤其是在加利福尼亞等市場受到干擾的州，新的機會正在出現。其他意外險產品，如商業汽車和一般意外險，價格和整體保費增長温和。提交增長，作為未來承保保費的領先指標，在商業財產線以外增長了 11%，顯示出非財產細分市場的積極增長趨勢。</p>
<p>Kinsale 的專有技術平台支撐了其效率。</p>
<p>針對保險市場中波動的災難索賠，公司部署了詳細的災難模型，並維持強大的再保險計劃。這將風險分散到其他保險公司，並幫助限制任何單一事件的財務影響。管理層強調其持續的保守策略，索賠的賬面準備金保持在高水平，尤其是對於像建築保險這樣的長期責任險。公司報告了淨有利的前期準備金發展，表明之前對最終索賠支付的估計普遍較為保守，實際成本低於預期。</p>
<h2>展望未來：管理層的觀點和前瞻性主題</h2>
<p>公司沒有對即將到來的季度或財政年度發佈定量的前瞻性指引。然而，管理層評論稱，商業物業部門的增長阻力在下半年應該會減輕，因為大多數物業續保發生在上半年，保費比較會變得更容易，但公司整體的毛書面保費增長可能仍會保持較為温和，除非市場定價或競爭條件發生變化。</p>
<p>投資者應關注 E&amp;S 市場競爭強度的演變，特別是隨着新進入者和 “前端公司” 尋求市場份額。管理層對當前的競爭水平充滿信心，尤其是來自那些以微薄或負邊際撰寫業務的低效競爭者的競爭，這種情況在長期內是不可持續的。此外，年初至今災難損失的近期激增突顯了風險管理和準備金紀律的重要性。前期準備金發展的趨勢將持續作為承保質量的信號，而公司每季度繼續進行定期、增量的股票回購，預計會在機會出現時進行更大規模的回購。</p>
<p><em>除非另有説明，收入和淨收入均採用美國公認會計原則（GAAP）呈現。</em></p>

KNSL

<p>Kinsale Capital Group 報告了 2025 年第二季度的強勁業績，非公認會計原則每股收益為 4.78 美元，超過了 4.41 美元的預期。毛保費增長了 4.9%，儘管商業地產部門由於競爭加劇和費率壓力面臨 16.8% 的下降。公司實現淨收入 1.341 億美元，股本回報率為 27.0%。儘管災難損失有所上升，Kinsale 的嚴格承保和以技術驅動的方法支持了盈利能力和市場擴張。公司在當前競爭激烈的環境中，仍然專注於保持盈利能力，而非激進增長</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%）是一家專注於超額和盈餘（E&amp;S）市場的專業財產和意外險保險公司，於 2025 年 7 月 24 日發佈了季度業績。主要消息是關鍵指標的明顯超出預期：非 GAAP 每股收益（EPS）達到了 4.78 美元（預期為 4.41 美元）。由於商業財產部門的激烈競爭和費率壓力，毛保費增長較去年有所放緩。該季度的運營回報和利潤率仍遠高於行業平均水平，非 GAAP 的股本回報率為 27.0%，確認了公司在頂線增長面臨阻力時的成本控制和細分市場專注。</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>指標</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度預估</th>
<th>2024 年第二季度</th>
<th>同比變化</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 億美元</td>
<td>4.242 億美元</td>
<td>3.846 億美元</td>
<td>22.2%</td>
</tr>
<tr>
<td>淨投資收入</td>
<td>4650 萬美元</td>
<td></td>
<td>3580 萬美元</td>
<td>29.9%</td>
</tr>
<tr>
<td>毛保費</td>
<td>5.555 億美元</td>
<td></td>
<td>5.298 億美元</td>
<td>4.8%</td>
</tr>
<tr>
<td>承保收入（非 GAAP）</td>
<td>9550 萬美元</td>
<td></td>
<td>7610 萬美元</td>
<td>25.5%</td>
</tr>
<tr>
<td>綜合比率</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>來源：FactSet 提供的季度分析師預估。</p>
</div><h2>About Kinsale Capital Group and Its Business Approach</h2>
<div class="lb-trans"><h2>關於 Kinsale Capital Group 及其商業模式</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 是一家專注於 E&amp;S 市場的保險公司。該領域涵蓋了大多數標準保險公司避免的異常或難以承保的風險，例如新興企業、高風險運營以及位於訴訟較多的司法管轄區的企業。其核心專長在於對每個賬户進行單獨承保，使其能夠在保險行業中保持更嚴格的控制和更高的利潤率，該領域的價格競爭性低於標準市場。</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>近年來，Kinsale 專注於三個主要驅動因素：嚴格的承保、用於成本效率的專有技術以及謹慎的災難風險管理。幾乎所有的保費收入都來自商業險，特別是較小的 E&amp;S 賬户，公司在定價和風險選擇上保持完全控制。其集成技術平台幫助保持行業中最低的運營成本，從而支持了盈利能力和市場擴展。</p>
</div><h2>Highlights and Key Developments During the Quarter</h2>
<div class="lb-trans"><h2>本季度亮點和關鍵發展</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>公司實現了創紀錄的淨收入，並在非 GAAP 每股收益和 GAAP 收入上均大幅超出預期。淨收入（GAAP）上升至 1.341 億美元。股本回報率是衡量保險公司盈利能力的關鍵指標，計算方式為年化淨收入或運營收益除以股本，保持在 27.0%（非 GAAP），遠高於行業平均水平。承保收入，即淨賺保費減去索賠和運營費用，同比上升 25.5%。綜合比率——衡量用於索賠和管理費用的保費百分比（低於 100% 被視為盈利）——從 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>毛保費，即在此期間新承保的保險業務金額，增長了 4.9%。雖然這一增長仍然是積極的，但相比之前的兩位數增長有所放緩。放緩主要集中在商業財產部門，毛保費下降了 16.8%。管理層將此歸因於行業範圍內約 20% 的保費率下降和年初競爭加劇。除商業財產外，其他部門的毛保費增長了 14.3%，顯示出較小的財產、意外和個人險產品的健康活動。</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>公司的投資組合也作出了積極貢獻，淨投資收入增長了 29.6%，得益於更大的資產池和穩定的固定收益收益率。上半年的年化毛投資回報率為 4.3%，投資組合保持保守定位，信用質量高（AA-平均）且加權平均久期略超過三年。現金和投資從年初的 41 億美元增加到 46 億美元。每股賬面價值（GAAP）從 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，增長了 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，截止目前的税後災難損失在上半年的急劇上升至 2080 萬美元，而 2024 年上半年的損失為 320 萬美元，反映了年初的事件。公司繼續進行增量股票回購（1000 萬美元），年化運營股本回報率從 28.8% 降至 24.7%，變化主要反映了更大的股本基礎和更高的災難索賠的影響。</p>
</div><h2>Kinsale Capital Group’s Product Lines and Market Focus</h2>
<div class="lb-trans"><h2>Kinsale Capital Group 的產品線和市場聚焦</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 最大的細分市場是商業財產保險，涵蓋高風險企業的物理設施和建築。該部門的下滑導致增長放緩。由於其他 E&amp;S 承保商和傳統保險公司在響應前幾年的收益時尋求承保更多財產業務，競爭加劇。隨着這一領域的費率從 2024 年中期的高峰回落，管理層強調將專注於盈利而非增長，並不會以其認為對風險過於激進的價格承保。</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>公司的個人險產品，包括高價值房主險、製造房屋險和細分財產政策，繼續以兩位數的速度擴張。管理層指出，尤其是在加利福尼亞等市場受到干擾的州，新的機會正在出現。其他意外險產品，如商業汽車和一般意外險，價格和整體保費增長温和。提交增長，作為未來承保保費的領先指標，在商業財產線以外增長了 11%，顯示出非財產細分市場的積極增長趨勢。</p>
</div><p>Kinsale’s proprietary technology platform underpins its efficiency.</p>
<div class="lb-trans"><p>Kinsale 的專有技術平台支撐了其效率。</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>針對保險市場中波動的災難索賠，公司部署了詳細的災難模型，並維持強大的再保險計劃。這將風險分散到其他保險公司，並幫助限制任何單一事件的財務影響。管理層強調其持續的保守策略，索賠的賬面準備金保持在高水平，尤其是對於像建築保險這樣的長期責任險。公司報告了淨有利的前期準備金發展，表明之前對最終索賠支付的估計普遍較為保守，實際成本低於預期。</p>
</div><h2>Looking Ahead: Management’s Perspective and Forward-Looking Themes</h2>
<div class="lb-trans"><h2>展望未來：管理層的觀點和前瞻性主題</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>公司沒有對即將到來的季度或財政年度發佈定量的前瞻性指引。然而，管理層評論稱，商業物業部門的增長阻力在下半年應該會減輕，因為大多數物業續保發生在上半年，保費比較會變得更容易，但公司整體的毛書面保費增長可能仍會保持較為温和，除非市場定價或競爭條件發生變化。</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>投資者應關注 E&amp;S 市場競爭強度的演變，特別是隨着新進入者和 “前端公司” 尋求市場份額。管理層對當前的競爭水平充滿信心，尤其是來自那些以微薄或負邊際撰寫業務的低效競爭者的競爭，這種情況在長期內是不可持續的。此外，年初至今災難損失的近期激增突顯了風險管理和準備金紀律的重要性。前期準備金發展的趨勢將持續作為承保質量的信號，而公司每季度繼續進行定期、增量的股票回購，預計會在機會出現時進行更大規模的回購。</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>除非另有説明，收入和淨收入均採用美國公認會計原則（GAAP）呈現。</em></p>
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Kinsale Capital 報告第二季度利潤大幅增長