KINS - Kingstone GAAP EPS of -$0.37 misses by $0.35 revenue of $37.09M beats by $6.59M
2023-03-30 16:23:19 ET
- Kingstone press release ( NASDAQ: KINS ): Q4 GAAP EPS of -$0.37 misses by $0.35 .
- Revenue of $37.09M (-14.1% Y/Y) beats by $6.59M .
- Direct written premiums grew by 7.7% to $53.9 million
- Net premiums earned decreased 17.8% to $30.4 million driven by the 30% personal lines quota share treaty
- Net combined ratio increased to 113.9% from 101.3%
- Net loss ratio was 81.3%, up from 61.8%. Winter Storm Elliot added 13.1 percentage points and prior year loss development added 6.5 percentage points
- Net expense ratio decreased to 32.6% from 39.5%
- Net combined ratio excluding catastrophes and prior year loss development 1 was 93.8% compared to 94.5%
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Kingstone GAAP EPS of -$0.37 misses by $0.35, revenue of $37.09M beats by $6.59M