Property and casualty insurance holding company, Kingstone Companies, Inc. has reported the strongest quarterly and annual results in the company’s history, as net income per diluted share rose by 145-158% to $0.98-$1.03 for the quarter, and increased by 89-95% to $2.80-$2.88 for the full year 2025.
In its preliminary results, the insurer reports direct premiums written in Q4’25 rose 14% to $83 million, compared to $73 million year earlier, while for the year the same grew by 15% to $278 million compared to $242 million in 2024.
Net premiums written for Q4’25 were up 27% to $69 million compared to $54 million in Q4’25, and grew by 39% in FY’25 to $214 million, compared to $154 million in 2024.
Net premiums earned for the quarter were up 37% to $49 million compared to $36 million in Q4’24, for FY’25 the same were up 46% to $187 million compared to $128 million in FY’24.
The firm reported a GAAP net combined ratio range of 64-66% for the fourth quarter of 2025, compared to 79% in Q4’25. Meanwhile, the 2025 GAAP net combined ratio range was 75-77% compared to 80% in 2024.
Kingstone’s net operating income per diluted share rose by 124-135% to $1.0.3-$1.08 in Q4’25, and for the full year 2025, the increased by 87-92% to $2.71-$2.79.
Meryl Golden, President and Chief Executive Officer, Kingstone, commented, “Our most profitable quarter in history closed out our most profitable year in history. I’m pleased to report that our preliminary results for the full year outperformed the 2025 guidance that we issued during the third quarter of 2025.
“Our direct written premium growth for the fourth quarter and full year of 2025 of 14% and 15%, respectively, coupled with our exceptional underwriting profit both for the quarter and for the full year of 2025, demonstrates the durability of the platform we have built.”
He continued, “We are proud of our continued service to producers and policyholders in Downstate New York, even when other carriers have withdrawn or restricted writing in this market. Throughout 2025, we benefited from low catastrophe losses and continued improvement in our property frequency driven by risk selection in our Select product, which now represents 57% of policies in force (up from 45% one year ago). During the quarter, we also recognised the benefit from continued improvements in our claims operations, where faster cycle times are providing earlier visibility into ultimate property claims cost.
“We have built a foundation with the Select product, our exceptional claims organisation, strong data analytics, enhanced investment management and our low-cost expense structure that positions Kingstone for its next phase: continued profitable growth in New York, along with measured expansion into new markets to achieve our 2029 goal of $500M in premium. We look forward to sharing more about these plans, comprehensive results and increased 2026 guidance on our upcoming earnings call.”
