Business
Kingstone Announces 2021 Fourth Quarter and Full Year Financial Results
KINGSTON, NY / ACCESSWIRE / March 10, 2022 / Kingstone Companies, Inc. (NASDAQ:KINS) (the "Company" or "Kingstone"), a Northeast regional property and
About this update from Kingstone Companies, Inc
[{"type":"text","content":"KINGSTON, NY / ACCESSWIRE / March 10, 2022 / Kingstone Companies, Inc. (NASDAQ:KINS) (the \"Company\" or \"Kingstone\"), a Northeast regional property and casualty insurance holding company, today announced its financial results for the quarter and year ended December 31, 2021. The Company will host a conference call for analysts and investors on March 11, 2022, at 8:30 a.m. Eastern Time, as previously announced on January 12, 2022.Financial and Operational Highlights2021 Fourth Quarter(All results are compared to prior year quarterly period unless otherwise noted)Earnings per share of $0.21 compared to $0.28; Operating loss per share1 of ($0.11) compared to earnings per share of $0.05Book value per share of $7.22 down 2.8% from the prior quarterDirect written premiums1 grew by 13.2% to $50.1 millionNet premiums earned increased 37.3% to $37.1 millionNet combined ratio decreased to 101.3% from 102.3% driven by a decrease in the net loss ratio to 61.8% from 63.4%.Net investment income decreased 14.4% to $1.5 millionPortfolio realignment increases credit quality and maintains limited duration profileNo shares repurchased during Q4.2021 Full Year(All results are compared to prior year period unless otherwise noted)Loss per share of $(0.70) compared to earnings per share of $0.09; Operating loss per share1 of $(1.43) compared to $(0.03)Book value per share of $7.22 down 17.4% from the prior yearDirect written premiums1 grew by 7.3% to $181.7 millionNet premiums earned increased 33.1% to $143.9 millionNet combined ratio increased to 111.5% from 100.4% driven by an increase in the net loss ratio to 70.9% from 61.5%.Net investment income increased 1.8% to $6.6 million216,914 shares were repurchased during 2021 at a cost of $1.7 million. Total return to shareholders during 2021 including dividends paid of $1.7 million, amounts to $3.4 million or 3.6% of the prior year's shareholders' equity.1 These measures are not based on accounting principles generally accepted in the United States (\"GAAP\") and are defined and reconciled below to the most directly comparable GAAP measures.Management CommentaryBarry Goldstein, Kingstone's Chief Executive Officer, elaborated on the Company's results:\"There are two items in the fourth quarter that I want to call your attention to. First, we materially strengthened our reinsurance program and reduced ...