Business
Kingstone Announces Fourth Quarter and Full Year 2023 Financial Results
Returns to Profitability and Achieves Combined Ratio of 89.5% in 4Q23;Issues Initial Guidance for FY2024KINGSTON, NY / ACCESSWIRE / March 27, 2024 / Kingstone
About this update from Kingstone Companies, Inc
[{"type":"text","content":"Returns to Profitability and Achieves Combined Ratio of 89.5% in 4Q23;Issues Initial Guidance for FY2024KINGSTON, NY / ACCESSWIRE / March 27, 2024 / 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 fourth quarter and full year ended December 31, 2023. The Company will hold its fourth quarter and full-year 2023 financial results conference call on Thursday, March 28, 2024, at 8:30 a.m. Eastern Time. With this release, the Company has provided an investor presentation that can be accessed through the Investor Relations/Events & Presentations section of the Company website (www.kingstonecompanies.com).Fourth Quarter 2023 Key Financial and Operational Highlights ($ in thousands, except per share data) 2023 2022 Change Net Income/(Loss) $2,946 $(3,950)NM Net Income/(Loss) per share - diluted $0.26 $(0.37)NM Combined ratio 89.5% 113.9%-24.4 pts Management CommentaryMeryl Golden, Chief Executive Officer of Kingstone Companies, Inc., stated, \"In 2023, Kingstone experienced a significant turning point as we successfully returned to profitability in the fourth quarter. This achievement contributed to an 800 basis-point improvement on the full-year combined ratio. The effective execution of our strategic initiatives over the past few years has played a significant role in this success. Additionally, the lower-than-expected catastrophe losses in the fourth quarter further bolstered our performance.\"Looking ahead, we are confident in our ability to capitalize on this momentum and anticipate strong underwriting results. We are well-positioned to expand our Core New York business in 2024 and beyond. We remain committed to sustaining this positive trajectory and delivering value to our stakeholders.\" Consolidated Financial Results Quarter Ended Year Ended ($ in thousands, except per share data) December 31, December 31, 2023 2022 Change 2023 2022 Change Direct premiums written1 $52,938 $53,901 -1.8% $200,175 $201,255 -0.5% Net premiums earned $28,683 $30,448 -5.8% $114,384 $114,385 0.0% Policies-in-force 78,398 92,054 -14.8% 78,398 92,054 -14.8 Net investment income $1,571 $1,525 3.0% $6,009 $4,937 21.7% Net gain/(loss) on investments $1,537 $(78) NM $2,135 $(9,392) NM Underlying loss ratio 53.8% 61.1...