The following is a summary of the Kingstone Companies, Inc. (KINS) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Kingstone reported a net income of $2.9 million or $0.26 per diluted share, marking a significant rise from last year's loss.

• The company experienced a 7.1% growth in direct premium for its core business but witnessed a 40.8% decline for non-core business.

• Improvement in the combined ratio to 89.5% was due to strong underwriting results and decreased catastrophe losses.

• The 2024 guidance anticipates a 12-16% YoY growth in core business direct written premium, a GAAP combined ratio between 88 and 92, earnings per diluted share between $0.50 and $0.90, and return on equity between 15% and 22%.

Business Progress:

• Kingstone plans to reduce its non-core policies by 80% by the end of 2024, expecting the non-core premium and policies in force to decline by 40% and 48% respectively by the end of December 2023.

• The company obtained regulatory approval to exit from New Jersey, aligning with its strategic plan.

• Kingstone enhanced its product offering and underwriting capabilities through a partnership with insure tech firm, Zojacks.

• After executing strategies to return to profitability, the company achieved a return on equity of 9.7% in Q4.

• Kingstone forecasts a 29% net expense ratio in 2024, indicating further improvement in this area.

More details: Kingstone IR

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