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Kingstone Reports Second Consecutive Quarter of Net Income; Highest First Quarter Profitability in Seven Years

Kingstone Reports Second Consecutive Quarter of Net Income; Highest First Quarter Profitability in Seven Years

金斯通連續第二個季度公佈淨收入;七年來第一季度盈利能力最高
Accesswire ·  05/14 04:15

Achieves Double-Digit Core Business Premium Growth; Raises 2024 Guidance

實現兩位數的核心業務保費增長;上調2024年的預期

KINGSTON, NY / ACCESSWIRE / May 13, 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 first quarter ended March 31, 2024. The Company will hold its first quarter 2024 financial results conference call on Tuesday, May 14, 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 ().

紐約州金斯敦/ACCESSWIRE/2024年5月13日/東北地區財產和意外傷害保險控股公司金斯通公司公司(納斯達克股票代碼:KINS)(“公司” 或 “金斯通”)今天公佈了截至2024年3月31日的第一季度財務業績。該公司將於美國東部時間2024年5月14日星期二上午8點30分舉行2024年第一季度財務業績電話會議。在本新聞稿中,公司提供了投資者演示文稿,可通過公司網站的 “投資者關係/活動與演示” 部分進行訪問()。

First Quarter 2024 Key Financial and Operational Highlights
($ in thousands, except per share data)
2024 2023 Change
Direct premiums written1 - Core Business
$ 46,587 $ 41,427 12.5 %
Combined ratio
93.3 % 123.3 % -30.0 pts
Net Income/(Loss)
$ 1,427 $ (5,055 ) NM
Net Income/(Loss) per share - basic
$ 0.13 $ (0.47 ) NM
Return on equity - annualized
16.2 % (58.2 %) NM
2024 年第一季度主要財務和運營亮點
(千美元,每股數據除外)
2024 2023 改變
直接繳納的保費1 -核心業務
$ 46,587 $ 41,427 12.5 %
合併比率
93.3 % 123.3 % -30.0 點積分
淨收益/(虧損)
$ 1,427 $ (5,055) ) NM
每股淨收益/(虧損)——基本
$ 0.13 $ (0.47 ) NM
股本回報率——按年計算
16.2 % (58.2) %) NM

Management Commentary

管理層評論

Meryl Golden, Chief Executive Officer of Kingstone Companies, Inc., stated, "We're delighted to share our achievements for the first quarter of 2024, marked by significant growth in Core Business premium and strong profitability, building upon the success we achieved in the fourth quarter of 2023. Favorable weather conditions further complemented our underwriting performance. These results serve as validation of the effectiveness of our strategic initiatives.

Kingstone Companies, Inc. 首席執行官梅麗爾·戈爾登表示:“我們很高興分享我們在2024年第一季度取得的成就,在2023年第四季度取得的成功的基礎上,核心業務溢價大幅增長和強勁的盈利能力。良好的天氣條件進一步補充了我們的承保業績。這些結果證實了我們戰略舉措的有效性。

"Core Business direct premiums written rose nearly 13% during the quarter driven by ongoing price increases as well as an expansion of our underwriting appetite. We are confident we can profitably accelerate our Core Business growth as we continue to strategically run-off our Non-Core Business premium, which we successfully contracted by 56% from the prior year period.

“受價格持續上漲以及承保需求擴大的推動,核心業務直接保費在本季度上漲了近13%。我們相信,隨着我們繼續戰略性地調整非核心業務保費,我們可以盈利地加速核心業務的增長,非核心業務保費較上年同期成功收縮了56%。

"Our underlying loss ratio improved by 16.6 points, largely driven by both lower frequency and severity. The mild weather conditions experienced throughout the quarter positively impacted our catastrophe loss ratio by 8 points, and we experienced 2-points of favorable development, primarily attributable to the reevaluation of prior period catastrophe losses. Our expense ratio was down 3.4 points, and the combined ratio of 93.3% marked a 30-point decrease from the prior year period."

“我們的基礎損失率提高了16.6個百分點,這在很大程度上是由頻率和嚴重程度降低所推動的。整個季度經歷的溫和天氣狀況對我們的災難損失率產生了8個百分點的積極影響,我們經歷了2個百分點的良好發展,這主要歸因於對前一時期災難損失的重新評估。我們的支出比率下降了3.4個百分點,93.3%的合併比率比上年下降了30個百分點。”

Ms. Golden concluded, "With robust performance during the first three months and increased momentum in our business, we are raising our guidance to provide enhanced transparency into our efforts to build long-term shareholder value."

戈爾登女士總結說:“隨着前三個月的強勁表現和業務勢頭的增強,我們正在提高指導方針,以提高我們創造長期股東價值的努力的透明度。”

Guidance

指導

For 2024, the Company's full year expectations are calculated based on net premiums earned of approximately $125 million, and are as follows:

對於2024年,公司的全年預期是根據淨保費收入約1.25億美元計算得出的,如下所示:

Guidance
2024 Previous
Core Business direct premiums written growth
16.0% to 20.0% 12.0% to 16.0%
Combined ratio
86.0% to 90.0% 88.0% to 92.0%
Net income per share - basic*
$ 0.75 to $1.10 $ 0.50 to $0.90
Return on equity
22.0% to 30.0% 15.0% to 22.0%
指導
2024 以前
核心業務直接保費書面增長
16.0% 到 20.0% 12.0% 到 16.0%
合併比率
86.0% 到 90.0% 88.0% 到 92.0%
每股淨收益-基本*
0.75 美元到 1.10 美元 $ 0.50 到 0.90 美元
股本回報率
22.0% 到 30.0% 15.0% 到 22.0%

*The variance between net income per share - diluted and basic is immaterial. Previous guidance was presented on a diluted shares basis, while current guidance is presented on a basic shares basis.

*每股淨收益(攤薄後每股收益)與基本收益之間的差異並不重要。先前的指導是以攤薄後的股票爲基礎發佈的,而目前的指引是以基本股爲基礎的。

Consolidated Financial Results

合併財務業績

Consolidated Financial Results
Quarter Ended
($ in thousands, except per share data)
March 31,
2024 2023 Change
Direct premiums written1
$ 49,325 $ 47,597 3.6 %
Net premiums earned
$ 28,820 $ 28,255 2.0 %
Net investment income
$ 1,503 $ 1,541 -2.5 %
Net gain on investments
$ 726 $ 1,225 -40.7 %
Underlying loss ratio1,2
58.8 % 75.4 % -16.6 pts
Net favorable development of prior year losses
-2.0 % 0.0 % -2.0 pts
Catastrophe loss ratio
5.2 % 13.2 % -8.0 pts
Net loss ratio
62.0 % 88.6 % -26.6 pts
Net underwriting expense ratio
31.3 % 34.7 % -3.4 pts
Combined ratio
93.3 % 123.3 % -30.0 pts
Adjusted EBITDA1
$ 2,934 $ (5,494 ) NM
Net Income/(Loss)
$ 1,427 $ (5,055 ) NM
Net Income/(Loss) per share - basic
$ 0.13 $ (0.47 ) NM
Net Income/(Loss) per share - diluted
$ 0.12 $ (0.47 ) NM
Return on equity - annualized
16.2 % -58.2 % NM
Other comprehensive income/(loss)
(440 ) $ 1,951 NM
Operating net income/(loss)1
$ 853 $ (6,022 ) NM
Operating net income/(loss) per share - basic1
$ 0.08 $ (0.56 ) NM
Operating net income/(loss) per share - diluted1
$ 0.07 $ (0.56 ) NM
Operating return on equity1 - annualized
9.7 % -69.4 % 79.1 pts
Book value per share - basic
$ 3.25 $ 3.09 5.2 %
Book value per share - basic, excluding accumulated other comprehensive income/(loss)
$ 4.40 $ 4.39 0.2 %
合併財務業績
季度結束
(千美元,每股數據除外)
三月三十一日
2024 2023 改變
直接繳納的保費1
$ 49,325 $ 47,597 3.6 %
淨賺取的保費
$ 28,820 $ 28,255 2.0 %
淨投資收益
$ 1,503 $ 1,541 -2.5 %
投資淨收益
$ 726 $ 1,225 -40.7 %
基礎虧損比率1,2
58.8 % 75.4 % -16.6 點積分
上年度虧損淨利好發展
-2.0 % 0.0 % -2.0 分
災難損失率
5.2 % 13.2 % -8.0 點積分
淨虧損率
62.0 % 88.6 % -26.6 點積分
淨承保費用比率
31.3 % 34.7 % -3.4 pts
合併比率
93.3 % 123.3 % -30.0 點積分
調整後 EBITDA1
$ 2,934 $ (5,494) ) NM
淨收益/(虧損)
$ 1,427 $ (5,055) ) NM
每股淨收益/(虧損)——基本
$ 0.13 $ (0.47 ) NM
每股淨收益/(虧損)——攤薄
$ 0.12 $ (0.47 ) NM
股本回報率——按年計算
16.2 % -58.2 % NM
其他綜合收益/(虧損)
(440 ) $ 1,951 NM
營業淨收入/(虧損)1
$ 853 $ (6,022) ) NM
每股營業淨收益/(虧損)——基本1
$ 0.08 $ (0.56 ) NM
每股營業淨收益/(虧損)——攤薄後1
$ 0.07 $ (0.56 ) NM
經營股本回報率1 -按年計算
9.7 % -69.4 % 79.1 積分
每股賬面價值——基本
$ 3.25 $ 3.09 5.2 %
每股賬面價值——基本,不包括累計的其他綜合收益/(虧損)
$ 4.40 $ 4.39 0.2 %

Core Business Results (New York Only)

核心業務業績(僅限紐約)

The Company refers to its New York policies as its Core Business.

該公司將其紐約政策稱爲其核心業務。

Core Business Financial Results
Quarter Ended
($ in thousands)
March 31,
2024 2023 Change
Direct premiums written1
$ 46,587 $ 41,427 12.5 %
Net premiums earned
$ 26,556 $ 23,788 11.6 %
Net loss ratio1,2
57.9 % 78.4 % -20.5 pts
Catastrophe loss ratio1,2
3.8 % 6.9 % -3.1 pts
核心業務財務業績
季度結束
(以千美元計)
三月三十一日
2024 2023 改變
直接繳納的保費1
$ 46,587 $ 41,427 12.5 %
淨賺取的保費
$ 26,556 $ 23,788 11.6 %
淨虧損率1,2
57.9 % 78.4 % -20.5 點積分
災難損失率1,2
3.8 % 6.9 % -3.1 分

Non-Core Business Results (Outside of New York)

非核心業務業績(紐約以外)

The Company stopped writing all new business outside of New York and has been aggressively reducing policy count this year, subject to regulatory requirements, and expects to accelerate its policy count reduction in 2024.

該公司停止在紐約以外地區開展所有新業務,今年一直在積極減少保單數量,但須遵守監管要求,並預計將在2024年加快保單數量的削減。

Non-Core Business Financial Results
Quarter Ended
($ in thousands)
March 31,
2024 2023 Change
Direct premiums written1
$ 2,738 $ 6,170 -55.6 %
Net premiums earned
$ 2,264 $ 4,467 -49.3 %
Net loss ratio1,2
109.8 % 143.0 % -33.2 pts
Catastrophe loss ratio1,2
20.9 % 46.9 % -26.0 pts
非核心業務財務業績
季度結束
(以千美元計)
三月三十一日
2024 2023 改變
直接繳納的保費1
$ 2,738 $ 6,170 -55.6 %
淨賺取的保費
$ 2,264 $ 4,467 -49.3 %
淨虧損率1,2
109.8 % 143.0 % -33.2 分
災難損失率1,2
20.9 % 46.9 % -26.0 點積分

Premium and Policy Trends

保費和保單趨勢

Premium and Policy Trends
Quarter Ended
($ in thousands)
March 31,
2024
December 31,
2023
Sequential Change
Core Business
Direct premiums written1
$ 46,587 $ 47,027 -0.9 %
Policies-in-force
66,991 67,575 -0.9 %
Non-Core Business
Direct premiums written1
$ 2,738 $ 5,911 -53.7 %
Policies-in-force
9,080 10,823 -16.1 %
保費和保單趨勢
季度結束
(以千美元計)
三月三十一日
2024
十二月三十一日
2023
順序更改
核心業務
直接繳納的保費1
$ 46,587 $ 47,027 -0.9 %
現行政策
66,991 67,575 -0.9 %
非核心業務
直接繳納的保費1
$ 2,738 $ 5,911 -53.7 %
現行政策
9,080 10,823 -16.1 %

1These measures are not based on GAAP and are defined and reconciled below to the most directly comparable GAAP measures. See "Definitions and Non-GAAP Measures".
2Core and Non-Core business net loss ratios and catastrophe loss ratios are not based on GAAP. Net loss ratio is the most directly comparable GAAP measure. The aggregate of Core and Non-Core Business net loss ratios is represented by net loss ratio, as set forth immediately above the non-GAAP measures. See "Definitions and Non-GAAP Measures".

1這些衡量標準不基於公認會計原則,其定義和調整如下,與最直接可比的GAAP指標相一致。請參閱 “定義和非公認會計准則衡量標準”。
2核心和非核心業務淨虧損比率和災難損失比率不基於公認會計原則。淨虧損率是最直接可比的GAAP衡量標準。核心業務和非核心業務淨虧損比率的總和以淨虧損比率表示,如非公認會計准則指標的正上方所示。請參閱 “定義和非公認會計准則指標”。

Conference Call Details

電話會議詳情

Tuesday, May 14, 2024, at 8:30 a.m. Eastern Time
To participate please dial:

美國東部時間 2024 年 5 月 14 日星期二上午 8:30
要參加,請撥打:

U.S. toll free 1-877-423-9820
International 1-201-493-6749

美國免費電話 1-877-423-9820
國際 1-201-493-6749

Participants are asked to dial-in approximately 10 minutes before the conference call is scheduled to begin. The conference call can also be accessed via webcast in the "Investor Relations/Events & Presentations" tab of the Company's website or by clicking here. The webcast will be archived and accessible for approximately 30 days.

要求參與者在電話會議預定開始前大約 10 分鐘撥入電話。也可以通過公司網站的 “投資者關係/活動和演示” 選項卡中的網絡直播或單擊此處觀看電話會議。網絡直播將存檔並存檔約30天。

About Kingstone Companies, Inc.

關於金斯通公司

Kingstone is a northeast regional property and casualty insurance holding company whose principal operating subsidiary is Kingstone Insurance Company ("KICO"). KICO is a New York domiciled carrier writing business through retail and wholesale agents and brokers. KICO is actively writing personal lines and commercial auto insurance in New York, and in 2023 was the 15th largest writer of homeowners insurance in New York. KICO is also licensed in New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire, and Maine.

金斯通是一家東北地區財產和意外傷害保險控股公司,其主要運營子公司是金斯通保險公司(“KICO”)。KICO是一家總部設在紐約的運營商,通過零售和批發代理商和經紀人進行寫作。KICO正在紐約積極撰寫個人專欄和商業汽車保險,並在2023年成爲紐約第15大房主保險撰稿人。KICO還在新澤西州、羅德島州、馬薩諸塞州、康涅狄格州、賓夕法尼亞州、新罕布什爾州和緬因州獲得許可。

Investor Relations Contact:

投資者關係聯繫人:

Karin Daly
Vice President
The Equity Group Inc.
kdaly@equityny.com

卡琳·戴利
副總統
Equity Group Inc
kdaly@equityny.com

Disclaimer and Forward-Looking Statements

免責聲明和前瞻性陳述

The guidance provided above is based on information available as of May 13, 2024 and management's review of the anticipated financial results for 2024. Such guidance remains subject to change based on management's ongoing review of the Company's 2024 results and is a forward-looking statement (see below). Kingstone assumes no obligation to update this guidance. The actual results may be materially different and are affected by the risk factors and uncertainties identified in this press release and in Kingstone's annual and quarterly filings with the Securities and Exchange Commission.

上述指導基於截至2024年5月13日的可用信息以及管理層對2024年預期財務業績的審查。根據管理層對公司2024年業績的持續審查,該指導方針仍可能發生變化,屬於前瞻性陳述(見下文)。金斯通不承擔更新本指南的義務。實際結果可能存在重大差異,並受本新聞稿以及金斯通向美國證券交易委員會提交的年度和季度文件中確定的風險因素和不確定性的影響。

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those included in forward-looking statements due to a variety of factors. For more details on factors that could affect expectations, see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023.

本新聞稿可能包含1995年《私人證券訴訟改革法》所指的 “前瞻性陳述”。除歷史事實陳述外,所有陳述均可能是前瞻性陳述。這些陳述基於管理層當前的預期,受不確定性和情況變化的影響。這些陳述涉及風險和不確定性,由於各種因素,可能導致實際結果與前瞻性陳述中包含的結果存在重大差異。有關可能影響預期的因素的更多詳細信息,請參閱截至2023年12月31日止年度的10-K表年度報告第一部分第1A項。

The risks and uncertainties include, without limitation, the following:

風險和不確定性包括但不限於以下內容:

  • the risk of significant losses from catastrophes and severe weather events;
  • risks related to the lack of a financial strength rating from A.M. Best;
  • risks related to our indebtedness due on December 30, 2024, including due to the need to comply with certain financial covenants and limitations on the ability of our insurance subsidiary to pay dividends to us;
  • adverse capital, credit and financial market conditions;
  • the unavailability of reinsurance at current levels and prices;
  • the exposure to greater net insurance losses in the event of reduced reliance on reinsurance;
  • the credit risk of our reinsurers;
  • the inability to maintain the requisite amount of risk-based capital needed to grow our business;
  • the effects of climate change on the frequency or severity of weather events and wildfires;
  • risks related to the limited market area of our business;
  • risks related to a concentration of business in a limited number of producers;
  • legislative and regulatory changes, including changes in insurance laws and regulations and their application by our regulators;
  • limitations with regard to our ability to pay dividends;
  • the effects of competition in our market areas;
  • our reliance on certain key personnel;
  • risks related to security breaches or other attacks involving our computer systems or those of our vendors; and
  • our reliance on information technology and information systems.
  • 災難和惡劣天氣事件造成重大損失的風險;
  • 與A.M. Best缺乏財務實力評級相關的風險;
  • 與我們在2024年12月30日到期的債務相關的風險,包括需要遵守某些財務契約以及我們的保險子公司向我們支付股息的能力的限制;
  • 不利的資本、信貸和金融市場狀況;
  • 按目前的水平和價格無法獲得再保險;
  • 如果減少對再保險的依賴,則面臨更大的淨保險虧損風險;
  • 我們再保險公司的信用風險;
  • 無法維持發展業務所需的必要風險資本;
  • 氣候變化對天氣事件和野火頻率或嚴重性的影響;
  • 與我們業務的有限市場區域相關的風險;
  • 與業務集中在有限數量的生產商手中相關的風險;
  • 立法和監管變化,包括保險法律法規的變化及其監管機構的適用;
  • 我們支付股息能力的限制;
  • 競爭對我們市場領域的影響;
  • 我們對某些關鍵人員的依賴;
  • 與涉及我們或供應商計算機系統的安全漏洞或其他攻擊相關的風險;以及
  • 我們對信息技術和信息系統的依賴。

Kingstone undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

除非法律要求,否則金斯通沒有義務公開更新或修改任何前瞻性陳述,無論是由於新信息、未來事件還是其他原因。

Definitions and Non-GAAP Measures

定義和非公認會計准則指標

Direct premiums written represent the total premiums charged on policies issued by the Company during the respective fiscal period.

直接繳納的保費 代表公司在相應財政期內簽發的保單上收取的總保費。

Net premiums written are direct premiums written less premiums ceded to reinsurers. Net premiums earned, the GAAP measure most comparable to direct premiums written and net premiums written, are net premiums written that are pro-rata earned during the fiscal period presented. All of the Company's policies are written for a twelve-month period. Management uses direct premiums written and net premiums written, along with other measures, to gauge the Company's performance and evaluate results. Direct premiums written and net premiums written are provided as supplemental information, not as a substitute for net premiums earned, and do not reflect the Company's net premiums earned.

寫入的淨保費 是直接保費減去割讓給再保險公司的保費。所得淨保費(GAAP衡量標準與直接保費和淨保費最具可比性)是指在所列財政期內按比例賺取的淨保費。公司的所有保單均爲期十二個月。管理層使用直接記賬保費和淨保費以及其他衡量標準來衡量公司的業績和評估業績。直接保費和保費淨額作爲補充信息提供,不能替代所得的淨保費,也不反映公司的淨保費。

Adjusted EBITDA is net income (loss) exclusive of interest expense, income tax expense (benefit), depreciation and amortization, net gains (losses) on investments, and stock- based compensation. Net income (loss) is the GAAP measure most closely comparable to adjusted EBITDA.

調整後 EBITDA 是淨收益(虧損),不包括利息支出、所得稅支出(收益)、折舊和攤銷、投資淨收益(虧損)和股票薪酬。淨收益(虧損)是GAAP衡量標準,與調整後的息稅折舊攤銷前利潤最爲相似。

Management uses adjusted EBITDA along with other measures to gauge the Company's performance and evaluate results, which can be skewed when including interest expense, income tax expense (benefit), depreciation and amortization, net gains (losses) on investments, and stock-based compensation, and may vary significantly between periods. Adjusted EBITDA is provided as supplemental information, not as a substitute for net income (loss) and does not reflect the Company's overall profitability.

管理層使用調整後的息稅折舊攤銷前利潤以及其他衡量標準來衡量公司的業績和評估業績,在包括利息支出、所得稅支出(收益)、折舊和攤銷、投資淨收益(虧損)和股票薪酬時,業績可能會出現偏差,並且在不同時期之間可能會有很大差異。調整後的息稅折舊攤銷前利潤作爲補充信息提供,不能替代淨收益(虧損),也不能反映公司的整體盈利能力。

Operating income (loss) and basic operating income (loss) per share is net income (loss) and basic income (loss) per share exclusive of net gains (losses) on investments, net of tax. Net income (loss) and basic net income (loss) per share are the GAAP measures most closely comparable to operating income (loss) and basic operating income (loss) per share.

每股營業收入(虧損)和基本營業收入(虧損) 是每股淨收益(虧損)和基本收益(虧損),不包括扣除稅收的投資淨收益(虧損)。每股淨收益(虧損)和基本淨收益(虧損)是GAAP衡量標準,與每股營業收益(虧損)和基本營業收益(虧損)最爲相似。

Management uses operating income (loss) and basic operating income (loss) per share along with other measures to gauge the Company's performance and evaluate results, which can be skewed when including net gains (losses) on investments and may vary significantly between periods. Operating income (loss) and basic operating income (loss) per share are provided as supplemental information, not as a substitute for net income (loss) and basic net income (loss) per share and do not reflect the Company's overall profitability.

管理層使用每股營業收入(虧損)和基本營業收入(虧損)以及其他衡量標準來衡量公司的業績和評估業績,在包括投資淨收益(虧損)時,業績可能會出現偏差,並且在不同時期之間可能會有很大差異。每股營業收益(虧損)和基本營業收益(虧損)作爲補充信息提供,不能替代每股淨收益(虧損)和基本淨收益(虧損),也不反映公司的整體盈利能力。

Operating income (loss) and diluted operating income (loss) per share is net income (loss) and diluted income (loss) per share exclusive of net gains (losses) on investments, net of tax. Net income (loss) and diluted net income (loss) per share are the GAAP measures most closely comparable to operating income (loss) and diluted operating income (loss) per share.

每股營業收益(虧損)和攤薄後的營業收益(虧損) 是每股淨收益(虧損)和攤薄收益(虧損),不包括扣除稅收的投資淨收益(虧損)。每股淨收益(虧損)和攤薄後淨收益(虧損)是與每股營業收益(虧損)和攤薄後營業收益(虧損)最接近的GAAP指標。

Management uses operating income (loss) and diluted operating income (loss) per share along with other measures to gauge the Company's performance and evaluate results, which can be skewed when including net gains (losses) on investments and may vary significantly between periods. Operating income (loss) and diluted operating income (loss) per share are provided as supplemental information, not as a substitute for net income (loss) and diluted net income (loss) per share, and do not reflect the Company's overall profitability.

管理層使用每股營業收入(虧損)和攤薄後的營業收益(虧損)以及其他衡量標準來衡量公司的業績和評估業績,在包括投資淨收益(虧損)時,業績可能會出現偏差,並且在不同時期之間可能會有很大差異。每股營業收益(虧損)和攤薄後的營業收益(虧損)作爲補充信息提供,不能替代每股淨收益(虧損)和攤薄後的淨收益(虧損),也不反映公司的整體盈利能力。

Operating return on equity is operating income (loss) divided by average equity. Return on equity is the GAAP measure most closely comparable to operating return on equity.

經營股本回報率 是營業收入(虧損)除以平均權益。股本回報率是與營業股本回報率最接近的公認會計原則衡量標準。

Management uses operating return on equity, along with other measures, to gauge the Company's performance and evaluate results, which can be skewed when including net gains (losses) on investments, which may vary significantly between periods. Operating return on equity is provided as supplemental information, is not a substitute for return on equity and does not reflect the Company's overall return on average common equity.

管理層使用營業股本回報率以及其他衡量標準來衡量公司的業績和評估業績,當包括淨投資收益(虧損)時,業績可能會出現偏差,不同時期之間的淨收益(虧損)可能會有很大差異。營業股本回報率作爲補充信息提供,不能替代股本回報率,也不能反映公司的平均普通股總體回報率。

Underlying loss ratio is a non-GAAP ratio, which is computed as the difference between GAAP net loss ratio less the effect of prior year loss reserve development and catastrophes losses.

基礎虧損比率 是非公認會計准則比率,計算方法是公認會計准則淨虧損比率減去上一年度虧損儲備發展和災難損失的影響之間的差額。

Management believes that this ratio is useful to investors, and it is used by management to reveal the trends in the Company's business that may be obscured by prior year loss reserve development and catastrophe losses. Catastrophe losses cause the Company's loss ratios to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on the net loss ratio. Management believes that this measure is useful for investors to evaluate this component separately when reviewing the Company's underwriting performance. The most directly comparable GAAP measure is the net loss ratio. The underlying loss ratio should not be considered a substitute for the net loss ratio and does not reflect the Company's net loss ratio.

管理層認爲,該比率對投資者有用,管理層利用該比率來揭示公司業務的趨勢,這些趨勢可能會被前一年的損失準備金的發展和災難性損失所掩蓋。由於災難損失的發生率和規模,災難損失導致公司的損失比率在不同時期之間存在顯著差異,並可能對淨損失率產生重大影響。管理層認爲,這項衡量標準有助於投資者在審查公司的承保業績時單獨評估這一組成部分。最直接可比的GAAP指標是淨虧損率。不應將基礎虧損比率視爲淨虧損比率的替代品,也不能反映公司的淨虧損率。

The table below reconciles direct premiums written and net premiums written to net premiums earned for the periods presented:

下表覈對了所列期間的直接書面保費和淨保費與所得淨保費之和:

For the Three Months Ended
March 31,
%
2024 2023 Change
(000's except percentages)
Direct and Net Premiums Written Reconciliation:
Direct premiums written
$ 49,325 $ 47,597 3.6 %
Ceded premiums written1
(11,230 ) (16,105 ) (30.3 )
Net premiums written
38,095 31,492 21.0
Change in unearned premiums
(9,275 ) (3,237 ) 186.5
Net premiums earned
$ 28,820 $ 28,255 2.0 %
(Components may not sum due to rounding)
1Net written premiums balances from prior year periods were reclassified to conform with current year presentation. The reclassification had no effect on the Company's previously reported financial condition, results of operations or cash flows.
在已結束的三個月中
三月三十一日
%
2024 2023 改變
(除百分比外,000 個)
直接保費和淨保費書面對賬:
直接繳納的保費
$ 49,325 $ 47,597 3.6 %
已繳保費減免1
(11,230 ) (16,105) ) (30.3) )
寫入的淨保費
38,095 31,492 21.0
未賺取的保費的變化
(9,275) ) (3,237 ) 186.5
淨賺取的保費
$ 28,820 $ 28,255 2.0 %
(由於四捨五入,各部分的總和可能不一致)
1對前一年度的淨書面保費餘額進行了重新分類,以符合本年度的列報方式。此次重新分類對公司先前公佈的財務狀況、經營業績或現金流沒有影響。

The following table reconciles net income (loss) to adjusted EBITDA for the periods indicated:

下表將所示期間的淨收益(虧損)與調整後的息稅折舊攤銷前利潤進行了對賬:

For the Three Months Ended
March 31,
%
2024 2023 Change
(000's except percentages)
Adjusted EBITDA Reconciliation:
Net income (loss)
$ 1,427 $ (5,055 ) NM %
Interest expense
994 1,010 (1.6 )
Income tax expense (benefit)
378 (1,249 ) NM
Depreciation and amortization
597 808 (26.1 )
EBITDA
3,395 (4,486 ) NM
Net gain on investments
(726 ) (1,225 ) (40.7 )
Stock-based compensation
266 217 22.6
Adjusted EBITDA
$ 2,934 $ (5,494 ) NM %
(Components may not sum due to rounding)
在已結束的三個月中
三月三十一日
%
2024 2023 改變
(除百分比外,000 個)
調整後息折舊攤銷前利潤對賬:
淨收益(虧損)
$ 1,427 $ (5,055) ) NM %
利息支出
994 1,010 (1.6) )
所得稅支出(福利)
378 (1,249 ) NM
折舊和攤銷
597 808 (26.1) )
EBITDA
3,395 (4,486) ) NM
投資淨收益
(726 ) (1,225) ) (40.7 )
基於股票的薪酬
266 217 22.6
調整後 EBITDA
$ 2,934 $ (5,494) ) NM %
(由於四捨五入,各部分的總和可能不一致)

The following table reconciles net income (loss) to operating income (loss) and basic income (loss) per share to basic operating income (loss) per share for the periods indicated:

下表將所示期間的淨收益(虧損)與營業收入(虧損)以及每股基本收益(虧損)與每股基本營業收益(虧損)進行了對賬:

For the Three Months Ended
March 31, 2024 March 31, 2023
Amount Basic income per common share Amount Basic loss per common share
(000's except per common share amounts and percentages)
Operating Income (Loss) and Operating Income (Loss) per Basic Common Share Reconciliation:
Net income (loss)
$ 1,427 $ 0.13 $ (5,055 ) $ (0.47 )
Net gain on investments
(726 ) (1,225 )
Less tax expense on net gain
(152 ) (257 )
Net gain on investments, net of taxes
(574 ) $ (0.05 ) (968 ) $ (0.09 )
Operating income (loss)
$ 853 $ 0.08 $ (6,022 ) $ (0.56 )
Weighted average basic shares outstanding
10,999,662 10,756,913
(Components may not sum due to rounding)
在已結束的三個月中
2024 年 3 月 31 日 2023 年 3 月 31 日
金額 普通股每股基本收入 金額 每股普通股的基本虧損
(除每股普通股金額和百分比外,000)
每股基本普通股的營業收入(虧損)和營業收入(虧損)對賬:
淨收益(虧損)
$ 1,427 $ 0.13 $ (5,055) ) $ (0.47 )
投資淨收益
(726 ) (1,225) )
減少淨收益的稅收支出
(152) ) (257) )
扣除稅款後的投資淨收益
(574) ) $ (0.05) ) (968) ) $ (0.09 )
營業收入(虧損)
$ 853 $ 0.08 $ (6,022) ) $ (0.56 )
已發行基本股的加權平均值
10,999,662 10,756,913
(由於四捨五入,各部分的總和可能不一致)

The following table reconciles net income (loss) to operating income (loss) and diluted income (loss) per share to diluted operating income (loss) per share for the periods indicated:

下表覈對了所述期間的淨收益(虧損)與營業收入(虧損)以及攤薄後的每股收益(虧損)與攤薄後的每股營業收益(虧損):

For the Three Months Ended
March 31, 2024 March 31, 2023
Amount Diluted income per common share Amount Diluted loss per common share
(000's except per common share amounts and percentages)
Operating Income (Loss) and Operating Income (Loss) per Diluted Common Share Reconciliation:
Net income (loss)
$ 1,427 $ 0.12 $ (5,055 ) $ (0.47 )
Net gain on investments
(726 ) (1,225 )
Less tax expense on net gain
(152 ) (257 )
Net gain on investments, net of taxes
(574 ) $ (0.05 ) (968 ) $ (0.09 )
Operating income (loss)
$ 853 $ 0.07 $ (6,022 ) $ (0.56 )
Weighted average diluted shares outstanding
11,791,520 10,756,913
(Components may not sum due to rounding)
在已結束的三個月中
2024 年 3 月 31 日 2023 年 3 月 31 日
金額 普通股每股攤薄收益 金額 攤薄後每股普通股虧損
(除每股普通股金額和百分比外,000)
營業收益(虧損)和攤薄後普通股每股營業收益(虧損)對賬:
淨收益(虧損)
$ 1,427 $ 0.12 $ (5,055) ) $ (0.47 )
投資淨收益
(726 ) (1,225) )
減少淨收益的稅收支出
(152) ) (257) )
扣除稅款後的投資淨收益
(574) ) $ (0.05) ) (968) ) $ (0.09 )
營業收入(虧損)
$ 853 $ 0.07 $ (6,022) ) $ (0.56 )
加權平均攤薄後已發行股數
11,791,520 10,756,913
(由於四捨五入,各部分的總和可能不一致)

The following table reconciles net income (loss) to operating income (loss) and return on equity to operating return on equity for the periods indicated:

下表將指定期間的淨收益(虧損)與營業收入(虧損)以及股本回報率與營業股本回報率進行了對賬:

For the Three Months Ended
March 31,
%
2024 2023 Change
(000's except percentages)
Net Operating Income (Loss) Reconciliation:
Net income (loss)
$ 1,427 $ (5,055 ) NM
Net gain on investments
(726 ) (1,225 ) 40.7 %
Less tax expense on net realized gain
(152 ) (257 ) 40.9 %
Net gain on investments, net of taxes
(574 ) (968 ) 40.7 %
Net operating income (loss)
$ 853 $ (6,022 ) NM
Operating Return on Equity Reconciliation:
Net income (loss)
$ 1,427 $ (5,055 ) NM
Average equity
$ 35,127 $ 34,726 1.2 %
Return on equity
4.1 % -14.6 % NM
Return on equity - annualized
16.2 % -58.2 % NM
Net gain on investments, net of taxes
$ (574 ) $ (968 ) 40.7 %
Average equity
$ 35,127 $ 34,726 1.2 %
Effect of net gain on investments, net of taxes, on return on equity
-1.6 % -2.8 % 41.4 %
Net operating income (loss)
$ 853 $ (6,022 ) NM
Net operating income (loss) - annualized
$ 3,412 $ (24,092 ) NM
Average equity
$ 35,127 $ 34,726 1.2 %
Operating return on equity
2.4 % -17.3 % NM
Operating return on equity - annualized
9.7 % -69.4 % NM
(Components may not sum due to rounding)
在已結束的三個月中
三月三十一日
%
2024 2023 改變
(除百分比外,000 個)
淨營業收入(虧損)對賬:
淨收益(虧損)
$ 1,427 $ (5,055) ) NM
投資淨收益
(726 ) (1,225) ) 40.7 %
減少已實現淨收益的稅收支出
(152) ) (257) ) 40.9 %
扣除稅款後的投資淨收益
(574) ) (968) ) 40.7 %
淨營業收入(虧損)
$ 853 $ (6,022) ) NM
營業股本回報率對賬:
淨收益(虧損)
$ 1,427 $ (5,055) ) NM
平均淨值
$ 35,127 $ 34,726 1.2 %
股本回報率
4.1 % -14.6 % NM
股本回報率——按年計算
16.2 % -58.2 % NM
扣除稅款後的投資淨收益
$ (574) ) $ (968) ) 40.7 %
平均淨值
$ 35,127 $ 34,726 1.2 %
扣除稅款後的淨收益對投資的淨收益對股本回報率的影響
-1.6 % -2.8 % 41.4 %
淨營業收入(虧損)
$ 853 $ (6,022) ) NM
淨營業收入(虧損)-按年計算
$ 3,412 $ (24,092) ) NM
平均淨值
$ 35,127 $ 34,726 1.2 %
經營股本回報率
2.4 % -17.3 % NM
營業股本回報率——按年計算
9.7 % -69.4 % NM
(由於四捨五入,各部分的總和可能不一致)

The following table reconciles the underlying loss ratio to the net loss ratio for the periods presented:

下表覈對了所列期間的基礎虧損比率與淨虧損比率:

For the Three Months Ended
March 31,
2024 2023 Percentage Point Change
Underlying Loss Ratio Reconciliation:
Underlying Loss Ratio
58.8 % 75.4 % (16.6 )
pts
Effect of catastrophe losses
5.2 % 13.2 % (8.0 )
pts
Effect of prior year reserve development
(2.0 )% 0.0 % (2.0 )
pts
Net loss ratio
62.0 % 88.6 % (26.6 )
pts
(Components may not sum due to rounding)
在已結束的三個月中
三月三十一日
2024 2023 百分點變化
基礎虧損比率對賬:
標的虧損比率
58.8 % 75.4 % (16.6) )
pts
災難損失的影響
5.2 % 13.2 % (8.0 )
pts
上年度儲備金開發的影響
(2.0) )% 0.0 % (2.0) )
pts
淨虧損率
62.0 % 88.6 % (26.6 )
pts
(由於四捨五入,各部分的總和可能不一致)
KINGSTONE COMPANIES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
March 31, December 31,
2024 2023
(unaudited)
Assets
Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of
$6,043,911 at March 31, 2024 and $6,106,148 at December 31, 2023)
$ 7,051,252 $ 7,052,541
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of
$177,344,695 at March 31, 2024 and $164,460,942 at December 31, 2023)
161,247,070 148,920,797
Equity securities, at fair value (cost of $16,119,554 at March 31, 2024 and
$17,986,783 at December 31, 2023)
13,536,833 14,762,340
Other investments
4,074,176 3,897,150
Total investments
185,909,331 174,632,828
Cash and cash equivalents
3,199,300 8,976,998
Premiums receivable, net
13,902,797 13,604,808
Reinsurance receivables, net
70,723,937 75,593,912
Deferred policy acquisition costs
19,427,151 19,802,564
Intangible assets
500,000 500,000
Property and equipment, net
9,340,159 9,395,697
Deferred income taxes, net
10,290,867 10,551,819
Other assets
4,999,181 4,574,584
Total assets
$ 318,292,723 $ 317,633,210
Liabilities
Loss and loss adjustment expense reserves
$ 122,498,439 $ 121,817,862
Unearned premiums
104,949,777 105,621,538
Advance premiums
4,580,934 3,797,590
Reinsurance balances payable
10,797,386 12,837,140
Deferred ceding commission revenue
9,290,100 9,460,865
Accounts payable, accrued expenses and other liabilities
5,168,007 4,350,546
Debt, net
25,258,273 25,243,530
Total liabilities
282,542,916 283,129,071
Commitments and Contingencies
Stockholders' Equity
Preferred stock, $.01 par value; authorized 2,500,000 shares
- -
Common stock, $.01 par value; authorized 20,000,000 shares; issued 12,479,422 shares
at March 31, 2024 and 12,248,313 shares at December 31, 2023; outstanding
11,008,116 shares at March 31, 2024 and 10,776,907 shares at December 31, 2023
124,794 122,483
Capital in excess of par
75,595,096 75,338,010
Accumulated other comprehensive loss
(12,714,971 ) (12,274,563 )
Accumulated deficit
(21,687,631 ) (23,114,310 )
41,317,288 40,071,620
Treasury stock, at cost, 1,471,406 shares at March 31, 2024
and December 31, 2023
(5,567,481 ) (5,567,481 )
Total stockholders' equity
35,749,807 34,504,139
Total liabilities and stockholders' equity
$ 318,292,723 $ 317,633,210
金斯通公司有限公司和子公司
簡明合併資產負債表
三月三十一日 十二月三十一日
2024 2023
(未經審計)
資產
按攤銷成本持有至到期的固定到期證券(公允價值
2024 年 3 月 31 日爲 6,043,911 美元,2023 年 12 月 31 日爲 6,106,148 美元)
$ 7,051,252 $ 7,052,541
按公允價值出售的固定到期證券(攤銷成本
截至2024年3月31日爲177,344,695美元,截至2023年12月31日爲164,460,942美元)
161,247,070 148,920,797
按公允價值計算的股票證券(截至2024年3月31日的成本爲16,119,554美元)以及
截至2023年12月31日爲17,986,783美元)
13,536,833 14,762,340
其他投資
4,074,176 3,897,150
投資總額
185,909,331 174,632,828
現金和現金等價物
3,199,300 8,976,998
應收保費,淨額
13,902,797 13,604,808
再保險應收賬款,淨額
70,723,937 75,593,912
遞延保單購置成本
19,427,151 19,802,564
無形資產
50 萬 50 萬
財產和設備,淨額
9,340,159 9,395,697
遞延所得稅,淨額
10,290,867 10,551,819
其他資產
4,999,181 4,574,584
總資產
$ 318,292,723 $ 317,633,210
負債
虧損調整費用儲備金
$ 122,498,439 $ 121,817,862
未賺取的保費
104,949,777 105,621,538
預付保費
4,580,934 3,797,590
應付再保險餘額
10,797,386 12,837,140
遞延割讓步佣金收入
9,290,100 9,460,865
應付賬款、應計費用和其他負債
5,168,007 4,350,546
債務,淨額
25,258,273 25,243,530
負債總額
282,542,916 283,129,071
承付款和或有開支
股東權益
優先股,面值0.01美元;授權2,500,000股
- -
普通股,面值0.01美元;授權20,000,000股;已發行12,479,422股
截至2024年3月31日,截至2023年12月31日爲12,248,313股;已發行股票
截至2024年3月31日的11,008,116股股票和截至2023年12月31日的10,776,907股股票
124,794 122,483
超過面值的資本
75,595,096 75,338,010
累計其他綜合虧損
(12,714,971) ) (12,274,563) )
累計赤字
(21,687,631) ) (23,114,310) )
41,317,288 40,071,620
截至2024年3月31日,美國庫存股按成本計算爲1,471,406股
以及 2023 年 12 月 31 日
(5,567,481) ) (5,567,481) )
股東權益總額
35,749,807 34,504,139
負債和股東權益總額
$ 318,292,723 $ 317,633,210
KINGSTONE COMPANIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited)
For the Three Months Ended
March 31,
2024 2023
Revenues
Net premiums earned
$ 28,819,902 $ 28,254,953
Ceding commission revenue
4,567,111 5,445,407
Net investment income
1,502,860 1,541,492
Net gains on investments
726,391 1,224,871
Other income
148,913 161,040
Total revenues
35,765,177 36,627,763
Expenses
Loss and loss adjustment expenses
17,859,587 25,039,410
Commission expense
7,851,812 8,539,762
Other underwriting expenses
5,880,605 6,871,619
Other operating expenses
778,082 662,634
Depreciation and amortization
596,513 808,130
Interest expense
993,875 1,009,891
Total expenses
33,960,474 42,931,446
Income (loss) from operations before taxes
1,804,703 (6,303,683 )
Income tax expense (benefit)
378,024 (1,248,973 )
Net income (loss)
1,426,679 (5,054,710 )
Other comprehensive (loss) income, net of tax
Gross change in unrealized (losses) gains
on available-for-sale-securities
(560,347 ) 2,467,426
Reclassification adjustment for losses
included in net income (loss)
2,867 2,639
Net change in unrealized (losses) gains,
on available-for-sale-securities
(557,480 ) 2,470,065
Income tax benefit (expense) related to items
of other comprehensive (loss) income
117,072 (518,713 )
Other comprehensive (loss) income, net of tax
(440,408 ) 1,951,352
Comprehensive income (loss)
$ 986,271 $ (3,103,358 )
Earnings (loss) per common share:
Basic
$ 0.13 $ (0.47 )
Diluted
$ 0.12 $ (0.47 )
Weighted average common shares outstanding
Basic
10,999,662 10,756,913
Diluted
11,791,520 10,756,913
金斯通公司有限公司和子公司
簡明合併運營報表和綜合收益(虧損)(未經審計)
在已結束的三個月中
三月三十一日
2024 2023
收入
淨賺取的保費
$ 28,819,902 $ 28,254,953
割讓佣金收入
4,567,111 5,445,407
淨投資收益
1,502,860 1,541,492
投資淨收益
726,391 1,224,871
其他收入
148,913 161,040
總收入
35,765,177 36,627,763
開支
損失和損失調整費用
17,859,587 25,039,410
佣金支出
7,851,812 8,539,762
其他承保費用
5,880,605 6,871,619
其他運營費用
778,082 662,634
折舊和攤銷
596,513 808,130
利息支出
993,875 1,009,891
支出總額
33,960,474 42,931,446
稅前運營收入(虧損)
1,804,703 (6,303,683) )
所得稅支出(福利)
378,024 (1,248,973) )
淨收益(虧損)
1,426,679 (5,054,710) )
扣除稅款的其他綜合(虧損)收入
未實現(虧損)收益的總變動
關於可供出售的證券
(560,347) ) 2,467,426
損失重新分類調整
包含在淨收益(虧損)中
2,867 2,639
未實現(虧損)收益的淨變動,
關於可供出售的證券
(557,480) ) 2,470,065
與物品相關的所得稅優惠(支出)
其他綜合(虧損)收益的百分比
117,072 (518,713) )
扣除稅款的其他綜合(虧損)收入
(440,408) ) 1,951,352
綜合收益(虧損)
$ 986,271 $ (3,103,358) )
普通股每股收益(虧損):
基本
$ 0.13 $ (0.47 )
稀釋
$ 0.12 $ (0.47 )
已發行普通股的加權平均值
基本
10,999,662 10,756,913
稀釋
11,791,520 10,756,913

SOURCE: Kingstone Companies, Inc

來源:金斯通公司


譯文內容由第三人軟體翻譯。


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