Specialty insurance provider Kinsale Capital Group (NYSE: KNSL) reported revenue ahead of Wall Street’s expectations in Q2 CY2026, with sales up 16.8% year on year to $548.5 million. Its non-GAAP profit of $5.54 per share was 8.4% above analysts’ consensus estimates.

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Company Overview

Founded in 2009 during the aftermath of the financial crisis when many insurers were retreating from riskier markets, Kinsale Capital Group (NYSE: KNSL) is an insurance company that specializes in writing policies for hard-to-place, unusual, or high-risk businesses that standard insurers typically avoid.

Revenue Growth

Insurance companies earn revenue from three primary sources: 1) The core insurance business itself, often called underwriting and represented in the income statement as premiums 2) Income from investing the “float” (premiums collected upfront not yet paid out as claims) in assets such as fixed-income assets and equities 3) Fees from various sources such as policy administration, annuities, or other value-added services. Luckily, Kinsale Capital Group’s revenue grew at an incredible 29.3% compounded annual growth rate over the last five years. Its growth surpassed the average insurance company and shows its offerings resonate with customers, a great starting point for our analysis.

We at StockStory place the most emphasis on long-term growth, but within financials, a half-decade historical view may miss recent interest rate changes, market returns, and industry trends. Kinsale Capital Group’s annualized revenue growth of 18.4% over the last two years is below its five-year trend, but we still think the results suggest healthy demand.

This quarter, Kinsale Capital Group reported year-on-year revenue growth of 16.8%, and its $548.5 million of revenue exceeded Wall Street’s estimates by 14.9%.

Net premiums earned made up 86.2% of the company’s total revenue during the last five years, meaning Kinsale Capital Group barely relies on non-insurance activities to drive its overall growth.

Net premiums earned command greater market attention due to their reliability and consistency, whereas investment and fee income are often seen as more volatile revenue streams that fluctuate with market conditions.

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Book Value Per Share (BVPS)

Insurance companies are balance sheet businesses, collecting premiums upfront and paying out claims over time. The float (premiums collected but not yet paid out) is invested, creating an asset base supported by a liability structure. Book value per share (BVPS) captures this dynamic by measuring these assets (investment portfolio, cash, reinsurance recoverables) less liabilities (claim reserves, debt, future policy benefits). BVPS is essentially the residual value for shareholders.

We therefore consider BVPS very important to track for insurers and a metric that sheds light on business quality. While other (and more commonly known) per-share metrics like EPS can sometimes be lumpy due to reserve releases or one-time items and can be managed or skewed while still following accounting rules, BVPS reflects long-term capital growth and is harder to manipulate.

Kinsale Capital Group’s BVPS grew at an incredible 26.5% annual clip over the last five years. BVPS growth has also accelerated recently, growing by 28.6% annually over the last two years from $53.99 to $89.34 per share.

Over the next 12 months, Consensus estimates call for Kinsale Capital Group’s BVPS to grow by 17.5% to $91.25, top-notch growth rate.

Key Takeaways from Kinsale Capital Group’s Q2 Results

We were impressed by how significantly Kinsale Capital Group blew past analysts’ revenue expectations this quarter. We were also glad its net premiums earned outperformed Wall Street’s estimates. On the other hand, its book value per share missed. Overall, this print had some key positives. The stock remained flat at $332.50 immediately following the results.

Should you buy the stock or not? What happened in the latest quarter matters, but not as much as longer-term business quality and valuation, when deciding whether to invest in this stock. We cover that in our actionable full research report which you can read here (it’s free).