Kingstone Announces 2016 Third Quarter Financial Results

Kingstone Companies, Inc. (Nasdaq:KINS) (the "Company" or "Kingstone"), a multi-line property and casualty insurance holding company, today announced its financial results for the quarter ended September 30, 2016.

Financial and Operational Highlights

2016 Third Quarter

(All results are compared to prior year period unless otherwise noted)
  • Net income increased 47.5% to $3,460,626, or $0.43 per diluted share
  • Net operating income 1 increased 39.2% to $3,301,543, or $0.41 per diluted share
  • Net premiums earned increased 19.2% to $15.6 million
  • Direct written premiums 1 increased 10.6%; Personal lines grew by 11.6%
  • Net combined ratio of 67.4% compared to 72.8%
  • Return on average common equity (annualized) of 25.1% compared to 22.1%
  • Operating return on average common equity (annualized) 1 of 23.9% compared to 22.3%
  • Book value per share increased to $7.16, up 19.3% over Q3 2015 and up 5.3% over Q2 2016.
  • Dividend declared of $.0625 per share payable December 15 th.

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(1) These measures are not based on GAAP and are defined and reconciled to the most directly comparable GAAP measures in "Information Regarding Non-GAAP Measures" below.

Kingstone Announces Quarterly Dividend of $0.0625 per share

The Company announced that its Board of Directors declared a quarterly dividend of $0.0625 per share payable on December 15, 2016 to stockholders of record at the close of business on November 30, 2016. This is our 22nd consecutive quarterly dividend.

Management Commentary

Kingstone's Chairman and CEO, Barry Goldstein, commented about the third quarter, "I am pleased to report that we posted our single most profitable quarter ever, earning $.43 per share on a fully diluted basis. Net income for the quarter was a record $3,461,000, translating into an annualized ROE of 25.1%. For the nine month period our diluted EPS was $.89 resulting in a nine months annualized ROE of 17.9%, in spite of the severe winter weather we experienced in the first quarter.

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