Kingstone Companies, Inc. (KINS) has reported a 47.53 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $3.46 million, or $0.43 a share in the quarter, compared with $2.35 million, or $0.32 a share for the same period last year.
Revenue during the quarter grew 19.04 percent to $19.83 million from $16.66 million in the previous year period. Net premium earned for the quarter increased 19.17 percent or $2.52 million to $15.65 million.
Total expenses move up
Benefits, losses and expenses for the quarter were at $14.57 million, or 93.12 percent of premium earned from $13.20 million or 100.51 percent of premium earned in the last year period. Operating income for the quarter was $5.26 million, compared with $3.46 million in the previous year period. Net investment income was at $0.71 million for the quarter, up 9.18 percent or $0.06 million from year-ago period. Meanwhile, income from fees and commission for the quarter increased by 11.02 percent or $0.29 million to $2.93 million. The company has recorded a gain on investments of $0.24 million in the quarter compared with a loss of $0.04 million for the previous year period.
Kingstone’s chairman and chief executive officer, 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."
Assets outpace liabilities growth
Total assets increased 17.17 percent or $24.84 million to $169.48 million on Sep. 30, 2016. On the other hand, total liabilities were at $112.81 million as on Sep. 30, 2016, up 12.12 percent or $12.19 million from year-ago. Return on assets stood at 2.04 percent in the quarter, up 0.42 from 1.62 percent in the last year period. At the same time, return on equity was at 6.11 percent in the quarter, up 0.78 from 5.33 percent in the last year period.
Investments increase substantially
Investments stood at $96.54 million as on Sep. 30, 2016, up 25.82 percent or $19.81 million from year-ago. Meanwhile, yield on investments went down 11 basis points to 0.73 percent in the quarter. Meanwhile, reinsurance recoverables were almost stable over the year to $31.21 million on Sep. 30, 2016.
Shareholders equity stood at $56.67 million as on Sep. 30, 2016, up 28.72 percent or $12.65 million from year-ago.
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