Kinsale Capital Group Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	474.09	414.84	308.09	159.11	152.66	88.42
Depreciation & Amortization	6.13	5.8	3.27	2.72	2.31	1.57
Gain (Loss) on Sale of Investments	-50.72	-50.72	-21.13	26.9	-25.64	-20.39
Stock-Based Compensation	14.15	14.15	9.36	6.68	4.84	3.58
Change in Accounts Receivable	3.19	3.19	-37.46	-34.75	-22.36	-14.16
Change in Accounts Payable	8.94	8.94	12.52	8.11	10.1	3.09
Change in Unearned Revenue	127.1	127.1	201.67	151.95	86.74	73.61
Change in Income Taxes	-0.36	-0.36	0.74	7.52	-3.88	-1.61
Change in Insurance Reserves / Liabilities	592.79	592.79	454.47	357.06	245.33	175.96
Change in Other Net Operating Assets	-114.72	-114.72	-35.48	-93.66	-32.43	-22.36
Other Operating Activities	-24.38	-3.83	-9.43	-14.19	-0.58	0.62
Operating Cash Flow	1,015	976.3	859.84	557.82	407.04	279.97
Operating Cash Flow Growth	4.15%	13.54%	54.14%	37.04%	45.39%	56.97%
Capital Expenditures	-53.87	-23.94	-6.61	-6.9	-5.92	-32.88
Sale of Property, Plant & Equipment	-	-	-	-	-	5.08
Investment in Securities	-847.01	-935.87	-914.21	-625.05	-346.04	-351.64
Investing Cash Flow	-900.88	-960.13	-860.89	-708.57	-351.96	-379.43
Long-Term Debt Issued	-	-	50	198	-	25.7
Total Debt Repaid	-	-	-62	-43	-	-
Net Debt Issued (Repaid)	15	-	-12	155	-	25.7
Issuance of Common Stock	0.73	1.33	0.88	48.59	0.98	60.32
Repurchases of Common Stock	-56.36	-17.05	-4.28	-3.29	-2.1	-1.8
Common Dividends Paid	-15.34	-13.94	-12.95	-11.93	-10.02	-8.07
Other Financing Activities	-	-	-0.16	-2.38	-	-
Financing Cash Flow	-55.97	-29.66	-28.52	185.99	-11.14	76.14
Net Cash Flow	58.47	-13.48	-29.58	35.23	43.95	-23.32
Free Cash Flow	961.45	952.36	853.23	550.91	401.12	247.1
Free Cash Flow Growth	0.09%	11.62%	54.87%	37.34%	62.33%	55.67%
Free Cash Flow Margin	53.33%	59.99%	69.68%	65.68%	61.38%	53.73%
Free Cash Flow Per Share	41.26	40.82	36.61	23.82	17.39	10.81
Cash Interest Paid	10.3	10.3	10.5	2.4	0.9	0.8
Cash Income Tax Paid	104.1	104.1	84.6	43.1	40.6	13
Levered Free Cash Flow	920.07	940.84	906.17	471.79	422.31	253.11
Unlevered Free Cash Flow	926.46	947.17	912.61	474.47	422.93	253.22
Change in Working Capital	596.06	596.06	569.67	376.6	273.45	206.18

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.