Benzinga | Aug 3, 2020 09:08AM EDT

Kingstone Sees Prelim. Q2 Net Operating Income $0.23/Share, EPS $0.43/Share

Financial Highlights

2020 Second Quarter

(All results are approximations and are compared to prior year quarterly period actual amounts unless otherwise noted)

* Net operating income1 of $2.5 million, or $0.23 per diluted share, compared to $1.1 million, or $0.10 per diluted share.

* Net income of $4.6 million, or $0.43 per diluted share, compared to net income of $1.6 million, or $0.15 per diluted share.

* Net combined ratio of 87.3% compared to 94.1%, an improvement of 6.8 percentage points.

* Net premiums earned from personal lines decreased by 4.9% reflecting the 25% quota share in effect in Q2 2020 vs. 10% quota share in effect in Q2 2019. Net premiums earned, including commercial liability lines in run off, decreased 14.6% to $26.6 million.

* Net loss ratio, excluding commercial liability lines in run off1, of 47.1% compared to 50.5%; Net loss ratio, including commercial liability lines in run off1, of 48.1% compared to 56.6%.

* Book Value per Share of $8.40 up $1.27, or 17.8% from Q1.