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Kingstone posts lower net operating income YOY in Q2

Kingstone Cos. Inc. reported second-quarter net operating income of $2.4 million, or 22 cents per share, down from $2.7 million, or 34 cents per share, in the prior-year period.

On a GAAP basis, net income was $2.5 million, or 23 cents per share, compared with $2.8 million, or 36 cents per share, in the second quarter of 2016.

Kingstone said the decline in net income could be attributed to an increased net loss ratio of 44.0% from 38.6% a year earlier, and increased other operating expenses of about $906,700 for the second quarter compared with about $432,700 in such expenses a year ago.

The company reported second-quarter net premiums earned of $17.0 million, compared with $15.0 million a year earlier. Net investment income was up for the quarter to $1.0 million from $764,000 in the second quarter of 2016.