- Gross Premiums Written in the Fourth Quarter Grew 56.7% Year-over-Year to
- Fourth Quarter Net Income More than Doubled Year-over-Year to
- Combined Ratio Improved to 38.0% -
Fourth Quarter 2025 Highlights
- Gross premiums written grew 56.7% to
$618.5 million , compared to$394.6 million in the prior-year period. - Total policies in force at the end of the period are 493,532, the average premium per residential policy is
$3,670 and the average premium per commercial residential policy is$143,213 - Total revenue increased 45.5% to
$347.0 million , compared to$238.5 million in the prior-year period. - Net income more than doubled to
$170.4 million , compared to$75.1 million in the prior-year period. Diluted earnings per share for the fourth quarter of 2025 was$1.23 . - Loss ratio of 8.3%, compared to 26.3% in the prior-year period.
- Combined ratio of 38.0%, compared to 60.9% in the prior-year period as a result of a decrease in hurricane and non-hurricane weather losses.
“We delivered exceptional results in the fourth quarter and for the full year 2025, providing us with significant momentum entering 2026,” said
Fourth Quarter 2025 Operating Results
Gross premiums written were
Policies in force as of
Net premiums earned grew 45.4% to
Losses and loss adjustment expenses (LAE) incurred, net were
Policy acquisition and other underwriting expenses were
General and administrative expenses were
Combined ratio improved to 38.0%, compared to 60.9% in the prior-year period, due to greater net premiums earned from increased policies in force and a lower level of catastrophe losses from hurricane and non-hurricane weather activity.
Net income grew 126.9% to
Full Year 2025 Highlights
Gross premiums written were
Total revenue of
Losses and loss adjustment expenses (LAE) incurred, net were
Policy acquisition and other underwriting expenses were
General and administrative expenses were
Combined ratio improved to 52.1%, compared to 72.3% in the prior year.
Net income grew 120.7% to
Full Year Outlook
The Company initiated its financial outlook for full year 2026, reflecting accelerating momentum across the company.
The Company expects to generate full year gross written premiums in the range of
Top-line growth is expected to be driven primarily by sustained organic expansion, including double-digit increases in policies in force and premium outside of
The Company expects to generate full year net income in the range of $455 million to
Key Ratios
In this press release we discuss certain key ratios, described below, which provide useful information about our business and the operational factors underlying our financial performance.
Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses incurred, net to net premiums earned.
Policy acquisition expense ratio is the ratio, expressed as a percentage, of policy acquisition expenses and other underwriting expenses to net premiums earned.
Expense ratio, expressed as a percentage, is the ratio of policy acquisition and other underwriting expenses, general and administrative expenses, and other operating expense to net premiums earned.
Combined ratio is the sum of the loss ratio and the expense ratio. A combined ratio under 100% indicates an underwriting profit. A combined ratio over 100% indicates an underwriting loss.
Return on equity, expressed as a percentage, is a ratio of net income on an annualized basis as a percentage of average beginning and ending shareholders’ equity during the period.
Webcast and Conference Call
Slide will hold a conference call to discuss financial results tomorrow,
A webcast replay of the call will be available at ir.slideinsurance.com for one year following the call.
Forward-Looking Statements
Statements in this press release and the Company’s earnings call that are not historical facts are forward-looking statements that are subject to certain risks and uncertainties that could cause actual events and results to differ materially from those discussed herein. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “aim,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology and relate, without limitation, to the Company’s beliefs and expectations regarding the Company’s (i). projections of future financial performance, (ii) growth strategies, (iii) business trends, (iv) sustainable, long-term growth, including the drivers of such growth, (v) competitive advantages, (vi) ability to achieve top-line growth and margin expansion and create long-term value for its shareholders, (vii) underwriting profitability, and (viii) capitalization and profitability. These statements are only predictions based on Slide’s current expectations and projections about future events and are not guarantees of actual results, level of activity, performance or achievements. Although Slide believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, there are important factors that could cause the Company’s actual results, level of activity, performance or achievements to differ materially from those anticipated in any forward-looking statements, including, among others, our limited operating history; the success of the Company’s underwriting and profitability initiatives; inflation and other changes in economic conditions (including changes in interest rates and financial and real estate markets), including changes that may impact demand for our products and our operations; lack of effectiveness of exclusions and loss limitation methods in the insurance policies we assume or write; inherent uncertainty of our models and our reliance on such models as a tool to evaluate risk; the impact of macroeconomic conditions, including declining consumer confidence, inflation, high unemployment and the threat of recession; the impact of new federal and state regulations that affect the property and casualty insurance market and our failure to meet increased regulatory requirements, including minimum capital and surplus requirements; the cost of reinsurance, the collectability of reinsurance and our ability to obtain reinsurance coverage on terms and at a cost acceptable to us; assessments charged by various governmental agencies; pricing competition and other initiatives by competitors; our ability to obtain regulatory approval for requested rate changes, and the timing thereof; legislative and regulatory developments; the outcome of litigation pending against us, including the terms of any settlements; risks related to the nature of our business; performance of our investment portfolio; the adequacy of our liability for losses and loss adjustment expense; ratings by industry services; catastrophe losses; reliance on key personnel; weather conditions (including the severity and frequency of storms, hurricanes, tornadoes, wildfires and hail); acts of war and terrorist activities; court decisions and trends in litigation; and other matters described from time to time by us in our filings with the Securities and Exchange Commission.
Any forward-looking statement made by Slide in this press release and the earnings call speak only as of the date on which it is made. Slide undertakes no obligation to update any forward-looking statement, whether as a result of new information, actual results, revised expectations or otherwise, except as may be required by law.
About Slide
Slide is a technology-enabled insurance company that makes it easy for homeowners to choose the right coverage for their unique needs and budgets. Slide's cutting-edge technology leverages artificial intelligence and big data to optimize and streamline every part of the insurance process. Based in
Contacts
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ir@slideinsurance.com
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Chief Marketing Officer
press@slideinsurance.com
Condensed Consolidated Statements of Operations (Unaudited) (Dollar amounts in thousands) | ||||||||
| For the Three Months Ended (in thousands) | ||||||||
| 2025 | 2024 | |||||||
| Revenues: | ||||||||
| Gross premiums written | $ | 618,489 | $ | 394,607 | ||||
| Change in unearned premiums | (176,186) | (70,388) | ||||||
| Gross premiums earned | 442,303 | 324,219 | ||||||
| Ceded premiums earned | (115,729) | (99,623) | ||||||
| Net premiums earned | 326,574 | 224,596 | ||||||
| Net investment income | 18,476 | 12,561 | ||||||
| Policy fees | 1,815 | 1,497 | ||||||
| Other income | 142 | (201) | ||||||
| Total revenue | $ | 347,007 | $ | 238,453 | ||||
| Expenses: | ||||||||
| Losses and loss adjustment expenses incurred, net | 27,092 | 59,088 | ||||||
| Policy acquisition and other underwriting expenses | 42,313 | 29,090 | ||||||
| General and administrative expenses | 51,432 | 45,667 | ||||||
| Interest expense | 892 | 789 | ||||||
| Depreciation expense | 1,357 | 1,060 | ||||||
| Amortization expense | 1,901 | 1,960 | ||||||
| Total expenses | $ | 124,987 | $ | 137,654 | ||||
| Net income before income tax expense | 222,020 | 100,799 | ||||||
| Income tax expense | 51,633 | 25,706 | ||||||
| Net income | $ | 170,387 | $ | 75,093 | ||||
| Weighted average shares outstanding (in thousands) | ||||||||
| Basic | 123,780 | 56,224 | ||||||
| Diluted | 138,252 | 121,185 | ||||||
| Earnings per share | ||||||||
| Basic | $ | 1.38 | $ | 1.34 | ||||
| Diluted | $ | 1.23 | $ | 0.62 | ||||
Condensed Consolidated Statements of Operations (Dollar amounts in thousands) | ||||||||
| 2025 | 2024 | |||||||
| Revenues: | ||||||||
| Gross premiums written | $ | 1,795,516 | $ | 1,333,864 | ||||
| Change in unearned premiums | (304,301) | (236,564) | ||||||
| Gross premiums earned | 1,491,215 | 1,097,300 | ||||||
| Ceded premiums earned | (411,687) | (304,861) | ||||||
| Net premiums earned | 1,079,528 | 792,439 | ||||||
| Net investment income | 66,417 | 47,061 | ||||||
| Policy fees | 8,243 | 6,550 | ||||||
| Other income | 1,713 | 764 | ||||||
| Total revenue | $ | 1,155,901 | $ | 846,814 | ||||
| Expenses: | ||||||||
| Losses and loss adjustment expenses incurred, net | 235,462 | 339,293 | ||||||
| Policy acquisition and other underwriting expenses | 139,375 | 85,970 | ||||||
| General and administrative expenses | 175,750 | 137,507 | ||||||
| Interest expense | 3,631 | 3,754 | ||||||
| Depreciation expense | 4,850 | 2,447 | ||||||
| Amortization expense | 7,594 | 7,868 | ||||||
| Total expenses | $ | 566,662 | $ | 576,839 | ||||
| Net income before income tax expense | 589,239 | 269,975 | ||||||
| Income tax expense | 145,281 | 68,850 | ||||||
| Net income | $ | 443,958 | $ | 201,125 | ||||
| Weighted average shares outstanding (in thousands) | ||||||||
| Basic | 93,373 | 56,224 | ||||||
| Diluted | 131,958 | 121,137 | ||||||
| Earnings per share | ||||||||
| Basic | $ | 4.75 | $ | 3.58 | ||||
| Diluted | $ | 3.36 | $ | 1.66 | ||||
Condensed Consolidated Balance Sheets (Dollar amounts in thousands, except per share and par value amounts) | ||||||||
| 2025 | 2024 | |||||||
| ASSETS | ||||||||
| Invested assets: | ||||||||
| Fixed-maturity securities, available-for-sale, at estimated fair value (amortized costs: | $ | 589,720 | $ | 464,966 | ||||
| Other investments, net | 4,000 | 4,548 | ||||||
| Total invested assets | $ | 593,720 | $ | 469,514 | ||||
| Cash and cash equivalents | 1,201,210 | 493,409 | ||||||
| Restricted cash | 786 | 631 | ||||||
| Restricted cash - variable interest entity | 480,972 | 295,802 | ||||||
| Accrued interest income | 7,281 | 5,569 | ||||||
| Assumed premiums receivable | 34,290 | 10,284 | ||||||
| Premiums receivable, net of allowance for credit loss of | 90,576 | 47,642 | ||||||
| Reinsurance recoverable on paid losses, net of allowance for credit loss: | 16,183 | — | ||||||
| Reinsurance recoverable on unpaid losses, net of allowance for credit loss: | 146,128 | 341,051 | ||||||
| Prepaid reinsurance premiums | 202,748 | 148,288 | ||||||
| Deferred tax assets | 18,332 | 17,371 | ||||||
| Deferred policy acquisition costs | 93,728 | 65,046 | ||||||
| Property and equipment, net | 11,585 | 13,578 | ||||||
| Right-of-use lease asset, operating | 8,476 | 8,390 | ||||||
| Intangibles, net | 99 | 7,692 | ||||||
| 2,603 | 2,603 | |||||||
| Prepaid expenses | 8,932 | 4,192 | ||||||
| Other assets | 816 | 865 | ||||||
| Total assets | $ | 2,918,465 | $ | 1,931,927 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Liabilities: | ||||||||
| Loss and loss adjustment expense reserves | $ | 439,715 | $ | 595,487 | ||||
| Unearned premiums | 1,000,611 | 696,310 | ||||||
| Commissions payable | 9,049 | 8,254 | ||||||
| Advanced recoveries on reinsurance | — | 4,844 | ||||||
| Deferred revenue | 90 | 90 | ||||||
| Reinsurance premiums payable | 160,330 | 70,452 | ||||||
| Long-term debt, net | 33,687 | 39,190 | ||||||
| Interest rate swap liability | 62 | 117 | ||||||
| Income taxes payable | 93,555 | 43,943 | ||||||
| Advanced premiums | 30,518 | 12,051 | ||||||
| Premium tax liabilities | 5,075 | 1,206 | ||||||
| Accounts payable and accrued expenses | 19,768 | 13,858 | ||||||
| Lease liability, operating | 9,649 | 9,063 | ||||||
| Other liabilities | 3,115 | 3,903 | ||||||
| Total liabilities | $ | 1,805,224 | $ | 1,498,768 | ||||
| Shareholders’ equity: | ||||||||
| Common Stock (par value | 1,239 | 562 | ||||||
| Preferred stock (par value | — | 514 | ||||||
| Additional paid-in capital | 351,688 | 122,607 | ||||||
| Accumulated other comprehensive income (loss), net of taxes | 7,165 | 285 | ||||||
| Retained earnings | 753,149 | 309,191 | ||||||
| Total shareholders’ equity | $ | 1,113,241 | $ | 433,159 | ||||
| Total liabilities and shareholders’ equity | $ | 2,918,465 | $ | 1,931,927 | ||||
Supplemental Information | ||||||||||||||||
| Three Months Ended (in thousands) | Year Ended (in thousands) | |||||||||||||||
| Revenue | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Gross premiums written | $ | 618,489 | $ | 394,607 | $ | 1,795,516 | $ | 1,333,864 | ||||||||
| Policy fees | 1,815 | 1,497 | 8,243 | 6,550 | ||||||||||||
| Total revenue | $ | 347,007 | $ | 238,453 | $ | 1,155,901 | $ | 846,814 | ||||||||
| Net income | $ | 170,387 | $ | 75,093 | $ | 443,958 | $ | 201,125 | ||||||||
| Key Ratios | ||||||||||||||||
| Loss ratio | 8.3% | 26.3% | 21.8% | 42.8% | ||||||||||||
| Policy acquisition expense ratio | 13.0% | 13.0% | 12.9% | 10.8% | ||||||||||||
| Expense ratio | 29.7% | 34.6% | 30.3% | 29.5% | ||||||||||||
| Combined ratio | 38.0% | 60.9% | 52.1% | 72.3% | ||||||||||||
| Return on equity | 16.4% | 18.7% | 57.4% | 60.0% | ||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
| Total Assets | $ | 2,918,465 | $ | 1,931,927 | ||||||||||||
| Shareholders' Equity | 1,113,241 | 433,159 | ||||||||||||||
| Total common and preferred shares outstanding | 123,889 | 56,224 | ||||||||||||||
