Ethos Technologies (LIFE) investor relations material

Key business and strategic highlights

• Achieved 104% year-over-year growth last quarter, with a 17% adjusted EBITDA margin and $31 million in cash flow.

• Consistently grown over 50% annually for the past three years, maintaining efficient unit economics and 98% gross margins.

• Asset-light, regulatory-light model with no balance sheet risk, relying on a diverse network of carrier partners.

• Three-sided platform delivers value to consumers, agents, and carriers, driving compounding network effects as scale increases.

• Largest source of premiums for half of carrier partners, driving faster growth for those carriers.

Technology and innovation

• Built a fully native technology platform, including underwriting engines, admin systems, and agent operating systems.

• Automates over 95% of underwriting decisions instantly, using up to 250,000 data points and 40,000 algorithmic rules per client.

• Human underwriting team audits automated decisions, with continuous feedback loops for pricing and risk management.

• Integrated AI and LLMs, including ChatGPT, to enhance consumer research and streamline the purchase journey.

• Technology enables rapid product launches, with three to four new products introduced annually and expansion into adjacent markets.

Market strategy, opportunity, and growth

• Addresses a recurring TAM of 10 million Americans annually purchasing individual life insurance, with the U.S. market representing over $140B in new premiums.

• Direct-to-consumer channel accounts for about two-thirds of business, with diversified marketing across TV, radio, and digital.

• Agent channel launched in late 2020, now with over 15,000 unique selling agents and 600,000+ policies activated as of March 2026.

• Product mix led by term life (~70% of revenue), with growing contributions from whole life, indexed universal life, and supplementary health.

• Direct-to-consumer distribution is gaining share in a fragmented carrier market dominated by century-old incumbents.