Slide Insurance (SLDE) Q3 2025 earnings summary

Executive summary

• Achieved record top and bottom-line growth in Q3 2025, with gross premiums written up 34% year-over-year to $463.4 million and net income surging over six-fold to $111 million, driven by Citizens policy takeouts, organic growth, and new business.

• Policies in force grew 28% year-over-year to approximately 351,700, with significant expansion into South Carolina, New York, New Jersey, Rhode Island, and California.

• Completed an IPO in June 2025, raising $263.5 million in net proceeds and converting all preferred stock to common stock.

• Board authorized a stock repurchase program up to $120 million, with $100 million remaining as of Q3 2025.

• Staff grew 18% in Q3 2025, with customer service brought in-house and ongoing technology enhancements.

Financial highlights

• Gross premiums written for Q3 2025 were $463.4 million, up 33.8% year-over-year; nine-month gross premiums written reached $1.18 billion, up 25.3%.

• Net income for Q3 2025 was $111.0 million, up 531.5% year-over-year; diluted EPS for Q3 was $0.79.

• Total revenue for Q3 2025 was $265.7 million, up 33% year-over-year.

• Shareholders' equity increased to $964.2 million as of September 30, 2025, up from $433.2 million at year-end 2024.

• Loss ratio improved to 13.7% from 60.4% in the prior year; combined ratio dropped to 48.5% from 94.3% year-over-year.

Outlook and guidance

• Management expects continued growth in gross premiums written and policy takeouts from Citizens, with updated Q4 2025 guidance and 2026 outlook to follow November takeouts.

• Anticipates reaching $1 billion in shareholders' equity in Q4 2025.

• Expects to begin writing policies in New York and New Jersey in the first half of 2026, pending regulatory approval.

• Near-term focus on scaling growth initiatives, with investments in systems and personnel expected to impact short-term earnings.

• The company anticipates maintaining strong liquidity and capital positions to support growth and manage catastrophe risk.