Slide Insurance (SLDE) Q3 2025 earnings summary

Executive summary

• Achieved record growth in Q3 2025, with gross premiums written up 34% year-over-year to $463.4 million and net income rising over sixfold to $111 million, driven by Citizens policy takeouts, new business, and renewals.

• Policies in force increased 28% year-over-year to approximately 351,700, with significant contributions from Citizens policy takeouts and strong voluntary new business.

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

• Continued expansion into new states, including South Carolina, and groundwork for entry into New York, New Jersey, Rhode Island, and California.

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

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 million, up from $17.6 million in the prior-year quarter; diluted EPS 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.

• Cash and cash equivalents stood at $861.6 million, with $539.9 million in restricted cash and $478.6 million in invested assets as of September 30, 2025.

Outlook and guidance

• Expect further growth in gross premiums written in Q4 2025 and continued expansion into new states in 2026, with plans to begin writing policies in New York and New Jersey in the first half of 2026, pending regulatory approval.

• Anticipate providing updated Q4 2025 guidance and 2026 outlook after November Citizens takeouts.

• Near-term focus on scaling growth initiatives, with investments in systems and personnel expected to impact short-term bottom line but drive long-term value.

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

• Management expects continued growth from policy assumptions, renewals, and new business, focusing on underserved coastal markets.