Slide Insurance (SLDE) Q4 2025 earnings summary

Executive summary

• Achieved industry-leading performance in 2025, exceeding guidance for gross premiums written and net income due to higher voluntary sales, strong retention, favorable loss development, and Citizens Insurance policy assumptions.

• Gross premiums written in Q4 2025 rose 57% year-over-year to $618.5 million, driven by policy acquisitions and renewals.

• Net income for Q4 2025 more than doubled year-over-year to $170.4 million, with diluted EPS of $1.23.

• Full year 2025 gross premiums written increased 34.6% to $1.80 billion; net income grew 120.7% to $444.0 million.

• Combined ratio improved significantly for Q4 (38%) and full year (52.1%), reflecting lower catastrophe losses.

Financial highlights

• Q4 total revenue increased 45.5% year-over-year to $347.0 million; full year revenue up 36.5% to $1.16 billion.

• Net premiums earned in Q4 grew 45.4% to $326.6 million; full year net premiums earned up 36.2% to $1.08 billion.

• Loss ratio for Q4 2025 improved to 8.3% from 26.3% year-over-year; full year loss ratio improved to 21.8%.

• Policy acquisition and underwriting expenses increased due to higher policy count and tech investments.

• General and administrative expenses rose to $51.4 million, mainly from staffing growth.

Outlook and guidance

• 2026 gross written premiums expected between $1.85 billion and $1.95 billion; net income guidance is $455 million to $470 million.

• Anticipates double-digit increases in policies in force and premiums outside Florida, with continued selective growth in Florida.

• Plans to expand into New York, New Jersey, Rhode Island, and California, pending regulatory approvals.

• Guidance includes a reduction in reinsurance expenses, though the extent is not yet known.

• Growth to be driven by organic expansion and selective opportunities, especially outside Florida.