Slide Insurance (SLDE) Q4 2025 earnings summary

Executive summary

• Achieved industry-leading performance in 2025, materially outpacing prior guidance for gross premiums written and net income, driven by higher voluntary sales, better retention, favorable loss development, and Citizens Insurance policy assumptions.

• Went public in 2025, ending the year with over $1.1 billion in book value and $2.9 billion in assets, establishing the strongest balance sheet in the coastal specialty sector.

• 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 to $170.4 million from $75.1 million in the prior year; diluted EPS was $1.23.

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

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.

• Combined ratio improved to 38% in Q4 from 60.9% year-over-year, and to 52.1% for the full year.

• Return on equity was 16.4% for Q4 and 57.4% for the full year 2025.

• Favorable prior year development contributed $27.5 million to results; no significant catastrophe losses in Q4 or full year 2025.

Outlook and guidance

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

• Top-line growth in 2026 to be driven by organic expansion, double-digit increases in policies and premiums outside Florida, and selective growth within Florida.

• Guidance includes a reduction in reinsurance expenses, though the extent is uncertain pending June renewals.

• Ongoing share repurchases planned for 2026, with $80 million remaining under the $120 million program.

• Strategic expansion underway, with launches planned in New York, New Jersey, Rhode Island, and California.