Slide Reports Fourth Quarter and Full Year 2025 Results
- Gross Premiums Written in the Fourth Quarter Grew 56.7% Year-over-Year to $618.5 Million -
- Fourth Quarter Net Income More than Doubled Year-over-Year to $170.4 Million; $1.23 Diluted Earnings Per Share -
- Combined Ratio Improved to 38.0% -
TAMPA, Fla., Feb. 24, 2026 (GLOBE NEWSWIRE) -- Slide Insurance Holdings, Inc. (“Slide” or the “Company”) (Nasdaq: SLDE) today reported results for the fourth quarter and full year ended December 31, 2025.
Fourth Quarter 2025 Highlights
“We delivered exceptional results in the fourth quarter and for the full year 2025, providing us with significant momentum entering 2026,” said Bruce Lucas, Chairman and Chief Executive Officer of Slide. “We generated meaningful growth on both a top-line and bottom-line basis, once again demonstrating the strength of our business model and our disciplined underwriting. As we progress through 2026, we remain focused on our long-term growth strategy and further strengthening our market position. We will continue to expand into new catastrophe exposed markets while maintaining our prudent underwriting standards. Combined with our ongoing investments in our team and in consistently enhancing our tech platform, we remain well-positioned to deliver sustainable growth and create long-term value for our shareholders.”
Fourth Quarter 2025 Operating Results
Gross premiums written were $618.5 million, a 56.7% increase compared to $394.6 million in the prior-year period, driven by the acquisition of additional policies from Citizens, as well as relatively consistent renewal rates of existing written policies.
Policies in force as of December 31, 2025 were 493,532, compared to 351,707 as of September 30, 2025 and 343,056 as of December 31, 2024. Sequentially, growth was primarily driven by the acquisition of additional policies from Citizens.
Net premiums earned grew 45.4% to $326.6 million, compared to $224.6 million in the prior-year period, while total revenue of $347.0 million was a 45.5% increase compared to $238.5 million in the prior-year period. Growth was driven by the assumption of policies from Citizens and renewals of existing written policies.
Losses and loss adjustment expenses (LAE) incurred, net were $27.1 million (there were no incurred losses from named storms during the period), a $32.0 million improvement compared to $59.1 million (inclusive of catastrophe losses of $32.1 million from Hurricane Debby, Helene and Milton) in the prior-year period. Loss ratio improved to 8.3%, compared to 26.3% in the prior-year period, primarily due to a decrease in catastrophe losses from hurricane and non-hurricane weather activity.
Policy acquisition and other underwriting expenses were $42.3 million, compared to $29.1 million in the prior-year period. The increase was driven by greater policies in force on a year-over-year basis, as well as continued investment in enhancing the Company's technology.
General and administrative expenses were $51.4 million, compared to $45.7 million in the prior-year period, due primarily to the additional staffing to support the Company’s growth in policies in force.
Combined ratio improved to 38.0%, compared to 60.9% in the prior-year period, due to greater net premiums earned from increased policies in force and a lower level of catastrophe losses from hurricane and non-hurricane weather activity.
Net income grew 126.9% to $170.4 million, compared to $75.1 million in the prior-year period. Diluted earnings per share for the fourth quarter of 2025 was $1.23 and return on equity was 16.4%.
Full Year 2025 Highlights
Gross premiums written were $1.80 billion, a 34.6% increase compared to $1.33 billion in the prior year. Net premiums earned grew 36.2% to $1.08 billion, compared to $792.4 million in the prior year. Growth was the result of a combination of organic and inorganic growth opportunities in the Company's target coastal market.
Total revenue of $1.16 billion increased 36.5%, compared to $846.8 million in the prior year.
Losses and loss adjustment expenses (LAE) incurred, net were $235.5 million (there were no incurred losses from named storms during the period), a $103.8 million improvement compared to $339.3 million (inclusive of catastrophe losses of $87.9 million from Hurricane Debby, Helene and Milton) in the prior year, as a result of lower hurricane and non-hurricane related weather losses.
Policy acquisition and other underwriting expenses were $139.4 million, compared to $86.0 million in the prior year, largely due to increased PIF throughout the year.
General and administrative expenses were $175.8 million, compared to $137.5 million in the prior year, due primarily to support the Company's continued growth.
Combined ratio improved to 52.1%, compared to 72.3% in the prior year.
Net income grew 120.7% to $444.0 million, compared to $201.1 million in the prior year. Diluted earnings per share for 2025 was $3.36 and return on equity was 57.4%.
Full Year Outlook
The Company initiated its financial outlook for full year 2026, reflecting accelerating momentum across the company.
The Company expects to generate full year gross written premiums in the range of $1.85 billion to $1.95 billion.
Top-line growth is expected to be driven primarily by sustained organic expansion, including double-digit increases in policies in force and premium outside of Florida, complemented by selective growth opportunities within Florida that meet our return threshold.
The Company expects to generate full year net income in the range of $455 million to $470 million.
Key Ratios
In this press release we discuss certain key ratios, described below, which provide useful information about our business and the operational factors underlying our financial performance.
Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses incurred, net to net premiums earned.
Policy acquisition expense ratio is the ratio, expressed as a percentage, of policy acquisition expenses and other underwriting expenses to net premiums earned.
Expense ratio, expressed as a percentage, is the ratio of policy acquisition and other underwriting expenses, general and administrative expenses, and other operating expense to net premiums earned.
Combined ratio is the sum of the loss ratio and the expense ratio. A combined ratio under 100% indicates an underwriting profit. A combined ratio over 100% indicates an underwriting loss.
Return on equity, expressed as a percentage, is a ratio of net income on an annualized basis as a percentage of average beginning and ending shareholders’ equity during the period.
Webcast and Conference Call
Slide will hold a conference call to discuss financial results tomorrow, February 25, 2026, at 8:30 am Eastern Time. A live webcast of the conference call will be available at ir.slideinsurance.com. The dial-in number for the conference call is (877) 407-9208 (toll-free) or (201) 493-6784 (international). Please dial the number 10 minutes prior to the scheduled start time.
A webcast replay of the call will be available at ir.slideinsurance.com for one year following the call.
Forward-Looking Statements
Statements in this press release and the Company’s earnings call that are not historical facts are forward-looking statements that are subject to certain risks and uncertainties that could cause actual events and results to differ materially from those discussed herein. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “aim,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology and relate, without limitation, to the Company’s beliefs and expectations regarding the Company’s (i). projections of future financial performance, (ii) growth strategies, (iii) business trends, (iv) sustainable, long-term growth, including the drivers of such growth, (v) competitive advantages, (vi) ability to achieve top-line growth and margin expansion and create long-term value for its shareholders, (vii) underwriting profitability, and (viii) capitalization and profitability. These statements are only predictions based on Slide’s current expectations and projections about future events and are not guarantees of actual results, level of activity, performance or achievements. Although Slide believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, there are important factors that could cause the Company’s actual results, level of activity, performance or achievements to differ materially from those anticipated in any forward-looking statements, including, among others, our limited operating history; the success of the Company’s underwriting and profitability initiatives; inflation and other changes in economic conditions (including changes in interest rates and financial and real estate markets), including changes that may impact demand for our products and our operations; lack of effectiveness of exclusions and loss limitation methods in the insurance policies we assume or write; inherent uncertainty of our models and our reliance on such models as a tool to evaluate risk; the impact of macroeconomic conditions, including declining consumer confidence, inflation, high unemployment and the threat of recession; the impact of new federal and state regulations that affect the property and casualty insurance market and our failure to meet increased regulatory requirements, including minimum capital and surplus requirements; the cost of reinsurance, the collectability of reinsurance and our ability to obtain reinsurance coverage on terms and at a cost acceptable to us; assessments charged by various governmental agencies; pricing competition and other initiatives by competitors; our ability to obtain regulatory approval for requested rate changes, and the timing thereof; legislative and regulatory developments; the outcome of litigation pending against us, including the terms of any settlements; risks related to the nature of our business; performance of our investment portfolio; the adequacy of our liability for losses and loss adjustment expense; ratings by industry services; catastrophe losses; reliance on key personnel; weather conditions (including the severity and frequency of storms, hurricanes, tornadoes, wildfires and hail); acts of war and terrorist activities; court decisions and trends in litigation; and other matters described from time to time by us in our filings with the Securities and Exchange Commission.
Any forward-looking statement made by Slide in this press release and the earnings call speak only as of the date on which it is made. Slide undertakes no obligation to update any forward-looking statement, whether as a result of new information, actual results, revised expectations or otherwise, except as may be required by law.
About Slide
Slide is a technology-enabled insurance company that makes it easy for homeowners to choose the right coverage for their unique needs and budgets. Slide's cutting-edge technology leverages artificial intelligence and big data to optimize and streamline every part of the insurance process. Based in Tampa, FL, Slide was founded by Bruce and Shannon Lucas, insurance insiders with a deep understanding of how technology can be applied to achieve better underwriting outcomes. For more information, please visit https://www.slideinsurance.com.
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