Slide Insurance has announced its financial results for the second quarter of 2025, reporting a 30.5% year-over-year growth in net income, a 25% increase in gross premiums written (GPW), and an improved combined ratio of 67.4%.
The combined ratio improved 250 basis points from the 69.9% in the prior-year period, primarily as a result of increased net premiums earned from increased policies in force, and a decrease in catastrophe losses from non-hurricane weather activity.
GPW stood at $435.4 million, an increase compared to the $348.3 million reported in Q2 2024. According to Slide, this result was driven by the acquisition of additional policies from Citizens, as well as consistent year-over-year renewal rates of existing written policies.
Policies in force as of June 30, 2025 were 348,439, compared to 348,029 as of March 31, 2025 and 275,178 as of June 30, 2024, Increased policy renewals were offset by lower policies written as a result of the completion of offers under the Farmers renewal rights agreement in February 2025, explains the firm.
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Net premiums earned grew 25.1% to $243.9 million in Q2 2025, compared to $195.0 million in Q2 2024, driven by the assumption of policies from Citizens and increased renewals of existing policies.
Slide’s total revenue increased 25.1% to $261.6 million in Q2 2025, compared to $209.1 million seen in the same period last year.
This was primarily attributable to an increase in net premiums earned due to the assumption of policies from Citizens and increased renewals of existing policies.
Net losses and loss adjustment expenses (LAE) incurred were $91.4 million, an increase from $89.5 million in the prior-year period. This rise was largely driven by the year-over-year growth in policies in force.
Catastrophe losses from non-hurricane weather events accounted for $6.1 million of the current period’s total, a significant decrease from $29.9 million in the prior year.
Despite the increase in net incurred losses, the loss ratio improved by 850 basis points, reaching 37.4% compared to 45.9% in the previous period.
Policy acquisition and other underwriting expenses were $32.1 million in Q2 2025, compared to $17.8 million in the prior-year period. The increase was primarily attributable to greater policies in force on a year-over-year basis, as well as fewer premiums earned on Citizens policies in their assumption period.
Slide also reported diluted earnings per share for Q2 2025 was $0.56. Return on equity was 10.0% for the three months ended June 30, 2025, compared to 16.9% in the prior-year period, driven by the growth in equity in the second quarter of 2025 due to retained earnings and proceeds from the Company’s initial public offering in June 2025. For the six months ended June 30, 2025 was 25.0%, compared to 37.3% in the prior-year period.
Bruce Lucas, Chairman and Chief Executive Officer of Slide, commented: “We delivered another strong quarter, building on our continued success, and we are excited to achieve a major milestone for Slide by successfully completing our initial public offering. For the quarter, we generated significant year-over-year growth across all of our key metrics.
“Our underwriting technology continues to outperform, allowing us to generate superior underwriting returns. By leveraging our well-capitalized balance sheet and tech-enabled, data-driven underwriting capabilities, we are well-positioned to continue executing on our long-term growth strategy, while creating long-term value for our shareholders.”
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