- Gross Premiums Written Grew 49.1% Year-over-Year to $414.8 Million -
- Net Income Increased 50.8% Year-over-Year to $139.5 Million; $1.02 Diluted Earnings Per Share -
- Combined Ratio Improved to 55.5% -
TAMPA, Fla., April 28, 2026 (GLOBE NEWSWIRE) -- Slide Insurance Holdings, Inc. (Nasdaq: SLDE) today reported results for the first quarter ended March 31, 2026.
First Quarter 2026 Highlights
- Gross premiums written grew 49.1% to $414.8 million, compared to $278.2 million in the prior-year period.
- Total policies in force at the end of the period was 508,928, a 46% increase compared to prior year.
- Total revenue increased 38.2% to $389.3 million, compared to $281.6 million in the prior-year period.
- Net income increased 50.8% to $139.5 million, compared to $92.5 million in the prior-year period. Diluted earnings per share for the first quarter of 2026 was $1.02.
- Combined ratio of 55.5% improved 340 basis points compared to 58.9% in the prior-year period reflecting lower loss ratio and improved operating leverage.
- Average return on equity in the quarter was 12.5%.
“Our first quarter results reflect strong execution across our business and reinforce the capability of our operating model,” said Bruce Lucas, Chairman and Chief Executive Officer of Slide. “We continued to deliver robust growth while maintaining our commitment to disciplined underwriting and operational excellence. Our continued technology investments position us well to capitalize on additional expansion opportunities through the remainder of the year. As we move through 2026, we remain committed to our long-term diversified growth strategy and continue to be confident in delivering on our full-year targets while generating sustainable value for our shareholders.”
First Quarter 2026 Operating Results
Gross premiums written were $414.8 million, a 49.1% increase compared to $278.2 million in the prior-year period, driven by growth of voluntary new business, renewals of previously acquired Citizens policies, and further Citizens acquisitions.
Policies in force as of March 31, 2026 were 508,928, compared to 348,029 as of March 31, 2025, a 46% increase year-over-year. Sequentially, growth was primarily driven by the acquisition of additional policies from Citizens, favorable retention and voluntary new business.
Net premiums earned grew 37.5% to $365.9 million, compared to $266.0 million in the prior-year period, while total revenue of $389.3 million increased 38.2% compared to $281.6 million in the prior-year period. Growth was driven by increased policies in force.
Losses and loss adjustment expenses (LAE) incurred, net were $111.0 million, compared to $83.8 million in the prior-year period. Loss ratio improved to 30.4%, compared to 31.5% in the prior-year period, primarily due to a decrease in catastrophe losses.
Policy acquisition and other underwriting expenses were $44.1 million, compared to $28.6 million in the prior-year period. The increase was driven by increased renewal policies from prior year assumed Citizens' policies, resulting in increased policy acquisition costs in 2026.
General and administrative expenses were $46.2 million, compared to $41.4 million in the prior-year period, due primarily to the increased staffing costs to support the Company’s growth in policies in force.
The combined ratio improved to 55.5%, compared to 58.9% in the prior-year period, due primarily to decreased catastrophe losses and scaling impact in net earned premium growth with more moderate operating expense growth and a reduction in amortization expense as intangible assets were fully amortized at the end of 2025.
Net income grew 50.8% to $139.5 million, compared to $92.5 million in the prior-year period. Diluted earnings per share for the first quarter of 2026 was $1.02 and return on equity was 12.5% in the quarter.
Capital Allocation
During the quarter, the company repurchased 7,724,240 shares of its common stock at a weighted average price of $17.75 per share under the company's prior $120 million stock repurchase program and the new $125 million stock repurchase program the Board of Directors authorized on March 23, 2006.
Since its IPO in June of 2025, the Company has repurchased 13,349,752 shares of its common stock for $230.9 million, at a weighted average price of $17.30 per share, taking advantage of attractive market conditions to return capital to shareholders at an average share price that is less than 2% higher than the IPO issuance price.
The Company’s repurchases to date have reduced the IPO dilution to common shareholders from 13% to 3%.
Full Year 2026 Outlook
The Company reiterated its expectations to generate 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 including growth outside of Florida, complemented by selective growth opportunities within Florida that meet our return threshold.
The Company also reiterated its expectations 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, April 29, 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, Fla., 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.
Contacts
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Condensed Consolidated Statements of Operations (Unaudited)
(Dollar amounts in thousands)
Three Months Ended
March 31, 2026 2025 Revenues: Gross premiums written$414,792 $278,249 Change in unearned premiums 66,194 72,642 Gross premiums earned 480,986 350,891 Ceded premiums earned (115,103) (84,850)Net premiums earned 365,883 266,041 Net investment income 20,118 13,807 Policy fees 2,590 1,534 Other income 692 211 Total revenue$389,283 $281,593 Expenses: Losses and loss adjustment expenses incurred, net 111,073 83,761 Policy acquisition and other underwriting expenses 44,125 28,572 General and administrative expenses 46,173 41,378 Interest expense 852 934 Depreciation expense 1,315 1,146 Amortization expense 69 1,895 Total expenses$203,607 $157,686 Net income before income tax expense 185,676 123,907 Income tax expense 46,149 31,404 Net income$139,527 $92,503 Weighted average shares outstanding (in thousands) Basic 123,342 56,600 Diluted 136,588 123,123 Earnings per share Basic$1.13 $1.63 Diluted$1.02 $0.75
Condensed Consolidated Balance Sheets
(Dollar amounts in thousands, except per share and par value amounts)
March 31,
2026 December 31,
2025 (Unaudited) ASSETS Invested assets: Fixed-maturity securities, available-for-sale, at estimated fair value (amortized costs: $714,152
and $580,122, respectively and allowance for credit losses: $0 and $0 respectively)$716,037 $589,720 Other investments, net 4,000 4,000 Total invested assets$720,037 $593,720 Cash and cash equivalents 1,217,558 1,201,210 Restricted cash 793 786 Restricted cash - variable interest entity 482,050 480,972 Accrued interest income 9,084 7,281 Assumed premiums receivable 9,124 34,290 Premiums receivable, net of allowance for credit loss of $2,723 and $3,294, respectively 69,548 90,576 Reinsurance recoverable on paid losses, net of allowance for credit loss: $0 and $0, respectively 14,779 16,183 Reinsurance recoverable on unpaid losses, net of allowance for credit loss: $0 and $0, respectively 130,999 146,128 Prepaid reinsurance premiums 82,492 202,748 Deferred income tax assets, net 20,813 18,332 Deferred policy acquisition costs 88,291 93,728 Property and equipment, net 10,948 11,585 Right-of-use lease assets, operating 8,050 8,476 Intangibles, net 30 99 Goodwill 2,603 2,603 Prepaid expenses 11,425 8,932 Other assets 3,736 816 Total assets$2,882,360 $2,918,465 LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities: Loss and loss adjustment expense reserves$476,258 $439,715 Unearned premiums 934,414 1,000,611 Commissions payable 12,406 9,049 Deferred revenue 90 90 Reinsurance premiums payable 68,931 160,330 Long-term debt, net 32,386 33,687 Interest rate swap liability 16 62 Income taxes payable 117,203 93,555 Advanced premiums 66,358 30,518 Premium tax liabilities 12,101 5,075 Accounts payable and accrued expenses 23,163 19,768 Lease liabilities, operating 9,294 9,649 Other liabilities 16,128 3,115 Total liabilities$1,768,748 $1,805,224 Shareholders’ equity: Common Stock (par value $0.01, 1,500,000,000 shares authorized, 117,565,731 and 123,889,446
issued and outstanding at March 31, 2026 and December 31, 2025, respectively) 1,176 1,239 Additional paid-in capital 218,342 351,688 Accumulated other comprehensive income, net of taxes 1,418 7,165 Retained earnings 892,676 753,149 Total shareholders’ equity$1,113,612 $1,113,241 Total liabilities and shareholders’ equity$2,882,360 $2,918,465
Supplemental Information
Three Months Ended March 31,
(in thousands) Year Ended December 31, 2025
(in thousands) Revenue 2026 2025 2025 Gross premiums written $414,792 $278,249 $ 1,795,516 Policy fees 2,590 1,534 8,243 Total revenue $389,283 $281,593 $ 1,155,901 Net income $139,527 $92,503 $ 443,958 Key Ratios Loss ratio 30.4% 31.5% 21.8%Policy acquisition expense ratio 12.1% 10.7% 12.9%Expense ratio 25.1% 27.4% 30.3%Combined ratio 55.5% 58.9% 52.1%Return on equity 12.5% 19.2% 57.4% March 31, 2026
(in thousands) December 31, 2025
(in thousands) Total Assets $ 2,882,360 $ 2,918,465 Shareholders' Equity 1,113,612 1,113,241 Total common shares outstanding 117,566 123,889