- Gross Premiums Written Grew 16.7% Year-over-Year to $508.0 Million -
- Net Income Increased 92.4% Year-over-Year to $134.9 Million; $1.06 Diluted Earnings Per Share -
- Combined Ratio Improved to 57.6% -
TAMPA, Fla., July 28, 2026 (GLOBE NEWSWIRE) -- Slide Insurance Holdings, Inc. (Nasdaq: SLDE) today reported results for the second quarter ended June 30, 2026.
-- Gross premiums written grew 16.7% to $508.0 million, compared to $435.4
million in the prior-year period.
-- Total revenue increased 47.9% to $386.8 million, compared to $261.6
million in the prior-year period.
-- Net income increased 92.4% to $134.9 million, compared to $70.1 million
in the prior-year period. Diluted earnings per share for the second
quarter of 2026 was $1.06.
-- Combined ratio of 57.6% improved 980 basis points, compared to 67.4% in
the prior-year period, reflecting lower loss ratio and improved operating
leverage.
-- Average return on equity in the quarter was 11.7%.
"Our second quarter results reflect the continued strength of our operating model and disciplined execution," said Bruce Lucas, Chairman and Chief Executive Officer of Slide. "We delivered another quarter of profitable growth while maintaining the underwriting discipline that has been central to our success. The scalability of our platform and our ability to capitalize on attractive opportunities position us well to execute our diversified growth strategy and create long-term value for our shareholders."
Second Quarter 2026 Operating Results
Gross premiums written were $508.0 million, a 16.7% increase compared to $435.4 million in the prior-year period, driven by growth of voluntary new business and renewals of previously acquired Citizens policies.
Net premiums earned grew 47.9% to $360.6 million, compared to $243.9 million in the prior-year period, while total revenue of $386.8 million increased 47.9% compared to $261.6 million in the prior-year period. The increase and year-over-year growth were directly driven by earnings growth from previous increase in voluntary homeowners and Citizens acquired policies.
Losses and loss adjustment expenses (LAE) incurred, net were $108.7 million, compared to $91.4 million in the prior-year period. Loss ratio improved to 30.2%, compared to 37.4% in the prior-year period, primarily due to an improvement in overall loss experience.
Policy acquisition and other underwriting expenses were $42.3 million, compared to $32.1 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 $55.0 million, compared to $37.9 million in the prior-year period, due primarily to the increased staffing costs and technology to support the Company's strategic growth initiatives.
The combined ratio improved to 57.6%, compared to 67.4% in the prior-year period, due primarily to improved loss experience and scaling impact in net earned premium growth with more moderate operating expense growth.
Net income grew 92.4% to $134.9 million, compared to $70.1 million in the prior-year period. Diluted earnings per share for the second quarter of 2026 was $1.06 and return on equity was 11.7% in the quarter.
Capital Allocation
During the quarter, the company repurchased 2,997,980 shares of its common stock at a weighted average price of $17.95 per share. There remains $114.1 million of availability under the Company's stock repurchase program.
In addition, on July 27, 2026, the Company announced that it has declared an initial quarterly cash dividend of $0.07 per share on the Company's issued and outstanding shares of common stock. The initial quarterly dividend will be payable on August 28, 2026, to stockholders of record as of August 14, 2026.
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 outside of Florida, complemented by selective growth opportunities within Florida that meet the Company's 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, expressed as a percentage, is the ratio 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, represents net income 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, July 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, including its full year 2026 outlook with respect to gross written premiums and net income, (ii) ability to execute its 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 such statement 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
Investors
ir@slideinsurance.com
Media
Rachel Carr
Chief Marketing Officer
press@slideinsurance.com
Slide Insurance Holdings, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(Dollar amounts in thousands)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- ---------------------
2026 2025 2026 2025
--------- -------- --------- ---------
Revenues:
Gross premiums
written $ 508,014 $435,384 $ 922,806 $ 713,633
Change in
unearned
premiums (21,917) (96,726) 44,277 (24,084)
-------- ------- -------- --------
Gross premiums
earned 486,097 338,658 967,083 689,549
Ceded premiums
earned (125,462) (94,799) (240,565) (179,649)
-------- ------- -------- --------
Net premiums
earned 360,635 243,859 726,518 509,900
Net investment
income 22,152 15,040 42,270 28,848
Policy fees 3,382 2,455 5,972 3,988
Other income 648 253 1,340 464
-------- ------- -------- --------
Total
revenue $ 386,817 $261,607 $ 776,100 $ 543,200
-------- ------- -------- --------
Expenses:
Losses and loss
adjustment
expenses
incurred, net 108,740 91,369 219,813 175,130
Policy
acquisition and
other
underwriting
expenses 42,280 32,096 86,405 60,668
General and
administrative
expenses 55,028 37,935 101,201 79,314
Interest expense 924 895 1,776 1,830
Depreciation
expense 1,354 1,117 2,669 2,262
Amortization
expense 30 1,898 99 3,792
-------- ------- -------- --------
Total
expenses $ 208,356 $165,310 $ 411,963 $ 322,996
-------- ------- -------- --------
Net income
before
income tax
expense 178,461 96,297 364,137 220,204
-------- ------- -------- --------
Income tax
expense 43,611 26,225 89,760 57,629
-------- ------- -------- --------
Net income $ 134,850 $ 70,072 $ 274,377 $ 162,575
======== ======= ======== ========
Weighted average
shares
outstanding (in
thousands)
Basic 115,408 66,773 119,353 61,715
Diluted 127,311 125,979 131,944 124,792
Earnings per
share
Basic $ 1.17 $ 1.05 $ 2.30 $ 2.63
Diluted $ 1.06 $ 0.56 $ 2.08 $ 1.30
Slide Insurance Holdings, Inc.
Condensed Consolidated Balance Sheets
(Dollar amounts in thousands, except per share and
par value amounts)
June 30, 2026 December 31, 2025
--------------- -------------------
(Unaudited)
ASSETS
Invested assets:
Fixed-maturity securities,
available-for-sale, at
estimated fair value
(amortized costs: $834,274
and $580,122, respectively
and allowance for credit
losses: $0 and $0
respectively) $ 832,081 $ 589,720
Other investments, net 7,000 4,000
----------- ---------------
Total invested assets $ 839,081 $ 593,720
----------- ---------------
Cash and cash equivalents 1,236,915 1,201,210
Restricted cash and cash
equivalents 793 786
Restricted cash and cash
equivalents - variable
interest entity 583,446 480,972
Accrued interest income 10,409 7,281
Assumed premiums receivable 9,377 34,290
Premiums receivable, net of
allowance for credit loss of
$8,390 and $3,294,
respectively 66,404 90,576
Reinsurance recoverable on paid
losses, net of allowance for
credit loss: $0 and $0,
respectively 19,784 16,183
Reinsurance recoverable on
unpaid losses, net of
allowance for credit loss: $0
and $0, respectively 115,205 146,128
Prepaid reinsurance premiums 563,616 202,748
Deferred income tax assets, net 22,406 18,332
Deferred policy acquisition
costs 100,687 93,728
Property and equipment, net 10,010 11,585
Right-of-use lease assets,
operating 7,625 8,476
Intangibles, net -- 99
Goodwill 2,603 2,603
Prepaid expenses 9,904 8,932
Other assets 845 816
----------- ---------------
Total assets $ 3,599,110 $ 2,918,465
=========== ===============
LIABILITIES AND SHAREHOLDERS'
EQUITY
Liabilities:
Loss and loss adjustment
expense reserves $ 501,020 $ 439,715
Unearned premiums 956,331 1,000,611
Commissions payable 15,197 9,049
Deferred revenue 90 90
Reinsurance premiums payable 620,336 160,330
Long-term debt, net 29,703 33,687
Interest rate swap liability -- 62
Income taxes payable 150,881 93,555
Advanced premiums 68,822 30,518
Premium tax liabilities 15,820 5,075
Accounts payable and accrued
expenses 27,703 19,768
Lease liabilities, operating 8,947 9,649
Other liabilities 9,442 3,115
----------- ---------------
Total liabilities $ 2,404,292 $ 1,805,224
----------- ---------------
Shareholders' equity:
Common Stock (par value
$0.01, 1,500,000,000 shares
authorized, 115,568,131 and
123,889,446 issued and
outstanding at June 30, 2026
and December 31, 2025,
respectively) 1,156 1,239
Additional paid-in capital 167,771 351,688
Accumulated other
comprehensive income, net of
taxes (1,635) 7,165
Retained earnings 1,027,526 753,149
----------- ---------------
Total shareholders' equity $ 1,194,818 $ 1,113,241
----------- ---------------
Total liabilities and
shareholders' equity $ 3,599,110 $ 2,918,465
=========== ===============
Slide Insurance Holdings, Inc.
Supplemental Information
Year Ended
Three Months Ended December 31,
June 30, (in Six Months Ended June 2025 (in
thousands) 30, (in thousands) thousands)
---------------------- ---------------------- ----------------
Revenue 2026 2025 2026 2025 2025
-------- -------- -------- -------- ----------------
Gross
premiums
written $508,014 $435,384 $922,806 $713,633 $ 1,795,516
Policy fees 3,382 2,455 5,972 3,988 8,243
--- -----------
Total revenue $386,817 $261,607 $776,100 $543,200 $ 1,155,901
------- ------- ------- ------- --- -----------
Net income $134,850 $ 70,072 $274,377 $162,575 $ 443,958
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