2025 Q4 Insurance Sector Financial Results: Growth and Insights

Five companies within the insurance sector have announced their financial outcomes for the fourth quarter and the entire year of 2025, indicating growth in premiums, record sales, and sustained capital returns.

Lemonade disclosed that it experienced its strongest quarter ever in Q4 2025, with in-force premium reaching $1.24 billion, marking a 31% increase compared to the previous year. This also represents a consistent growth in IFP across nine consecutive quarters. The company's revenue rose by 53% to $228 million, while gross profit increased by 73% to reach $111 million. The gross loss ratio improved by 11 percentage points to 52%, year-on-year. Adjusted EBITDA saw an enhancement of $19 million, settling at -$5 million, while the net loss reduced by 28% to -$22 million. Additionally, Lemonade generated $37 million in adjusted free cash flow and $21 million in cash flow from operations.

Verisk announced a Q4 2025 revenue total of $779 million, which grew 5.9% overall and 5.2% on an organic constant currency basis. Adjusted EBITDA for the period increased by 9.8% to $437 million. The company's diluted adjusted EPS rose by 13.0% to reach $1.82, while GAAP EPS decreased by 1.4% to $1.42. Operating activities produced $343 million in net cash, showing a rise of 34.4%, and free cash flow increased by 38.0% to $276 million. Over the year, Verisk's revenue reached $3.07 billion, a 6.6% increase, while adjusted EBITDA advanced by 9.6% to $1.73 billion. The company's board announced an 11% rise in the dividend to $0.50 per share, payable on March 31, 2026, alongside expanding its share repurchase authorization to $2.5 billion.

Jackson Financial revealed record retail annuity sales of $5.9 billion in Q4 2025, a 27% year-on-year increase, with RILA sales achieving a record $2.3 billion, up 53%. Sales of fixed and fixed index annuities were up 105% to $812 million, due in part to the Jackson Income Assurance product. The company reported adjusted operating earnings of $455 million, or $6.61 per diluted share, a rise from $349 million, or $4.65 the previous year. However, it faced a net loss of -$215 million or -$3.13 per diluted share, contrasting with a net income of $334 million a year prior. Total retail annuity sales for the year amounted to a record $19.7 billion, rising by 10%. The company reported adjusted operating earnings of $1.6 billion, or $22.67 per diluted share, up from $1.4 billion, or $18.79. Jackson returned $862 million to shareholders, exceeding targets, and set a 2026 capital return goal of $900 million to $1.1 billion, with an RBC ratio at 567% by year-end.

Ategrity Specialty Insurance Company Holdings (NYSE: ASIC) posted Q4 2025 net income of $25.3 million, equating to $0.51 per diluted share, up 17.3% from the previous year's $21.5 million, or $0.55 per diluted share. The company experienced a 30.2% increase in gross written premiums, reaching $154.0 million. The combined ratio improved to 84.9% from 92.3% a year earlier, while the adjusted return on stockholders' equity was 16.9%, and book value per share increased by 23.2% to $12.78.

Fidelity National Financial (FNF) reported that Q4 2025 title segment revenue was $2.2 billion, with total revenue excluding gains and losses increasing by 11% to $2.3 billion. The full-year title revenue amounted to $8.5 billion, also up 11%. The adjusted pre-tax title margin stood at 17.5% for the quarter and 15.9% for the full year. Its majority-owned subsidiary, F&G Annuities & Life, achieved record assets under management of $73.1 billion, reflecting a 12% year-on-year increase. F&G reported gross sales of $3.4 billion for Q4 and $14.6 billion for the year. FNF returned about $800 million to shareholders in 2025, including $546 million in dividends and $251 million in share repurchases, concluding the year with $659 million in cash and short-term liquid investments at the holding company level.