Five firms operating in the insurance industry have reported Q4 and full-year 2025 results, with figures pointing to premium growth, record sales, and continued capital returns.
Lemonade reported what it called its strongest quarter on record for Q4 2025. In force premium reached $1.24 billion, up 31% year-on-year, marking nine consecutive quarters of IFP growth acceleration.
Revenue rose 53% to $228 million, while gross profit climbed 73% to $111 million. The gross loss ratio improved by 11 percentage points year-on-year to 52%.
Adjusted EBITDA improved by $19 million to -$5 million, and net loss narrowed 28% to -$22 million. The insurer generated $37 million in adjusted free cash flow and $21 million in cash flow from operations.
Verisk reported Q4 2025 revenue of $779 million, up 5.9%, and up 5.2% on an organic constant currency basis. Adjusted EBITDA for the quarter was $437 million, up 9.8%.
Diluted adjusted EPS rose 13.0% to $1.82, while GAAP EPS dipped 1.4% to $1.42. Net cash from operating activities was $343 million, up 34.4%, and free cash flow was $276 million, up 38.0%.
For the full year, revenue was $3.07 billion, up 6.6%. Adjusted EBITDA reached $1.73 billion, up 9.6%, while full-year free cash flow rose 29.5% to $1.19 billion.
The company's board approved an 11% dividend increase to $0.50 per share, payable March 31, 2026, and raised its share repurchase authorization to $2.5 billion.
Jackson Financial posted record retail annuity sales of $5.9 billion in Q4 2025, up 27% year-on-year. RILA sales hit a record $2.3 billion, up 53%, while fixed and fixed index annuity sales reached $812 million, up 105%, driven by its Jackson Income Assurance product.
Adjusted operating earnings for Q4 were $455 million, or a record $6.61 per diluted share, compared to $349 million, or $4.65, in the prior-year quarter. The company reported a net loss of -$215 million, or -$3.13 per diluted share, compared to net income of $334 million a year earlier.
For the full year, retail annuity sales reached a record $19.7 billion, up 10%. Adjusted operating earnings were $1.6 billion, or $22.67 per diluted share, up from $1.4 billion, or $18.79. Jackson returned $862 million to shareholders in 2025, exceeding its target, and set a 2026 capital return target of $900 million to $1.1 billion. The company's RBC ratio stood at 567% at year-end.
Ategrity Specialty Insurance Company Holdings (NYSE: ASIC) reported Q4 2025 net income of $25.3 million, or $0.51 per diluted share, up 17.3% from $21.5 million, or $0.55 per diluted share, in Q4 2024.
Gross written premiums increased 30.2% to $154.0 million. The combined ratio improved to 84.9% from 92.3% in the prior-year quarter. Adjusted return on stockholders' equity was 16.9%, and book value per share rose 23.2% year-on-year to $12.78.
Fidelity National Financial (FNF) reported Q4 2025 title segment revenue of $2.2 billion, with total revenue excluding gains and losses rising 11% to $2.3 billion. Full-year title revenue was $8.5 billion, also up 11%. The adjusted pre-tax title margin was 17.5% for the quarter and 15.9% for the full year.
Its majority-owned subsidiary F&G Annuities & Life reached record assets under management of $73.1 billion, up 12% year-on-year. F&G's gross sales were $3.4 billion for Q4 and $14.6 billion for the full year.
FNF returned approximately $800 million to shareholders in 2025, including $546 million in dividends and $251 million in share repurchases. The company ended the year with $659 million in cash and short-term liquid investments at the holding company.
