Slide Insurance Q3 revenue, net income rise; lifts FY outlook

Overview

• US property insurer's Q3 gross premiums written rose 9.3% yr/yr, revenue up 35.9%

• Net income for Q3 increased 24.5% yr/yr; diluted EPS up 37.3%

• Company declared a $1.50 per share special dividend and closed $1.07 bln credit facility

Outlook

• Slide raises full-year 2026 gross written premiums outlook to $1.90 bln-$1.95 bln

• Company lifts full-year 2026 net income guidance to $500 mln-$520 mln

• Slide expects full-year return on equity above 40%

Result Drivers

• PREMIUM GROWTH - Co said gross premiums written rose 9.3% yr/yr, driven by growth in voluntary new business, renewals of previously acquired Citizens policies and new state launches

• CATASTROPHE LOSSES - Higher catastrophe losses from convective storms in Florida increased the combined ratio, partly offset by improved operating leverage

• EXPENSE INCREASES - Policy acquisition, underwriting and administrative expenses rose, reflecting higher staffing and technology costs to support growth initiatives

Company press release: ID:nGNX4XJy9p

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the property & casualty insurance peer group is "hold."

• Wall Street's median 12-month price target for Slide Insurance Holdings, Inc. is $28.00, about 3.7% below its October 26 closing price of $29.08

Reuters Recommended Reads

• Oct 26 - Cincinnati Financial Q3 adj EPS beats estimates

• Oct 27 - Arch Capital Q3 net income falls, catastrophe losses rise

• Oct 26 - Hartford Insurance Q3 core EPS beats estimates; dividend raised

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)