Slide Insurance (SLDE) 2026年第三季度业绩电话会议：净利润增长，上调业绩指引

Slide Insurance (SLDE) 在自主新业务、地理区域扩张和经营杠杆的推动下，公布了强劲的2026年第三季度保费和盈利增长。尽管纳入了飓风“以赛亚斯”（Hurricane Isaias）的预估损失，管理层仍上调了全年业绩指引。

要点速览

• 受自主新业务、新州业务拓展及保单留存率驱动，签单总保费同比增长9.3%至5.065亿美元。
• 净利润增长24.5%至1.382亿美元，稀释后每股收益达1.09美元。季度净资产收益率（ROE）约为11%，年化约44%。
• 报告的综合成本率为59.3%，其中包括3420万美元的巨灾损失。扣除巨灾和前期准备金提支后，事故年综合成本率从62.3%改善至54.4%。
• 管理层将2026年签单总保费指引上调至19.0亿-19.5亿美元，并将净利润指引上调至5.00亿-5.20亿美元。
• 董事会批准在每股0.07美元的常规季度股息之外，派发每股1.50美元的特别现金股息。
• 加利福尼亚州自5月推出业务后持续增长，德克萨斯州开始承保住宅业务，纽约州和新泽西州仍计划在下一季度推开。

核心财务数据

截至2026年9月30日，Slide持有7.006亿美元的现金及现金等价物，以及8.498亿美元的投资资产总额（主要是可供出售的固定到期日证券）。

业务与经营业绩

保费增长反映了持续的自主销售、保单留存以及拓展市场带来的早期贡献。加利福尼亚州的住宅财产超额及超额赔款保险（E&S）项目在5月推出后继续扩大规模。Slide还在本季度开始在德克萨斯州承保住宅业务。

管理层表示，纽约州和新泽西州的推开计划按进度将在下一季度进行，不过监管审批的时间可能会影响扩展节奏。公司预计，随着分销渠道的完善和监管批准的跟进，新市场的增长将更加显现。

经营杠杆仍是盈利的主要驱动力。尽管对人员和基础设施进行了投资，一般及行政费用仅从4500万美元微幅增至4880万美元。管理层将较低的费用率归因于早期的技术和人员投资支撑了跨州拓展。

10月，Slide完成了一笔10.7亿美元的信贷额度安排。管理层表示，该信贷额度为一般公司用途、佛罗里达州以外的拓展以及潜在的战略并购提供了灵活性。

管理层业绩指引

Slide上调了其2026全年签单总保费预期的下限：

• 签单总保费： 19.0亿-19.5亿美元，原先预测为18.5亿-19.5亿美元。
• 净利润： 5.00亿-5.20亿美元，原先预测为4.55亿-4.70亿美元。
• 全年净资产收益率： 管理层预计在40%以上。
• 费用率： 管理层指出，约28.5%-29%是较为合适的全年运行水平。
• 有效税率： 在现有税收策略下，管理层预计长期可持续维持在约21.5%-22%的水平。

净利润预期中包含了因飓风“以赛亚斯”带来的最高5000万美元的预估税前损失。

对于2027年，管理层提出了初步预期，保费增长至少为8%-9%，新拓展区域还将带来额外潜力。管理层提醒称，由于监管审批爬坡期和再保险保额规划的原因，增长可能更偏向下半年。

风险与关注点

飓风“以赛亚斯”以2级飓风强度在佛罗里达州与阿拉巴马州交界处附近登陆。Slide在佛罗里达州狭长地带的业务集中度较低，但管理层保守估计税前损失约为5000万美元。公司强调该估计仍属初步性质，最终损失可能更低。

巨灾损失已对第三季度的承保业绩产生影响，其中佛罗里达州的对流暴风雨使巨灾损失率上升了10.3个百分点。

管理层还提出，监管审批的时间是限制新州拓展节奏的一个因素。增长预测必须与年初购买的巨灾再保险相协调，因为超出提交的风险敞口预测可能导致昂贵的调整结算费用。

潜在的并购仍取决于估值纪律。管理层表示已观察到交易活动有所增加，但仅会在价格合理的情况下推进。

分析师问答环节点评

• 飓风风险敞口： 管理层称5000万美元的飓风“以赛亚斯”损失估计是保守的，因为该风暴影响的是人口密度较低的地区，且Slide在该地区的业务集中度有限。公司预计其再保险组合不会受损。
• 信贷额度的使用： 新的信贷额度可用于一般公司用途、佛罗里达州以外的业务拓展以及战略收购。管理层表示，在保持价格纪律前提下，2027年可能会出现一项具有重大转型意义的交易。
• 费用杠杆： Slide预计先前的技术和人员投资将支撑规模的进一步扩大。管理层认为28.5%-29%左右的费用率是合理的运行水平。
• 2027年增长节奏： 随着新州的业务爬坡及再保险额度确立，管理层预计保费增长将集中在下半年。
• 行业竞争： 管理层表示，在过去两三个季度中并未观察到过度的竞争压力或重大变化，对佛罗里达州及拓展市场的机遇继续持建设性态度。
• 资本回报： 自2025年6月首次公开募股（IPO）以来，Slide已累计向股东回报约4.231亿美元，其中包括2.309亿美元的股票回购和约1.922亿美元的股息。

业绩电话会议完整记录

完整财报电话会议逐字稿

管理层陈述

Operator

Greetings, and welcome to the Slide Insurance Third Quarter 2026 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. I will now turn it over to Slide.

Unknown Executive

Thank you, and good morning. With us today are your host, Bruce Lucas, Chairman and Chief Executive Officer of Slide; and Anastasios Omiridis, Chief Financial Officer. By now, everyone should have access to our earnings release, which was published yesterday after the market closed and can be found on our website at ir.slideinsurance.com. Before we begin our formal remarks, I need to remind everyone that part of our discussion today may include forward-looking statements, which are based on the expectations, estimates and projections of management regarding the company's future performance, anticipated events or trends and other matters that are not historical facts.

The forward-looking statements in our discussion are subject to various assumptions, risks, uncertainties and other factors that are difficult to predict and which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These statements are not guarantees of future performance, and therefore, undue reliance should not be placed upon them. We refer all of you to our earnings release and recent filings with the SEC for a more detailed discussion of the risks and uncertainties that could impact the future operating results and financial condition of Slide.

Our statements are as of today, October 28, 2026, and we undertake no obligation to update any forward-looking statements we may make, except as required by law. In addition, this call is being webcast and an archived version will be available shortly after the call ends on the Investor Relations portion of the company's website at www.slideinsurance.com.

With that, I'd now like to turn the call over to our Founder, Chairman and CEO, Bruce Lucas. Please go ahead.

Bruce Lucas

Thank you, and welcome to our third quarter 2026 earnings call. Once again, we executed at a high level this quarter, reinforcing the strength of our tech-enabled model and its ability to produce industry-leading top and bottom line results. For the quarter, we grew gross written premiums by 9.3% year-over-year to $506.6 million, driven by continued growth in voluntary sales and the early contributions from our expansion markets. In addition to our top line growth, Slide grew net income by 25% year-over-year to $138.2 million with diluted earnings per share of $1.09.

Third quarter return on equity was approximately 11%, which equates to an approximate annualized return of 44%. Our combined ratio was 59.3%, reflecting continued underwriting discipline even with catastrophe losses. On an accident year ex catastrophe basis, our combined ratio was an outstanding 54.4%. Our third quarter results provide further testament to our ability to deliver meaningful value creation to our shareholders. We continue to make meaningful progress in expanding our footprint. California continues to ramp up following our May launch of the residential property E&S program, and we expect to accelerate growth there through the remainder of the year and into 2027.

We also began writing residential business in Texas this quarter and remain on track to roll out New York and New Jersey in the coming quarter. Our expansion outside of Florida further reflects the scalability of our platform and our ability to identify and act on attractive opportunities where we believe we can produce significant growth, coupled with attractive returns. We remain confident in our ability to execute on our diversified growth strategy, creating long-term value for our shareholders. We have built our program around one of the strongest balance sheets in the sector, giving us the financial flexibility to pursue this kind of expansion.

In October, we closed a $1.07 billion credit facility, the largest facility ever issued to a coastal property insurer, which further enhances our capital flexibility to fund accretive growth opportunities. We see a shift in the market taking place and are excited about the ability to move quickly should the right opportunity arise. Turning to capital management. We continued our disciplined approach to returning capital to shareholders. In addition to our regular quarterly cash dividend of $0.07 per share, I am pleased to announce that our Board of Directors has approved a special cash dividend of $1.50 per share.

This decision reflects the consistency and durability of our earnings power, the strength of our free cash flow generation and the robust capital position we have built. The special dividend complements our share repurchase program and regular dividend, underscoring our confidence in the long-term trajectory of the business. There are several reasons why I believe a special dividend is warranted at this time. First and foremost, I have a high degree of confidence in our business model and growth initiatives. Slide's ability to generate net income and free cash flow is unmatched in the coastal specialty market, and I believe that we will continue to be the market leader for the foreseeable future.

The Board has carefully reached the decision to issue a special dividend because the company continues to outperform virtually every financial metric, generating capital in excess of what is needed to fund our growth initiatives. I am always looking for ways to enhance shareholder return. And to date, that has been in the form of share repurchases and dividends. Since our IPO in June of 2025, Slide has returned approximately $423.1 million in capital to our shareholders. Slide repurchased $230.9 million of stock at an average weighted price of $17.28 a share, which equates to an approximate return on investment of 56.8%. Slide has also paid approximately $192.2 million in dividends, which translates to a yield in excess of 5%.

We will continue to use our capital thoughtfully to enhance future shareholder returns, and I strongly believe that both of our initiatives are accretive to our forward ROE. In the fourth quarter, Hurricane Isaias made landfall near the Florida, Alabama state line as a Category 2 hurricane. Our thoughts are with all of our impacted policyholders, and we are here for them in their time of need. Slide is not heavily concentrated in the Florida Panhandle, and we do not expect the storm to generate significant retention losses. It is too early to state the exact dollar amount of the retention, but we believe the hurricane will result in approximately $50 million of pretax retention.

Despite the hurricane, we believe Slide will end the year with over $500 million of net income, which translates into an annual ROE in excess of 40% for 2026, marking the fourth consecutive year of annual ROEs above 40%. Finally, our results this quarter reflect the dedicated work of our entire team. I want to thank all of our employees for their relentless effort and the important role they play in Slide's performance. I'm proud of what we're accomplishing together, and I appreciate all of you. Thank you for your continued support of Slide.

And with that, I'll now turn the call over to Anastasios Omiridis to provide some color on our third quarter results.

Anastasios Omiridis

Thank you, Bruce, and good morning, everyone. For the third quarter, net income increased 24.5% to $138.2 million compared with $111 million in the prior year period, resulting in diluted earnings per share of $1.09. Our results demonstrate the continued strength of our earnings profile supported by sustained top line growth and disciplined expense management. Gross written premiums increased 9.3% to $506.5 million compared with $463.4 million in the third quarter of 2025. Growth was driven by continued momentum in voluntary new business, including expansion into new states as well as policy retention.

Total revenue increased 35.9% to $361.1 million compared with $265.7 million in the prior year period. Net premiums earned grew 37.1% to $333.3 million compared with $243.1 million, reflecting the continued earning of premiums generated by our expanding portfolio. As a reminder, the quarterly progression of net premiums earned is not necessarily linear given the timing and volume of Citizens takeouts completed in prior periods and their respective positions within the policy earning cycle. Turning to our underwriting performance. Net losses and loss adjustment expenses totaled $101.3 million during the quarter, including $34.2 million of catastrophe losses associated with convective storms in Florida.

These losses represented 10.3% catastrophe loss ratio compared with no catastrophe loss ratio in the prior year quarter. We also recognized $18 million of favorable prior period reserve development compared with $32.5 million in the prior year period. Importantly, our accident year loss ratio, excluding catastrophe losses and prior period reserve development, improved to 25.5% from 27.5% in the prior year quarter. This 200 basis point improvement reflects favorable underlying loss experience and the continued effectiveness of our disciplined underwriting approach. Policy acquisition and other underwriting expenses increased to $46.2 million compared with $36.4 million in the prior year period, primarily reflecting higher acquisition costs associated with our growth.

General and administrative expenses totaled $48.8 million compared with $45 million in the prior year quarter, primarily reflecting investments in personnel and infrastructure to support our continued growth and geographic expansion. Despite these investments, we continue to realize meaningful operating leverage as our platform scales. Our expense ratio improved to 28.9% compared with 34.8% in the prior year period, representing a 590 basis point improvement. Our reported combined ratio was 59.3% compared with 48.5% in the prior year quarter, primarily reflecting higher catastrophe losses, partially offset by improved operating leverage and lower underwriting loss experience.

More importantly, our accident year combined ratio, excluding catastrophe losses and prior period reserve development improved to 54.4% compared with 62.3% in the prior year period. Turning to our balance sheet and capital position. As of September 30, 2026, we held $700.6 million in cash and cash equivalents and $849.8 million in total invested assets, consisting primarily of available-for-sale fixed maturity securities. Our strong liquidity position and continued earnings generation provide substantial financial flexibility to support our strategic priorities. Turning to capital management. As Bruce mentioned, during the quarter, we successfully closed a $1.1 billion credit facility, replacing our previous credit agreement and significantly enhancing our financial flexibility.

This financing represents an important milestone in Slide's continued evolution, providing additional capacity to support strategic growth opportunities while further strengthening our capital management capabilities. Importantly, our capital management strategy remains balanced and disciplined. We are committed to delivering meaningful shareholder returns while maintaining the financial flexibility to pursue attractive organic and inorganic growth opportunities. Turning to our updated full year 2026 outlook. Given our strong year-to-date performance and continued momentum across the business, we are pleased to raise the lower end of our full year gross written premium guidance.

We now expect gross written premiums of $1.9 billion to $1.95 billion compared with our previous guidance of $1.85 billion to $1.95 billion. This upward revision reflects our confidence in the underlying trajectory of the business, with continued premium growth expected to be driven primarily by sustained organic expansion, including voluntary new business production, geographic diversification and ongoing execution of our growth strategy. We also now expect to deliver full year net income between $500 million and $520 million compared to our prior range between $455 million and $470 million, which will result in a full year return on equity above 40%. Our full year net income expectations are inclusive of up to $50 million of expected pretax losses related to Hurricane Isaias.

Thank you for your time. Operator, we now are ready to open the line for questions.

Operator

[Operator Instructions] The first question is from Alex Scott from Barclays.

分析师问答

Unknown Analyst

This is [indiscernible] on for Alex. Maybe just first a question on the hurricane. Can you help us unpack the roughly $50 million of estimated pretax losses? What drove the magnitude of the loss? And how should we think about your underlying exposure?

Bruce Lucas

Yes, absolutely. So Isaias has set in a very low populated area of Florida. It's just east of the Alabama, Florida state line. We have a very small concentration up there. We do have some commercial residential business up there. We do have affected policyholders. It is way too early to understand the magnitude of the storm, but everything we do here is extremely conservative from a reserve philosophy. So we picked a very conservative $50 million pretax loss to just message the market. But at this time, it's impossible to tell if it's going to be $50 million or a number below that.

And then in terms of what drove the loss, I mean, it's a hurricane and houses get impacted and get damaged, and this is pretty routine in Florida. So this was a pretty minor one by all accounts. I don't think this is a real industry moving event. It was, I don't want to say a nothing burger, but it was, in terms of a hurricane, it was pretty miniscule.

Unknown Analyst

Okay. That's helpful. Can you discuss how you're thinking about the $1 billion or over $1 billion of available credit capacity? To what extent could that be for our organic growth versus capital deployment to shareholders or...

Bruce Lucas

Well, we could use the credit facility for just general corporate purposes. So it is designed to be very flexible. We can use it in a number of ways, but one of the primary reasons for the credit facility is to pursue ex Florida growth and potentially strategic M&A.

Operator

The next question is from Thomas McJoynt-Griffith from KBW.

Thomas Mcjoynt-Griffith

The first one is sort of a modeling one, and it's around the operating leverage on the expense side and specifically looking at the G&A line on the income statement, it looks like you guys got some nice operating leverage there in the third quarter with it coming down sequentially. I was surprised to see that quarter-over-quarter step-down and frankly, it being barely up year-over-year. Was there anything unusual in the third quarter? And going forward, would you expect that to continue to increase as you expand into other states and have some build-out costs associated with that?

Bruce Lucas

Yes. I mean I'll just say that we're extremely cost conscious on all of our spend here at Slide. I don't like to waste money. And so we run a pretty tight ship. In terms of the G&A ratio and the fact that it's coming down, it really reflects the fact that we invested in prior quarters into technology, our staffing, et cetera, for this multistate expansion. So some of those expenses kind of get front-loaded. And then as you grow your top line GWP, those numbers start to come down some. So it just kind of reflects the seasonality of where we are in the business cycle. As we go forward, I would think that this is a pretty consistent number. I don't know, Andy, if you have anything.

Anastasios Omiridis

Yes, I totally agree with Bruce. I think what you're seeing is the organization scale up. And as you know, there's always expenses that are front-loaded. We assume that as we achieve scale that we should start to flatten out the expense ratio. Therefore, it will be favorable moving forward. And I think we've given guidance as far as that. We assume to be around the 29%, maybe a 28.5% for the year, but I think that's the right run rate for us.

Thomas Mcjoynt-Griffith

Okay. Got it. And then as you started thinking about the top line growth opportunity into 2027, do you have some early sort of indications or milestones that you look for in terms of the size of your growth, both in Florida and on an ex Florida basis relative to your premium dollar size this year, which looks like it's going to be about $2 billion. What would be some considered sort of a good growth year in '27 relative to the size of the book this year?

Anastasios Omiridis

So I think consistent with this year, I think right now, if we look at where we're sitting today, we're roughly around 8% or 9%. I think with the new markets, we like to be conservative because we want to make sure that we deliver what we commit to. But I think at a minimum, we should see 8% to 9% and then probably layer something in for the new territories. But again, Tommy, the only thing with the new territories is the ramp-up time, which comes from the regulatory side. So sometimes ramp-up can take a little bit longer than expected. But I would assume probably an 8% to 9% growth rate for the next year as we're trending for this year.

Operator

[Operator Instructions] The next question is from Paul Newsome from Piper Sandler.

Jon Paul Newsome

Just a quick follow-up to that thought on growth next year. If you could maybe talk a little bit more about the time line that as we roll out these states, I would expect the 8% to 9% necessarily isn't quarter by quarter by quarter. Should we expect an acceleration of growth as we get through the year because of what's happening from a distribution perspective? And I think -- on top of that, maybe what's going on with some of those business [adaptations] too? So just obviously not quarter-by-quarter guidance, but just in general, how do you think that evolution will happen over the course of the year?

Anastasios Omiridis

So first of all, Paul, it's good to hear from you. So I would consider it to be more back-end loaded. So in other words, I think you'll see Q1 to be a fairly decent quarter. All the quarters are assumed as we're starting our planning process right now to be, and we can talk about it later after we're done our planning process. But when I look -- when we look at the 8% or 9%, it is back-end loaded next year because the quarters aren't linear. So I mean, as the states ramp up, we're waiting to hear about New York. New York will then require a bit of a ramp-up. So there's attributes that I just think it's more back-end loaded for next year.

Bruce Lucas

Yes. And you have to also remember that we're out in market buying our catastrophe reinsurance program. I mean, that actually starts for us early February. And so at that point, we have to give projections out to 9/30. And you don't want to blow through your projections. Reinsurers don't like it. It can be very expensive on a true-up. So we're going to have meaningful growth throughout the year that we're going to model into our projections. But there is a ramp-up cycle. There's a reinsurance allocation that has to be done. But I do think that if I were to say what half of the year is going to be more robust, it's probably second half.

Jon Paul Newsome

That makes sense. How sensitive are, you think, the growth expectations as well to the current market environment? Lots of conversation about competition, both in and out of Florida. And so any thoughts on what you think has happened with the competitive environment and how you're structuring your business around that?

Bruce Lucas

Sure. I mean there's competition everywhere. That just never seems to change. I've been doing this for about 15 years, I'm going to say there's always been robust competition everywhere I've launched a state. We're not seeing anything that's outsized or problematic or big headwinds. What we see is a tremendous amount of opportunity still. And as we launch new products, new states, we've done our research there, and the team has a lot of experience. We have a pretty good idea where our products are going to land and how competitive they're going to be. And we're pretty bullish on what we see. And as we expand our footprint out of Florida, we're picking up reinsurance synergies along the way that help fuel that expansion model. But right now, I'd say, we're pretty bullish. I'm not seeing anything that's really changed over the last 2, 3 quarters.

Operator

The next question is from Randy Binner from Texas Capital.

Randy Binner

Yes, the 8% to 9% seems better than expected. So glad to hear you're still competitive in the Florida market. Bruce, you said something in your comments about kind of a shift in the market and you also mentioned strategic M&A. Are those 2 things related? And can you elaborate on kind of what you're seeing with the shift in the market and obviously, a lot more flexibility with the new credit facility?

Bruce Lucas

Yes. I mean, I think the market shift that we're seeing is kind of driven by forward reinsurance price expectations. And I won't comment on what that will look like, but I don't think Isaias is going to move the needle on reinsurance pricing at all. For example, Slide will not even see a loss to our reinsurance panel. So I do think that, that is bullish for the future. It's bullish for growth. It allows us to take on more capacity on the underwriting side because our reinsurance costs aren't going to be in a place where they're volatile next year. That's one big one.

And then the other thing I'll note on the M&A and kind of part of our thinking around the credit facility is get it in place in case there's a good M&A transaction. We have seen an uptick in M&A activity. And so whether these are publicly traded, privately traded, we've seen it kind of across the board. And I do think that there is M&A activity out there that could be promising. But again, it comes down to the right price. I've done, I mean, arguably more M&A than anybody in the coastal specialty sector over my career, never done a bad deal, never lost money. So you have to be disciplined on the price side. And as long as that's there, I think that there is a good prospect for something transformative into 2027.

Randy Binner

Okay. Great. And then I just had a detailed question about the model or really your tax rate, and it was a little bit lower than we expected this quarter. I think we've been using kind of a mid-20% tax rate, 20% rather. Is that the right tax rate to use going forward? Is there going to be a true-up for this lower tax rate in the fourth quarter? Just curious how that is going to extend out more into '27?

Anastasios Omiridis

I think it's a great question, Randy. No, it is -- we have put together a tax strategy, and we do assume that our ETR was 24.5% when we started the year. It is now effectively around 21.5%. We assume that we'll stay around 21.5% to 22% with the tax strategy that we have put in place. So we consider that, and we're always going to strive to do better, but I think we can sustain the 21.5% to 22% ETR, effective tax rate moving forward.

Randy Binner

Okay. But was there a reason why it was lower in the current quarter?

Anastasios Omiridis

Well, it was the catch-up. So in other words, the 21.5% that we have right now in order to smooth out because, remember, taxes are year-to-date. It's a 14% for the quarter to true up, but 21.5% is the ETR year-to-date.

Randy Binner

Got it. Okay. Perfect.

Operator

There are no further questions at this time. I'd like to turn the floor back over to Bruce Lucas for closing comments.

Bruce Lucas

I would like to thank everyone for joining our third quarter 2026 earnings call.

Operator

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.