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Dec 31, 2025
Palomar Holdings Q4 2025 Earnings Report
Palomar Holdings, Inc. reported strong financial results for the fourth quarter of 2025, with significant increases in net income, adjusted net income, and gross written premiums compared to the prior year.
Key Takeaways
Palomar Holdings, Inc. delivered a strong performance in the fourth quarter of 2025, with net income rising by 60.6% to $56.2 million and adjusted net income increasing by 48.0% to $61.1 million. Gross written premiums grew by 31.8% to $492.6 million, reflecting robust top-line growth. The company also reported an annualized adjusted return on equity of 26.9% and an adjusted combined ratio of 73.4%.
Net income increased by 60.6% to $56.2 million in Q4 2025, up from $35.0 million in Q4 2024.
Adjusted net income rose by 48.0% to $61.1 million in Q4 2025, compared to $41.3 million in Q4 2024.
Gross written premiums grew by 31.8% to $492.6 million in Q4 2025, from $373.7 million in Q4 2024.
The annualized adjusted return on equity was 26.9% in Q4 2025, an increase from 23.1% in Q4 2024.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the full year 2026, Palomar Holdings, Inc. expects adjusted net income to be between $260 million and $275 million, including an estimated $8 million to $12 million in catastrophe losses.
Positive Outlook
- Projected adjusted net income of $260 million to $275 million for FY 2026 indicates continued profitability.
- The company's specialty product suite is designed to generate strong, consistent returns across market cycles.
- Successful acquisitions of Advanced Ag Protection and The Gray Casualty and Surety Company are expected to sustain long-term profitable growth.
- Addition of numerous exceptional leaders across the organization is anticipated to support future growth.
- The 'Palomar 2X strategic imperative' aims for sustained profitable growth.
Challenges Ahead
- Estimated catastrophe losses of $8 million to $12 million for FY 2026 could impact net income.
- Forward-looking statements are subject to risks and uncertainties, and actual results may differ.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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