Kin, the direct-to-consumer digital home and auto insurance and home finance provider, has reported continued strong top-line expansion in 2025, with gross written premium (GWP) increasing 28% year-on-year to $634.4m, compared with $495.3m in 2024.
The growth was driven primarily by renewal written premium, which climbed to $439.9m in 2025 from $302m a year earlier, highlighting the increasing maturity of the carrier’s in-force book.
Meanwhile, new written premium was broadly stable year-on-year at $194.5m, while premiums in force rose 29% to $634.8m, up from $490.5m at year-end 2024.
Kin’s total revenue increased 29% to $201.6m in 2025, compared with $156.1m in 2024, broadly in line with premium growth.
The firm’s revenue as a percentage of GWP was steady at 32% for the year, and new revenue edged up to $61.8m.
At the same time, renewal revenue rose significantly to $139.8m in 2025 from $95.2m, again reflecting the expanding renewal base.
Kin’s Profitability metrics also improved in 2025, with gross profit reaching $189.2m, up from $147.2m in 2024, with the gross margin holding firm at 94%.
Operating income increased to $21.3m, compared with $12.6m the prior year, lifting the operating margin to 11% from 8%.
Kin Founder and CEO Sean Harper, commented, “We grew revenue three times faster than we grew our fixed expense base, which drove our annual Baseline Operating Margin to a record 49%.
“We aren’t trying to find our way to profitability. Our core engine is already highly profitable. We are actively choosing to spend our operating income investing in our technology moat and acquiring more customers while others pull back.
“In 2025, it was a bit harder to attract new customers than it was in 2024. That’s just where we are in the insurance cycle with a softening market.
“Fortunately, our high baseline operating margins allowed us to increase marketing spend to ensure a fast growth rate, while still nearly doubling our overall operating profit.”
Kin CFO Jerry Fadden added, “Despite a more competitive environment, we chose to proactively capture market share. Kin benefits from strong core unit economics — evidenced by our 94% Gross Profit Margin — and we continued to acquire high-LTV customers even at a higher initial cost.
“We are deliberately spending more on new revenue now because we know that with our strong customer retention, the long-term return is highly accretive to our margins.”
Harper concluded, “As the insurance market softens, we’re confident that our pace of innovation, product expansion, and exceptional customer experience will again differentiate Kin.
“Our marketing optimisations and the maturation of our auto and financing products will allow us to deepen our customer relationship and build long-term value.”
