Florida-based flood insurance group Neptune Insurance Holdings Inc., parent of Neptune Flood, has reported record financial results for the second quarter of 2026, seeing revenue growth of 33% and a net income increase of 36%.
Revenue reached a record $55.9 million in the quarter, driven by continued growth of the renewal portfolio and increased commission income as a percent of written premium.
This figure was also impacted by record new business sales, which included the deployment of technology tools to engage new and existing agents (Atlas+, User-based login, etc.), increased NP adoption by agents post Q4 2025 government shutdown, and proactive product enhancements to optimise product market fit.
Ongoing slow real estate market reducing selling opportunities, and residual slowdown as a result of below average storm activity in 2025 also impacted revenue in Q2 2026.
Net income rose to $15.8 million, with a net income margin of 28%. The insurer also reported adjusted net income growth of 55%, to $22.6 million, and adjusted EBITDA growth of 36% to a record $34.5 million at a 61.7% margin.
According to Neptune, adjusted EBITDA was impacted by normalised commission expense as a percent of written premium, increased commission income as a percent of written premium, continued emphasis on operating leverage, and increased expenses related to public company costs and technology development.
Written premium also experienced an increase in the quarter, rising 31% to a record $126.9 million, and policy retention at renewal increased to 86%.
“The second quarter was the strongest in Neptune’s history, with records across nearly every measure of the business. We generated record new business sales, supported by continued expansion of our distribution network and strong engagement from agents on the platform,” Neptune stated.
Adding: “Technology delivery reached a new high. We launched commercial and condominium earthquake products as part of our beta test, completed a full redesign of the Agent Portal and quoting experience, extended Atlas+ to all of our distribution partners, and deployed a new machine learning model in the underwriting process.
“With AI supporting our developers throughout the software development process, engineering output more than doubled versus the fourth quarter of 2025 with a broadly unchanged team. Underwriting performance remains exceptional. Our lifetime written loss ratio is now 19.5%, down over 500 basis points from a year ago, and we renewed and expanded our two largest capacity programs on improved economic terms during the quarter.”
