Direct-to-consumer digital home, auto insurance and home finance provider Kin reported continued strong revenue expansion in 2025, with gross written premiums (GWP) rising 28% year over year to $634.4 million, compared with $495.3 million in 2024.
The growth was primarily driven by renewal premiums, which climbed to $439.9 million in 2025 from $302 million a year ago, underscoring the company’s growing maturity in effective premiums.
Meanwhile, new written premiums were broadly stable year over year at $194.5 million, while in-force premiums increased 29% to $634.8 million from $490.5 million at the end of 2024.
Kin’s total revenue will increase 29% to $201.6 million in 2025, compared with $156.1 million in 2024, broadly in line with premium growth.
The company’s revenue as a percentage of GWP this year held steady at 32%, with new revenue inching up to $61.8 million.
Meanwhile, renewal revenue grew significantly from $95.2 million to $139.8 million in 2025, again reflecting an expanded renewal base.
Kin’s profitability metrics also improved in 2025, with gross profit increasing to $189.2 million from $147.2 million in 2024, and gross margins stabilizing at 94%.
Operating income increased to $21.3 million, compared with $12.6 million in the prior year, and operating margin improved from 8% to 11%.
Sean Harper, founder and CEO of Kin, commented: “We are growing revenue three times as fast as fixed expenses, which has driven our annual baseline operating margin to a record 49%.
“We are not trying to find a path to profitability. Our core engine is already highly profitable. We are actively choosing to invest operating revenue in our technology moat and acquire more customers as other companies retreat.
“In 2025, it will be a little more difficult to attract new customers than in 2024. This is the insurance cycle we are in and the market is soft.
“Fortunately, our high baseline operating margin allowed us to increase marketing spend to ensure rapid growth while nearly doubling our overall operating profit.”
Kin Chief Financial Officer Jerry Fadden added: “We have chosen to proactively capture market share despite increased competition. Kin benefits from strong core unit economics – evidenced by our 94% gross margin – and we continue to acquire high LTV customers even at higher initial costs.
“We are now intentionally investing more in new revenue because we know that with strong customer retention, the long-term returns can significantly increase our bottom line.”
Harper concluded: “With the insurance market softening, we believe our pace of innovation, product expansion and superior customer experience will once again set Kin apart.
“Our marketing optimization and maturation of our automotive and financial products will enable us to deepen customer relationships and build long-term value.”
