FILE PHOTO: A man walks on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., April 7, 2025. REUTERS/Brendan McDermid/File Photo
(Reuters) -Ethos Technologies recorded a 55% jump in revenue in the first half of 2025, according to its U.S. initial public offering paperwork filed on Friday, as the insurance IPO market continues its hot streak.
The San Francisco, California-based life-insurance platform is the latest insurer seeking to tap the new listings market, with nearly half a dozen peers going public in New York since May.
In the six months ended June 30, Ethos posted net income of $30.7 million on revenue of $183.7 million, up from net income of $18.7 million on revenue of $118.6 million a year earlier.
Ethos and certain existing shareholders plan to sell shares in the offering, according to the filing.
Insurtech Exzeo on Thursday also filed publicly to list in New York, while flood insurer Neptune is poised to make its stock-market debut next week.
While insurance IPOs have been hot since May and have delivered good returns initially, aftermarket performance has been mixed. Accelerant and Slide Insurance are trading below their offer prices.
Among the top performers are American Integrity Insurance and Aspen Insurance, which is set to be acquired by Japan's Sompo.
"These (American Integrity and Aspen) outcomes will be front of mind for investors as they assess whether upcoming insurance listings can deliver sustainable public-market performance," said Kat Liu, vice president at IPOX.
Founded in 2016 by Peter Colis and Lingke Wang, Ethos works with carriers to offer life insurance to families across the U.S. through its platform.
The company has expanded into new insurance and estate-planning products over time, and activated policies on its platform rose 70% to 94,405 in the first half of 2025.
In 2021, Ethos raised $100 million from Japanese investment conglomerate SoftBank at a $2.7 billion valuation.
Top shareholders include venture capital firms Sequoia Capital and Accel, as well as Alphabet-backed GV.
Goldman Sachs and J.P. Morgan are the lead underwriters. Ethos will list on the Nasdaq under the symbol "LIFE."
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shinjini Ganguli and Tasim Zahid)
