Ethos Technologies Inc (NASDAQ: LIFE) is a digital life insurance distribution company that enables consumers to explore, compare, and purchase life insurance policies entirely online. Revenue comes from commissions paid by contracted insurance carriers, earned both at initial policy sale and upon policyholder renewal in subsequent years. The company operates a three-sided platform serving consumers, independent agents, and carriers, with no balance sheet insurance risk assumed. Ethos is licensed in 49 states as of its 10-K filed March 17, 2026, and acts as a third-party administrator. In FY2025, total revenue implied approximately $389 million (gross profit of $380.9 million at a 98% gross margin), with net income of $71.2 million and Adjusted EBITDA of $89.0 million. Three agency relationships generated 31% of revenue in FY2025, up from 25% in FY2024, indicating material customer concentration on the distribution side. The company's CEO is Peter Colis, per the 10-K filed March 17, 2026.

Revenue model

Commission-based: Ethos earns first-year commissions from carrier partners when a policy is activated, plus renewal commissions when policyholders continue coverage in subsequent years. No insurance risk is retained on the balance sheet. Carriers bear the underlying policy risk.

Products and services

Digital life insurance marketplace; proprietary underwriting and predictive modeling platform enabling same-day coverage; Agent OS, an all-in-one agent operating system for quoting, application submission, and policy management; direct-to-consumer (DTC) channel; third-party agent and agency channel.

Customers and end markets

End consumers seeking life insurance in the United States; independent agents and agencies using the platform to sell policies; insurance carriers seeking consumer and agent reach. Three agency relationships represented 31% of revenue in FY2025. Consumer demand is seasonally strongest in Q1, driven by post-New Year financial planning cycles.

Value-chain role

Digital distributor and technology platform sitting between insurance carriers and end consumers or independent agents. Acts as licensed agent and third-party administrator (TPA). Does not underwrite or carry insurance risk. Relies on Amazon Web Services for cloud infrastructure.

Geographic exposure

United States only; licensed in 49 states as of the 10-K filed March 17, 2026.

Source: SEC 10-K, filed 2026-03-17

Industry: Insurance Agents, Brokers & Service