Neptune Insurance Holdings Inc.

neptuneflood.com

What Do They Do?

Underwrites and administers primary and excess flood insurance, plus parametric earthquake coverage, for homeowners and businesses through insurance agencies.

How Do They Make Money?

Commission income comes from insurance carriers, calculated as a percentage of policy premiums and earned when coverage begins. Policyholders also pay a flat fee for each policy year, including at annual renewal.

revenue

Segment	Share	Revenue	How money arrives
Commission income Sold outright	76%		Sold outright
Fee income Sold outright	24%		Sold outright

Who Are Their Customers?

Homeowners and businesses obtain policies primarily through insurance agents and brokers; Neptune also sells directly to consumers.

Do Revenues Turn Into Profits?

Yes. It kept 23 cents of every revenue dollar as net income in FY2025.

Operating income, FY2025

44% of revenue

▲ +4% vs FY2024 ($68.4M, 57%)

Net income, FY2025

23% of revenue

▲ +8% vs FY2024 ($34.6M, 29%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +34%; vs $44.4M in Q3 FY2025
Net income: ▲ +50%; vs $11.5M in Q3 FY2025

Commission income share of revenue vs 76.5% in Q3 FY2025

Growing. Revenue grew 88% in 2 years, from $84.9M in FY2023 to $159.6M in FY2025, about 37% a year.

Revenue over time

Commission income Fee income

$200M$100M$0

FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with NFIP

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