Measure a digital insurer’s growth with several clearly defined indicators, not one headline percentage. Start with recognized total revenue, then show insurance revenue or earned premium and written-premium volume separately. Reconcile the measures, explain how reinsurance and product mix affect them, and pair growth with customer, retention, acquisition-cost and underwriting indicators to judge its quality.
Start by defining what “revenue” means
Before calculating growth, identify the business and reporting basis. A risk-bearing insurer, managing general agent (MGA), broker, embedded-insurance distributor and hybrid business may recognize different kinds of income. State the geography, reporting period, currency, business segment, accounting framework, gross or net basis, and whether each number is a financial-statement measure or a management-defined operating metric.
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Keep total revenue distinct from insurance revenue and premium-volume measures. Total revenue is the recognized top line under the company’s reporting basis, but it may combine insurance and non-insurance income. Insurance revenue reflects insurance service recognized during the period. Written premium is a production or volume indicator; it is not automatically recognized revenue.
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| Measure | What it helps show | Key limitation |
|---|---|---|
| Total revenue | The recognized top-line result in the relevant financial statements. | May combine insurance and non-insurance components; inspect the breakdown. |
| IFRS 17 insurance revenue or earned premium | Insurance service revenue recognized in the period. | Not equivalent to written premium; accounting framework and product treatment matter. |
| Gross written premium (GWP) | Underwriting production and market-volume trend before ceded reinsurance. | Not a face-of-income-statement measure of IFRS 17 insurance revenue; company definitions vary. |
| Net written premium (NWP) or net earned premium | Premium trend after the relevant reinsurance effect. | Can change because of reinsurance structure or retention, independently of customer demand. |
| Customer and policy indicators | Digital funnel and portfolio growth drivers. | Operating indicators, not recognized revenue; connect them to premium, retention and profitability. |
Calculate growth on a like-for-like basis
Use the same metric definition, reporting duration, currency and consolidation perimeter for both periods. The basic calculation is:
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Growth (%) = (current-period value − comparable prior-period value) ÷ comparable prior-period value × 100
For example, if a company reports total revenue of $737.9 million for FY2025 and $526.5 million for FY2024, the increase is about 40%: ($737.9 million − $526.5 million) ÷ $526.5 million. Those are Lemonade, Inc.’s reported FY2025 and FY2024 total-revenue figures, not a general insurance-industry benchmark. Its FY2025 Form 10-K gives the company’s definitions and financial detail.
Explain material changes that weaken comparability, including acquisitions or disposals, restatements, foreign-exchange effects, accounting-policy changes and changes to reinsurance arrangements. A consistent formula cannot make two periods comparable if the underlying business or measure changed.
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Show a bridge from premium volume to recognized revenue
Present a small set of measures together rather than publishing a lone growth rate. Identify each figure’s definition and gross or net basis, then explain how the measures relate. Under IFRS 17, gross premiums written may be disclosed in the notes, but they cannot be presented on the face of the income statement as a measure of insurance revenue. The IFRS Foundation’s May 2017 IFRS 17 Effects Analysis explains that written premiums represent premiums expected to be collected over contracts’ duration, not only cash already received. It also notes that IFRS 17 can substantially change reported insurance revenue compared with previously used premium-income measures, particularly for some long-term contracts that included deposit components.
As the IFRS Foundation cautions in that analysis, “There are no standardised methods for computing the non-GAAP measures included in the table.” Treat non-GAAP premium KPIs as company-defined unless the company supplies a comparable definition and reconciliation.
Example: Lemonade’s FY2025 measures
Lemonade’s filing illustrates why measure labels matter. For FY2025, it reported GWP of $1,171.3 million, NWP of $763.5 million, net earned premium of $536.3 million, and total revenue of $737.9 million. Their reported year-over-year growth rates were 26%, 84%, 45% and 40%, respectively. These figures describe Lemonade’s results for FY2025 compared with FY2024; they are not interchangeable rates for the same measure.
| Lemonade measure | FY2025 | FY2024 | Reported growth | What to keep in mind |
|---|---|---|---|---|
| GWP | $1,171.3 million | $929.0 million | 26% | Gross written premium is a volume measure before ceded reinsurance. |
| NWP | $763.5 million | $415.1 million | 84% | Net written premium reflects reinsurance effects as well as production. |
| Net earned premium | $536.3 million | $370.6 million | 45% | Lemonade defines this as gross written premium earned over the policy period less the earned portion ceded to reinsurers. |
| Total revenue | $737.9 million | $526.5 million | 40% | Includes more than net earned premium. |
Lemonade cautions that gross earned premium should not substitute for net earned premium, total revenue or another GAAP measure. For the same FY2025 reporting period, the company’s total revenue included $536.3 million net earned premium, $122.7 million ceding commission income, $37.8 million net investment income and $41.1 million commission and other income. The components explain why total revenue is not simply another name for premium.
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Explain reinsurance and the gross-to-net difference
Gross measures describe premium volume before ceded reinsurance; net measures reflect the portion retained after the relevant reinsurance effect. A change in the amount or structure of ceded reinsurance can therefore make NWP or net earned premium grow faster or slower than GWP. That divergence does not, by itself, prove that customer demand or underlying insurance service changed at the same rate.
For a useful comparison, disclose the gross and net figures together and explain material changes in retention or reinsurance contracts. Define the specific net measure: written and earned premium are different stages, and company definitions matter. Lemonade’s SEC filing, for example, defines net earned premium using premium earned over the policy period less the earned portion ceded to reinsurers.
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Use digital operating metrics to explain the growth
Customer and policy indicators help describe what may be driving premium and revenue, but they do not replace recognized revenue. Connect reported operating measures to the financial results where the company provides enough information.
- Customer and policy growth: Report net additions or policy counts with the company’s definition and period. Lemonade reported net added customers up 23% year over year in FY2025.
- Monetization: Where reported, examine policies per customer and average premium per customer to distinguish a larger customer base from higher value per customer.
- Retention and renewals: These help assess whether acquisition is translating into a continuing book of business; identify the company’s definition and measurement period.
- Channel, product and geographic mix: Explain whether partnerships, digital advertising, geographic expansion or new products contributed to production, and whether the mix changed.
- Acquisition cost and conversion: Put digital customer acquisition in context by showing cost and conversion measures when available, rather than treating customer additions alone as proof of efficient growth.
Lemonade says in its FY2025 Form 10-K that it views customers as important to assessing performance because customer growth drives revenue and creates opportunities for cross-selling, among other benefits. This is the company’s stated view; customer growth is an operating indicator, not independent proof that revenue or profitability will rise.
Check whether growth is profitable and comparable
Revenue growth is stronger evidence of business progress when it is considered alongside underwriting results and the costs of acquiring and retaining customers. For short-term insurance, the IFRS Foundation identifies the combined ratio as a key profitability measure. But a ratio is only useful across companies when its calculation is aligned: its denominator may be gross or net insurance revenue, and expense treatment can differ.
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PwC’s April 2024 analysis of UK reporting found variation in combined-ratio denominators and treatment of non-attributable expenses in its sample. In that sample, over 80% of companies continued to refer to GWP and/or NWP; just under 40% disclosed GWP/NWP as a key financial metric alone; and almost 45% disclosed insurance revenue or net insurance revenue alongside GWP or NWP. These percentages describe PwC’s analyzed UK reporting sample, not all insurers or all markets.
Alongside the combined or loss ratio, consider insurance service or underwriting result, acquisition cost and retention. Define the numerator, denominator and expense treatment for company-specific ratios; do not assume a label makes a metric standardized.
Reconcile changes when comparing insurers or years
A reconciliation makes it easier to see whether reported growth reflects production, earned insurance service, reinsurance, mix or other income. Hiscox provides one example of an explicit written-premium and insurance-revenue comparison. In its FY2025 full-year results, Hiscox Ltd. reported insurance contract written premium of $4,979.0 million for 2025 versus restated $4,703.7 million for 2024, and insurance revenue of $4,883.7 million versus $4,672.5 million. The company defines its written-premium KPI as premiums on business incepting in the year with specified adjustments and reconciles the KPI to insurance revenue. Its 2024 comparative was restated after DirectAsia moved into the “other” segment for consistent presentation.
When building a comparison, include the reporting framework, period, currency, business perimeter, gross/net basis, reinsurance context, product mix and metric definition. If a company changes its segment presentation or restates a comparative, use the comparable figure and say what changed.
Quick Recap
A practical revenue-growth dashboard
- Set the scope: Identify business model, geography, period, currency, segment, accounting basis and whether measures are reported or management-defined.
- Calculate comparable growth: Apply the same formula and definition in both periods; explain material restatements, scope changes, currency effects or reinsurance changes.
- Separate the measures: Show total revenue, insurance revenue or earned premium, GWP, NWP or net earned premium, and relevant customer or policy indicators as distinct lines.
- Reconcile the bridge: Explain what accounts for differences between written, earned, net and total-revenue measures, including ceded reinsurance and non-premium income.
- Test growth quality: Pair customer and premium trends with retention, acquisition cost and underwriting or profitability measures, stating definitions so readers can judge comparability.
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