The Numbers: A Look at 2025 Results
PURE Staff
April 12, 2026
The last few years have not been easy for our industry. Severe weather, inflation, a more complex liability environment, higher reinsurance costs—all of it tested insurers across the country.
In response, we made difficult decisions to ensure your insurance company remained strong. We tightened underwriting standards, reduced expenses and adjusted rates where needed.
Those actions led to measurable improvement over the past couple of years, positioning PURE to enter 2026 from a place of stability and focused more than ever on our mission of creating an exceptional member experience.
The membership
We welcomed more than 11,000 new members in 2025, growing PURE to more than 120,000 responsible, successful individuals and families across the U.S. and Canada. Retention remains strong among our most responsible members, with more than 95% of members choosing to stay with PURE.
Financial strength
We maintained our A (Excellent) rating from AM Best, reflecting our continued financial strength. Surplus and total assets reached all-time highs. Direct written premiums grew steadily, underwriting performance improved and operating results strengthened, resulting in a net combined ratio of 98.8% in a year with our largest-ever catastrophe loss—a disciplined outcome for a member-owned insurer. That strong result enables something unique to PURE’s reciprocal structure:
This year, we will allocate $50 million back to the membership through Subscriber Savings Accounts—the largest allocation in our history and our first in five years. It’s a clear example of how our model works: when results warrant it, surplus growth is shared with the membership.
Read more in the Letter from the CEO
The numbers
- Direct written premium
Direct written premiums increased by 15.6% in 2025. PURE's combined ratios
In 2025, PURE’s direct combined ratio was 105.4%, higher than the previous two years as a result of losses from the Palisades wildfire last January.After the benefit of our pooling agreement and reinsurance protection, which covered a significant portion of the wildfire losses, PURE’s net combined ratio was 98.8%.
Impact of surplus contributions
In 2025, members made $83.3 million in surplus contributions.Members who have reached their fifth renewal no longer make surplus contributions. In 2025, more than 9,000 members who joined PURE in 2020 passed this milestone. Today, over 60% of members have been with us for five years or more and are no longer making surplus contributions.
- Policyholder surplus
PURE’s policyholder surplus grew by $171.1 million in 2025. The increase reflects improved underwriting results, members’ surplus contributions, favorable investment income and the issuance of a $50 million surplus note to Tokio Marine.
Glossary
- Direct Combined Ratio
- Measures losses and expenses against premiums
The direct combined ratio measures losses and expenses against premiums to help evaluate underwriting results, without factoring in reinsurance.
- Net Combined Ratio
- Measures losses and expenses, including reinsurance, against premiums
Net combined ratio measures losses and expenses, including reinsurance, against premiums to help evaluate underwriting results. A combined ratio of less than 100% typically means an insurer is collecting more in premiums than it pays out in claims and expenses, resulting in an underwriting profit.
- Policyholder Surplus
- Additional funds that allow an insurer to meet all its obligations
Policyholder surplus represents funds that allow an insurer to meet all its obligations beyond premium, reserves and reinsurance.
- Surplus Contributions
- A small fee charged for the first five years of membership
These funds provide extra financial support; improve claims paying ability and operating results; and, by enabling us to keep lower prices, save members money over time.
