Investment Review №332. The Bulls switched to big tech
Yerlan Abdikarimov
Head of Financial Analysis Department at Freedom Broker
Ethos Technologies. Development of Digital Asset Infrastructure
On September 26, 2025, Ethos Technologies Inc. filed for an initial public offering (IPO). The company operates a platform designed to streamline the insurance value chain—from distribution and underwriting to activation, claims processing, and administration. The offering is being underwritten by Goldman Sachs, J.P. Morgan, BofA Securities, Barclays, Citigroup, and Deutsche Bank Securities
| Issuer | Ethos Technologies |
| Ticker | LIFE |
| Exchange | NASDAQ |
| Underwriters | Goldman Sachs, J.P. Morgan, BofA Securities, Barclays, Citigroup, Deutsche Bank Securities |
Investment potential
- Company Profile. Ethos is a platform that transforms how life insurance is bought, sold, and risk-managed for consumers, agents, and insurers. Since its founding, the company has activated over 450,000 policies. As of June 30, 2025, more than 10,000 active sales agents and several insurers were operating on the platform. The platform simplifies the application process for both consumers and agents by minimizing errors through real-time validation powered by third-party data. Ethos’s underwriting engine leverages predictive analytics and live data streams to streamline risk assessment and enable instant policy issuance with pricing transparency.
- Potential Market. Term life, whole life, and indexed universal life insurance—all offered through the Ethos platform—collectively accounted for $12.6 billion in annualized new policy premiums across the industry for the year ended December 31, 2024. These product markets have shown consistent demand across economic cycles: according to the American Council of Life Insurers, an average of 10 million people purchased new policies annually over the past decade. As Ethos expands into offerings such as variable universal life insurance and fixed indexed annuities, its addressable market could grow to over $140 billion in annual premiums.
- Financial Performance. The company achieved 60% growth in 2024 and recorded a 55% increase during the first half of 2025. EBIT margin improved from -2% in 2023 to 19% in 2024, and stood at 17% for the six months ended June 30, 2025.