Trupanion, Inc. reported a total revenue of $1.29 billion for the fiscal year ending December 31, 2024, marking a 16% increase from $1.11 billion in 2023. The subscription business segment, which primarily generates revenue through pet medical insurance premiums, contributed $856.5 million, a 20% rise from the previous year. This growth was driven by a 12% increase in monthly average revenue per pet and an increase in subscription pet months. However, the company also reported a net loss of $9.6 million for 2024, a significant improvement compared to a net loss of $44.7 million in 2023.
In terms of operational metrics, Trupanion's total enrolled pets decreased slightly to 1.68 million by the end of 2024, down from 1.71 million in 2023. The subscription pets enrolled increased to 1.04 million, reflecting a 5% growth year-over-year. The average monthly revenue per pet rose to $72.98, up from $65.26 in the prior year, while the average pet acquisition cost increased to $235 from $228. The company maintained a high average monthly retention rate of 98.25%, indicating strong customer loyalty.
Strategically, Trupanion has focused on expanding its product offerings and enhancing its technology. The company has invested in its proprietary software that allows for direct payment to veterinary hospitals, improving the member experience. Additionally, Trupanion has been broadening its distribution channels through its "Powered by Trupanion" suite of products, which are marketed by third parties. The company also plans to ramp up underwriting activity through its Canadian subsidiary, GPIC, in 2025, transitioning from its current partnership with Accelerant Insurance Company.
Despite the positive revenue growth, Trupanion faces challenges, including rising veterinary costs and the need to maintain competitive pricing. The company has acknowledged that its ability to achieve profitability will depend on effectively managing its expenses, particularly in new pet acquisition and veterinary invoice processing. Looking ahead, Trupanion aims to continue its growth trajectory by enhancing its member experience and expanding its market presence, particularly in under-penetrated regions. The company remains committed to its mission of providing high-value medical insurance for pets while navigating the complexities of the pet insurance market.
About TRUPANION, INC.
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