Igloo narrows FY2025 loss as embedded insurance bet edges closer to breakeven
For years, Southeast Asia’s insurtech promise has rested on a simple idea: insurance should be bought where people already spend, borrow, shop, travel or top up their phones. The harder part has been turning that distribution advantage into a business that can scale without burning ever larger amounts of capital. Singapore-headquartered Igloo is now trying […] The post Igloo narrows FY2025 loss…
Insurtech firm Igloo has narrowed its fiscal 2025 loss as its embedded insurance strategy edges towards breakeven, according to audited accounts. Revenue increased 45.9% year-on-year to SGD80.9 million, while net loss fell 60.4% to US$6.7 million. Top-line growth of US$19.8 million was achieved without a proportional rise in operating expenses, demonstrating the operating leverage the company attributes to its AI-native infrastructure.
Igloo's operating system for insurance allows insurers and digital platforms to build, distribute, and manage policies online, creating the embedded insurance market. With operations in Indonesia, the Philippines, Thailand, Vietnam, and Malaysia, Igloo processes over 100 million policies monthly and has facilitated more than 2.2 billion policies cumulatively.
The company's platform enables partners to launch insurance products in days rather than months, helping to reduce fixed costs. Igloo aims to achieve adjusted EBITDA breakeven by the end of 2026, targeting sustained revenue growth and reduced operating expenditure.
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