Insurtech Company Ethos Technologies Files for Nasdaq IPO

Ethos Technologies Files for IPO, Aiming to Simplify Life Insurance

Ethos Technologies, a leading life insurance technology company, has filed with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO). The company intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol ‘LIFE’. The IPO aims to improve its capital structure and establish a public market for its shares.

Simplifying the Insurance Value Chain

Ethos's technological platform is designed to streamline the insurance industry's value chain. This includes distribution, underwriting, activation, payments, and administration. By consolidating these elements into a single platform, Ethos seeks to develop innovative insurance products and adjust underwriting and pricing models more effectively. The platform also enhances the application process for both consumers and agents, minimizing errors through real-time data validation.

The Ethos underwriting engine uses predictive analytics and real-time data to streamline risk assessment and facilitate the issuance of priced policies. The company has also expanded its offerings to include a range of life insurance products and services for wills and estate planning.

Financial Details and Underwriters

While details regarding the number of shares to be offered and the price range have not yet been disclosed, a portion of the net proceeds from the IPO will be allocated to anticipated tax obligations related to RSU (restricted stock unit) net settlement. The remaining proceeds will be used for general corporate purposes, potentially including acquisitions or strategic investments, although no current commitments exist for such transactions.

A consortium of underwriters led by Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC will manage the offering. BofA Securities, Barclays, Citigroup, Deutsche Bank Securities, Citizens Capital Markets, William Blair, and Baird are acting as additional book-running managers.

Legal Counsel and Key Shareholders

Cooley LLP serves as legal counsel for Ethos Technologies, while Simpson Thacher & Bartlett LLP represents the underwriters. Notably, GC&H Investments, associated with Cooley, holds a significant number of shares convertible into Class A common stock.

Ethos's Financial Performance and Growth

According to the IPO paperwork, Ethos Technologies experienced significant revenue growth in the first half of 2025. The company posted net income of $30.7 million on revenue of $183.7 million, compared to net income of $18.7 million on revenue of $118.6 million during the same period the previous year, representing a 55% increase in revenue. Policies activated on the platform increased 70% to 94,405 during the same period.

Background and Prior Funding

Founded in 2016 by Peter Colis and Lingke Wang, Ethos partners with carriers to provide life insurance to families across the U.S. The company raised $100 million from SoftBank in 2021, valuing the company at $2.7 billion. Major shareholders include venture capital firms Sequoia Capital and Accel, as well as Alphabet-backed GV.

Insurance IPO Market Context

Ethos’s IPO follows recent activity in the insurance sector, with companies like Neptune Insurance Holdings also launching IPOs. However, the aftermarket performance of insurance IPOs has been mixed, with some, like Accelerant (ARX) and Slide Insurance (SLDE), trading below their offer prices, while others, like American Integrity Insurance (AII) and Aspen Insurance (AHL), have performed well.

Ethos Technologies: Key Facts