Igloo’s net loss narrows 60.4% in 2025

It attributed it to its embedded insurance business and AI-native infrastructure.

Igloo’s net loss narrowed by 60.4% year-on-year (YoY) in 2025, losing $6.73m (S$8.6m), based on its audited accounts released on 28 September 2026.

Its revenue rose 45.9% YoY to $63.27m (S$80.9m) during the year, with operating expenses staying broadly flat.

Igloo attributes this result to operating leverage in its embedded insurance business.

Partnership volumes also scaled without a proportionate rise in fixed cost, it added. Igloo credits this to its AI-native infrastructure that allowed the company to automate product builds, partner operations and claims processing.

“The way we’ve designed our operating system for insurance means that the cost of serving the next partner and the next million policies keeps falling,” said Raunak Mehta, co-founder and CEO of Igloo.

Igloo is targeting adjusted EBITDA breakeven at the close of 2026.

(US$1 = S$1.28; as of 28 September 2026)