Company: SLDE
Filing Date: 2025-01-22
Form Type: DRS/A
Source: 0000950123-25-000502
Chunk: 124

Company: Slide Insurance Holdings, Inc.
Filing Date: 2025-01-22
Form: DRS/A
Chunk 124
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 market interest rates.

83

Depreciation expense. Depreciation expense for the years ended December 31, 2022
and 2023 were $0.0 and $0.4 million, respectively. The increase was due primarily to depreciation of capitalized costs of internal-use software projects that were put into production in September 2023.

Amortization expense. Amortization expense for the years ended December 31, 2022 and 2023 were $5.9 million and
$8.2 million, respectively, representing 2.5% and 1.9%, respectively, of net premiums earned. The increase was due primarily to the full year amortization of renewal rights contracts.

Other operating expense. Other operating expense for the years ended December 31, 2022 and 2023 were approximately $0.0 and
$0.2 million, respectively. The increase was due primarily to estimated tax penalties and interest.

Income tax expense.Income tax expense was $7.7 million and $30.3 million for the years ended December 31, 2022 and 2023, respectively. Our effective tax rate for the year ended December 31, 2022 and 2023 was 25.7% and 25.7%, respectively.

Ratios

Loss ratio. Our loss ratio decreased from 56.4% for the year ended December 31, 2022 to 43.8% for the year ended December 31, 2023, primarily as a result of reduced claims frequency, the absence of a major landfalling hurricane, and earned
premiums from rate increases.

Expense ratio. Our expense ratio increased from 33.2% for the year ended December 31, 2022 to
35.2% for the year ended December 31, 2023, primarily due to growth in staffing to support the higher number of our policies-in-force.

Combined ratio.Our combined ratio decreased from 89.6% for the year ended December 31, 2022 to 78.9% for the year ended
December 31, 2023, primarily as a result of reduced claims frequency, the absence of a major landfalling hurricane, and earned premiums from rate increases in 2023.

Combined ratio, excluding catastrophic losses& prior year claims development. Our combined ratio, excluding
catastrophic losses & prior year claims development was unchanged at 70.1% and 69.6