Trupanion grows Q1 revenue as Lemonade pet tops $500M

Trupanion and Lemonade both posted fresh signs of momentum in pet insurance, though with very different business models. Trupanion reported first-quarter 2026 revenue of $384.0 million, up 12% year over year, with subscription revenue up 16% to $269.5 million and subscription enrolled pets up 5% to 1.1 million. The company also swung to net income of $4.9 million for the quarter. Lemonade, meanwhile, said its pet line surpassed $500 million in in-force premium early in the second quarter of 2026, making pet its largest line of business. In its Q1 2026 shareholder letter, Lemonade said pet had reached about $490 million in in-force premium at the end of the first quarter and described the category as its fastest-scaling product area. (sec.gov)

Why it matters: For veterinary professionals, these results point to a pet insurance market that’s still expanding, even as growth moderates from earlier breakneck years. NAPHIA said 7.03 million pets were insured in North America at the end of 2024, up 12.2% from 2023, while S&P Global reported U.S. pet insurance net premiums earned rose 11% in 2025 to a record $3.59 billion. Trupanion’s direct-to-veterinary-hospital payment model and Lemonade’s digital, direct-to-consumer approach represent two different paths to growth, but both could mean more insured visits, more financially feasible care plans, and more conversations with pet parents about coverage, claims, and affordability. (naphia.org)

What to watch: Watch whether Trupanion can reaccelerate pet enrollment while maintaining profitability, and whether Lemonade can keep scaling pet without sacrificing underwriting performance as it pushes beyond the $500 million mark. (sec.gov)