Synchrony and Figo Pet Insurance Partner to Streamline Claims Reimbursement for Pet Owners Through CareCredit Accessibility StatementSkip Navigation Partnership Expands Synchrony's Innovative Solution, Allowing Approved Figo Claims to Be Reimbursed Directly to a Cardholder's CareCredit Credit Card Account Key Highlights: STAMFORD, Conn. and CHICAGO, March 25, 2026 /PRNewswire/ -- Synchrony(NYSE: SYF), a premier consumer financial services company, today announced a new partnership with Figo Pet Insurance, t ...

Core Insights - PetSmart and Healthy Paws have announced a partnership to offer a 10% discount on new pet insurance policies for Treats Rewards® members in most U.S. states, aimed at making pet insurance more accessible for pet parents [1] Group 1: Partnership Details - The collaboration allows PetSmart customers to access top-rated pet insurance products with industry-leading coverage and service [1] - The 10% discount applies to new Healthy Paws pet insurance policies enrolled through PetSmart's referral link, with eligibility varying by state [1] Group 2: Healthy Paws Insurance Features - Healthy Paws offers comprehensive coverage for new accidents, illnesses, cancer, emergency care, and genetic conditions with no payout limits [1] - Additional features include 24/7 virtual veterinary support through Airvet and mobile claims with rapid reimbursement for covered expenses [1] Group 3: Company Backgrounds - PetSmart is the leading omni-channel pet retailer in North America, with nearly 1,700 stores and a mission to enhance the joy of pet ownership [1] - Healthy Paws, a Chubb company, is a prominent provider of pet health insurance in the U.S., known for its transparent plans and customer-first approach [1]

Letting go of an adored family pup is one of the most devastating decisions a pet parent may ever have to make. When you’re already in the middle of that heartache, euthanasia and other end-of-life care costs may not have been something you were prepared for. While dog euthanasia costs can vary from one situation to the next, the financial toll can add another layer of stress during an already difficult time. The cost of clinic euthanasia usually costs between about $100 and $300, while in-home services t ...

Core Insights - The company achieved record subscription adjusted operating margins of 16.5% in Q4, driven by successful alignment of pricing with the value delivered to members [1] - There was a 35% year-over-year increase in per-pet lifetime value, allowing for a more aggressive posture in new pet acquisition [1] - Retention improved sequentially every quarter in 2025, attributed to a commitment to the member value proposition and effective communication of the cost-plus pricing model [1] Performance and Market Dynamics - The veterinary channel remains the primary distribution 'hotline,' supported by nearly 200 Territory Partners who educate teams on the Trupanion value proposition [1] - Management noted a shift in market dynamics where pet parents are seeking coverage earlier in the pet's life to prepare for rising veterinary costs [1] Operational Efficiency - Operational efficiencies in fixed and variable spending improved to 14.4% of revenue, reflecting successful productivity investments and claims automation [1]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $376.9 million, up 12% year-over-year, with subscription revenue at $261.4 million, up 15% year-over-year [11][12] - Adjusted operating income for Q4 was $45 million, up 26% from the previous year, with a subscription adjusted operating margin of 16.5%, an increase from 15.3% [13][15] - Free cash flow for the full year of 2025 increased to $75.4 million, representing 5.2% of total revenue, a 95% year-over-year increase [16] Business Line Data and Key Metrics Changes - Subscription pets increased by 5% year-over-year to over 1,096,000 pets, including approximately 63,000 pets in Europe [11] - Adjusted operating income from the subscription business was $43.1 million, contributing 96% of total adjusted operating income for the quarter [13] - Revenue from other business segments was $115.4 million for the quarter, a 5% year-over-year increase, but expected to decelerate due to no new pet enrollments in most U.S. states [14] Market Data and Key Metrics Changes - Average monthly retention for the trailing twelve months was 98.34%, an increase from 98.25% in the previous year [11] - The veterinary channel remains critical for distribution, with nearly 200 territory partners educating pet parents about the value of medical insurance [9] Company Strategy and Development Direction - The company plans to invest aggressively in pet acquisition and retention strategies to strengthen the Trupanion brand in more households [20] - The objective of the new strategic plan is to deliver sustainable growth in adjusted operating income and intrinsic value creation [21] - The company is exploring a lower-priced insurance plan to address the needs of pet owners facing tighter budgets [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model's resilience and the ability to fund growth through strong financial performance [21] - The company expects total revenue for 2026 to be in the range of $1.55 billion to $1.582 billion, with subscription revenue growth projected at approximately 14% year-over-year [17] - Management is closely monitoring veterinary inflation and expects it to remain in line with current trends [18][58] Other Important Information - The company ended 2025 with $370.7 million in cash and short-term investments, and a total debt balance of $111.8 million, a reduction of $17.1 million from the previous year [16] - Non-cash expenses included $9.4 million in stock-based compensation and a $1.1 million goodwill impairment charge related to European businesses [15] Q&A Session Summary Question: Can you talk about some successes in reaching pet parents and how that will be accelerated going forward? - Management highlighted that brand spend is focused on increasing visibility among pet parents, particularly in the veterinary space, leading to quicker conversions and encouraging results [24][26] Question: Was there any favorable reserve development in the loss ratio reported? - Management noted a slight adverse development of about 30 basis points, but expressed satisfaction with the overall loss ratio improvement [27][28] Question: Can you provide insights on the 2026 guidance regarding gross adds and commercial strategy? - Management indicated that pricing will continue to be a dominant contributor to revenue growth, with expectations for increased gross adds and diligent expense management leading to margin expansion [30][31] Question: Can you discuss the retention improvements and where they are coming from? - Management confirmed that retention is improving across all cohorts, with specific improvements noted in those receiving rate increases of under 20% [35][36] Question: What updates can you provide on the go-to-market strategy for a lower-priced plan? - Management is working on broadening the existing Trupanion offering and developing a new product that will address market gaps, with plans to leverage brand trust in the veterinary industry [46][47]

Core Insights - Chewy, primarily known as an online pet product retailer, also provides pet insurance through partnerships with Lemonade and Trupanion, offering various coverage options [1][2] Pet Insurance Overview - Chewy's pet insurance includes accident-only, accident and illness, and wellness coverage, with specific plans varying by state and insurer [1][2] - Trupanion offers unlimited annual coverage for eligible vet expenses, while Lemonade has a cap of $20,000 per year [2][4] Coverage Details - Chewy CarePlus plans cover accidents and illnesses, including lacerations, cancer, hospitalization, and prescription medications, with optional wellness plans for routine care [6][10] - Lemonade's accident and illness policies include three tiers: Base, Value, and Value Plus, with the Base plan providing the least coverage [7][10] - Trupanion's Essential Accident & Illness plan covers a wide range of conditions, while the Complete plan includes additional coverage for chronic conditions and diabetes [11][12] Waiting Periods and Age Restrictions - Lemonade has a waiting period of 14 days for illness coverage and 12:01 a.m. the day after purchase for accident coverage, with a maximum pet age of 11 years [8][22] - Trupanion has a 5-day waiting period for accidents and no maximum age limit for pets [8][22] Cost and Discounts - The average monthly premium for Chewy pet insurance through Lemonade with a $5,000 annual limit is $70.62, while Trupanion's unlimited coverage averages $184.97 per month, which is above average [27][28] - Chewy offers a multi-pet discount of 10% for insuring more than one pet, which is competitive in the market [28] Claims Process - Claims for Lemonade can be filed through their mobile app, while Trupanion allows direct vet payments if the vet accepts them [31][34] - Lemonade customers have 180 days to submit claims, whereas Trupanion customers have 90 days [33] Customer Support and Accessibility - Chewy's pet insurance is available nationwide, with Lemonade in 41 states and Trupanion in all 50 states [39] - Chewy provides a customer service line for inquiries related to CarePlus insurance [41]

Core Insights - A significant portion of U.S. pet owners, 52%, have skipped necessary veterinary care in the past year due to costs, with an additional 15% avoiding vet visits for financial reasons [1][2] - The rising costs of veterinary care have led to an increase in pet insurance coverage, with over 6.4 million pets insured in 2024, marking a nearly 13% increase from 2023 [3] - Veterinary care costs in the U.S. have surged more than 60% since 2014, contributing to the financial strain on pet owners [6] Pet Insurance Market - The average annual premium for accident and illness pet insurance in 2024 is approximately $749 for dogs and $386 for cats, while accident-only policies cost around $193 for dogs and $110 for cats [10] - Pet insurance policies generally fall into three categories: accident-only, accident and illness, and wellness plans, with the latter covering routine expenses [8] - Most insurance policies cover emergency surgeries and treatments for diseases but typically exclude pre-existing conditions [9] Veterinary Costs - Routine checkup costs range from $70 to $174 for dogs and $53 to $124 for cats, while hospitalization can cost between $600 to $3,500 depending on the duration [7] - Emergency surgeries can range from $1,500 to $5,000, highlighting the financial burden pet owners may face [7] Financial Considerations - Pet owners must consider deductibles, reimbursement percentages, and annual limits when selecting insurance policies, with deductibles typically ranging from 10% to 30% [11] - It is essential for pet owners to have sufficient funds to cover vet bills upfront, as reimbursement from insurers can take up to 30 days [16] - Alternatives to pet insurance include self-funding pet healthcare through savings accounts, which can be more financially beneficial if the pet remains healthy [17]

Core Insights - Trupanion reported revenue of $366.92 million for the quarter ended September 2025, reflecting a year-over-year increase of 12.1% and surpassing the Zacks Consensus Estimate by 1.58% [1] - The company's EPS for the quarter was $0.13, significantly higher than the $0.03 reported in the same quarter last year, resulting in an EPS surprise of 116.67% compared to the consensus estimate of $0.06 [1] Revenue Breakdown - Revenue from Other Business was $114.22 million, exceeding the average estimate of $108.62 million by three analysts, marking a year-over-year increase of 5.3% [4] - Subscription Business revenue reached $252.7 million, slightly above the average estimate of $252.38 million, with a year-over-year growth of 15.4% [4] Operating Income - Other business adjusted operating income (non-GAAP) was reported at $1.76 million, below the average estimate of $1.92 million from three analysts [4] - Subscription adjusted operating income (non-GAAP) was $39.09 million, surpassing the average estimate of $37.05 million from three analysts [4] Stock Performance - Over the past month, Trupanion's shares returned +0.4%, while the Zacks S&P 500 composite increased by +1.3% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Insights - Trupanion, Inc. has appointed Bradley Powell, former CFO of Expeditors International, to its Board of Directors, enhancing its leadership team with his extensive financial experience [1][2] Company Overview - Trupanion is a leader in medical insurance for pets, specifically cats and dogs, with over 1,000,000 pets currently enrolled across the United States, Canada, and parts of Continental Europe [3] - The company has been operational for over two decades, focusing on providing high-value pet medical insurance with unlimited payouts for the life of the pets [3] - Trupanion is the only North American provider with technology that allows for direct payment to veterinarians at the time of checkout [3] Leadership Insights - Margi Tooth, CEO of Trupanion, expressed enthusiasm about Bradley Powell's appointment, highlighting his understanding of financial discipline and strategic growth [2] - Powell emphasized the importance of disciplined execution and a purpose-driven culture for sustained growth, aligning with Trupanion's mission [2] - Powell has a strong background, having served as CFO at Expeditors International from October 2008 to September 2025 and previously at Eden Bioscience Corporation [2]

Core Insights - Synchrony has partnered with Pumpkin Pet Insurance to enhance its pet health reimbursement solution, allowing pet owners to manage veterinary care costs more effectively [1][5] - The collaboration enables Pumpkin Pet Insurance policyholders to use their CareCredit credit card for upfront payments at veterinary locations, streamlining the reimbursement process [2][3] - Synchrony aims to expand its reimbursement solutions with additional pet insurance providers in the future, reinforcing its commitment to pet health and financial well-being [5] Company Overview - Synchrony is a leading consumer financing company that has been serving the needs of people and businesses for nearly 100 years, providing access to credit and banking products [9] - CareCredit, a product of Synchrony, has been offering flexible financing solutions for veterinary services for over 35 years, accepted at more than 27,000 veterinary practices in the U.S. [6] - Pumpkin Pet Insurance is recognized as the highest-rated pet insurance provider on Google and is one of the fastest-growing brands in the U.S., offering plans with up to 90% reimbursement for covered care [10]