Igloo Revenue Reaches S$80.9 Million as Net Loss Narrows by 60%
Singapore-based insurtech Igloo narrowed its net loss to S$8.6 million in 2025. This represents a 60.4% reduction from the previous year. Revenue rose by 45.9% to S$80.9 million, driven by higher partnership volumes in its embedded insurance business. The company attributes improved performance to automation in product development, operations, and claims processing.
Igloo's 60.4% net loss reduction to S$8.6 million in 2025 shows a clear path to profitability. The company credits automation and increased engineering output without a proportionate headcount rise. This reflects a disciplined approach to operational expenditure, which CEO Raunak Mehta stated stayed "much the same" even as revenue grew 46%.
This focus on cost control through automation is critical for insurtechs across Southeast Asia. Many have prioritized rapid growth over efficiency. Igloo's model, where the cost of serving new partners and policies falls, could set a benchmark for regional players. It demonstrates that scale does not have to mean escalating operational costs.
The test for Igloo is reaching its target of adjusted EBITDA breakeven by the close of 2026. This forecast depends on continued operational efficiency and sustained revenue growth. Maintaining this trajectory will validate its automation-first strategy in a competitive market.
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