Tesla releases Q3 results for carrier subsidiaries

Tesla has released results for the first three quarters of 2025 for its three licensed carriers.

Tesla Property & Casualty, which writes in CO, MD, MN, OH, TX, and UT, increased written premiums by 30% YoY to $152 million while improving underwriting performance with a net underwriting gain of $24 million, compared to a loss of $23 million during the first three quarters of 2024.

Tesla General Insurance, which offers coverage in AZ, NV, OR, and VA, more than doubled written premiums to $77 million while also improving underwriting performance – the carrier reported a net underwriting gain of $5 million, compared to a loss of $6 million during the first three quarters of 2024.

Tesla Insurance Company began underwriting in California in Q3 of 2024 and it also offers coverage in Illinois. Prior to that, Tesla offered coverage in California and Illinois through a fronting arrangement with State National. The company has been encouraging State National policyholders to move to Tesla Insurance Company’s program. As of September 30, 2025, Tesla Insurance Company reported $518 million in written premiums and a net underwriting loss of $189 million.

Bottom Line: The three licensed insurance carriers of Tesla—Tesla Property & Casualty, Tesla General Insurance, and the rapidly scaling Tesla Insurance Company—collectively wrote $747 million in premiums during the first three quarters of 2025, with the two older carriers moving into profitability while the newest and largest carrier, focusing on California and Illinois, incurred a substantial initial underwriting loss of $189 million during its aggressive scaling phase.