Trupanion posts growth, adds $120 million credit line

Pet insurer Trupanion reported third-quarter 2025 results, generating $366.9 million in revenue, up 12% year-over-year, while securing a new $120 million credit facility with PNC Bank. However, total enrolled pets (including those from other business segments) reached 1,654,414 as of September 30, 2025 — a 2% decline from the prior year, underscoring the market’s growing competitiveness. Trupanion has yet to feel the full impact of Progressive’s entry into the pet insurance space.

Subscription business revenue reached $252.7 million, up 15% from the third quarter of 2024 — a gain that may simply reflect higher pricing. It’s not uncommon for Trupanion’s carrier American Pet Insurance Company to pursue double-digit premium hikes; for example, the company has proposed a 20% overall rate increase for its Chewy  product in Idaho and a 15.4% increase in New Mexico, both effective November 1, 2025, for new and renewal business.

For the first nine months of 2025, Trupanion generated $1.06 billion in total revenue (up 12%) and $13.8 million in net income, reversing an $11.3 million loss from the prior year. Subscription enrollment reached 1,082,412 pets, a 5% annual increase, while total enrolled pets stood at 1.65 million.

Trupanion also announced that it has entered into a three-year, $120 million credit agreement with PNC Bank, replacing its previous facility with improved terms and a lower interest rate. The new arrangement enhances liquidity and capital flexibility to support continued growth and investment initiatives.