Trupanion’s Landspath is in advanced incubation
Trupanion , the Seattle-based pet insurer, reported a monthly average profit per pet of $9.15 and ended 2024 insuring nearly 950,000 pets. By March 2025, the total subscription count had grown to approximately 1.05 million (including over 54,000 pets in Europe where most are underwritten via an MGA structure).
CEO Margi Tooth said subscription revenue reached $233 million in Q1 2025, a 16% year-over-year increase. The majority of this growth was driven by a 12% rise in average revenue per pet (ARPU) within the core brand—now at $77.53 per month—as well as modest growth in enrolled pets. Nearly half of Trupanion’s active policies received rate increases of over 20% last year.
Total revenue for the quarter was $342 million, up 12% from the prior year. The company’s other business segment, which includes its Pets Best partnership, generated $108.9 million, up 4% year-over-year. However, growth in that segment is expected to slow as Trupanion phases out new enrollments in most U.S. states. “We expect growth for this segment to continue to decelerate as we are no longer enrolling new pets in the majority of U.S. states for our largest partner, Pets Best.”
In alternative distribution, Trupanion reported moderate growth across its partnerships with Chewy, Aflac, and State Farm. These relationships now span eight product types, combining insurance and wellness offerings.
On the product development front, Trupanion is moving forward with Landspath , a pet food brand developed through its internal incubation team. “When launched, Landspath will represent a meaningful step forward in the value we deliver to our members, the veterinary community, and in Trupanion’s overall share of the pet wallet. While I won’t go into detail for competitive reasons, our pet food team, consisting of Darryl (who’s having a lot of fun with this new project!) and a collection of brilliant global pet nutrition and other gurus are making big strides forward. We have developed plans to build out capacity and look forward to sharing more at our up-and-coming investor day in September.”
Internationally, Trupanion transitioned its operations in Australia from a joint venture model to a licensing agreement. The shift allows the company to maintain brand presence in the region while reallocating resources to higher-impact initiatives.
In Canada, Furkin and PHI Direct will soon fall under Trupanion’s new underwriting entity, GPIC. However, there was no mention on when PHI Direct will head to the US.
Veterinary referrals remain the company’s primary source of leads. Trupanion says its members tend to visit the vet more often and adhere more closely to clinical recommendations—resulting in higher claims activity. “Our members visit the veterinarian more frequently and are more likely to follow their veterinarian’s recommended treatment, which naturally results in a higher use of our product. Trupanion’s cost of care has consistently indexed above the CPI norm for these reasons.”
When asked whether Trupanion plans to ramp up online advertising, given its past reluctance to participate in pay-to-play digital acquisition channels, Margi clarified that Trupanion does advertise online, but mainly for conversion—not broad acquisition. The company avoids high-cost channels like paid rankings because they often fall outside its strict internal rate of return (IRR) thresholds.
