YuLife nearly doubles written premiums

Life insurance startup YuLife has released its financial results for the year ending June 30, 2023.

The London-based startup generated £76.6 million in written premiums, a 98% increase compared to the year ending June 30, 2022 (£38.6 million).

YuLife reported 570k in “lives covered,” a 10% increase compared to previous period. According to a company source, the startup was able to increase premiums by upselling and cross selling additional products such as health insurance and income protection.

Revenue for the period, which includes commissions and SaaS sales, was £4.9 million, and gross profit (revenue minus cost of sales) was £1.1 million. Administrative expenses for the period reached £28.6 million, a 64% increase compared to the previous period. Expenses increased over the prior period mainly due to hiring – YuLife’s headcount went from 187 to 277.

The startup reported a net loss of £24.2 million, compared to a £16 million loss in the previous period.