Ethos: Ethos Ignite: our experience at company offsite

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Ethos: Ethos Ignite: our experience at company offsite

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Ethos

Ethos Ignite: our experience at company

offsite

Maintain Rating: BUY | PO: 28.00 USD | Price: 15.78 USD

We attended the Ethos 2026 company offsite 18 June 2026

This week we attended the Ethos 2026 company offsite in Boulder, CO alongside the full Equity

senior leadership team. Among Ethos employees, we thought morale was strong and

Michael McGovern

positive. Our core thesis remains that Ethos can drive meaningful share gains within a Research Analyst

largely untapped online life insurance market, where only ~7% of policies are currently BofAS +1 415 676 3520

sold direct-to-consumer (vs. ~45% in auto), creating a long runway for digital adoption. mmcgovern@bofa.com

Ethos is well positioned as the market leader in the channel, by a wide margin, supported

by its underwriting engine and strong online marketing capabilities that simplify what

has historically been a cumbersome customer experience. Looking forward, we see Stock Data

multiple long-term growth levers, especially product expansion, and new carrier adds,

both of which extend the addressable market beyond the current ~$12.6bn opportunity. Price 15.78 USD

While investor concerns tend to focus on the relatively non-recurring nature of life Price Objective 28.00 USD

insurance, we think this framing understates the opportunity to drive penetration gains Date Established 7-May-2026

at the category level and would point to Carvana as a useful analog, where meaningful Investment Opinion C-1-9

growth was achieved by unlocking a large, underpenetrated market despite inherently 52-Week Range 9.45 USD - 32.50 USD

low purchase frequency per customer. We were the only sell-side team in attendance at Mrkt Val (mn) / Shares Out 486 USD / 30.8