Updated
The most significant concentration Ethos Technologies discloses is Ameritas, Banner Life and TruStage at 88%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Ethos Technologies’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1A: 'our top three carrier relationships, which are Ameritas, Banner Life (formerly Legal & General America), and TruStage, represented approximately 98% and 88%, respectively, of our total revenue.'”
“10-K Item 1A: 'approximately 25% and 31%, respectively, of our revenue was generated through three of our most significant agency relationships.'”
Ethos Technologies shows meaningful concentration on both the carrier and distribution sides of its business, both counterparty-driven rather than structural. Its top three carrier relationships — Ameritas, Banner Life and TruStage — represented approximately 88% of total revenue, down from 98% the prior year. This is a high-share exposure and, despite the improvement, still means the large majority of revenue flows through just three underwriting partners, a meaningful dependency if any one relationship were disrupted. On the distribution side, three of the company's most significant agency relationships generated approximately 31% of revenue, up from 25% the prior year — a medium-share exposure moving in the opposite direction of the carrier concentration. Because both exposures are dependency-type rather than structural, Ethos's near-term fortunes hinge heavily on a small number of counterparty relationships on both ends of its value chain. The still-elevated carrier concentration, even after its decline, remains the more significant of the two for the overall risk picture.
For the engine’s reasoning on LIFE’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| LIFE● | Ethos Technologies Inc. | 1 | 1 | 0 | 2 |
| ARX | Accelerant Holdings | 0 | 2 | 0 | 2 |
| BWIN | The Baldwin Insurance Group, In | 0 | 1 | 1 | 2 |
| BRO | Brown & Brown, Inc. | 0 | 0 | 1 | 1 |
| AJG | Arthur J. Gallagher & Co. | 0 | 0 | 0 | 0 |
| AON | Aon plc | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.