For more information regarding the use of non-GAAP financial measures, including reconciliation of these measures to the most recent comparable GAAP financial measures, we refer you to today's earnings release. For the full year 2025, we grew total revenue 16%, Adjusted EBITDA 14%, and delivered an Adjusted EBITDA margin of 31%. We also saw accelerating growth in policies in force, ending the year up 14%, increasing from 13% in the third quarter. Our industry operates in well-documented cycles, moving between hard markets, driven by elevated loss ratios, capital constraints, and tightening underwriting, and soft markets, where loss ratios normalize, capital returns, and carriers compete for growth.
For us, in the distribution portion of the value chain, maximizing efficiency with our existing clients and matching carrier risk appetite with client demand represents the largest value creation application. This meaningful increase in cash flow enables our owners to reinvest in people and ultimately grow more rapidly. This momentum was further evidenced by an increase in book acquisitions within the network, going from 38 in Q3 to 64 in Q4. Typically, the buyer is one of our strongest and fastest-growing agencies, so these consolidations make the entire community stronger, more resilient, and positioned for growth.
Corporate new business growth also re-accelerated in 2025, reaching its fastest pace since 2021. What has allowed us to deliver consistent organic growth and strong profitability through a very challenging product and housing environment is not simply the result of what we did this year or last year. Our business is built around multiple growth engines that are designed to work together. We are seeing continued consolidation within the network, where our strongest agencies are reinvesting cash flow to hire additional producers and acquire smaller agencies in their markets.