Root Q3 2022: loss ratio improves 14 pts to 79%; cuts headcount 20%, expects $50M annual savings

Root, Inc.

2022-Q3 EPS reported -$16.45 revenue$239,500,000

Gross written premium down 26% to $151M; gross earned premium down 18% to $155M.
Gross accident period loss ratio improved 14 points to 79% vs Q3 2021 on pricing actions.
Reduced headcount ~20%; expects $50M in annual run-rate expense reductions.
Operating cash burn cut by over $200M YoY; net loss improved 52%, adjusted EBITDA 62%.
Embedded premium from Carvana grew >200% YTD; 38% of new policies from Carvana in Q3.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Root, Inc. reported financial results for the quarter ended September 30, 2022.

Period: the quarter ended September 30, 2022
Result: reported results

Exact text from the filing

On November 9, 2022, Root, Inc. (the "Company") announced its financial results for the quarter ended September 30, 2022 by issuing a letter to Shareholders (the "Letter").

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Root, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-22-029230

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