Root Q2 net loss narrows 62% to $37M; loss ratio improves 17 pts to 68%

Root, Inc.

2023-Q2 EPS reported -$5.43 revenue$144,900,000

Gross premiums written +3% to $145M; new writings grew 65% over Q1 2023.
Gross accident period loss ratio improved 17 pts YoY to 68%; gross combined ratio improved 34 pts to 118%.
Adjusted EBITDA loss improved 81% to $12M; net loss $37M vs $97M a year ago.
Unencumbered capital $520M; expect higher cash burn in H2 but significantly lower than 2022.
Launched new segmentation model 17% more predictive; embedded partner Carvana adoption tripled.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Root, Inc. reported Q2 2023 results: net income $37 million. Guidance reaffirmed.

Period: Q2 2023
Net income: $37 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

• Net loss improved 62% to $37 million, operating loss improved 71% to $25 million, and adjusted EBITDA improved 81% to a loss of $12 million compared with Q2 2022.

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Source: SEC EDGAR

accession 0001628280-23-026749

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