Root Q3 net loss narrows 31% to $46M; new writings surge 376% YoY

Root, Inc.

2023-Q3 EPS reported -$8.57 revenue$260,200,000

Gross accident period loss ratio improved to 68.0% from 79% in Q3 2022 (11-point improvement).
New writings up 141% QoQ and 376% YoY; policies in force grew 27% QoQ and 2% YoY.
Net loss improved 31% to $46M; adjusted EBITDA loss improved 58% to $19M.
Unencumbered capital at $502M; expect quota share cessions below 25% in 2024 (from >70% peak).
New pricing model boosts predictive power 17%; new telematics model improves 12%.

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 the quarter ended September 30, 2023 results: net income a loss of $46 million.

Period: the quarter ended September 30, 2023
Net income: a loss of $46 million
Result: reported results

Exact text from the filing

On November 1, 2023, Root, Inc. (the "Company") announced its financial results for the quarter ended September 30, 2023 by issuing a letter to Shareholders (the "Letter").

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Root, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-23-035963

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