Root achieves first operating income of $5M in Q1 2024; policies up 101%

Root, Inc.

2024-Q1 EPS reported -$0.42 revenue$254,900,000

Gross combined ratio improved 23 pts YoY to 99.7%; net combined ratio improved 59 pts to 102%.
Net loss improved 85% to $6M; positive adjusted EBITDA of $15M, up $26M YoY.
Policies-in-force grew 101% to 401,255; gross premiums written up 146% to $331M.
Direct channel new writings dipped late Q1 due to competition; partnership nearly doubled new writings YoY.
Unencumbered capital $483M; expects ~$10.6M cash expense from equity vesting in Q2 2024.

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 0.95

Root, Inc. reported the quarter ended March 31, 2024 results: net income net loss of $6 million.

Period: the quarter ended March 31, 2024
Net income: net loss of $6 million
Result: reported results

Exact text from the filing

On April 30, 2024, Root, Inc. (the "Company") announced its financial results for the quarter ended March 31, 2024

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Source: SEC EDGAR

accession 0001628280-24-019342

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