Root Q2 2024 gross premiums earned $308M (+134% YoY); net loss improved 79% to $8M

Root, Inc.

2024-Q2 EPS reported -$0.95 revenue$544,100,000

Policies-in-force nearly doubled to 406,283; gross premiums written rose 113% to $308M.
Net loss improved 79% to $8M; operating income of $4M, adjusted EBITDA $12M.
Gross accident period loss ratio improved 2 pts to 62.4%; gross combined ratio 99.9%.
Reinsurance cession rate cut 36 pts to 15%; unencumbered capital $447M; operating cash flow positive for 4th consecutive quarter.
Targeting near-term net income profitability; competition increased but data-science marketing optimization performed as designed.

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