Root reports first profitable year with FY 2024 net income of $31M; gross combined ratio 94.7%

Root, Inc.

2024-FY EPS reported $1.83 revenue$1,176,500,000

FY 2024 net income $31M (vs. loss $147M in 2023); adjusted EBITDA $112M.
Gross premiums written $1.3B (+66% YoY); policies in force up 21% to 414,862.
Gross combined ratio improved 22 pts to 94.7%; gross loss ratio 58.9%.
Q4 net income $22M (vs. loss $24M Q4 2023); adjusted EBITDA $43M.
Debt refinance in Oct 2024 expected to cut interest expense ~50% on run-rate basis.

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