Lemonade Q2 IFP up 91% to $297M; net loss $55.6M; reinsurance cut to 70% cede

Lemonade, Inc.

2021-Q2 EPS reported -$1.72 revenue$51,700,000

IFP $296.8M (+91% YoY); customers 1.21M (+48%); premium per customer $246 (+29%)
Net loss $55.6M ($0.90/share) vs $21.0M loss in Q2 20; adjusted EBITDA loss $40.4M
Quota share reinsurance renewed; cede reduced from 75% to 70% starting Q3 21
Q3 21 guidance: IFP $336-339M, revenue $32.5-33.5M, adj. EBITDA loss $52-55M
Lemonade Car development continues but launch date not yet announced

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