Lemonade Q2 IFP up 50% to $687M, net loss $67.2M; raises FY 2023 guidance

Lemonade, Inc.

2023-Q2 EPS reported -$1.92 revenue$199,800,000

Q2 net loss $67.2M ($0.97/share) vs $67.9M prior year; Adj EBITDA loss $52.7M, better than expected despite 4x CAT losses.
IFP $686.6M (+50% YoY), revenue $104.6M (+109%); gross loss ratio 94% including 21 pts from severe convective storms.
55% quota share reinsurance renewed oversubscribed; new 'Synthetic Agents' CAC financing expected to boost capital efficiency.
California approved 30% homeowners rate hike and 23% pet rate increase; ~50% of new rates yet to earn in.
Raised full-year guidance: FY 2023 IFP $710-715M, revenue $402-408M, Adj EBITDA loss ($199)-($196)M.

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

Lemonade, Inc. reported the three and six months ended June 30, 2023 results: net income Net loss for the quarter was $67 million..

Period: the three and six months ended June 30, 2023
Net income: Net loss for the quarter was $67 million.
Result: reported results

Exact text from the filing

On August 2, 2023, Lemonade, Inc. (the "Company") announced its financial results for the three and six months ended June 30, 2023 by issuing a letter to shareholders.

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Source: SEC EDGAR

accession 0001691421-23-000092

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