Root Q2 2022: Gross written premium falls 21% to $140M; loss ratio improves to 85%

Root, Inc.

2022-Q2 EPS reported -$0.66 revenue$165,800,000

Gross written premium fell 21% to $140M; gross earned premium down 5% to $171M.
Net loss improved 50% YoY to $89M; adjusted EBITDA improved 59% YoY.
Gross accident period loss ratio improved 5 pts to 85% from 90% in Q2 2021.
Unencumbered capital $696M (down $40M from Q1); cash burn down 54% in H1 vs H1 2021.
Carvana new premium 31% of new business; V2 embedded product launched in July 2022.

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