Positive: Lemonade reports strong Q2 earnings with growth in revenue, profit, and improving loss ratio.

From Nasdaq: 2024-07-31 18:15:20

Lemonade reported strong Q2 2024 earnings with a 22% year-on-year top-line growth, 18% improvement in adjusted EBITDA loss, and a remarkable 155% increase in gross profit. Despite industry-wide elevated CAT losses, Lemonade’s loss ratio improved by 15 points to 79%. The company remains focused on reducing CAT exposure through product diversification and geographic expansion. The quarter was also net cash flow positive, with consistent positive cash flow expected going forward. Lemonade’s commitment to social impact was highlighted with over $2 million donated to nonprofits, bringing their total contribution since inception to over $10 million. The company continues to invest in tech-driven efficiency improvements to drive sustainable profitability at scale. Lemonade’s next-generation technology platform, L2, aims to bring step-change improvements to underwriting, insurance operations, compliance, and product development. The company looks forward to sharing more about their progress at the upcoming investor day on November 19, 2024 in New York City.



Read more at Nasdaq: Lemonade (LMND) Q2 2024 Earnings Call Transcript