Lemonade, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 27, 2024 at 04:32 pm EST
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Lemonade, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported revenue was USD 115.5 million compared to USD 88.4 million a year ago. Net loss was USD 42.4 million compared to USD 63.7 million a year ago. Basic loss per share from continuing operations was USD 0.61 compared to USD 0.93 a year ago.
For the full year, revenue was USD 429.8 million compared to USD 256.7 million a year ago. Net loss was USD 236.9 million compared to USD 297.8 million a year ago. Basic loss per share from continuing operations was USD 3.4 compared to USD 4.59 a year ago.
Lemonade, Inc. offers renters, homeowners, car, pet, and life insurance. The Company's full stack insurance carriers, powered by artificial intelligence, in the United States and the European Union replace brokers and bureaucracy with bots and machine learning. The Company's digital substrate enables it to integrate marketing and onboarding with underwriting and claims processing, collecting and deploying data. Its technology includes Data Advantage, AI Maya, AI Jim, CX.AI, Forensic Graph, Blender and Cooper. AI Maya, its onboarding and customer experience bot, uses natural language to guide customers in joining the Company. AI Jim, its claims bot, takes the first notice of loss from its customer making a claim, paying the claimant or declining the claim without human intervention. It offers pet insurance that covers diagnostics, procedures, medication, accidents or illness. Even its basic pet insurance offering covers blood tests, urinalysis, lab work, and computed tomography scans.