Posted 2/28/2024, 11:36:00 AM
Lemonade Beats Q4 Loss Estimates on 20% Premium Growth; Projects Continued Revenue Expansion Through 2024
- Lemonade (LMND) Q4 operating loss beat estimates on higher premiums; gross earned premiums up 20% driven by more customers and higher premiums per customer
- Q4 revenues rose 31% year-over-year to $115.5M, beating estimates; gross loss and net loss ratios improved significantly
- In-force premium expected between $789M-$791M in Q1; revenues projected at $111M-$113M
- For 2024, in-force premium seen at $938M-$942M; revenues expected between $505M-$510M
- Lemonade currently has a Zacks Rank #3 (Hold); also provided Q4 updates for insurance peers Assurant, Prudential Financial and MetLife