Lemonade reports Q4 results

Lemonade released its Q4 2024 results, ending the quarter with 2,430,056 customers, a 20% year-over-year increase. The company added ~117k customers to its overall count during the quarter.

In-force premium reached $944 million, an increase of 26% compared to the same period last year.

Premium per customer stood at $388, 5% higher compared to Q4 2023.

The company spent $47.7 million on sales and marketing during the quarter, compared to $24.5 million in Q4 2023.

Gross loss ratio for the quarter was 63%.

Combined ratio for the quarter and year was 184% and 197%, respectively.

Net loss for the quarter and year was $30 million and $202 million, respectively.

Cash, cash equivalents, and investments totaled approximately $1 billion at December 31, 2024. Approximately $271.4 million is carried by the company’s insurance subsidiaries as regulatory surplus.

Lemonade estimates ~$45 million in gross losses related to the CA wildfires.