Lemonade ends Q3 with $68 million loss

Lemonade released its Q3 2024 results, ending the quarter with 2,313,113 customers, a 17% year-over-year increase. The company added ~146k customers to its overall count during the quarter.

In-force premium reached $889 million, an increase of 24% compared to the same period last year.

Premium per customer stood at $384, 6% higher compared to Q3 2023. Lemonade’s premium per customer decreased by $3 from Q2 2024.

The company spent $51.4 million on sales and marketing during the quarter, compared to $24.4 million in Q3 2023.

Gross loss ratio for the quarter was 73%, a 10% year-over-year improvement.

Combined ratio for the quarter was 211%, compared to 201% in Q3 2023.

Net loss for the quarter stood at $68 million, 10% larger compared to the same period last year. For the first nine months of the year, Lemonade reported a net loss of ~$172 million.

The company’s cash, cash equivalents, and investments totaled approximately $979 million at September 30, 2024.