Lemonade reports Q2 results

Lemonade released its Q2 2025 results, ending the quarter with 2,693,107 customers, a 24% year-over-year increase. The company added ~148k customers to its overall count during the quarter.

In-force premium was over $1 billion, an increase of 29% compared to the same period last year.

Premium per customer stood at $402, 4% higher compared to Q2 2024.

The company spent $59.6 million on sales and marketing during the quarter compared to $36.8 million in Q2 2024.

Lemonade reported a net loss of $44 million in the quarter, a 23% improvement compared to the same period last year.

The company’s cash, cash equivalents, and investments totaled ~$1 billion at June 30, 2025. Approximately $277 million is carried by Lemonade’s insurance subsidiaries as regulatory surplus.

Bottom Line: A leading MGA.