Results for Lemonade Q1 2023

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Lemonade <i class="fa fa-info-circle company-popover" data-content="

Lemonade

Founded: 2015
Headquarters: New York, NY, US
Total Funding: $481.5M
See full company profile

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shared its Q1 2023 results. Here are some highlights:

  • The company ended the quarter with 1,856,012 customers, a 23% increase compared to Q1 2022. From Q4 2022, Lemonade added ~48k customers.
  • In-force premium reached $653 million, a 56% increase compared to the same period last year.
  • Premium per customer stood at $352, a 26% increase YoY.
  • Gross loss ratio was 87% compared to 90% in Q1 2022. Net loss ratio stood at 93%.
  • Net loss in Q1 was $65.8 million, compared to $74.8 million in the first quarter of 2022.
  • Sales and marketing expense stood at $28.2 million, compared to $38.3 million in Q1 2022.

The company’s cash, cash equivalents, and investments totaled approximately $993 million at March 31, 2023, reflecting primarily the $46 million of net cash used in operations since December 31, 2022. Approximately $148 million is held as regulatory surplus.

As of 10:45 AM ET, Lemonade’s stock was up 30%.

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