Current Assets (USD, millions)

Cash and Cash Equivalents (USD, millions)

Accounts Receivable (USD, millions)

Inventory (USD, millions)

Non-Current Assets (USD, millions)

Property, Plant, and Equipment (PP&E) (USD, millions)

Goodwill (USD, millions)

Intangible Assets (USD, millions)

Current Liabilities (USD, millions)

Accounts Payable (USD, millions)

Short-term Debt (USD, millions)

Accrued Expenses (USD, millions)

Non-Current Liabilities (USD, millions)

Long-term Debt (USD, millions)

Lease Liabilities (USD, millions)

Deferred Tax Liabilities (USD, millions)

Shareholders' Equity (USD, millions)

Retained Earnings (USD, millions)

Common Stock (USD, millions)

Additional Paid-in Capital (USD, millions)

6cea2f08c222542430030229597f10430b7374b93b53a9a7e679585038429096

Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (CapEx) (USD, millions)

Proceeds from / Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

5e3fce09eea7f8c81123d8456e65980355a519056bfb16b623ecda01dc4c525c

Total Revenue (USD, millions)

Cost of Goods Sold (COGS) (USD, millions)

SG&A (USD, millions)

R&D (USD, millions)

Depreciation and Amortization (USD, millions)

Interest Expense (USD, millions)

Operating Income (EBIT) (USD, millions)

Net Income (USD, millions)

EPS - Basic (USD)

EPS - Diluted (USD)

6c8732332001edbbb2bcd70dbb36257b480875886b99ae5333dc94b6721f7758

- **Inflationary pressures in auto insurance may impact profitability, and pending rate approvals could delay growth in this segment**.  **[LMND_3382048_5]** **[LMND_3382048_11]**
- **Q1 outperformance was partly due to non-recurring reserve adjustments**, which may not sustain future financial results.  **[LMND_3382048_9]** **[LMND_3382048_21]**
- **Loss ratios in auto insurance are still not at desired levels**, indicating challenges in achieving profitability.  **[LMND_3382048_5]** **[LMND_3382048_11]**

02aa80b2932574dd7084676cda07cca190c64d9a33c87fa6b1b5cabba231601d

Net Earned Premium

Ceding Commission Income

Net Investment Income

Commission and Other Income

Total Revenue

88ed7f29cd7ff8f2fd8ccfd025265efed4752681a7b9023c1660d2c3bf4c47e2

631958c54db0d08d378b09aa3cd51588f5943053d1a04838e8102af4033abc93

| Name           | Position                                | Start Date         | Short Bio                                                                                                                                                                                                 |
|----------------|-----------------------------------------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Daniel Schreiber | Co-Founder, CEO, and Chairman          | June 2015          | Daniel Schreiber has served as the **Co-Founder, Chief Executive Officer, and Chairman of the Board** of Lemonade, Inc. since its founding in **June 2015**. He previously held senior roles at Powermat Technologies Ltd., SanDisk, and M-Systems.  **[0001691421-24-000047_lmnd-20240424.htm:11]** **[0001691421-24-000026_lmnd-20231231.htm:106]** **[0001691421-23-000045_lmnd-20230427.htm:11]** **[0001691421-23-000032_lmnd-20221231.htm:108]**  |
| Shai Wininger  | Co-Founder, President, and Director     | June 2015          | Shai Wininger is the **Co-Founder, President, and Director** of Lemonade, Inc. since its founding in **June 2015**. He became President on **January 1, 2024** and has been a member of the board since June 2015. He also founded Fiverr Ltd..  **[0001691421-24-000047_lmnd-20240424.htm:12]** **[0001691421-24-000026_lmnd-20231231.htm:106]** **[0001691421-24-000047_lmnd-20240424.htm:18]**  |
| Tim Bixby      | Chief Financial Officer and Treasurer   | June 2017          | Tim Bixby has served as the **Chief Financial Officer and Treasurer** of Lemonade, Inc. since **June 2017**. He previously held CFO roles at Shutterstock, Inc. and LivePerson, Inc..  **[0001691421-24-000047_lmnd-20240424.htm:18]** **[0001691421-23-000045_lmnd-20230427.htm:17]**                                                     |
| Adina Eckstein | Chief Operating Officer                 | July 2021          | Adina Eckstein has served as the **Chief Operating Officer** of Lemonade since **July 2021**. She joined the company in 2019 and was previously the Vice President of Operations. She has also worked at HSBC and BBC Worldwide.  **[0001691421-24-000047_lmnd-20240424.htm:18]** **[0001691421-24-000026_lmnd-20231231.htm:106]**            |
| John Peters    | Chief Insurance Officer                 | September 2016     | John Peters has served as the **Chief Insurance Officer** at Lemonade since **September 2016**. He previously held executive roles at Liberty Mutual Insurance and was a partner at McKinsey & Company.  **[0001691421-24-000026_lmnd-20231231.htm:107]** **[0001691421-24-000047_lmnd-20240424.htm:18]** **[0001691421-23-000045_lmnd-20230427.htm:17]** **[0001691421-22-000032_lmnd2022proxystatement.htm:18]**                              |
| Maya Prosor    | Chief Business Officer                  | July 2022          | Maya Prosor is a founding team member of Lemonade and has served as the **Chief Business Officer since July 2022**. She has held various positions at Lemonade since 2015, including Vice President of Business Development.  **[0001691421-24-000026_lmnd-20231231.htm:107]** **[0001691421-24-000047_lmnd-20240424.htm:18]**                |

39b534b6bd1381986f34c285cd152f58c8905d895837248887d8a021a6da99e2

Premium per Customer ($)

Annual Dollar Retention (%)

Limit for Non-Hurricane Catastrophe Losses ($)

Per Risk Cap ($)

Ratio of Adjusted Gross Profit to Gross Earned Premium (%)

c56cb9e6fa58482befcedd8d2f02b7dcfd29105f86b063547e2ced6602af1a94

Gross Written Premium

- California

- Texas

- New York

- Illinois

- New Jersey

- Washington

- Colorado

- Georgia

- Pennsylvania

- Arizona

- All Other

3763f8e5076422b36618e0ccad882ec42e6072650114d11066b91096925f1eb9

1. **Cash Flow and Profitability Outlook**  
   **Q:** When will Lemonade be consistently cash flow positive and EBITDA positive?  
   **A:** Lemonade generated significant cash flow this quarter across all measures.  **[LMND_3405195_7]**  They expect net cash flow to be consistently positive from now on, and operating cash flow to be wholly positive exiting next year.  **[LMND_3405195_7]**  **EBITDA profitability will follow by year-end 2026**.  **[LMND_3405195_7]** **[LMND_3405195_13]** 

2. **Path to Positive EBITDA by 2026**  
   **Q:** What are the main drivers to achieve positive EBITDA in 2026?  
   **A:** The steady improvement in EBITDA losses per dollar of gross earned premium is a key driver, improving at about **10% per year**.  **[LMND_3405195_13]**  Lemonade has maintained expenses and headcount stable, while **gross profit has doubled** and the top line has grown by **50%**.  **[LMND_3405195_13]**  This operational efficiency is expected to lead to EBITDA profitability by the end of 2026.  **[LMND_3405195_13]** 

3. **Improvement in Car Loss Ratio**  
   **Q:** What's driving the improvement in car gross loss ratio?  
   **A:** The improvement is driven by rate increases across the board, especially a **50% rate increase** in California.  **[LMND_3405195_12]**  CAT exposure in car insurance is minimal compared to homeowners.  **[LMND_3405195_12]** 

4. **Advancements in AI and Operational Efficiency**  
   **Q:** Are advancements in AI impacting the business in the next 12-18 months?  
   **A:** Yes, Lemonade is harnessing AI advancements to improve operational efficiency.  **[LMND_3405195_10]**  Despite **50% top-line growth** over the last couple of years, operating expenses and headcount have **shrunk**.  **[LMND_3405195_10]**  They are leveraging AI to scale without increasing expenses.  **[LMND_3405195_10]** 

5. **Homeowners Re-underwriting and CAT Exposure**  
   **Q:** How have re-underwriting actions in the homeowners line affected CAT load?  
   **A:** The impact this quarter was minimal but expected to grow.  **[LMND_3405195_11]**  Lemonade expects about **$25 million** of IFP to come off the books by year-end due to re-underwriting.  **[LMND_3405195_11]**  Without these efforts, the loss ratio would have been about **40% worse**.  **[LMND_3405195_11]** 

6. **Cross-Selling and Policies per Customer**  
   **Q:** How is cross-selling progressing and policies per customer trending?  
   **A:** About **4.6%** of customers are multi-policy holders—a stable but relatively low number.  **[LMND_3405195_14]**  In states where all policies are available, multi-policy customers show better retention and risk profiles.  **[LMND_3405195_14]** 

7. **Guidance for Q4 and Adjusted EBITDA**  
   **Q:** Why is the adjusted EBITDA guidance maintained despite a Q3 beat?  
   **A:** Q4 is seasonally a lighter growth quarter; they plan to spend slightly less on growth, around **$35 million** compared to **$40 million** in Q3.  **[LMND_3405195_8]**  They have built in conservative assumptions on loss ratio and CAT impact for Q4.  **[LMND_3405195_8]** 

8. **Net vs. Gross Loss Ratio Delta**  
   **Q:** Why was the delta between net and gross loss ratios higher this quarter?  
   **A:** CAT losses this quarter were excluded from quota share agreements, increasing the net loss ratio by about **4 points**.  **[LMND_3405195_9]**  Additionally, a large pre-acquisition auto loss impacted the gross loss ratio by about **2 points**.  **[LMND_3405195_9]** 

9. **Outlook for Homeowners Insurance**  
   **Q:** Will home remain a shrinking piece of the business long-term?  
   **A:** Lemonade will continue to offer homeowners insurance where it makes sense but acknowledges their competitive advantage is stronger in other products like car insurance.  **[LMND_3405195_19]**  They are considering strategies like writing policies on third-party paper where necessary.  **[LMND_3405195_19]** 

10. **Premium Differences Between Policies**  
    **Q:** Can you detail differences between renters, condo, and homeowners premiums?  
    **A:** Home and condo policies tend to run around **$1,500** per customer, whereas renters is about **$170**.  **[LMND_3405195_18]**  These are notable differences but may not be broken out every quarter.  **[LMND_3405195_18]** 

e3061fc27a103d91a0b505c1ec4f21e31132c2bd0a7f4787a5c699780bfc399f

Lemonade, Inc. (LMND) is a technology-driven insurance company that leverages artificial intelligence (AI) and digital platforms to provide a range of insurance products. The company focuses on delivering a seamless, customer-centric experience through its innovative approach to underwriting, pricing, and claims management. Lemonade offers renters, homeowners, pet, life, and car insurance, targeting first-time renters and expanding into broader insurance markets.  **[0001691421-24-000026_lmnd-20231231.htm:40]** **[0001691421-24-000133_lmnd-20240930.htm:3]** 

1. **Insurance Services** - Provides a variety of insurance policies, including renters, homeowners, pet, life, and car insurance, tailored to meet the needs of individual customers.  **[0001691421-24-000026_lmnd-20231231.htm:40]** **[0001691421-24-000133_lmnd-20240930.htm:3]** 
2. **Enterprise Business Solutions** - Offers access to proprietary technology through Software-as-a-Service (SaaS) arrangements and professional services for third-party customers.  **[0001691421-22-000103_exhibit991-mile20220630fs.htm:26]** **[0001691421-22-000089_exhibit991-mile20220630fs.htm:26]**

317a70a14bae4943ef0a715c401cde378afe1688fa210972cc50ce1e81b6c110

1. Given that 80% of your growth spend is financed through the Synthetic Agents program, when do you expect to achieve consistent positive operating cash flow solely from operating activities without reliance on this financing benefit?
2. With only about 4.6% of your customers being multi-policy holders, what specific strategies are you implementing to significantly increase cross-selling rates, and what targets have you set for multi-policy customer growth in the next year?
3. As you reduce exposure to homeowners insurance due to volatility and lean into car insurance, how do you plan to overcome the inherent challenges in the competitive auto insurance market and what gives you confidence in establishing a sustainable competitive advantage there?
4. Your loss ratio improvements have been driven partly by significant rate increases, such as the 50% increase in California car insurance rates; how do you anticipate these hikes affecting customer acquisition and retention, and could they hinder your growth objectives?
5. Considering that your growth acquisition spending tripled to $40 million this quarter while customer growth was 17%, how are you evaluating the efficiency and return on investment of this increased spend, and what measures are you taking to optimize marketing effectiveness?

b340528d7a8f4385c5ed8a19663a6e2b1603068fcb5df4f1c65e3a130e1f942f

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024  
- **Guided Period**: Q4 2024 and FY 2024  

- **Q4 2024 Guidance**:
  - **In-force premium (IFP)**: $940 million to $944 million  **[LMND_3405195_5]**  
  - **Gross earned premium**: $222 million to $225 million  **[LMND_3405195_5]**  
  - **Revenue**: $144 million to $146 million  **[LMND_3405195_5]**  
  - **Adjusted EBITDA loss**: $29 million to $25 million  **[LMND_3405195_5]**  
  - **Stock-based compensation expense**: Approximately $16 million  **[LMND_3405195_5]**  
  - **Capital expenditures**: Approximately $3 million  **[LMND_3405195_5]**  
  - **Weighted average share count**: Approximately 72 million shares  **[LMND_3405195_5]**  

- **FY 2024 Guidance**:
  - **In-force premium (IFP)**: $940 million to $944 million  **[LMND_3405195_5]**  
  - **Gross earned premium**: $823 million to $826 million  **[LMND_3405195_5]**  
  - **Revenue**: $522 million to $524 million  **[LMND_3405195_5]**  
  - **Adjusted EBITDA loss**: $155 million to $151 million  **[LMND_3405195_5]**  
  - **Stock-based compensation expense**: Approximately $64 million  **[LMND_3405195_5]**  
  - **Capital expenditures**: Approximately $10 million  **[LMND_3405195_5]**  
  - **Weighted average share count**: Approximately 71 million shares  **[LMND_3405195_5]**  

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024  
- **Guided Period**: Q3 2024 and FY 2024  

- **Q3 2024 Guidance**:
  - **In-force premium (IFP)**: $875 million to $879 million  **[LMND_3395597_4]**  
  - **Gross earned premium**: $208 million to $210 million  **[LMND_3395597_4]**  
  - **Revenue**: $124 million to $126 million  **[LMND_3395597_4]**  
  - **Adjusted EBITDA loss**: $58 million to $56 million  **[LMND_3395597_4]**  
  - **Stock-based compensation expense**: Approximately $16 million  **[LMND_3395597_4]**  
  - **Capital expenditures**: Approximately $3 million  **[LMND_3395597_4]**  
  - **Weighted average share count**: Approximately 71 million shares  **[LMND_3395597_4]**  

- **FY 2024 Guidance**:
  - **In-force premium (IFP)**: $940 million to $944 million  **[LMND_3395597_4]**  
  - **Gross earned premium**: $818 million to $822 million  **[LMND_3395597_4]**  
  - **Revenue**: $511 million to $515 million  **[LMND_3395597_4]**  
  - **Adjusted EBITDA loss**: $155 million to $151 million  **[LMND_3395597_4]**  
  - **Stock-based compensation expense**: Approximately $64 million  **[LMND_3395597_4]**  
  - **Capital expenditures**: Approximately $10 million  **[LMND_3395597_4]**  
  - **Weighted average share count**: Approximately 71 million shares  **[LMND_3395597_4]**  

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024  
- **Guided Period**: Q2 2024 and FY 2024  

- **Q2 2024 Guidance**:
  - **In-force premium (IFP)**: $839 million to $841 million  **[LMND_3382048_4]**  
  - **Gross earned premium**: $197 million to $199 million  **[LMND_3382048_4]**  
  - **Revenue**: $118 million to $120 million  **[LMND_3382048_4]**  
  - **Adjusted EBITDA loss**: $49 million to $47 million  **[LMND_3382048_4]**  
  - **Stock-based compensation expense**: Approximately $15 million  **[LMND_3382048_4]**  
  - **Capital expenditures**: Approximately $3 million  **[LMND_3382048_4]**  
  - **Weighted average share count**: Approximately 70 million shares  **[LMND_3382048_4]**  

- **FY 2024 Guidance**:
  - **In-force premium (IFP)**: $940 million to $944 million  **[LMND_3382048_4]**  
  - **Gross earned premium**: $818 million to $822 million  **[LMND_3382048_4]**  
  - **Revenue**: $511 million to $515 million  **[LMND_3382048_4]**  
  - **Adjusted EBITDA loss**: $155 million to $151 million  **[LMND_3382048_4]**  
  - **Stock-based compensation expense**: Approximately $62 million  **[LMND_3382048_4]**  
  - **Capital expenditures**: Approximately $10 million  **[LMND_3382048_4]**  
  - **Weighted average share count**: Approximately 71 million shares  **[LMND_3382048_4]**  

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023  
- **Guided Period**: Q1 2024 and FY 2024  

- **Q1 2024 Guidance**:
  - **In-force premium (IFP)**: $789 million to $791 million  **[LMND_3375694_4]**  
  - **Gross earned premium**: $183 million to $185 million  **[LMND_3375694_4]**  
  - **Revenue**: $111 million to $113 million  **[LMND_3375694_4]**  
  - **Adjusted EBITDA loss**: $43 million to $41 million  **[LMND_3375694_4]**  
  - **Stock-based compensation expense**: Approximately $15 million  **[LMND_3375694_4]**  
  - **Capital expenditures**: Approximately $2 million  **[LMND_3375694_4]**  
  - **Weighted average share count**: Approximately 70 million shares  **[LMND_3375694_4]**  

- **FY 2024 Guidance**:
  - **In-force premium (IFP)**: $938 million to $942 million  **[LMND_3375694_4]**  
  - **Gross earned premium**: $815 million to $820 million  **[LMND_3375694_4]**  
  - **Revenue**: $505 million to $510 million  **[LMND_3375694_4]**  
  - **Adjusted EBITDA loss**: $160 million to $155 million  **[LMND_3375694_4]**  
  - **Stock-based compensation expense**: Approximately $60 million  **[LMND_3375694_4]**  
  - **Capital expenditures**: Approximately $10 million  **[LMND_3375694_4]**  
  - **Weighted average share count**: Approximately 71 million shares  **[LMND_3375694_4]**  


94380090a4ee4b2a3f338f012dd4996d4c3a634fb1ebbafc400b20f21cbd784f

- **Challenges in achieving rate adequacy in the homeowners insurance market are limiting Lemonade's growth in this segment**, as the company awaits regulatory rate approvals before expanding.  **[LMND_3375694_12]** **[LMND_3375694_9]**
- **Regulatory scrutiny over the use of AI in insurance could pose challenges**, potentially impacting Lemonade's core business model that relies on AI for underwriting and claims.  **[LMND_3375694_13]**
- **The company's shift towards relying on third-party policies in certain states signals difficulties in achieving profitability in the homeowners market**, which may impact future growth prospects.  **[LMND_3375694_9]**

58d94d247e72c7fa38b2dd6527254b7344cb21c78e1b6b9ef14081361089ef33

- **Improved loss ratios across product lines, with auto insurance showing up to 30% improvement**  **[LMND_3395597_9]** : Lemonade's gross loss ratio improvements ranged from 5% to 30% across their products, with **car insurance at the upper end of that range**, indicating strong underwriting and pricing advancements in their auto business.  **[LMND_3395597_9]**
- **Significant operational efficiencies leading to best-in-class expense ratios**  **[LMND_3395597_16]** : Through automation and technology, Lemonade achieved a **7.6% Loss Adjustment Expense (LAE)**, matching the best in the industry. They have **halved the number of people needed to generate each dollar of premium** as they've doubled their book, demonstrating dramatic efficiency gains.  **[LMND_3395597_16]**
- **Profitable cross-selling opportunities with existing customers**  **[LMND_3395597_9]** : Leveraging their base of over **2 million renters insurance customers**, Lemonade is cross-selling car insurance with **zero incremental acquisition cost**, resulting in highly profitable growth. Their use of telematics provides a **strong competitive advantage** in pricing and customer experience.  **[LMND_3395597_9]**

8e342add009e008b8a3daca32649f6209e7a86fa5fbd876825820f41f0cd33e3

- Lemonade is reducing its in-force premium by **non-renewing between $20 million and $25 million of CAT-exposed homeowners policies**, which was **not previously included in guidance**. This action could **dampen growth in the immediate term**, as the CFO confirmed that **"Our IFP expectations have been $25 million greater if not for the impact of this."**  **[LMND_3395597_17]** **[LMND_3395597_11]**
- The company is being vague about its expansion plans for Lemonade Car, stating that they **"will be expanding throughout 2025", but are "not ready to disclose numbers of states yet"**, suggesting potential limitations in growth opportunities for this product.  **[LMND_3395597_8]**
- Lemonade did not provide clear guidance on expense ratio targets, with the CEO mentioning that they are **"beginning to look less at ratios because we also intend to be a price leader"**, which may raise concerns about future **profitability and cost management**.  **[LMND_3395597_16]**

455ae4d5dceac87a6c5dd53b4c237cab91baad624ebec446eec9796f237c5ebe

- **Significant Improvement in Loss Ratios and Path to Profitability**: Lemonade has reported a dramatic **20-point improvement in loss ratios** over the past two years, with enhancements across all products and geographies.  **[LMND_3405195_15]**  The **car insurance loss ratio has dropped significantly**, adjusting for a one-time claim, it's in the **80% range**, indicating a strong trajectory.  **[LMND_3405195_15]**  This contributes to a **predictable path to profitability**, with expectations to achieve **EBITDA profitability by the end of 2026**.  **[LMND_3405195_13]**
- **Operational Efficiency Leveraging AI and Automation**: The company has achieved **50% top-line growth over the last couple of years** while **operating expenses and headcount have remained stable or shrunk**, demonstrating extraordinary operational efficiency powered by AI and automation.  **[LMND_3405195_10]**  Lemonade expects to continue harnessing advancements in AI to scale without increasing expenses, leading to improved profitability.  **[LMND_3405195_10]** **[LMND_3405195_13]**
- **Expansion into Car Insurance with Competitive Advantage**: Lemonade is shifting focus towards car insurance, which currently represents **15% of the business** and is expected to **increase significantly over the next three years**.  **[LMND_3405195_10]**  With **significant improvements in car loss ratios**, the company believes it has an **extraordinary competitive advantage in car insurance**.  **[LMND_3405195_19]**  As loss ratios reach target levels, Lemonade plans to **unleash cross-selling opportunities**, moving renters policyholders to auto, enhancing customer retention and multi-policy sales.  **[LMND_3405195_15]** **[LMND_3405195_16]**

915a281fc86485f2392d82ae0c3b02216e734c3a5ddd1c99ee086a169e7c4b82

- **Lemonade reported a net loss of $68 million in Q3 2024**, raising concerns about its path to profitability despite expectations of becoming operating cash flow positive next year.  **[LMND_3405195_7]**
- **The company's guidance indicates potential increased loss ratios and CAT impacts in Q4**, suggesting that the favorable loss ratio improvements seen in Q3 may not continue, which could negatively affect margins.  **[LMND_3405195_8]**
- **Lemonade plans to significantly increase growth spend—nearly tripling year-over-year to $35 million in Q4—which could pressure margins and raises questions about the sustainability of such spending without assured profitable growth.**  **[LMND_3405195_8]**

a859869c497a56a7b22153e8110ed2e3f779867a9b97bf4023b2baf81348f36b

- **Lemonade's advancements in AI and technology have led to significant operational efficiencies, enabling 22% top-line growth while reducing headcount by 11%, demonstrating a competitive edge that is difficult for competitors to replicate.**  **[LMND_3382048_11]** **[LMND_3382048_15]**
- **The company has achieved a 20-point improvement in auto loss ratios despite inflationary pressures and plans to expand its auto insurance offering more broadly, indicating strong future growth potential in this segment.**  **[LMND_3382048_11]** **[LMND_3382048_17]**
- **Lemonade expects to be net cash flow positive by the end of 2024, ahead of previous expectations, driven by sustainable technology efficiencies and improved unit economics, positioning the company for profitability and accelerated growth.**  **[LMND_3382048_5]** **[LMND_3382048_7]**

d4ead87ddd3abba3434b4fc578547397f7a1d82fc92b697743fa50edc01682e2

- **Lemonade has achieved significant improvements in loss ratios across all product lines, with car insurance showing the most substantial improvement of **18 percentage points**, indicating better underwriting and profitability trends.**  **[LMND_3375694_11]**
- **With car insurance loss ratios nearing target ranges, Lemonade plans to aggressively expand this segment, expecting significant growth starting in **2025**, which could drive future revenue growth.**  **[LMND_3375694_6]**
- **Lemonade is at the forefront of using artificial intelligence in insurance, proactively working with regulators to ensure responsible use, potentially giving the company a competitive advantage in efficiency and customer satisfaction.**  **[LMND_3375694_13]**

a08332f6e154dd3b313b1d7f6c1592e904eb8978732803fcd417514985cb4963

Lemonade Inc (LMND)

Financials