Insurtech firm Lemonade has announced a fourth quarter net loss of $33.9 million, compared to $32.7 million in the prior year quarter.
Meanwhile, fourth quarter total revenue was $20.5 million.
Gross earned premium for the quarter was $50 million, up by $24 million against the fourth quarter of 2019, this was primarily due to the increase of in-force premium earned during the quarter.
Fourth quarter gross loss ratio was 73%, compared to 72% in Q3 2020 and 73% in Q4 2019.
In-force premium increased by 87% to $213 million as compared to the fourth quarter of 2019, primarily due to a 56% increase in the number of customers as well as a 20% increase in premium per customer.
Customer count increased by 56% to 1,000,802 as compared to the fourth quarter of 2019.
“Back in July, at the time of our IPO, we were a monoline business, as we had been since our inception,” the company said in its official statement.
“Yet, a couple of quarters later, we offer three very different types of insurance (property & casualty, pet health, term life) and have more in the works.
“In parallel to this significant expansion of our product roster, we grew our core business dramatically while improving our underlying economics, all while turning on new countries and states.
“In fact,while Lemonade was available in 27 states at the time of our IPO, we now offer at least one of our products in all 50 of the United States.”
