Summary by Futu AI
Lemonade, a tech-driven insurance company, has reported significant growth in its financial performance for the year ended December 31, 2023. The company's total revenue surged by 67% to $429.8 million, with net earned premium increasing by 83% to $315.2 million. This growth is attributed to an increase in gross written premium by 33% to $738.4 million, driven by a 12% increase in net added customers and a 7% rise in premiums per customer. The acquisition of Metromile, a digital insurance platform, has also contributed to Lemonade's expansion. Despite the revenue growth, Lemonade reported a net loss of $236.9 million, which is a 20% improvement from the previous year's net loss of $297.8 million. The company's business development has been robust, with the integration of Metromile and the launch...Show More