Lemonade Announces First Quarter 2023 Financial Results
May 03 2023 - 4:32PM
Business Wire
Lemonade, Inc. (NYSE: LMND) has released its first quarter 2023
financial results by posting them to its website. Please view the
Q1 2023 financial results in the Letter to Shareholders on the
company’s investor relations website.
On Thursday, May 4, 2023, Lemonade will host a conference call
at 8:00 a.m. Eastern time (5:00 a.m. Pacific time) to discuss the
results.
To register for this conference call, please use this link.
Registrants will receive confirmation with dial-in details.
Registrants may also dial in, toll-free, at 1 (888) 210-4149 or at
+1 (646) 960-0145, conference ID 5819404.
A live webcast of the conference call will be available on the
Lemonade Investor Relations website, investor.lemonade.com.
Following the completion of the call, a replay will also be made
available at investor.lemonade.com.
About Lemonade
Lemonade offers renters, homeowners, car, pet, and life
insurance. Powered by artificial intelligence and social impact,
Lemonade’s full stack insurance carriers in the US and the EU
replace brokers and bureaucracy with bots and machine learning,
aiming for zero paperwork and instant everything. A Certified
B-Corp, Lemonade gives unused premiums to nonprofits selected by
its community, during its annual Giveback. Lemonade is currently
available in the United States, Germany, the Netherlands, France,
and the UK, and continues to expand globally.
Follow @lemonade_inc on Twitter for updates.
FORWARD LOOKING STATEMENTS
This press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements. These statements are neither promises
nor guarantees, but involve known and unknown risks, uncertainties
and other important factors that may cause our actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements, including, but not limited to, the
following: our history of losses and the fact that we may not
achieve or maintain profitability in the future; risks related to
our ability to retain and expand our customer base; the risk that
the “Lemonade” brand may not become as widely known as incumbents’
brands or the brand may become tarnished; the denial of claims or
our failure to accurately and timely pay claims; our ability to
attain greater value from each user; the novelty of our business
model and its unpredictable efficacy and susceptibility to
unintended consequences; risks related to the possibility that we
could be forced to modify or eliminate our Giveback; our limited
operating history; our ability to manage our growth effectively;
risks related to the intense competition in the segments of the
insurance industry in which we operate; risks related to the
availability of reinsurance at current levels and prices; our
exposure to counterparty risks; our ability to maintain our
risk-based capital at the required levels; risks related to our
ability to expand our product offerings; risks, including
regulatory risks, related to the operation, development, and
implementation of our proprietary artificial intelligence
algorithms and telematics based pricing model; risks related to
legislation or legal requirements that may affect how we
communicate with customers; risks related to our reliance on
artificial intelligence, telematics, mobile technology, and our
digital platforms to collect data that we utilize in our business;
risks related to our dependence on search engines, social media
platforms, digital app stores, content-based online advertising and
other online sources to attract consumers to our website and our
online app; risks related to our ability to obtain additional
capital to the extent required to grow our business, which may not
be available on terms acceptable to us or at all; risks related to
the loss of personal customer information as a result of security
incidents or real or perceived errors, failures or bugs in our
systems, website or app; risks related to periodic examinations by
our primary state insurance regulators or by insurance regulators
in other states in which we are licensed; risks related to our
actual or perceived failure to protect customer information and
other data, respect customers’ privacy, or comply with data privacy
and security laws and regulations; risks related to underwriting
risks accurately and charging competitive yet profitable rates to
customers; risks related to potentially significant expenses
incurred in connection with any new products before generating
revenue from such products; risks associated with any costs
incurred and other risks as we expand our business in the U.S. and
internationally; risks related to our ability to successfully
complete the combination of the businesses of Lemonade and
Metromile and realize the anticipated benefits of the merger within
the anticipated timeframes or cost expectations or at all; risks
related to the cyclical nature of the insurance industry; risks
related to our ability to comply with extensive insurance industry
regulations and additional regulatory requirements specific to
other vertical markets that we enter or have entered; risks related
to our ability to predict the impacts of severe weather events and
catastrophes, including the effects of climate change and global
pandemics, on our business and the global economy generally; risks
related to increasing scrutiny, actions, and changing expectations
on environmental, social, and governance matters; risks related to
fluctuations of our results of operations on a quarterly and annual
basis; risks related to utilizing customer and third party data in
underwriting our policies; risks related to limitations in the
analytical models used to assess and predict our exposure to
catastrophe losses; risks related to potential losses that could be
greater than our loss and loss adjustment expense reserves; risks
related to the minimum capital and surplus requirements our
insurance subsidiaries are required to have; risks related to
assessments and other surcharges from state guaranty funds; risks
related to our status and obligations as a public benefit
corporation; risks related to significant shareholders and their
ability to influence the outcome of important transactions,
including a change in control; and risks related to our operations
in Israel and the current political, economic, and military
environment. These and other important factors are discussed under
the caption “Risk Factors” in our Form 10-K filed with the SEC on
March 3, 2023 and in our other and subsequent filings with the SEC,
which could cause actual results to differ materially from those
indicated by the forward-looking statements made in this press
release. Any such forward-looking statements represent management’s
beliefs as of the date of this press release. While we may elect to
update such forward-looking statements at some point in the future,
we disclaim any obligation to do so, even if subsequent events
cause our views to change.
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version on businesswire.com: https://www.businesswire.com/news/home/20230503005794/en/
Yael Wissner-Levy press@lemonade.com
Lemonade (NYSE:LMND)
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