Lemonade Announces Third Quarter 2023 Financial Results
November 01 2023 - 4:35PM
Business Wire
Lemonade, Inc. (NYSE: LMND) has released its third quarter 2023
financial results by posting them to its website. Please view the
Q3 2023 financial results in the Letter to Shareholders on the
company’s investor relations website.
On Thursday, November 2, 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 +1 833 470 1428 or at
+1 404 975 4839, conference ID: 549869.
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
Cautionary Note Regarding Forward-Looking Statements
This Press Release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical fact
contained in this Press Release are 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; 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; the possibility that we could be forced to modify or
eliminate our Giveback; our limited operating history; our ability
to manage our growth effectively; 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; 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; legislation or legal requirements that may affect
how we communicate with customers; our reliance on artificial
intelligence, telematics, mobile technology, and our digital
platforms to collect data that we utilize in our business; 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; 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; periodic examinations by state insurance regulators; our
actual or perceived failure to protect customer information and
other data as a result of security incidents or real or perceived
errors, failures or bugs in our systems, website or app, respect
customers’ privacy, or comply with data privacy and security laws
and regulations; underwriting risks accurately and charging
competitive yet profitable rates to customers; 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; our ability to successfully combine the
businesses of Lemonade and Metromile and realize the anticipated
benefits of the merger; 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; 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; increasing scrutiny, actions, and changing expectations
on environmental, social, and governance matters; fluctuations of
our results of operations on a quarterly and annual basis; our
utilization of customer and third party data in underwriting our
policies; 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; the minimum capital and surplus
requirements our insurance subsidiaries are required to have;
assessments and other surcharges from state guaranty funds; our
status and obligations as a public benefit corporation; the ability
of significant shareholders to influence the outcome of important
transactions, including a change in control; our operations in
Israel and the current political, economic, and military
instability, including the evolving conflict in Israel and
surrounding region; and the impact of the Customer Investment
Agreement with General Catalyst which is unpredictable, and the
arrangement may not function as expected.
These and other important factors described under the caption
"Risk Factors" in our Annual Report on Form 10-K for the fiscal
year ended December 31, 2022 filed with the SEC on March 3, 2023,
our Quarterly Report on Form 10-Q for the period ended June 30,
2023 filed with the SEC on August 4, 2023, and in our other and
subsequent filings with the SEC, 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/20231101544329/en/
Yael Wissner-Levy press@lemonade.com
Lemonade (NYSE:LMND)
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