Lemonade Insurance Financial Performance from Time to Time– Lemonade insurance is American based insurance company and still relatively young as insurance company. Operationally, Lemonade insurance has headquartered in New York, USA. Historically, Daniel Schreiber and Shai Wininger found this company in April 2015. As we know, Daniel Schreiber was former president of Powermat Technologies and Senior Vice President & General Manager in SanDisk around 4 years. Meanwhile, Shai Wininger was co-founder of Fiverr and co-founder of Santa.
Along with business development in Insurance, this company has gained 1 million customers and 70% of their customers are under the age of 35. Furthermore, On July 1, 2020, Lemonade became a public company via an initial public offering (IPO) at the New York Stock Exchange. The Stock Code of Lemonade is “LMND“. Based on the ratings performance, this company still has A rating from Demotech, an American insurance rating agency based on Columbus, Ohio.
Besides United States of America (USA), Lemonade has also marketed insurance products in Germany, the Netherlands, France, and the United Kingdom. In the insurance products, Lemonade has miscellaneous insurance products including home insurance, Renters’ insurance, Car insurance, Pet insurance, and Life insurance. In terms of doing the insurance business, Lemonade insurance has used artificial intelligence platform in helping their duty. Basically, Lemonade has artificial intelligence boot namely:
1.AI Maya
AI Maya is AI Bot from Lemonade that can help people guide them through an easy and fun process of joining Lemonade. Basically, AI Maya handles everything from collecting information and personalizing coverage to creating quotes and facilitating payments securely.
2.AI Jim
AI Jim claim bot will take the first notice of loss from a Lemonade customer making a claim, paying the claimant or declining the claim without human intervention.
3.CX.AI
CX.AI is our bot platform built to understand and instantly resolve customer requests without human intervention.
The Performance of Gross earned premium of Lemonade
| Years | Gross earned premium |
|---|---|
| ($ in millions) | |
| 2022 | $ 490.5 |
| 2021 | $ 292.0 |
| 2020 | $ 158.7 |
| 2019 | $ 75.5 |
| Source : Lemonade, Annual Report 2020-2022 | |
As one of newcomers in Insurance industries, Lemonade shown the rapid performance in gaining the gross premium from its customers. Financially, in 2019, Lemonade gained $ 75 million of Gross premium and in 2022, it has become $ 490 million.
The Assets, Liabilities, and Equities of Lemonade Insurance
| Years | Assets | Liabilities | Equities |
|---|---|---|---|
| ($ in millions) | ($ in millions) | ($ in millions) | |
| 2022 | 1,690 | 823 | 867 |
| 2021 | 1,510 | 522 | 988 |
| 2020 | 829 | 288 | 541 |
| 2019 | 414 | 117 | 298 |
| Source : Lemonade, Annual Report 2020-2022 | |||
Based on the balance sheet from Annual Report of Lemonade, the assets of the company have grown significantly from $ 414 million in 2018 and it had become $ 1.6 billion in 2022. The Equity of the company also has grown positively with value $ 298 million in 2019 and it had become $ 867 million. All of these data were obtained from Lemonade annual report from 2019 to 2022. Overall, in the last 5 years, Lemonade has shown rapid growth.
The Revenue and Net Loss of Lemonade Insurance
| Years | Revenue | Net Loss |
|---|---|---|
| ($ in millions) | ($ in millions) | |
| 2022 | 256.7 | -297.8 |
| 2021 | 128.4 | -241.3 |
| 2020 | 94.4 | -122.3 |
| 2019 | 67.3 | -108.5 |
| 2018 | 22.5 | -52.9 |
| Source : Lemonade, Annual Report 2020-2022 | ||
In terms of the business performance of Lemonade, the revenue of the company has increased from 2018 to 2022. the revenue of 2018 was around $ 22.5 million, and it has grown into $ 256 million in 2022. In the midst of the increasing revenue, the net loss still haunts the lemonade. The net loss has increased from 2018 to 2022. Financially, the net loss of Lemonade in 2018 reached $ 52.9 million and it has become $ 297 million in 2022. For the last 5 years, this company still strive to gain the net income/ profit.
Bibliography of Lemonade Insurance Financial Performance from Time to Time
Lemonade Insurance.Annual Reports & Proxy Statements. Accessed via https://investor.lemonade.com/financials/sec-filings/default.aspx on May 26, 2023.
Wikipedia. 2023.Lemonade. Accessed via https://en.wikipedia.org/wiki/Lemonade,_Inc .on May 26th, 2023.