Company says it’ll focus on growth after a year of ‘extraordinary challenges’ for insurers
Lemonade Inc., a tech-powered insurance provider, said Tuesday it would spend more on growth this year, a move it said would hurt profits in the months ahead following a year of “extraordinary challenges” in the insurance industry.
“As the universe of products and geographies where we are rate-adequate expands, we intend to grow in lockstep. Ours, after all, is a business that grows in profitability as it grows in scale — and so grow we must,” the company said. The company — which offers rent, homeowner, life and pet insurance backed by AI-driven forecasting — reported a fourth-quarter per-share loss of 61 cents per share, narrower than FactSet forecasts for 80 cents a share. Revenue was $115.5 million, above estimates for $111.7 million.The company issued the results and forecast following a year of higher interest rates.
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