Investors gave Lemonade (NYSE: LMND) a thrashing after its fourth-quarter earnings report, so you'd likely be surprised to hear that the results were excellent.

Lemonade is one of those stocks that investors have a hard time rallying around even when it's reporting solid progress. It's not for no reason, of course. Let's see why investors were down on Lemonade stock, again, and if the negative really outweighs the positive.

First, the main numbers: In-force premiums increased by 20% year over year, with a 12% increase in customer count and a 7% increase in premium per customer. Net loss improved from $64 million in the prior-year period to $42 million this time. Notably, its loss ratio improved by 12 percentage points from last year, from 89% to 77%.

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Source Fool.com