Why Is Lemonade Down After Great Earnings?
In this video I will go over Lemonade's (NYSE: LMND) Q2 earnings report and talk about why this was actually a promising report, seeing as it raised guidance again for the full year. You can find the video below.
In force premium (IFP) growth accelerated to 91% year over year with IFP of $297 million and about 1.2 million customers, up 48% YOY. Premium per customer increased 29% YOY to $246. Gross earned premium increased 90% YOY to $67 million.
Lemonade has no concrete launch date for car insurance, nor is it including anticipated IFP for Lemonade Car in the company's guidance for FY 21. As for term life, we now know it makes up around 1% of the overall business mix. Life insurance has been a bit slower out of the gate than pet insurance, but the signals are strong, and Lemonade will continue to allocate marketing dollars to the product.
Source Fool.com
