Root, Inc. Provides Earnings Guidance for the Third Quarter, Fourth Quarter and Full Year of the Fiscal Year 2021
August 12, 2021 at 08:00 am EDT
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Root, Inc. provided earnings guidance for the third quarter, fourth quarter and full year of the fiscal year 2021. The company expects quarterly operating loss to stay elevated in third quarter of 2021, then materially decline in fourth quarter of 2021 as the company focus on their most efficient marketing channels, resulting in a full year operating loss in line to slightly unfavorable to the high end of their initial outlook range of $555 million.
Root, Inc. is a holding company. The Company operates through its subsidiaries, including Root Insurance Company, Root Property & Casualty Insurance Company and Root Reinsurance Company, Ltd. The Company is a technology insurance company operating a direct-to-consumer model with its personal insurance customers acquired through mobile apps. It offers auto and renters insurance products underwritten by Root Insurance Company and Root Property & Casualty. The Company, by collecting and synthesizing sensory behavioral data across thousands of driving variables, including distracted driving, it strives to price auto insurance based more on causality than correlation. It uses telematics, mobile technology and its digital platform to collect data points that it evaluates in pricing and underwriting certain of its insurance policies, managing claims and customer support, and improving business processes. Its primary focus is on the United States auto insurance market.
ROOT, INC. 
