Root, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 02, 2023 at 04:11 pm EDT
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Root, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 74.8 million compared to USD 80.4 million a year ago. Net loss was USD 36.7 million compared to USD 95.5 million a year ago. Basic loss per share from continuing operations was USD 2.55 compared to USD 6.77 a year ago.
For the six months, revenue was USD 144.9 million compared to USD 165.8 million a year ago. Net loss was USD 77.6 million compared to USD 173 million a year ago. Basic loss per share from continuing operations was USD 5.43 compared to USD 12.36 a year ago.
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. 
