Root, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 09, 2022 at 04:17 pm EST
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Root, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported revenue was USD 73.7 million compared to USD 93.8 million a year ago. Net loss was USD 64 million compared to USD 133 million a year ago. Basic loss per share from continuing operations was USD 4.54 compared to USD 9.57 a year ago.
For the nine months, revenue was USD 239.5 million compared to USD 252.2 million a year ago. Net loss was USD 230.3 million compared to USD 411.2 million a year ago. Basic loss per share from continuing operations was USD 16.45 compared to USD 29.8 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. 
