Root, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 02, 2023 at 01:41 am IST
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Root, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 115.3 million compared to USD 73.7 million a year ago. Net loss was USD 45.8 million compared to USD 66.4 million a year ago. Basic loss per share from continuing operations was USD 3.16 compared to USD 4.71 a year ago.
For the nine months, revenue was USD 260.2 million compared to USD 239.5 million a year ago. Net loss was USD 123.4 million compared to USD 239.4 million a year ago. Basic loss per share from continuing operations was USD 8.57 compared to USD 17.1 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. 
