Insurtech Lemonade said it booked a second quarter net loss of $67.9 million compared with a net loss of $55.6 million during the same quarter last year, but in a letter to shareholders the company said returns will soon eclipse the costs of investments.
In keeping with comments earlier this year, the letter reiterated that Lemonade expects losses to peak in 2022 – more specifically in the next quarter – before shrinking thereafter. The AI-powered insurance company said the change from “growing losses to shrinking losses is occurring naturally. It is an outgrowth of sticking to our strategy,” which will be outlined in more detail at an Investor Day in November, the company said.
