Lemonade Insurance Statistics 2026: Customers, In-Force Premium, Loss Ratio, Pet & Auto Segments

Lemonade closed the first quarter of 2026 with $1.33 billion in in-force premium across 3,142,581 customers, a 32% IFP gain that extended the company’s streak of growth-rate acceleration to ten consecutive quarters, per Lemonade’s Q1 2026 shareholder letter filed with the SEC. Revenue grew 71% year over year to $258 million in Q1 2026, while gross profit climbed 159% to $100 million. The data we’ve tracked across the insurtech segment shows a consistent pattern: carriers that pair growth acceleration with loss-ratio compression earn analyst patience for the path to profitability. Lemonade is now testing that thesis at scale.

Two structural shifts drive these numbers, according to Lemonade’s FY2025 Form 10-K. The company’s book of business was reinsured at approximately 55% through June 30, 2025 and approximately 20% through June 30, 2026, with proportional reinsurance contracts issued by Hannover Ruck SE and MAPFRE Re Compañía de Reaseguros S.A. The Q4 2025 shareholder letter shows Pet became Lemonade’s largest line of business as measured by total IFP in just 5 years, reaching $439 million in 2025 at a 55% IFP growth rate with a $14 cost per claim. Together, the cession cut and Pet’s leadership reshape how the loss-ratio and per-product economics read on the page.

Key Takeaways

• Lemonade reached $1.33 billion in in-force premium across 3,142,581 customers at Q1 2026 (+32% IFP, +23% customers year over year).
• Premium per customer hit $414 at year-end 2025, up from $388 a year earlier; segment PPC spans $247 (Homeowners multi-peril) to $2,021 (Car), with Pet at $804.
• FY2025 gross loss ratio improved to 64%, a 9-point improvement year over year; net loss ratio improved to 65%, a 10-point improvement.
• Quota share cession dropped to approximately 20% for the period through June 30, 2026, down from approximately 55% through June 30, 2025.
• Pet hit $439 million IFP in 2025 (+55% growth) and became the largest book by IFP in just 5 years, with a cost per claim of $14.
• General Catalyst’s Amended and Restated Customer Investment Agreement had $158.1 million outstanding at December 31, 2025, financing up to 80% of growth spend at a 16% rate of return.
• Lemonade had 1,282 employees globally at year-end 2025, with 96% of first notice of loss handled by AI Jim without human intervention.

Editor’s Choice

• FY2025 gross earned premium of $1,050.8 million (+27% year over year), with gross written premium of $1,171.3 million (+26%).
• FY2025 total revenue of $737.9 million (+40% year over year); gross profit of $293.4 million (+76%).
• Adjusted EBITDA loss of ($118.1) million for FY2025, a $31.6 million improvement year over year; the company guides Q4 2026 as its first adjusted-EBITDA-positive quarter.
• 75,907,215 common shares outstanding at December 31, 2025; accumulated deficit of ($1,464.3 million).
• Founded in June 2015 by Daniel Schreiber (CEO and Chairman since founding) and Shai Wininger (President since January 1, 2024).
• Metromile acquired on July 28, 2022, via an all-stock merger; 6,901,934 Lemonade shares issued at a 0.05263 exchange ratio.

Recent Developments

• April 29, 2026: Lemonade reported Q1 2026 results with $1.33 billion in IFP (+32%), 3,142,581 customers, and revenue of $258 million (+71%).
• February 25, 2026: Lemonade’s FY2025 Form 10-K filed with the SEC, covering the reinsurance program reset and Customer Investment Agreement details.
• February 19, 2026: Q4 2025 shareholder letter published. IFP $1.24 billion (+31%) with gross loss ratio at 52% (improved 11 points year over year).
• February 3, 2025 (Customer Investment Agreement amendment effective through December 31, 2026): GC committed up to an additional $200 million of financing for sales and marketing growth efforts from January 1, 2026, to December 31, 2026.
• July 1, 2025 (effective): Proportional Reinsurance Contracts renewed with Hannover Ruck SE and MAPFRE Re holding shares of the agreement, dropping quota share cession to approximately 20%.

Lemonade In-Force Premium Statistics

• Q1 2026 IFP reached $1.33 billion, +32% year over year.
• FY2025 IFP closed at $1,236.5 million, +31% from $943.7 million at FY2024-end.
• Q4 2025 marked the ninth consecutive quarter of IFP growth-rate acceleration; Q1 2026 extended the streak to ten consecutive quarters.
• Quarterly IFP grew from $747.3 million at Q4 2023 to $1,236.5 million at Q4 2025, a $489.2 million increase over eight quarters.
• Segment IFP at Q4 2025: Homeowners multi-peril $530 million; Pet $439 million; Car $187 million; Europe $60 million; Other $21 million.
• FY2025 gross earned premium of $1,050.8 million translated to net earned premium of $536.3 million after $514.5 million in ceded earned premium.

Source: Lemonade Q4 2025 shareholder letter, Lemonade Q1 2026 shareholder letter

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Lemonade Customer Count Statistics

• Lemonade ended Q1 2026 with 3,142,581 customers, a 23% year-over-year increase.
• Customer count reached 2,984,513 at year-end 2025, up from 2,430,056 at year-end 2024.
• Quarterly customer count grew from 2,026,918 at Q4 2023 to 2,984,513 at Q4 2025, a 957,595 customer increase across eight quarters.
• Since Q3 2022, Lemonade has added 1.2 million customers while headcount has declined by 6%, driving operating leverage on the platform.
• Annual dollar retention closed FY2025 at 85%, compared with 86% at FY2024-end.
• Customers are served across 41 states and Washington, D.C., covering approximately 95% of the U.S. population.

Source: Lemonade Q4 2025 shareholder letter, Lemonade Q1 2026 shareholder letter

Lemonade Premium Per Customer Statistics

• Blended premium per customer reached $414 at FY2025-end, up $26 from $388 at FY2024-end.
• PPC climbed to $424 at Q1 2026, +7% year over year.
• Q4 2025 PPC by product: Homeowners multi-peril $247; Pet $804; Car $2,021; Europe $184; Other $1,091.
• PPC across Lemonade’s customer base rose from $369 at Q4 2023 to $414 at Q4 2025, a $45 increase over eight quarters.
• Pet PPC climbed from $727 at Q4 2024 to $804 at Q4 2025, a $77 increase tied to product mix and rate actions.
• Car PPC rose from $1,800 at Q4 2024 to $2,021 at Q4 2025, a $221 increase reflecting telematics-priced books.

By the numbers: Lemonade’s Q4 2025 shareholder letter shows blended premium per customer at $414, up $26 year over year. The $1,774 spread between Homeowners ($247) and Car ($2,021) reflects a product mix shift toward higher-premium auto policies after the Metromile integration.

Lemonade Annual Dollar Retention Statistics

• Annual dollar retention closed FY2025 at 85%, compared with 86% at FY2024-end.
• ADR ranged between 84% and 88% across the nine quarters from Q4 2023 to Q4 2025.
• ADR bottomed at 84% in Q1 2025 and Q2 2025 before recovering to 85% in Q3 2025.
• The 3 percentage point ADR step-down from Q4 2023 (87%) to FY2025 reflects pricing actions and underwriting tightening across the book.

Source: Lemonade Q4 2025 shareholder letter Historical Operating Metrics

Lemonade Gross vs Net Loss Ratio Statistics

• FY2025 gross loss ratio finished at 64%, a 9-point improvement from 73% at FY2024-end.
• FY2025 net loss ratio finished at 65%, a 10-point improvement from 75% at FY2024-end.
• Q4 2025 gross loss ratio reached 52%, an 11 percentage point year-over-year improvement.
• TTM gross loss ratio compressed from 73% at Q4 2024 to 64% at Q4 2025, a 9-point improvement.
• Q4 2025 loss ratio decomposition: 54% attritional + 1% CAT + 6% LAE + (9%) prior period development = 52% gross loss ratio.
• Attritional gross loss ratio compressed from 59% at Q4 2024 to 54% at Q4 2025, a 5-point improvement reflecting pricing and underwriting actions.

The compression in the gross-vs-net gap is the headline. FY2024’s gross loss ratio of 73% sat below the net loss ratio of 75% (a 2-point ceded penalty); FY2025 reversed that with a gross loss ratio of 64% above the net loss ratio of 65% (a 1-point ceded penalty). The driver is the mid-year cession reset (see Reinsurance Structure H2 below) and steady AI claims processing gains across the book.

Lemonade Loss Ratio by Product Line

• Q4 2025 quarterly gross loss ratio by product: Homeowners multi-peril 39%; Pet 71%; Car 40%; Europe (all products) 64%.
• Homeowners’ multi-peril gross loss ratio improved from 55% at Q4 2024 to 39% at Q4 2025, a 16-point improvement.
• Car TTM gross loss ratio at year-end 2025 was 70%, a 23 percentage point year-over-year improvement.
• Europe TTM gross loss ratio at year-end 2025 was 74%, a 16 percentage point year-over-year improvement.
• Pet TTM gross loss ratio at year-end 2025 was 70%, up 1 percentage point year over year.
• Car’s Q4 2025 quarterly gross loss ratio of 40% marked a 43-point quarterly improvement from 83% at Q4 2024.

Lemonade Pet Insurance Statistics

• Pet IFP reached $439 million at year-end 2025, sustaining an IFP growth rate in the mid-50s for the second consecutive year.
• Pet grew to the largest line of business by total IFP in just 5 years from launch.
• Cost per claim on Pet hit $14 in 2025, a level Lemonade describes as industry-leading.
• Pet TTM gross loss ratio at year-end 2025 was 70%, up 1 percentage point year over year.
• Pet PPC climbed from $727 at Q4 2024 to $804 at Q4 2025, a $77 per-customer increase.
• Pet quarterly IFP grew sequentially from $283 million at Q4 2024 to $439 million at Q4 2025.

For broader category context, the U.S. pet insurance market data shows how Lemonade’s growth trajectory sits inside total industry premium and gross written premium peers.

Lemonade Car Insurance Statistics

• Car IFP reached $187 million at year-end 2025, a 53% year-over-year growth rate.
• Car TTM gross loss ratio at year-end 2025 was 70%, a 23 percentage point year-over-year improvement.
• Car conversion rates improved by as much as 60% compared with the year-ago period, driven by product iterations operationalized at scale.
• Car PPC reached $2,021 at Q4 2025, up from $1,800 at Q4 2024.
• Lemonade closed its acquisition of Metromile on July 28, 2022, via an all-stock transaction with an exchange ratio of 0.05263 Lemonade shares per Metromile share.
• Metromile stockholders received 6,901,934 Lemonade shares in the transaction.

The Car book sits inside the broader U.S. auto insurance market, where Lemonade’s growth rate runs well above industry baseline as the carrier scales the telematics-priced Metromile platform.

Lemonade Europe Statistics

• Europe IFP reached $60 million at year-end 2025, a 150% year-over-year growth rate.
• Q4 2025 marked the tenth consecutive quarter of triple-digit IFP growth for Europe.
• Europe TTM gross loss ratio at year-end 2025 was 74%, a 16 percentage point year-over-year improvement.
• Europe quarterly IFP grew from $24 million at Q4 2024 to $60 million at Q4 2025, a $36 million increase.
• Europe PPC reached $184 at Q4 2025, up from $129 at Q4 2024.
• Europe operations are housed in Lemonade Insurance N.V., a Netherlands public limited company within Lemonade’s 15-subsidiary group structure.

Source: Lemonade Q4 2025 shareholder letter Insurance Supplement, Lemonade FY2025 Form 10-K

Lemonade Revenue and Adjusted EBITDA Statistics

• FY2025 total revenue reached $737.9 million, +40% from $526.5 million in FY2024.
• FY2025 gross earned premium reached $1,050.8 million, +27% from $827.3 million in FY2024.
• FY2025 gross profit reached $293.4 million, +76% from $166.9 million in FY2024.
• FY2025 net loss was ($165.5 million), a $36.7 million improvement from ($202.2 million) in FY2024.
• FY2025 adjusted EBITDA loss was ($118.1 million), a $31.6 million improvement from ($149.7 million) in FY2024.
• FY2025 gross profit margin reached 40%, up from 32% in FY2024.
• Q1 2026 adjusted EBITDA loss of ($17 million) was a 64% improvement year over year.

Source: Lemonade Q4 2025 shareholder letter, Lemonade FY2025 Form 10-K

Why it matters: Lemonade’s Q4 2026 guide for first adjusted-EBITDA-positive quarter, paired with FY2025 gross profit growth of 76% to $293.4 million, marks the crossover point analysts watch on early-stage insurtech carriers. The trajectory mirrors what we’ve seen across our coverage of insurtech listed carriers: gross profit growth outpaces revenue growth for several quarters before adjusted-EBITDA breakeven hits.

Is Lemonade profitable?

Lemonade is not GAAP profitable yet. FY2025 net loss totalled ($165.5 million) on revenue of $737.9 million, though losses compressed across every KPI. Lemonade continues to expect its first adjusted-EBITDA-positive quarter in Q4 2026, with full-year adjusted-EBITDA breakeven plausibly arriving in 2027.

Lemonade Reinsurance Structure Statistics

• Lemonade’s quota share cession moved from 70% to approximately 55% effective July 1, 2022, with a per-risk cap of $750,000 across contracts.
• Lemonade’s book of business was reinsured at approximately 55% through June 30, 2025 and approximately 20% through June 30, 2026.
• Proportional Reinsurance Contracts for the period through June 30, 2026, are issued by Hannover Ruck SE and MAPFRE Re Compañía de Reaseguros S.A., each holding an ‘A’ or better A.M. Best rating.
• Lemonade Insurance Company (LIC) cedes approximately 15% of premiums and losses to Lemonade Re SPC; Metromile Insurance Company (MIC) cedes approximately 35% of premiums and losses to the same captive.
• Lemonade Re SPC is the company’s wholly-owned, Cayman Islands-based captive reinsurer, subject to capital and other regulatory requirements imposed by the Cayman Islands Monetary Authority (CIMA).
• Lemonade purchased a natural catastrophe reinsurance program that protects against U.S. losses exceeding $80 million, effective July 1, 2022.
• Ceded earned premium fell to $514.5 million in FY2025, with the ceded-to-gross ratio dropping from 55% in FY2024 to 49% in FY2025.

Source: Lemonade FY2023 Form 10-K, Lemonade FY2025 Form 10-K

Key finding: Lemonade’s FY2025 Form 10-K confirms the company formed Lemonade Re SPC in the Cayman Islands and authorized a captive cell facility at a Bermuda transformer vehicle for tail catastrophe exposure. The structure absorbs approximately 15% LIC + approximately 35% MIC cessions while third-party reinsurers Hannover Ruck SE and MAPFRE Re handle the residual quota share, a fundamentally different shape from the 70% all-third-party cession the company carried before July 2022.

What is Lemonade Re SPC?

Lemonade Re SPC is the company’s wholly-owned, Cayman Islands-based captive reinsurer. LIC cedes approximately 15% of premiums and losses to the captive, and MIC cedes approximately 35%. The entity is supervised by the Cayman Islands Monetary Authority (CIMA) and is subject to capital and other regulatory requirements. The captive keeps more underwriting results inside the corporate parent.

Lemonade Customer Investment Agreement Statistics

• Lemonade entered the original Customer Investment Agreement with GC Customer Value Arranger, LLC (a General Catalyst company) on June 28, 2023, providing up to $150 million of financing for sales and marketing growth efforts.
• Lemonade entered an Amended and Restated Customer Investment Agreement on January 8, 2024, providing up to an additional $140 million of financing through December 31, 2025.
• The agreement was further amended on February 3, 2025, with GC committing up to an additional $200 million of financing for sales and marketing growth efforts from January 1, 2026, to December 31, 2026.
• Under the Amended and Restated Agreement, GC finances up to 80% of growth spend; Lemonade is obligated to pay GC a percentage of premium collections from customers until the Investment Amount plus a 16% rate of return is repaid.
• Lemonade had $158.1 million of outstanding borrowings under the Amended and Restated Agreement at December 31, 2025.
• Lemonade incurred interest expense of $17.3 million for the year ended December 31, 2025, under the agreement.

Source: Lemonade FY2025 Form 10-K

The Customer Investment Agreement is the structural anchor that lets Lemonade run insurtech industry growth spend without committing the same dollars from working capital. Our coverage of the highest-valued insurtech startups shows that few peers have negotiated equivalent off-balance-sheet financing at the same scale.

Lemonade Employee and Geographic Footprint Statistics

• Lemonade had 1,282 employees globally as of December 31, 2025.
• 810 of those employees were based in the United States, with the remainder primarily in Israel and the Netherlands.
• Lemonade had approximately 310 full-time employees in Israel as of December 31, 2025.
• Lemonade was licensed to sell renters, homeowners, pet and/or car insurance policies in 50 states of the United States and Washington, D.C. as of December 31, 2025.
• Lemonade operates in 41 of those states and Washington, D.C., covering approximately 95% of the U.S. population.
• Since Q3 2022, Lemonade has added 1.2 million customers while headcount has declined by 6%, evidence of sustained operating leverage driven by AI and automation.
• As of December 31, 2025, 96% of first notice of loss is handled by AI Jim without human intervention, and roughly 55% of claims are fully automated end-to-end.

Source: Lemonade FY2025 Form 10-K

Where is Lemonade insurance available?

Lemonade sells renters, homeowners, pet, and car insurance to U.S. customers across 41 states and Washington, D.C. The carrier is licensed in all 50 states and Washington, D.C., covering approximately 95% of the U.S. population. Lemonade Insurance N.V., a Netherlands public limited company, anchors European operations across Germany, the Netherlands, France, and the United Kingdom.

Lemonade Balance Sheet Statistics

• Total assets reached $1,925.7 million at December 31, 2025, up from $1,849.1 million at December 31, 2024.
• Cash, cash equivalents and restricted cash totaled $396.8 million at December 31, 2025.
• Total investments totaled $722.9 million at December 31, 2025, up from $634.9 million a year earlier.
• Borrowings under the financing agreement totaled $158.1 million at December 31, 2025, up from $83.4 million a year earlier.
• Common stock outstanding reached 75,907,215 shares at December 31, 2025, up from 72,720,866 shares a year earlier.
• Accumulated deficit totalled ($1,464.3 million) at December 31, 2025, deepening from ($1,298.8 million) a year earlier.
• Total stockholders’ equity totaled $533.6 million at December 31, 2025, down from $593.4 million a year earlier.

Lemonade Founder and Corporate Structure Statistics

• Daniel Schreiber has served as Co-Founder, Chief Executive Officer, and Chairman of the Board since the company’s founding in June 2015.
• Shai Wininger has served as Co-Founder and President since January 1, 2024, and has been a board member since June 2015.
• Prior to co-founding Lemonade, Wininger founded Fiverr Ltd. in 2009.
• Lemonade’s group consists of 15 subsidiary entities supporting operations across the United States, Europe, and the United Kingdom.
• Lemonade Insurance Company (LIC) is a licensed and regulated stock property and casualty insurance company in New York and in all other states where Lemonade products are available.
• Metromile Insurance Company (MIC) is a stock property and casualty insurance company domiciled in Delaware.
• Lemonade Ltd. is the Israel-based subsidiary providing technology, research and development, management, marketing, and other services to the group.

Source: Lemonade FY2025 Form 10-K subsidiary disclosure

The breadth of Lemonade’s subsidiary footprint, particularly the Cayman captive and the Netherlands carrier, sits inside the broader digital transformation in insurance trend, where vertically integrated insurtech carriers compete with legacy multi-line incumbents on underwriting flexibility, not just brand.

Conclusion

Lemonade closed Q1 2026 with $1.33 billion in in-force premium across 3,142,581 customers, +32% year over year and a tenth consecutive quarter of growth-rate acceleration. Pet, at $439 million in IFP, sits as the company’s largest single line of business, achieved in 5 years from launch. The mid-2025 cession-rate reset, from approximately 55% through June 30, 2025, to approximately 20% through June 30, 2026, restructured how the gross-vs-net loss ratio reads in every quarterly print, net loss ratio compressed from 75% FY2024 to 65% FY2025, a structural shift that compounds the underwriting gains visible on every product line.

The forward setup hinges on the company-guided Q4 2026 adjusted-EBITDA-positive quarter, the continuing General Catalyst financing channel (with $158.1 million outstanding plus the $200 million 2026 commitment), and Lemonade Re SPC’s role as the structural anchor that keeps a larger slice of underwriting result inside the consolidated group. The pattern we’ve documented across insurtech listed carriers, gross profit growth outpacing revenue growth for several quarters before adjusted-EBITDA breakeven, is now visible in Lemonade’s print, with 76% gross profit growth on 40% revenue growth in FY2025. Whether that crossover lands on the company’s Q4 2026 guide depends on Pet’s underwriting trajectory and Car’s continued loss-ratio compression off the Metromile telematics base.