MILE - Metromile policies in force rise during Q4 while average annual premium falls Q/Q

Metromile (NASDAQ:MILE), the digital auto insurance platform that agreed in November to be acquired by Lemonade (NYSE:LMND) reported Q4 policies in force increased to 98,416 at Dec. 31, 2021 from 95,238 at Sept. 30. Average annual premium per policy of $1,184 at Q4 end, down from $1,197 at Sept. 30, 2021. As of Dec. 31, 2021, one-year new customer retention was 60% for policies that completed their second term in Q4 2021, down from 65% at Sept. 30, 2021. Q4 accident loss ratio was 75.1% in 2021 vs. 81.6% in Q3. Direct earned premium in the quarter was $29.0M, up from $28.5M in Q3. Metromile (MILE) stock was unchanged in after-hours trading, while Lemonade (LMND) shares fell 1.4%. Total costs and expenses of $50.4M fell from $67.7M in Q3. Q4 net loss of $44.8M widened from a loss of $26.8M in Q3 and narrowed from -$83.7M in Q4 2020. Revenue of $28.3M

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Metromile policies in force rise during Q4, while average annual premium falls Q/Q