What is Lemonade's car — IBNR?

Lemonade (LMND) reported car — IBNR of $40.5M in Q4 2025.

What does car — IBNR mean?

Incurred But Not Reported (IBNR) losses represent the estimated liability for claims that have occurred but have not yet been reported to the insurer by the policyholder. This reserve is critical for ensuring the company maintains adequate capital to cover future obligations for the car insurance segment. It reflects the actuarial assessment of latent risk within the automotive portfolio.

Lemonade (LMND) Car — IBNR — Quarterly & Annual

Screener

Other product segments

Property Insurance

$64.6M+15.8%

Pet

$6.2M+67.6%

Similar metrics at other companies

CNASurety — IBNR

45,600,000,000%+2,900,000,000pp

SIGIHomeowners — IBNR

$25.31M+8.3%

SIGIBusinessowners’ policies — IBNR

$37.75M+18.5%

SIGICasualty lines — IBNR

$226.94M+36.3%

SIGICommercial automobile — IBNR

$435.03M+19.4%

SIGIWorkers Compensation — IBNR

$124.79M+15.6%

Other financials

Income statement

See full

Revenue$258.0M+70.6%

Net income-$35.8M+42.6%

EPS (diluted)-$0.47+45.3%

Balance sheet

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Cash & equivalents$386.5M+20.9%

Total debt$20.8M-4.6%

Total equity$518.0M-5.0%

Total assets$2.0B+5.5%

Cash flow

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Operating cash flow-$600.0K+98.7%

CapEx$3.5M+52.2%

Free cash flow-$4.1M+91.7%

Valuation

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Market cap$4.01B+6.4%

Enterprise value$3.65B+7.1%

P/S4.8×-1.5×

Profitability

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Net margin-16.4%-6.0pp

FCF margin-15.4%-6.4pp

Returns & leverage

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Return on equity-26.1%-5.5pp

Debt / equity0×0.0×

Where this comes from

Reported directly by Lemonade in its filing.

Tagged under the XBRL concept us-gaap:ShortdurationInsuranceContractsIncurredButNotReportedIbnrClaimsLiabilityNet.

The source filing: Lemonade’s 10-K, filed February 25, 2026.

Filed: Feb 25, 2026, 4:21 PM EST
Fiscal year: FY2025
Accession: 0001691421-26-000016

Accident Year	December 31, 2016	December 31, 2017	December 31, 2018	December 31, 2019	December 31, 2020	December 31, 2021	December 31, 2022	December 31, 2023	December 31, 2024	December 31, 2025	December 31, 2025 / IBNR	December 31, 2025 / Cumulative Number of Reported Claims
2019	—	—	—	24.2	24.9	23.2	24.6	33.2	31.6	31.3	0.2	51,136
2020	—	—	—	—	10.8	12.0	11.8	16.7	15.4	14.8	0.3	37,326
2021	—	—	—	—	—	75.3	75.3	86.8	84.7	82.9	0.8	43,119
2022	—	—	—	—	—	—	83.1	92.0	92.3	89.5	3.1	46,802
2023 (2)	—	—	—	—	—	—	—	79.1	81.1	65.5	3.4	39,211
2024 (2)	—	—	—	—	—	—	—	—	51.2	60.5	8.6	28,193
2025 (2)	—	—	—	—	—	—	—	—	—	63.1	24.1	25,923
Total incurred losses and ALAE, net										$491.0	$40.5	346,498

Item 8. Financial Statements and Supplementary Data

FAQ

What is Lemonade's car — IBNR?: Lemonade (LMND) reported car — IBNR of $40.5M in Q4 2025.
What does car — IBNR mean?: Incurred But Not Reported (IBNR) losses represent the estimated liability for claims that have occurred but have not yet been reported to the insurer by the policyholder. This reserve is critical for ensuring the company maintains adequate capital to cover future obligations for the car insurance segment. It reflects the actuarial assessment of latent risk within the automotive portfolio.