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

Other product segments

Property Insurance

$64.6M+15.8%

Pet

$6.2M+67.6%

Similar metrics at other companies

CNACommercial Auto — IBNR

108,500,000,000%+26,500,000,000pp

SIGICommercial automobile — IBNR

$435.03M+19.4%

SIGIPersonal automobile — IBNR

$63.52M+19.9%

HIGAutomobiles — IBNR Reserves

124,700,000,000%+12,400,000,000pp

CNAWorkers' Compensation — IBNR

118,200,000,000%-3,400,000,000pp

SIGIGeneral liability — IBNR

$769.16M+23.9%

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$4.52B+109%

Profitability

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Net margin-16.4%-6.0pp

FCF margin-15.4%-6.4pp

Returns & leverage

See full

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 official record: Lemonade’s 10-K, filed February 25, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

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.