What is Lemonade's pet — IBNR?

Lemonade (LMND) reported pet — IBNR of $6.2M in Q4 2025.

How has Lemonade's pet — IBNR changed year-over-year?

Lemonade's pet — IBNR increased by 67.6% year-over-year, from $3.7M to $6.2M.

What does pet — IBNR mean?

This represents the estimated liability for claims that have occurred but have not yet been reported to the company within the pet insurance segment. It is a critical actuarial reserve that ensures the company maintains sufficient capital to cover future claim obligations. A stable or predictable IBNR trend indicates effective risk modeling and reserve adequacy.

Lemonade (LMND) Pet — IBNR — Quarterly & Annual

Screener

Other product segments

Property Insurance

$64.6M+15.8%

Car

$40.5M+0.7%

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

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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, 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
2020	$0.7	$0.6	$1.0	$0.6	$0.7	$0.7	—	20,922
2021	—	10.0	9.7	9.5	9.5	9.5	—	197,014
2022	—	—	27.4	25.3	25.2	25.1	—	375,674
2023	—	—	—	51.9	48.9	49.0	—	510,111
2024	—	—	—	—	72.3	71.8	—	697,403
2025	—	—	—	—	—	129.7	6.2	963,770
Total incurred losses and ALAE, net						$285.8	$6.2	2,764,894

Item 8. Financial Statements and Supplementary Data

FAQ

What is Lemonade's pet — IBNR?: Lemonade (LMND) reported pet — IBNR of $6.2M in Q4 2025.
How has Lemonade's pet — IBNR changed year-over-year?: Lemonade's pet — IBNR increased by 67.6% year-over-year, from $3.7M to $6.2M.
What does pet — IBNR mean?: This represents the estimated liability for claims that have occurred but have not yet been reported to the company within the pet insurance segment. It is a critical actuarial reserve that ensures the company maintains sufficient capital to cover future claim obligations. A stable or predictable IBNR trend indicates effective risk modeling and reserve adequacy.