Lemonade Customer and Revenue Stats

Lemonade is an insurtech company.

The app-based business, which launched in 2016, offers a range of insurance policies spanning everything from homes to pets. It provides cover to more than 1 million customers.

In 2017, Lemonade’s annual revenue was just $2 million. Today, the company generates $737.9 million per year.

Let’s get right into the data.

Lemonade Key Stats

• Lemonade has 2,984,513 customers. The insurance company added over 500,000 new customers over the past year.
• Annual revenue at Lemonade is $737.9 million.
• The average premium per Lemonade customer is $414.
• Lemonade has 1,282 employees.

How many customers does Lemonade have?

Lemonade currently has 2,984,513 customers. The company has grown its customer base by 23% over the past year, adding over 500,000 new customers.

The number of Lemonade customers has increased approximately 3x since 2020.

We’ve charted Lemonade’s customer growth since Q4 2018:

Source: Lemonade

Which policies are most popular on Lemonade?

Renters insurance policies contribute to the vast majority (91.36%) of the Lemonade customer base. 920,710 customers take out renters insurance through the platform.

87,032 Lemonade customers take out cover for their homes or pets.

Here’s a complete breakdown of the various types of cover on Lemonade (as of Q4 2020):

Source: Insurtech Advisors

Lemonade customer acquisition

Lemonade acquired 554,457 new customers in 2025. That’s an increase of 23%.

We’ve charted Lemonade’s quarterly new customer growth since 2019:

Source: Lemonade

Lemonade’s average premium per customer

Lemonade customers pay an average annual premium of $414. That’s an increase of 7% over the previous year.

Here’s a table showing Lemonade’s average annualized premium per customer since 2018:

Source: Lemonade

Lemonade revenue

Lemonade generated $737.9 million in revenue in 2025. That’s an increase of 40.15% over the previous year.

Here’s a table with Lemonade’s revenue since 2017:

Source: Lemonade

Lemonade revenue breakdown

Lemonade breaks down its revenue into 4 principal channels: “net earned premium”, “ceding commission income”, “net investment income”, and “commission and other income.”

Net earned premium refers to the income generated from policy payments, minus the amount ceded to third parties under reinsurance contracts.

Lemonade made $536.3 million in net earned premium in 2025. That’s an increase of 44.71% over the previous year.

Here’s a table with Lemonade’s net earned premium since 2018:

When Lemonade cedes a portion of insurance premiums to third parties under reinsurance agreements, it earns commission from those third parties.

Lemonade generated $122.7 million in ceding commission income in 2025.

Lemonade’s net investment income consists of interest earned from securities and other investments.

Lemonade earned $37.8 million in net investment income in 2025.

Here’s a table showing Lemonade’s net investment income since 2018:

Finally, “commission and other income” consists of commissions earned for policies placed with third-party insurers. This is grouped with “installment premiums” paid by policyholders in addition to the basic fees.

Lemonade made $41.1 million in commission and other income in 2020. That’s a 33.44% increase over the previous year.

Here’s a table with Lemonade’s commission and other income since 2019:

Source: Lemonade

Lemonade’s in-force premium

Lemonade’s total “in-force premium” consists of premiums actually underwritten by Lemonade and premiums placed with third parties through Lemonade.

(Lemonade charges a recurring commission on policies placed with third-party companies; they represent less than 1% of in-force premiums.)

Lemonade has annualized in-force premiums of $1.24 billion. That’s an increase of 31.04% year over year.

We’ve charted Lemonade’s in-force premium growth since 2020:

Source: Lemonade

Lemonade gross earned premium

Gross earned premium is a simplified metric that records all revenue earned from insurance premiums underwritten by Lemonade, without taking into account any premiums ceded through reinsurance arrangements.

In 2025, Lemonade reported $1.05 billion in gross earned premiums. That’s 26.92% growth over 2024.

Here’s a table with Lemonade’s gross earned premiums since 2018:

Source: Lemonade

Lemonade gross written premium breakdown by location

Lemonade refers to the total value of all underwritten policies (regardless of payment actually being received) as its gross written premium.

Gross written premiums totaled $1.17 billion in 2025.

Here are the gross written premiums since 2020:

Source: Lemonade

Lemonade’s annual expenses

Lemonade’s expenses totaled $898.8 million in 2025. That’s a 23.06% increase over the previous year ($730.4 million).

Lemonade spent $224.4 million on expenses pertaining to sales and marketing, representing a 24.97% share of all expenditures.

Costs incurred for losses contributed a further expense of $347 million, accounting for a 38.61% share of 2025 expenses.

Here’s a table with a complete breakdown of Lemonade’s 2025 expenses:

Source: Lemonade

Where is Lemonade insurance available?

Lemonade has 5 types of insurance policies available in the US: renters, homeowners, condo, pet, and term life insurance.

Renters insurance is available in 27 states (and the District of Columbia).

Homeowners insurance is offered in 23 US states (again, plus D.C.).

Term life insurance is the most widely available Lemonade policy. It is available in every state except New York.

Here’s a table with state-level availability of all Lemonade’s insurance products:

As well as the US, Lemonade operates in 4 European countries (France, Germany, the Netherlands, and the UK).

Source: Lemonade

Lemonade employees

Lemonade has 1,282 employees. 810 of them are located in the United States, while 472 employees work abroad (primarily in Israel).

Here’s a table showing Lemonade’s employee numbers, sorted by location:

Source: Lemonade