| Segment | Value | % of Price | Type |
|---|---|---|---|
| Net Cash | $11 | 19% | auditable |
| Core Insurance Book (Renters, Homeowners, Pet, Life) | $34 | 60% | anchored |
| Car Insurance | $10 | 17% | anchored |
| AI Platform / Long-Term Optionality | $4 | 8% | anchored |
Anchored: $49/sh (85%) · Speculative: $0/sh (0%)
The core book (~71% of value) is the central AI-underwriting bet. Q1 2026 total IFP $1.33B (+32%), 3.14M customers (+23%), premium/customer $424. The book has re-mixed dramatically: Pet is now the LARGEST line (>$500M IFP, #4 US carrier), Homeowners $540M (being deliberately de-risked of CAT...
Car insurance is Lemonade's highest-stakes bet. The US auto insurance market is roughly 65 times larger than renters, and average car premiums run 4-5 times higher per customer. Lemonade Car is available in 7+ states covering about 42% of the US population, with 700,000 customers on the waitlist....
The smallest sub-area (~9% of value, ~$4.5/sh) — option value on LMND becoming more than a personal-lines insurer. VERDICT on licensing: there is NO disclosed plan to license AI to other carriers — management has explicitly REJECTED it as an incumbent move that fails ('State Farm can license AI......