Root reports Q3 EPS ($3.16), consensus ($2.79)

Reports Q3 revenue $115.3M, consensus $76.42M. The company said, “We delivered a strong quarter, more than doubling our new writings quarter over quarter while maintaining our superior loss ratio. These results are a testament to the power of our technology and customer value proposition: * Grew total new writings 141% over Q2 2023 and 376% over Q3 2022; and policies in force grew 27% over Q2 2023 and 2% over Q3 2022; Recognized a 68% gross accident period loss ratio, an 11-point improvement year-over-year, driven by our pricing and underwriting advancements.”