For the first time in its history, Root Inc., the parent company of Root Insurance, reported a quarterly net income profit, achieving approximately $23 million in Q3 2024, a significant turnaround from a net loss of about $46 million during the same period last year. Year-to-date, Root also showed a positive net income of nearly $9 million compared to a loss of $123.4 million at the same time in 2023. CEO Alex Timm highlighted the company’s effective business model and technology as key factors in this success, noting a substantial increase in policies in force by 57% year-over-year. Root’s focus on diversified distribution strategies and partnerships is credited with boosting their market position as they continue to expand operations across 34 states.
