Lemonade's 2024 Giveback Celebrates its Eighth Year, Donating More Than $2 Million to Organizations Chosen by Customers

Business Wire 18-Jul-2024 8:00 AM

This year's Giveback marks more than $10 million donated to 86 organizations since inception, impacting millions of people globally.

Lemonade (NYSE:LMND), the digital insurance company driven by AI and social impact, announced its 2024 Giveback, marking the eighth consecutive year of giving back to dozens of local and global charities chosen by customers.

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This year's Giveback donated $2,112,608 to 43 nonprofits globally, supporting causes in healthcare, education, climate, global poverty, animal rights, and more. Customers choose their Giveback nonprofit Nonprofits when signing up for a Lemonade renters, homeowners, car, or pet insurance policy.

The 2024 Giveback supports a range of transformative projects globally and throughout the United States. For example, Pencils of Promise, a nonprofit focused on access to quality education for children, will use their Lemonade donation to build an entire school for a community in Ghana, transforming the lives of more than 200 students each year. The volunteer-based organization Objective Zero Foundation will provide 24,500 American service members, veterans, and family members access to PTSD support via the Objective Zero app. New Story, a nonprofit focused on the global housing crisis, will fund new homes for 100 families in an underserved neighborhood in Jalisco, Mexico.

"Social impact is a core pillar of who we are as Lemonade and has been since the very beginning," said Shai Wininger, Lemonade cofounder and President. "The tangible impact of our Giveback program with more than $10 million donated since Lemonade's founding underscores the profound difference companies like ours can make. Giveback reflects the collective power of community and its ability to drive meaningful change, and that's something we're very proud of."

"We believe every child should have access to quality education, driving our mission to create safe and healthy learning environments where students can reach their full potential," said Brad Wisdom, Chief Global Advancement Officer at Pencils of Promise. "This year marks five years working with Lemonade's Giveback program, and it's been amazing to see the partnership grow over that time. We've been able to provide technology resources to schools, clean drinking water to thousands of classrooms, and now we're building an entire school directly from this year's Giveback donation—an incredible opportunity to impact so many childrens' lives."

The Lemonade Giveback has skyrocketed 3,873% since 2017, with other notable contributions since its start including:

• More than 1 million students and teachers provided with tools, resources, and opportunities to support their education through organizations like Teach for America and Robin Hood.
• Meals provided to 624,693 people in need through nonprofits including Feeding America and City Meals on Wheels.
• More than 40,000 people provided with access to clean and safe drinking water through community projects, such as new wells and taps, via charity: water and Pencils of Promise.

"We're honored to partner with Lemonade and their community to bring clean drinking water to over 28,000 people since 2017," said Scott Harrison, charity: water founder and CEO. "As one of Lemonade's earliest Giveback partners, we've seen firsthand how the impact has compounded as Lemonade grows. Our partnership is proof that when passionate, conscious companies and nonprofits team up, the ability to create change is transformative."

See this year's full impact report outlining the organizations receiving a Giveback here.

About Lemonade

Lemonade offers renters, homeowners, car, pet, and life insurance. Powered by artificial intelligence and social impact, Lemonade's full stack insurance carriers in the US and the EU replace brokers and bureaucracy with bots and machine learning, aiming for zero paperwork and instant everything. A Certified B-Corp, Lemonade gives unused premiums to nonprofits selected by its community, during its annual Giveback. Lemonade is currently available in the United States, Germany, the Netherlands, France, and the UK, and continues to expand globally.

Follow @lemonade_inc on X for updates.

FORWARD LOOKING STATEMENTS

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These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements expressed or implied to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to the following: our history of losses and that we may not achieve or maintain profitability in the future; our success and ability to retain and expand our customer base; the "Lemonade" brand may not become as widely known as incumbents' brands or the brand may become tarnished; the denial of claims or our failure to accurately and timely pay claims; our ability to attain greater value from each user; availability of reinsurance at current levels and prices; our exposure to counterparty risks; our limited operating history; our ability to manage our growth effectively; our proprietary artificial intelligence algorithms may not operate properly or as expected; the intense competition in the segments of the insurance industry in which we operate; our ability to maintain our risk-based capital at the required levels; our ability to expand our product offerings; the novelty of our business model and its unpredictable efficacy and susceptibility to unintended consequences; the possibility that we could be forced to modify or eliminate our Giveback; regulatory risks, related to the operation, development, and implementation of our proprietary artificial intelligence algorithms and telematics based pricing model; legislation or legal requirements that may affect how we communicate with customers; the cyclical nature of the insurance industry; our reliance on artificial intelligence, telematics, mobile technology, and our digital platforms to collect data that we utilize in our business; our ability to obtain additional capital to the extent required to grow our business, which may not be available on terms acceptable to us or at all; our actual or perceived failure to protect customer information and other data as a result of security incidents or real or perceived errors, failures or bugs in our systems, website or app, respect customers' privacy, or comply with data privacy and security laws and regulations; periodic examinations by state insurance regulators; underwriting risks accurately and charging competitive yet profitable rates to customers; our ability to underwrite risks accurately and charge competitive yet profitable rates to our customers; potentially significant expenses incurred in connection with any new products before generating revenue from such products; risks associated with any costs incurred and other risks as we expand our business in the U.S. and internationally; our ability to comply with extensive insurance industry regulations; our ability to comply with insurance regulators and additional reporting requirements on insurance holding companies; our ability to predict the impacts of severe weather events and catastrophes, including the effects of climate change and global pandemics, on our business and the global economy generally; increasing scrutiny, actions, and changing expectations on environmental, social, and governance matters; our agreement with General Catalyst as a synthetic agent may not function as expected; fluctuations of our results of operations on a quarterly and annual basis; our utilization of customer and third party data in underwriting our policies; limitations in the analytical models used to assess and predict our exposure to catastrophe losses; potential losses could be greater than our loss and loss adjustment expense reserves; the minimum capital and surplus requirements our insurance subsidiaries are required to have; assessments and other surcharges from state guaranty funds; our status and obligations as a public benefit corporation; our operations in Israel and the current political, economic, and military instability, including the evolving conflict in Israel and surrounding region.

These and other important factors are described under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed on February 28, 2024, and in our other subsequent filings with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's beliefs as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

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