Source: Yahoo Finance

The Columbus parent of Root Insurance Co. halved its annual net loss to $147 million as policies grew by the most in company history, according to its annual report released Wednesday. Executives said that adds confidence in their pledge to reach profitability in the next few years without seeking additional outside loans or investment.

“We knew when we started Root it was going to be a long journey,” co-founder and CEO Alex Timm told analysts in a recorded webinar after markets closed. “Carving a new approach into an industry that has been untouched for almost 100 years is hard.

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