Two Root Insurance symbol filings, one year apart, tell a story the company’s investor deck doesn’t.

In June 2025 and again in June 2026, Root refiled its Georgia private passenger auto vehicle factor table — routine annual symbol updates, both booked as 0.0% neutral, both effective July 1. The filings are identical in type and purpose. What changed is the book underneath them.

Root’s Georgia book nearly halved in twelve months. Policyholders fell 46%, written premium 49%. And it happened without a pricing trigger: both filings still cite the same last rate revision — a +9.9% increase effective July 2024 — meaning Root made no Georgia rate move between the two snapshots. The book didn’t reprice. It ran off.

The premium decline outpacing the policy decline is its own signal. Average premium per affected policy slipped about 6%, even as the 2024 rate increase should still be earning through. A book that sheds policies and loses average premium at the same time is changing shape, not just size — lighter coverage, cheaper vehicles, or the higher-premium risks leaving first.

Nationally, Root closed the first quarter of 2026 with roughly 495,000 policies in force, up about 9% year over year, on premiums in force near $1.49 billion. Full-year 2025 policies grew to 481,869 from 414,862, the company expanded to 36 states, and management framed 2026 as a pivot toward accelerating growth. Georgia is moving the opposite direction.