SAN JOSE, Calif.,
Nov. 5, 2025 /PRNewswire/ -- Hippo
Holdings Inc. (NYSE: HIPO), a technology-native insurance platform driving
growth across owned and partner MGAs, announced its consolidated financial
results including diluted net earnings per share of $3.77 and adjusted
earnings per share of $0.70 for the quarter ended September 30, 2025.
Third Quarter Highlights
- Gross Written Premium increased 33% to $311 million over 3Q24
- Net Income of $98 million vs. a Net Loss of $9 million in 3Q24
-
Adjusted Net Income of $18 million vs. an Adjusted Net Loss of $1
million in 3Q24
-
Net Loss Ratio improved 25 percentage points to 48% compared to 3Q24
-
Combined Ratio improved 28 percentage points to 100% compared to 3Q24
- Revenue grew 26% to $121 million compared to 3Q24
- Book Value per share of $16.64 up 14% from year-end 2024
-
$91 million gain on the sale of homebuilder distribution network,
net of technology write-off
By aligning its focus and structure to the strategy outlined at Investor
Day, Hippo is building a more efficient and resilient organization,
ensuring it is built to scale and adapt quickly to changing market
conditions.
"Q3 was a breakout quarter for Hippo as we continued to execute with
discipline and momentum across every part of the business," said Rick
McCathron, Hippo President and CEO. "We grew gross written premium by
33%, expanded our platform to 36 programs, and delivered significantly
improved underwriting results, including a 25-point improvement in our
net loss ratio. We're operating as a unified, technology-native platform
that's driving profitable growth, deepening diversification, and
positioning us for long-term success."
Key Operating and Financial Metrics
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2025
|
|
2024
|
|
2025
|
|
2024
|
|
($ in millions)
|
|
Gross Written Premium
|
$
311.2
|
|
$ 234.4
|
|
$ 820.7
|
|
$ 686.8
|
|
Net Written Premium
|
117.9
|
|
90.6
|
|
325.1
|
|
293.4
|
|
Net Retention
|
38 %
|
|
39 %
|
|
40 %
|
|
43 %
|
|
|
|
|
|
|
|
|
|
Total Revenue
|
$ 120.6
|
|
$
95.5
|
|
$ 348.2
|
|
$ 270.2
|
|
Net Income (Loss)(1)
|
98.1
|
|
(8.5)
|
|
51.7
|
|
(84.7)
|
|
Adjusted Net Income (Loss)(1) (2)
|
18.3
|
|
(1.3)
|
|
0.2
|
|
(35.0)
|
|
Basic Earnings (Loss) per Share(1)
|
3.90
|
|
(0.34)
|
|
2.04
|
|
(3.44)
|
|
Diluted Earnings (Loss) per Share(1)
|
3.77
|
|
(0.34)
|
|
1.97
|
|
(3.44)
|
|
Diluted Adjusted Earnings (Loss) per Share(1)(2)
|
0.70
|
|
(0.05)
|
|
0.01
|
|
(1.42)
|
|
Net Loss Ratio
|
48 %
|
|
73 %
|
|
66 %
|
|
84 %
|
|
Expense Ratio
|
52 %
|
|
55 %
|
|
53 %
|
|
66 %
|
|
Combined Ratio
|
100 %
|
|
128 %
|
|
119 %
|
|
150 %
|
|
|
|
|
|
|
|
|
|
As of September 30, 2025
|
|
As of December 31, 2024
|
|
Book Value Per Share (BVPS)
|
$16.64
|
|
$14.56
|
|
Tangible Book Value Per Share (TBVPS) (2)
|
$16.08
|
|
$13.88
|
|
|
(1) Attributable to Hippo
|
|
(2) Indicates non-GAAP financial measure; see "Reconciliation
of Non GAAP Financial Measures to Their Most Directly
Comparable GAAP Financial Measures"
|
Third Quarter Operating Summary
Net income of $98 million, or $3.77 per diluted share, compared to a $9
million net loss in Q3 of last year. The drivers of this improvement
included a $91 million net gain on the sale of the homebuilder
distribution network and improved underwriting results.
Adjusted net income of $18 million, or $0.70 a diluted share, compared to
a $1 million net adjusted loss in Q3 of last year. This quarter's results
equate to a 19% annualized adjusted return on average shareholders equity.
Total Hippo shareholder equity of $422 million, or $16.64 per share, at
September 30, 2025, was up 14%, from $362 million, or $14.56 per share, at
year-end 2024. The increase was primarily driven by the previously
referenced gain on sale of our homebuilder distribution network, which
more than off-set the first quarter operating losses stemming from the
California wildfires and the 514,000 shares repurchased for approximately
$15 million.
As outlined at the June Investor Day, the financial reporting presentation
has been updated, moving from a segment basis to a consolidated basis
focused on lines of business including Homeowners, Renters, Commercial
Multi-peril (CMP), Casualty, and Other. This change reflects both how
Hippo is managed and the company's structure following the sales of First
Connect in 4Q24 and our homebuilder distribution network in 3Q25. For
reference, the pro-forma prior six quarters presented in the updated
reporting basis can be found on the investor relations section of our
website.
Gross written premium of $311 million for the quarter grew 33% year over
year, up from $234 million in Q3 of last year. Growth was driven by both
the Casualty and CMP lines which were up 137% and 123% over last year, to
$76 million and $66 million, respectively. This expansion more than
off-set a 9%, or $10 million, reduction in the Homeowners line year over
year. The overall growth strategy is focused on underwriting profitability
and reduced volatility, which includes increased portfolio
diversification. For the quarter, Homeowners, the largest line on a gross
written basis, accounted for 32% of the total, down from 47% in the prior
year quarter.
Net written premium of $118 million grew by $27 million or 30% from Q3 of
last year. The main driver of this growth was the Renters line, which grew
by $18 million year over year. The 38% net retention rate in the
quarter was largely in-line with the prior year period, and slightly below
the longer term goal of 40-45%, as we continue to be selective in our
risk retention with a focus on generating stable underwriting
profitability.
Revenue in quarter $121 million grew 26% from $96 million in Q3 of last
year. The increase was primarily driven by higher net earned premium up
41% to $100 million, which more than off-set a $5 million reduction in
commissions following the sales of First Connect and our homebuilder
distribution network over the last year.
Net Loss ratio of 48% improved 25 percentage points over the prior year.
This improvement was driven primarily by the lack of meaningful CAT losses
this quarter compared to Q3 of last year. The net accident year loss
ratio excluding CAT losses of 48% was improved by over 3
percentage points over Q3 of last year by previous underwriting and rate
actions earning through and the overall increased diversification across
the portfolio. The long-term net loss ratio target is 60-65%.
Combined ratio of 100% improved 28 percentage points over the prior year,
similarly benefitting from improved underwriting results including a 3%
improvement to the expense ratio.
Guidance Update
The following Guidance update is based on current expectations. The
following statements are forward-looking and actual results could differ
materially depending on market conditions and the factors set forth under
"Forward-looking statements safe harbor" below.
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Updated
|
|
Actual
|
|
Actual
|
|
Actual
|
|
Guidance
|
|
2025 FY
Guidance
|
|
($ in millions)
|
|
|
|
Gross Written Premium
|
$ 210.9
|
|
$ 298.6
|
|
311.2
|
|
$269-289
|
|
$1,090-1,110
|
|
Revenue
|
110.3
|
|
117.3
|
|
120.6
|
|
$117-120
|
|
$465-468
|
|
Net Loss Ratio
|
106 %
|
|
47 %
|
|
48 %
|
|
55-60%
|
|
63-64%
|
|
Net Income (Loss)
|
(47.7)
|
|
1.3
|
|
98.1
|
|
$1-5
|
|
$53-57
|
|
Adjusted Net Income (Loss)
|
(35.1)
|
|
17.0
|
|
18.3
|
|
$10-14
|
|
$10-14
|
Third Quarter Earnings Conference Call and Webcast Information
Date: Wednesday, November 5, 2025
Time: 8:00 a.m. Eastern Time /
5:00 a.m. Pacific Time
Dial In: +1 833 470 1428 / Global Dial-In Numbers
Access: 081208
Webcast:
https://events.q4inc.com/attendee/608763822
A replay of the webcast will be made available after the call in the
investor relations section of the company's website at https://investors.hippo.com/
About Hippo
Hippo is a technology-enabled insurance group that uses its carrier
platform to diversify risk across both personal and commercial lines.
Through the Hippo Homeowners Insurance Program, the company applies deep
industry expertise and advanced underwriting to deliver proactive,
tailored coverage for homeowners. Hippo Holdings Inc. subsidiaries include
Hippo Insurance Services, Spinnaker Insurance Company, Spinnaker Specialty
Insurance Company, and Wingsail Insurance Company. Hippo Insurance
Services is a licensed property casualty insurance agent with products
underwritten by various affiliated and unaffiliated insurance companies.
For more information, please visit http://www.hippo.com.
Consolidated Balance Sheet
(in millions, unaudited)
|
September 30,
2025
|
|
December 31,
2024
|
|
(unaudited)
|
|
|
|
Assets
|
|
|
|
|
Investments:
|
|
|
|
|
Fixed maturities available-for-sale, at fair value (amortized
cost: $244.1 million
and $208.3 million,
respectively)
|
$
245.5
|
|
$
205.7
|
|
Short-term investments, at fair value (amortized cost: $174.7
million and $167.6
million, respectively)
|
174.7
|
|
167.6
|
|
Total investments
|
420.2
|
|
373.3
|
|
Cash and cash equivalents
|
247.7
|
|
197.6
|
|
Restricted cash
|
24.5
|
|
35.2
|
|
Accounts receivable, net of allowance of $0.2 million and
$0.6 million, respectively
|
236.7
|
|
167.0
|
|
Reinsurance recoverable on paid and unpaid losses and
LAE
|
321.3
|
|
285.3
|
|
Prepaid reinsurance premiums
|
336.6
|
|
274.2
|
|
Ceding commissions receivable
|
123.1
|
|
79.5
|
|
Capitalized internal use software
|
43.3
|
|
48.1
|
|
Intangible assets
|
14.0
|
|
17.0
|
|
Other assets
|
106.2
|
|
66.2
|
|
Total assets
|
$
1,873.6
|
|
$
1,543.4
|
|
Liabilities and stockholders' equity
|
|
|
|
|
Liabilities:
|
|
|
|
|
Loss and loss adjustment expense reserve
|
$
384.4
|
|
$
350.0
|
|
Unearned premiums
|
564.4
|
|
457.9
|
|
Reinsurance premiums payable
|
332.1
|
|
248.6
|
|
Provision for commission
|
38.0
|
|
34.3
|
|
Surplus note
|
47.9
|
|
—
|
|
Accrued expenses and other liabilities
|
85.3
|
|
87.4
|
|
Total liabilities
|
1,452.1
|
|
1,178.2
|
|
Commitments and contingencies (Note 12)
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
Common stock, $0.0001 par value per share; 80,000,000 shares
authorized as of
September 30, 2025 and
December 31, 2024; 25,337,366 and 24,866,803 shares
issued and outstanding as of September 30, 2025 and
December 31, 2024,
respectively
|
—
|
|
—
|
|
Additional paid-in capital
|
1,643.3
|
|
1,639.7
|
|
Accumulated other comprehensive income (loss)
|
1.4
|
|
(2.7)
|
|
Accumulated deficit
|
(1,223.2)
|
|
(1,274.9)
|
|
Total Hippo stockholders' equity
|
421.5
|
|
362.1
|
|
Noncontrolling interest
|
—
|
|
3.1
|
|
Total stockholders' equity
|
421.5
|
|
365.2
|
|
Total liabilities and stockholders' equity
|
$
1,873.6
|
|
$
1,543.4
|
Consolidated Statement of Operations
(in millions, unaudited)
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2025
|
|
2024
|
|
2025
|
|
2024
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Net earned premium
|
$
99.7
|
|
$
70.6
|
|
$
281.0
|
|
$
195.5
|
|
Commission income, net
|
10.5
|
|
15.7
|
|
39.6
|
|
47.7
|
|
Service and fee income
|
3.1
|
|
3.0
|
|
8.8
|
|
8.8
|
|
Net investment income
|
7.3
|
|
6.2
|
|
18.8
|
|
18.2
|
|
Total revenue
|
120.6
|
|
95.5
|
|
348.2
|
|
270.2
|
|
Expenses:
|
|
|
|
|
|
|
|
|
Losses and loss adjustment expenses
|
47.5
|
|
51.6
|
|
184.4
|
|
164.6
|
|
Insurance related expenses
|
32.9
|
|
22.6
|
|
95.9
|
|
67.9
|
|
Technology and development
|
8.0
|
|
7.0
|
|
24.2
|
|
23.1
|
|
Sales and marketing
|
8.0
|
|
12.5
|
|
26.1
|
|
40.3
|
|
General and administrative
|
16.5
|
|
15.3
|
|
50.4
|
|
53.5
|
|
Impairment and restructuring charges
|
3.8
|
|
—
|
|
5.0
|
|
3.6
|
|
Gain on sale of business
|
(95.0)
|
|
(8.2)
|
|
(95.0)
|
|
(8.2)
|
|
Interest and other (income) expense, net
|
0.8
|
|
(0.1)
|
|
0.7
|
|
(0.1)
|
|
Total expenses
|
22.5
|
|
100.7
|
|
291.7
|
|
344.7
|
|
Income (loss) before income taxes
|
98.1
|
|
(5.2)
|
|
56.5
|
|
(74.5)
|
|
Income tax expense (benefit)
|
—
|
|
—
|
|
(0.1)
|
|
1.0
|
|
Net income (loss)
|
98.1
|
|
(5.2)
|
|
56.6
|
|
(75.5)
|
|
Net income attributable to noncontrolling
interests, net of tax
|
—
|
|
3.3
|
|
4.9
|
|
9.2
|
|
Net income (loss) attributable to Hippo
|
$
98.1
|
|
$
(8.5)
|
|
$
51.7
|
|
$
(84.7)
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
Change in net unrealized gain (loss) on
investments,
net of tax
|
1.3
|
|
4.1
|
|
4.1
|
|
3.4
|
|
Comprehensive income (loss) attributable
to Hippo
|
$
99.4
|
|
$
(4.4)
|
|
$
55.8
|
|
$
(81.3)
|
|
|
|
|
|
|
|
|
|
Per share data:
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Hippo -
basic and
diluted
|
$
98.1
|
|
$
(8.5)
|
|
$
51.7
|
|
$
(84.7)
|
|
Weighted-average shares used in
computing net income (loss) per share
attributable to Hippo
|
|
|
|
|
|
|
|
|
Basic
|
25,183,389
|
|
25,068,472
|
|
25,362,467
|
|
24,644,272
|
|
Diluted
|
26,025,069
|
|
25,068,472
|
|
26,186,034
|
|
24,644,272
|
|
Net income (loss) per share attributable to Hippo
|
|
|
|
|
|
|
|
|
Basic
|
$
3.90
|
|
$
(0.34)
|
|
$
2.04
|
|
$
(3.44)
|
|
Diluted
|
$
3.77
|
|
$
(0.34)
|
|
$
1.97
|
|
$
(3.44)
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO THEIR MOST DIRECTLY
COMPARABLE GAAP FINANCIAL MEASURES
(in millions, unaudited)
Adjusted Net Income (Loss)
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2025
|
|
2024
|
|
2025
|
|
2024
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Hippo
|
$
98.1
|
|
$
(8.5)
|
|
$
51.7
|
|
$
(84.7)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
4.7
|
|
5.9
|
|
15.6
|
|
17.4
|
|
Stock-based compensation
|
7.0
|
|
9.0
|
|
22.6
|
|
29.3
|
|
Fair value adjustments
|
—
|
|
0.3
|
|
(0.2)
|
|
2.2
|
|
Other one-off transactions
|
(0.3)
|
|
0.2
|
|
0.5
|
|
5.4
|
|
Impairment and restructuring
|
3.8
|
|
—
|
|
5.0
|
|
3.6
|
|
Gain on sale of a business
|
(95.0)
|
|
(8.2)
|
|
(95.0)
|
|
(8.2)
|
|
Adjusted net income (loss)
|
$
18.3
|
|
$
(1.3)
|
|
$
0.2
|
|
$
(35.0)
|
Diluted Adjusted Earnings (Loss) per Share
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2025
|
|
2024
|
|
2025
|
|
2024
|
|
|
|
|
|
|
|
|
|
Adjusted net income (loss)
|
$
18.3
|
|
$
(1.3)
|
|
$
0.2
|
|
$
(35.0)
|
|
Weighted-average common shares
outstanding,
diluted
|
26,025,069
|
|
25,068,472
|
|
26,186,034
|
|
24,644,272
|
|
Diluted Adjusted Earnings (Loss) per Share
|
$
0.70
|
|
$
(0.05)
|
|
$
0.01
|
|
$
(1.42)
|
Annualized Adjusted Return on Equity
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2025
|
|
2024
|
|
2025
|
|
2024
|
|
|
|
|
|
|
|
|
|
Annualized Adjusted net income (loss)
|
$
73.2
|
|
$
(5.2)
|
|
$
0.3
|
|
$ (46.7)
|
|
Average Hippo Stockholders' Equity
|
377.0
|
|
324.5
|
|
391.8
|
|
352.2
|
|
Annualized Adjusted Return on Equity
|
19 %
|
|
(2) %
|
|
— %
|
|
(13) %
|
Tangible Book Value Per Share
|
As of September 30, 2025
|
|
As of December 31, 2024
|
|
Hippo Stockholders' Equity
|
$
421.5
|
|
$
362.1
|
|
Less: Intangible assets
|
14.0
|
|
17.0
|
|
Tangible stockholders' equity
|
$
407.5
|
|
$
345.1
|
|
Shares outstanding
|
25,337,366
|
|
24,866,803
|
|
Tangible book value per share
|
$
16.08
|
|
$
13.88
|
SUPPLEMENTAL FINANCIAL INFORMATION
(in millions, unaudited)
Net Loss, Expense, and Combined Ratio
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2025
|
|
2024
|
|
2025
|
|
2024
|
|
Net Earned Premium
|
$
99.7
|
|
$
70.6
|
|
$
281.0
|
|
$
195.5
|
|
|
|
|
|
|
|
|
|
Catastrophe losses
|
(0.3)
|
|
16.1
|
|
62.1
|
|
53.1
|
|
Non-catastrophe losses
|
47.8
|
|
35.5
|
|
122.3
|
|
111.5
|
|
Loss and loss adjustment expenses
|
$
47.5
|
|
$
51.6
|
|
$ 184.4
|
|
$ 164.6
|
|
Catastrophe losses ratio
|
— %
|
|
22.8 %
|
|
22.1 %
|
|
27.2 %
|
|
Non-catastrophe losses ratio
|
48.0 %
|
|
50.3 %
|
|
43.5 %
|
|
57.0 %
|
|
Net loss ratio
|
48.0 %
|
|
73.1 %
|
|
65.6 %
|
|
84.2 %
|
|
Insurance related expenses
|
$
32.9
|
|
$
22.6
|
|
$
95.9
|
|
$
67.9
|
|
Technology and development
|
8.0
|
|
7.0
|
|
24.2
|
|
23.1
|
|
Sales and marketing
|
8.0
|
|
12.5
|
|
26.1
|
|
40.3
|
|
General and administrative
|
16.5
|
|
15.3
|
|
50.4
|
|
53.5
|
|
Less: commission income, net and service and
fee
income
|
(13.6)
|
|
(18.7)
|
|
(48.4)
|
|
(56.5)
|
|
Total net expenses
|
$
51.8
|
|
$
38.7
|
|
$ 148.2
|
|
$ 128.3
|
|
Expense Ratio
|
52.0 %
|
|
54.8 %
|
|
52.7 %
|
|
65.6 %
|
|
Combined Ratio
|
100.0 %
|
|
127.9 %
|
|
118.3 %
|
|
149.8 %
|
|
|
|
|
|
|
|
|
|
Prior accident year developments
|
|
|
|
|
|
|
|
|
Loss and loss adjustment expenses
|
(0.5)
|
|
(1.9)
|
|
(10.6)
|
|
(4.0)
|
|
Net loss ratio
|
(0.5) %
|
|
(2.7) %
|
|
(3.8) %
|
|
(2.0) %
|
|
Net accident year loss ratio
|
48.5 %
|
|
75.8 %
|
|
69.4 %
|
|
86.2 %
|
|
Net accident year loss ratio x catastrophe
|
48.5 %
|
|
53.0 %
|
|
47.3 %
|
|
59.0 %
|
Gross and Net Loss Ratio
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2025
|
|
2024
|
|
2025
|
|
2024
|
|
Gross Losses and LAE
|
$100.6
|
|
$106.3
|
|
$400.2
|
|
$350.7
|
|
Gross Earned Premium
|
253.0
|
|
213.4
|
|
714.3
|
|
632.1
|
|
Gross Loss Ratio
|
39.8 %
|
|
49.8 %
|
|
56.0 %
|
|
55.5 %
|
|
|
|
|
|
|
|
|
|
Net Losses and LAE
|
$47.5
|
|
$51.6
|
|
$184.4
|
|
$164.6
|
|
Net Earned Premium
|
$99.7
|
|
$70.6
|
|
$281.0
|
|
$195.5
|
|
Net Loss Ratio
|
47.6 %
|
|
73.1 %
|
|
65.6 %
|
|
84.2 %
|
Underwriting Data
The Company has a single reportable segment and offers property &
casualty insurance products. Gross written premiums (GWP), Net written
premiums (NWP), and Net earned premiums (NEP) by line of business are
presented below:
Gross Written Premium (GWP) by State
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
2025
|
|
2024
|
|
2025
|
|
2024
|
|
Amount
|
|
% of
GWP
|
|
Amount
|
|
% of
GWP
|
|
Amount
|
|
% of
GWP
|
|
Amount
|
|
% of
GWP
|
|
State
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California
|
$ 66.8
|
|
21.5 %
|
|
$ 53.0
|
|
22.6 %
|
|
163.2
|
|
20.0 %
|
|
$ 153.5
|
|
22.4 %
|
|
Florida
|
40.1
|
|
12.9 %
|
|
26.8
|
|
11.4 %
|
|
118.9
|
|
14.5 %
|
|
89.5
|
|
13.0 %
|
|
Texas
|
37.7
|
|
12.1 %
|
|
34.7
|
|
14.8 %
|
|
99.5
|
|
12.1 %
|
|
99.1
|
|
14.4 %
|
|
New York
|
13.8
|
|
4.4 %
|
|
10.5
|
|
4.5 %
|
|
60.6
|
|
7.4 %
|
|
23.1
|
|
3.4 %
|
|
Georgia
|
9.5
|
|
3.0 %
|
|
5.9
|
|
2.5 %
|
|
23.0
|
|
2.8 %
|
|
19.5
|
|
2.8 %
|
|
Illinois
|
9.1
|
|
2.9 %
|
|
6.3
|
|
2.7 %
|
|
24.0
|
|
2.9 %
|
|
21.2
|
|
3.1 %
|
|
North Carolina
|
8.3
|
|
2.7 %
|
|
5.7
|
|
2.4 %
|
|
18.3
|
|
2.2 %
|
|
15.1
|
|
2.2 %
|
|
Massachusetts
|
7.0
|
|
2.2 %
|
|
6.4
|
|
2.7 %
|
|
20.4
|
|
2.5 %
|
|
20.1
|
|
2.9 %
|
|
South Carolina
|
6.7
|
|
2.2 %
|
|
7.2
|
|
3.1 %
|
|
18.7
|
|
2.3 %
|
|
20.5
|
|
3.0 %
|
|
Pennsylvania
|
6.5
|
|
2.1 %
|
|
4.4
|
|
1.9 %
|
|
15.9
|
|
1.9 %
|
|
12.8
|
|
1.9 %
|
|
Other
|
105.7
|
|
34.0 %
|
|
73.5
|
|
30.4 %
|
|
258.2
|
|
31.4 %
|
|
212.4
|
|
31.9 %
|
|
Total
|
$ 311.2
|
|
100.0 %
|
|
$ 234.4
|
|
100 %
|
|
$ 820.7
|
|
100.0 %
|
|
$ 686.8
|
|
100.0 %
|
Gross Written Premium (GWP) by Line of Business
|
Three Months Ended September 30,
|
|
|
|
|
|
2025
|
|
2024
|
|
|
|
|
|
Amount
|
|
% of
GWP
|
|
Amount
|
|
% of
GWP
|
|
Change
|
|
%
Change
|
|
Line of Business
|
|
|
|
|
|
|
|
|
|
|
|
|
Homeowners
|
$ 101.0
|
|
32.5 %
|
|
$ 111.3
|
|
47.5 %
|
|
(10.3)
|
|
(9.3) %
|
|
Renters
|
59.3
|
|
19.1 %
|
|
52.9
|
|
22.6 %
|
|
6.4
|
|
12.1 %
|
|
Commercial Multi-Peril
|
66.0
|
|
21.2 %
|
|
29.6
|
|
12.6 %
|
|
36.4
|
|
123.0 %
|
|
Casualty
|
76.3
|
|
24.5 %
|
|
32.2
|
|
13.7 %
|
|
44.1
|
|
137.0 %
|
|
Other
|
8.6
|
|
2.7 %
|
|
8.4
|
|
3.6 %
|
|
0.2
|
|
2.4 %
|
|
Total
|
$ 311.2
|
|
100.0 %
|
|
$ 234.4
|
|
100.0 %
|
|
76.8
|
|
32.8 %
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
2025
|
|
2024
|
|
|
|
|
|
Amount
|
|
% of
GWP
|
|
Amount
|
|
% of
GWP
|
|
Change
|
|
%
Change
|
|
Line of Business
|
|
|
|
|
|
|
|
|
|
|
|
|
Homeowners
|
$ 288.2
|
|
35.1 %
|
|
$ 327.0
|
|
47.6 %
|
|
(38.8)
|
|
(11.9) %
|
|
Renters
|
138.5
|
|
16.9 %
|
|
115.6
|
|
16.8 %
|
|
22.9
|
|
19.8 %
|
|
Commercial Multi-Peril
|
200.0
|
|
24.4 %
|
|
110.5
|
|
16.1 %
|
|
89.5
|
|
81.0 %
|
|
Casualty
|
175.5
|
|
21.4 %
|
|
104.7
|
|
15.2 %
|
|
70.8
|
|
67.6 %
|
|
Other
|
18.5
|
|
2.3 %
|
|
29.0
|
|
4.2 %
|
|
(10.5)
|
|
(36.2) %
|
|
Total
|
$ 820.7
|
|
100.0 %
|
|
$ 686.8
|
|
100.0 %
|
|
133.9
|
|
19.5 %
|
Net Written Premium (NWP) by Line of Business
|
Three Months Ended September 30,
|
|
|
|
|
|
2025
|
|
2024
|
|
|
|
|
|
Amount
|
|
% of
NWP
|
|
Amount
|
|
% of
NWP
|
|
Change
|
|
%
Change
|
|
Line of Business
|
|
|
|
|
|
|
|
|
|
|
|
|
Homeowners
|
$ 75.7
|
|
64.2 %
|
|
$ 78.2
|
|
86.3 %
|
|
(2.5)
|
|
(3.2) %
|
|
Renters
|
26.4
|
|
22.4 %
|
|
8.7
|
|
9.6 %
|
|
17.7
|
|
203.4 %
|
|
Commercial Multi-Peril
|
13.6
|
|
11.5 %
|
|
2.3
|
|
2.5 %
|
|
11.3
|
|
491.3 %
|
|
Casualty
|
3.7
|
|
3.1 %
|
|
0.4
|
|
0.4 %
|
|
3.3
|
|
825.0 %
|
|
Other
|
(1.5)
|
|
(1.2) %
|
|
1.0
|
|
1.2 %
|
|
(2.5)
|
|
(250.0) %
|
|
Total
|
$ 117.9
|
|
100.0 %
|
|
$ 90.6
|
|
100.0 %
|
|
27.3
|
|
30.1 %
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
2025
|
|
2024
|
|
|
|
|
|
Amount
|
|
% of
NWP
|
|
Amount
|
|
% of
NWP
|
|
Change
|
|
%
Change
|
|
Line of Business
|
|
|
|
|
|
|
|
|
|
|
|
|
Homeowners
|
$ 191.5
|
|
58.9 %
|
|
$ 241.6
|
|
74.3 %
|
|
(50.1)
|
|
(20.7) %
|
|
Renters
|
83.0
|
|
25.5 %
|
|
19.1
|
|
5.9 %
|
|
63.9
|
|
334.6 %
|
|
Commercial Multi-Peril
|
52.0
|
|
16.0 %
|
|
18.7
|
|
5.8 %
|
|
33.3
|
|
178.1 %
|
|
Casualty
|
6.4
|
|
2.0 %
|
|
1.6
|
|
0.5 %
|
|
4.8
|
|
300.0 %
|
|
Other
|
(7.8)
|
|
(2.4) %
|
|
12.4
|
|
3.8 %
|
|
(20.2)
|
|
(162.9) %
|
|
Total
|
$ 325.1
|
|
100.0 %
|
|
$ 293.4
|
|
100.0 %
|
|
31.7
|
|
10.8 %
|
Net Earned Premium (NEP) by Line of Business
|
Three Months Ended September 30,
|
|
|
|
|
|
2025
|
|
2024
|
|
|
|
|
|
Amount
|
|
% of
NEP
|
|
Amount
|
|
% of
NEP
|
|
Change
|
|
%
Change
|
|
Line of Business
|
|
|
|
|
|
|
|
|
|
|
|
|
Homeowners
|
$ 63.9
|
|
64.1 %
|
|
$ 57.1
|
|
80.9 %
|
|
6.8
|
|
11.9 %
|
|
Renters
|
18.7
|
|
18.8 %
|
|
5.7
|
|
8.1 %
|
|
13.0
|
|
228.1 %
|
|
Commercial Multi-Peril
|
13.8
|
|
13.8 %
|
|
4.1
|
|
5.8 %
|
|
9.7
|
|
236.6 %
|
|
Casualty
|
3.2
|
|
3.2 %
|
|
0.4
|
|
0.6 %
|
|
2.8
|
|
700.0 %
|
|
Other
|
0.1
|
|
0.1 %
|
|
3.3
|
|
4.6 %
|
|
(3.2)
|
|
(97.0) %
|
|
Total
|
$ 99.7
|
|
100.0 %
|
|
$ 70.6
|
|
100.0 %
|
|
29.1
|
|
41.2 %
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
2025
|
|
2024
|
|
|
|
|
|
Amount
|
|
% of
NEP
|
|
Amount
|
|
% of
NEP
|
|
Change
|
|
%
Change
|
|
Line of Business
|
|
|
|
|
|
|
|
|
|
|
|
|
Homeowners
|
$ 187.7
|
|
66.8 %
|
|
$ 158.1
|
|
80.9 %
|
|
29.6
|
|
18.7 %
|
|
Renters
|
54.0
|
|
19.2 %
|
|
15.9
|
|
8.1 %
|
|
38.1
|
|
239.6 %
|
|
Commercial Multi-Peril
|
32.4
|
|
11.5 %
|
|
12.9
|
|
6.6 %
|
|
19.5
|
|
151.2 %
|
|
Casualty
|
4.5
|
|
1.6 %
|
|
1.6
|
|
0.8 %
|
|
2.9
|
|
181.3 %
|
|
Other
|
2.4
|
|
0.9 %
|
|
7.0
|
|
3.6 %
|
|
(4.6)
|
|
(65.7) %
|
|
Total
|
$ 281.0
|
|
100.0 %
|
|
$ 195.5
|
|
100.0 %
|
|
85.5
|
|
43.7 %
|
Information about Key Operating Metrics/Non-GAAP Financial Measures
We define adjusted net income, a Non-GAAP financial measure, as net income
excluding the impact of certain items that may not be indicative of
underlying business trends, operating results, or future outlook, net of
tax impact. We calculate the tax impact only on adjustments which would be
included in calculating our income tax expense using the estimated tax
rate at which the company received a deduction for these adjustments. We
use adjusted net income as an internal performance measure in the
management of our operations because we believe it gives our management
and financial statement users useful insight into our results of
operations and our underlying business performance. Adjusted net income
does not reflect the overall profitably of our business and should not be
viewed as a substitute for net income calculated in accordance with GAAP.
Other companies may define adjusted net income differently.
We define diluted adjusted earnings (loss) per share, a Non-GAAP financial
measure, as adjusted net income divided by the weighted-average common
shares outstanding for the period, reflecting the dilution which could
occur if equity-based awards are converted into common share equivalents
as calculated using the treasury stock method. Diluted adjusted earnings
(loss) per share should not be viewed as a substitute for diluted earnings
(loss) per share calculated in accordance with GAAP. Other companies may
define diluted adjusted earnings (loss) per share differently.
We define annualized adjusted return on equity, a Non-GAAP financial
measure, as adjusted net income (loss) expressed on an annualized basis as
a percentage of average beginning and ending Hippo stockholders' equity
during the period. We use annualized adjusted return on equity as an
internal performance measure in the management of our operations because
we believe it gives our management and financial statement users useful
insight into our results of operations and our underlying business
performance. Annualized adjusted return on equity should not be viewed as
a substitute for return on equity calculated in accordance with GAAP.
Other companies may define annualized adjusted return on equity
differently.
We define tangible book value per share, a Non-GAAP financial measure, as
total stockholders' equity, less intangible assets, divided by the
outstanding number of shares of our common stock at the end of the
relevant period. Our definition of tangible book value per share may not
be comparable to that of other companies, and it should not be viewed as a
substitute for book value per share calculated in accordance with GAAP. We
use tangible book value per share internally to evaluate changes from
period to period in book value per share exclusive of changes in
intangible assets.
These Non-GAAP financial measures are in addition to, and not a substitute
for, or superior to, measures of financial performance prepared in
accordance with GAAP and should not be considered as an alternative to net
income, operating income or any other performance measures derived in
accordance with GAAP. Reconciliations of these Non-GAAP financial measures
to their most directly comparable GAAP counterpart is included above. We
believe that these non-GAAP measures of financial results provide useful
supplemental information to investors about
Hippo.
Forward-looking statements safe harbor
Certain statements included in this press release that are not historical
facts are forward-looking statements for purposes of the safe harbor
provisions under the United States Private Securities Litigation Reform
Act of 1995. Forward-looking statements generally are accompanied by words
such as "believe," "may," "will," "estimate," "continue," "anticipate,"
"intend," "expect," "should," "would," "plan," "predict," "potential,"
"seem," "seek," "future," "outlook," and similar expressions that predict
or indicate future events or trends or that are not statements of
historical matters. These forward-looking statements include, but are not
limited to, statements regarding estimates and forecasts of financial
results and other operating and performance metrics, our business
strategy, our cost reduction efforts, the quality of our products and
services, and the potential growth of our business. These statements are
based on the current expectations of Hippo's management and are not
predictions of actual performance. Actual events and circumstances are
difficult or impossible to predict and will differ from assumptions, and
many actual events and circumstances are beyond the control of Hippo.
These forward-looking statements are subject to a number of risks and
uncertainties, including our ability to navigate extensive insurance
industry regulations and the scrutiny of state insurance regulators, our
ability to achieve or maintain profitability in the future; our ability to
retain and expand our customer base and grow our business, including our
builder network; our ability to manage growth effectively; risks relating
to Hippo's brand and brand reputation; denial of claims or our failure to
accurately and timely pay claims; the effects of intense competition in
the segments of the insurance industry in which we operate; the
availability and adequacy of reinsurance, including at current coverage,
limits or pricing; our ability to underwrite risks accurately and charge
competitive yet profitable rates to our customers, and the sufficiency of
the analytical models we use to assess and predict exposure to catastrophe
losses; risks related to our proprietary technology and our digital
platform; outages or interruptions or delays in services provided by our
third party providers, including our data vendors; risks related to our
intellectual property; the seasonal and cyclical nature of our business;
the effects of severe weather events and other natural or man-made
catastrophes, including the effects of climate change, global pandemics,
and terrorism; any overall decline in economic activity; regulators'
identification of errors in the policy forms we use, the rates we charge,
and our customer communications including, but not limited to,
cancellations, non-renewals and reinstatements through market conducts,
complaints, or other inquiries; the effects of existing or new legal or
regulatory requirements on our business, including with respect to
maintenance of risk-based capital and financial strength ratings, data
privacy and cybersecurity, and the insurance industry generally; and other
risks set forth in the sections entitled "Risk Factors" in our Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q. If any of these
risks materialize or our assumptions prove incorrect, actual results could
differ materially from the results implied by these forward-looking
statements. There may be additional risks that Hippo does not presently
know, or that Hippo currently believes are immaterial, that could also
cause actual results to differ from those contained in the forward-looking
statements. In addition, forward-looking statements reflect Hippo's
expectations, plans, or forecasts of future events and views as of the
date of this press release. Hippo anticipates that subsequent events and
developments will cause Hippo's assessments to change. However, while
Hippo may elect to update these forward-looking statements at some point
in the future, Hippo specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as representing
Hippo's assessments of any date subsequent to the date of this press
release. Accordingly, undue reliance should not be placed upon the
forward-looking statements.
Contacts
Investors:
Charles Sebaski
Investors@hippo.com
Press:
Mark Olson
press@hippo.com
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SOURCE Hippo Holdings Inc.