Hippo Holdings Inc. (HIPO) came out with a quarterly loss of $1.64 per share versus the Zacks Consensus Estimate of a loss of $1.77. This compares to loss of $4.61 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 7.34%. A quarter ago, it was expected that this company would post a loss of $1.41 per share when it actually produced a loss of $1.47, delivering a surprise of -4.26%. Over the last four quarters, the company has sur ...

PALO ALTO, Calif., July 15, 2024 /PRNewswire/ -- Hippo (NYSE: HIPO), the home insurance group focused on proactive home protection, today announced the company's second quarter financial results will be released before market open on Thursday, August 8, 2024. The company will host a conference call and live webcast for analysts and investors at 8am ET/5am PT on that day. A shareholder letter with the financial results will be accessible from the investor relations section of the company's website prior to t ...

Hippo Holdings Inc. (HIPO) came out with a quarterly loss of $1.47 per share versus the Zacks Consensus Estimate of a loss of $1.41. This compares to loss of $3.01 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -4.26%. A quarter ago, it was expected that this company would post a loss of $2.04 per share when it actually produced a loss of $1.76, delivering a surprise of 13.73%.Over the last four quarters, the company has surp ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______. Commission file number 001-39711 HIPPO HOLDINGS INC. (Exact name of registrant as specified in its charter) 150 Forest Avenue Palo Alto, Cal ...

hippo KEY HIGHLIGHTS FROM 01 hippo E 01 2024 LETTER TO SHAREHOLDERS Accelerating Top-line Growth; Favorable Mix-Shift Continued HHIP Loss Ratio Improvement Generating Substantial Operating Leverage Net Loss and Adjusted EBITDA continuing to improve Financial Strength Letter to Shareholders | 012024 Total Generated $245M Premium ("TGP") $154M YoY Q1'22 Q1'23 $294M Q1'24 Revenue $85M $40M $25M Q1'22 Q1'23 Q1'24 HHIP Gross Loss Ratio1 Q1'22 Q1'23 Q1'24 -$20M -$49M -$52M (1) Q1'22 HHIP Gross Loss Ratio excludes ...

PALO ALTO, Calif., April 2, 2024 /PRNewswire/ -- Hippo (NYSE: HIPO), the home insurance group focused on proactive home protection, today announced the company's first quarter financial results will be released before market open on Thursday, May 2, 2024. The company will host a conference call and live webcast for analysts and investors at 8am ET/5am PT on that day. A shareholder letter with the financial results will be accessible from the investor relations section of the company's website prior to the c ...

Appetite Finder Checks with Multiple Carriers to Gauge their Appetite for Specific Risk Profiles PALO ALTO, Calif., March 21, 2024 /PRNewswire/ -- First Connect Insurance Services, a digital platform designed to provide independent agents access to some of the nation's top carriers, announced today that it has partnered with Hiscox USA, and subsequently hit the 100-carrier and MGA milestone. First Connect also launched a new Appetite Finder feature today, making it easier for agents to match their client's ...

[Q4 2023 Key Highlights](index=2&type=section&id=Q4%202023%20Key%20Highlights) The company achieved significant growth in total generated premium and revenue in Q4 2023, alongside improved loss ratios and a narrowed adjusted EBITDA loss Q4 2023 Key Performance Indicators (Year-over-Year) | Metric | Q4 2021 | Q4 2022 | Q4 2023 | YoY Change (22-23) | | :--- | :--- | :--- | :--- | :--- | | Total Generated Premium in-Force | $602M | $813M | $1,140M | +40% | | Revenue | $32M | $36M | $64M | +80% | | HHIP Accident Period Loss Ratio | 88% | 78% | 64% | -14pp | | Adjusted EBITDA (Loss) | ($46M) | ($47M) | ($22M) | +53% improvement | - Growth was primarily driven by the Insurance-as-a-Service (IaaS) and Services segments, with their Total Generated Premium (TGP) up **39%** and **20%** YoY, respectively. These segments now represent **77%** of total TGP[13](index=13&type=chunk) - GAAP operating expenses (excluding loss-related expenses) significantly decreased as a percentage of revenue, from **158%** in Q4 2022 to **75%** in Q4 2023, demonstrating substantial operating leverage[5](index=5&type=chunk) - The company's financial position strengthened, with year-end cash and investments of **$491 million** and Spinnaker (reinsurance carrier) surplus increasing to **$191 million** from **$165 million** a year ago[14](index=14&type=chunk) [Letter to Shareholders](index=3&type=section&id=Letter%20to%20Shareholders) The CEO highlights a transformative period of significant premium and revenue growth, strategic shifts towards IaaS and de-risking, positioning the company for early profitability - Over the past two years, Total Generated Premium nearly doubled to **$1.1 billion** and revenue more than doubled to **$210 million**, while fixed expenses slightly decreased from **$140 million** to **$138 million**[16](index=16&type=chunk) - The company has refocused its consumer agency to find the best policy for each customer, even if it's from one of its **50+** carrier partners, rather than exclusively pushing Hippo's own policies[17](index=17&type=chunk) - The Spinnaker IaaS business is a key growth driver, serving the MGA market with an industry-leading platform and robust underwriting, achieving growth while expanding operating margins[19](index=19&type=chunk) - Aggressive actions were taken in H2 2023 to de-risk the Hippo Home Insurance Program, including raising wind/hail deductibles and non-renewing policies in high-catastrophe areas. These changes could reduce direct losses from similar 2023 hailstorms by approximately **55%** in 2024 and nearly **80%** in 2025[21](index=21&type=chunk)[22](index=22&type=chunk) - With operational streamlining and a strategic shift towards lower volatility businesses, management has greater confidence in achieving profitability goals ahead of schedule and is positioning the company to 'go back on offense' in 2024[23](index=23&type=chunk)[24](index=24&type=chunk) [Q4'23 and FY23 Financial & Operational Results](index=5&type=section&id=Q4%2723%20and%20FY23%20Financial%20%26%20Operational%20Results) Hippo demonstrated significant 2023 operational and financial progress, with strong TGP and revenue growth, improved loss ratios, and reduced expenses, setting the stage for positive Adjusted EBITDA in H2 2024 [Total Generated Premium (TGP)](index=6&type=section&id=Total%20Generated%20Premium%20(TGP)) Total Generated Premium (TGP) grew 40% in 2023 to over $1.1 billion, driven by IaaS and Services segments, which are projected to reach 85% of TGP by Q4 2024, with total TGP exceeding $1.3 billion in 2024 - TGP increased by **40%** in 2023, growing from **$811 million** to over **$1.1 billion**[32](index=32&type=chunk) - The business mix shifted towards more profitable and predictable segments (IaaS and Services), which collectively represented **77%** of TGP in Q4 2023, up from **59%** in Q4 2021[32](index=32&type=chunk) TGP Growth and Forecast by Segment ($M) | Segment | 2021 | 2022 | 2023 | 2024F | | :--- | :--- | :--- | :--- | :--- | | HHIP | 279 | 358 | 288 | 157 | | Services | 188 | 296 | 360 | 460 | | Insurance-as-a-Service | 157 | 181 | 514 | 630-670 | | **Total TGP** | **606** | **811** | **1,134** | **1,300-1,370** | - For 2024, TGP is projected to grow to over **$1.3 billion**, with the Services and IaaS segments expected to represent **~85%** of total TGP by Q4 2024[33](index=33&type=chunk) [Revenue](index=7&type=section&id=Revenue) Revenue grew 75% in 2023 to $210 million, driven by segment growth and improved HHIP reinsurance, with 2024 projections exceeding $340 million and a nearly 60% reduction in severe weather exposure due to XoL reinsurance - Revenue grew **75%** in 2023, from **$120 million** to **$210 million**, outpacing TGP growth[36](index=36&type=chunk) - A key driver of revenue growth was a change in the HHIP reinsurance structure. In 2023, the company retained **39%** of premium for **46%** of the risk, a significant improvement from 2022 where it retained only **12%** of premium for **30%** of the risk[37](index=37&type=chunk)[40](index=40&type=chunk) Revenue by Segment ($M) | Segment | 2022 | 2023 | 2024F | | :--- | :--- | :--- | :--- | | HHIP | 64 | 102 | 190-200 | | Services | 37 | 44 | 50-55 | | Insurance-as-a-Service | 37 | 71 | 95-105 | | **Total Revenue** | **120** | **210** | **340-360** | - The company is transitioning to an excess of loss (XoL) reinsurance structure in 2024, which will better align net earned premium with risk retention and is expected to reduce underlying severe weather exposure by almost **60%**[42](index=42&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) [Loss and Loss Adjustment Expense](index=9&type=section&id=Loss%20and%20Loss%20Adjustment%20Expense) Despite high weather losses, the underlying non-PCS loss ratio improved by 13 percentage points to 63% in 2023, with 2024 targets for HHIP gross non-PCS loss ratio at 52-58% and net loss ratio at 85-90% due to rate increases and reduced exposure - The 2023 non-PCS loss ratio improved by **13 percentage points** to **63%**, compared to **76%** in 2022, indicating better underlying underwriting performance masked by outsized weather losses[47](index=47&type=chunk) - Aggressive actions, including raising deductibles and selective non-renewals, combined with a **28%** written rate increase in Q4 2023, have structurally improved the risk profile of the business[49](index=49&type=chunk)[50](index=50&type=chunk) HHIP Loss Ratio Targets for 2024 | Metric | 2023 Actual | 2024 Forecast | | :--- | :--- | :--- | | Gross Non-PCS Loss Ratio | 63% | 52-58% | | Expected PCS Cat Load | 41% | 20% | | **Total Gross Loss Ratio** | **103%** | **72-78%** | - The HHIP net loss ratio is expected to improve significantly from **256%** in 2023 to **85-90%** in 2024, driven by gross loss ratio improvements and more effective reinsurance. The Q4 2024 net loss ratio is expected to be under **75%**[53](index=53&type=chunk)[55](index=55&type=chunk) [Fixed Expenses and Operating Leverage](index=11&type=section&id=Fixed%20Expenses%20and%20Operating%20Leverage) The company demonstrated significant operating leverage in 2023 by reducing fixed expenses from $166 million to $138 million, falling from 138% to 66% of revenue, with further 20% absolute reductions projected for 2024 Fixed Expense and Operating Leverage Improvement | Metric | 2022 | 2023 | 2024F | | :--- | :--- | :--- | :--- | | Revenue | $120M | $210M | $340-360M | | Fixed Expense | $166M | $138M | $105-110M | | Fixed Expense % of Revenue | 138% | 66% | <31% | - Fixed expenses declined year-over-year from **$166 million** in 2022 to **$138 million** in 2023[57](index=57&type=chunk) - For 2024, fixed expenses are expected to decline by more than **20%** in absolute dollar terms, reflecting the full benefit of late 2023 cost reduction measures[58](index=58&type=chunk) [Adjusted EBITDA](index=12&type=section&id=Adjusted%20EBITDA) Hippo's Q4 2023 Adjusted EBITDA loss narrowed by over 50% to $22 million, with a projected full-year 2024 loss of $41-51 million (over 75% improvement), and positive Adjusted EBITDA expected in H2 2024 - The Q4 2023 Adjusted EBITDA loss was **$22 million**, a more than **50%** improvement from the **$47 million** loss in Q4 2022[62](index=62&type=chunk) - The company forecasts a full-year 2024 Adjusted EBITDA loss of only **$41-51 million**, down over **75%** from 2023[63](index=63&type=chunk) - Hippo expects to turn Adjusted EBITDA positive during the second half of 2024, with Q4 2024 being fully Adjusted EBITDA positive[63](index=63&type=chunk) [Summary of 2024 Guidance](index=13&type=section&id=Summary%20of%202024%20Guidance) For 2024, Hippo anticipates strong growth with TGP exceeding $1.3 billion and revenue surpassing $340 million, projecting significant loss profile improvement and positive Adjusted EBITDA in H2, with a full-year loss of $41-51 million 2024 Full-Year Guidance | Metric | 2024 Guidance | | :--- | :--- | | Total Generated Premium (TGP) | > $1.3 billion | | Revenue | > $340 million | | HHIP Gross Loss Ratio | 72-78% | | HHIP Net Loss Ratio | 85-90% (under 75% in Q4) | | Adjusted EBITDA Loss | $41-51 million | | Minimum Cash at Adj. EBITDA positive | > $400 million | - The company expects to be Adjusted EBITDA positive in Q4 2024, with over **90%** of the full-year loss occurring in the first half[65](index=65&type=chunk) [Appendix: Financial Statements & Reconciliations](index=18&type=section&id=Appendix%3A%20Financial%20Statements%20%26%20Reconciliations) The appendix provides detailed financial data, including key operating metrics, consolidated statements, and cash flows for Q4 and FY 2023, along with non-GAAP reconciliations and supplemental breakdowns for comprehensive performance insight [Key Operating and Financial Metrics](index=19&type=section&id=Key%20Operating%20and%20Financial%20Metrics) This section summarizes key Q4 and FY 2023 financial results, highlighting significant growth in TGP and revenue, and substantial improvement in Net Loss and Net Loss Ratio compared to prior periods Key Metrics (in millions) | Metric | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | | :--- | :--- | :--- | :--- | :--- | | Total Generated Premium | $268.0 | $233.4 | $1,134.3 | $811.1 | | Total Revenue | $64.5 | $35.8 | $209.7 | $119.7 | | Net Loss attributable to Hippo | $(42.3) | $(63.1) | $(273.1) | $(333.4) | | Adjusted EBITDA | $(22.3) | $(47.3) | $(200.6) | $(206.4) | | Gross Loss Ratio | 45% | 42% | 71% | 76% | | Net Loss Ratio | 80% | 222% | 169% | 239% | [Consolidated Financial Statements](index=20&type=section&id=Consolidated%20Financial%20Statements) This section presents the core unaudited financial statements, including Consolidated Statements of Operations, Balance Sheets, and Cash Flows, detailing the company's financial performance and position for FY2023 [Consolidated Statements of Operations](index=20&type=section&id=Consolidated%20Statements%20of%20Operations) This statement details revenues and expenses, showing a net loss attributable to Hippo of $273.1 million for FY2023 FY 2023 vs FY 2022 Statement of Operations Highlights (in millions) | Line Item | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | | :--- | :--- | :--- | | Total Revenue | $209.7 | $119.7 | | Losses and loss adjustment expenses | $181.7 | $101.4 | | Total Expenses | $472.2 | $444.9 | | **Net loss attributable to Hippo** | **$(273.1)** | **$(333.4)** | [Consolidated Balance Sheets](index=21&type=section&id=Consolidated%20Balance%20Sheets) This statement presents the company's financial position, with total assets of $1.52 billion and total stockholders' equity of $377.9 million as of year-end 2023 Balance Sheet Highlights (in millions) | Line Item | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total investments | $348.8 | $445.9 | | Cash and cash equivalents | $142.1 | $194.5 | | **Total Assets** | **$1,524.7** | **$1,568.9** | | Total Liabilities | $1,140.0 | $975.4 | | **Total Hippo stockholders' equity** | **$377.9** | **$589.9** | [Consolidated Statements of Cash Flows](index=22&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This statement outlines cash movements, indicating net cash used in operating activities of $92.4 million for FY2023 Statement of Cash Flows Highlights (in millions) | Line Item | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | $(92.4) | $(161.5) | | Net cash provided by (used in) investing activities | $57.6 | $(405.9) | | Net cash used in financing activities | $(14.6) | $(6.8) | | **Net decrease in cash** | **$(49.4)** | **$(574.2)** | [Non-GAAP Reconciliations and Supplemental Information](index=23&type=section&id=Non-GAAP%20Reconciliations%20and%20Supplemental%20Information) This section provides crucial context by reconciling GAAP Net Loss to Adjusted EBITDA and offering supplemental breakdowns of TGP, Gross and Net Loss Ratios, and Insurance Related Expenses for deeper performance insight [Reconciliation of Adjusted EBITDA](index=23&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA) This section details the adjustments made to reconcile GAAP Net Loss to the non-GAAP measure of Adjusted EBITDA Reconciliation of Net Loss to Adjusted EBITDA (in millions) | Line Item | FY 2023 | FY 2022 | | :--- | :--- | :--- | | **Net loss attributable to Hippo** | **$(273.1)** | **$(333.4)** | | Adjustments (Net investment income, SBC, D&A, etc.) | $72.5 | $127.0 | | **Adjusted EBITDA** | **$(200.6)** | **$(206.4)** | [Supplemental Financial Information](index=23&type=section&id=Supplemental%20Financial%20Information) This section provides additional details on loss ratios, including PCS and non-PCS components, and other financial metrics - For FY 2023, the Gross Loss Ratio was **71%**, with **20%** from PCS (catastrophe) losses and **51%** from non-PCS losses. This compares to a **76%** Gross Loss Ratio in FY 2022[89](index=89&type=chunk) - The HHIP Gross Loss Ratio, excluding prior accident year development and PCS events, was **61%** in FY 2023, a significant improvement from **73%** in FY 2022, showing better underlying performance[93](index=93&type=chunk) [Segment Information](index=26&type=section&id=Segment%20Information) This section breaks down financial performance by segment, highlighting strong revenue growth and improved operating income in IaaS, and reduced losses in HHIP and Services for Q4 2023 Q4 2023 Segment Performance (in millions) | Segment | Revenue | % Change YoY | Adjusted Operating Income (Loss) | YoY Change | | :--- | :--- | :--- | :--- | :--- | | Services | $11.5 | 4% | $(7.3) | 46% improvement | | Insurance-as-a-Service | $22.1 | 84% | $6.8 | 325% improvement | | Hippo Home Insurance Program | $31.1 | 70% | $(22.4) | 37% improvement | | **Total** | **$64.5** | **80%** | **$(22.3)** | **53% improvement** | FY 2023 Segment Performance (in millions) | Segment | Revenue | Adjusted Operating Income (Loss) | | :--- | :--- | :--- | | Services | $44.3 | $(37.6) | | Insurance-as-a-Service | $70.7 | $18.3 | | Hippo Home Insurance Program | $102.1 | $(180.3) | | **Total** | **$209.7** | **$(200.6)** | [Important Disclosures](index=14&type=section&id=Important%20Disclosures) This section contains standard legal disclosures, defining non-GAAP financial measures and key operating metrics, and providing a safe harbor statement for forward-looking projections subject to various risks and uncertainties [Non-GAAP Financial Measures](index=14&type=section&id=Non-GAAP%20Financial%20Measures) The company defines its non-GAAP measures, such as Adjusted EBITDA, and key operating metrics like Total Generated Premium, Gross Loss Ratio, and Net Loss Ratio, used to assess business volume and underwriting performance - Adjusted EBITDA is defined as net loss attributable to Hippo excluding interest, taxes, depreciation, amortization, stock-based compensation, net investment income, and other unique charges[66](index=66&type=chunk) - Total Generated Premium (TGP) is defined as the aggregate written premium placed across all business platforms, reflecting business volume irrespective of reinsurance structure or risk retention[69](index=69&type=chunk) [Forward-Looking Statements](index=16&type=section&id=Forward-Looking%20Statements) This section warns that forward-looking statements regarding future performance and profitability are not guarantees and are subject to numerous risks and uncertainties, including competition, reinsurance, and catastrophe losses - The report contains forward-looking statements regarding financial forecasts, business strategy, and the timing of achieving profitability, which are based on current expectations and not predictions of actual performance[71](index=71&type=chunk)[72](index=72&type=chunk) - Key risks that could affect future results include the ability to achieve profitability, competition, reinsurance availability and pricing, accuracy of underwriting models, and the impact of severe weather events[74](index=74&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______. Commission file number 001-39711 HIPPO HOLDINGS INC. (Exact name of registrant as specified in its charter) Delaware 32-0662604 (State of incorpo ...

r LETTER TO SHAREHOLDERS hippo Q3 2023 KEY HIGHLIGHTS FROM Q3 +88% YoY 90% Q3 '22 Q3 '23 92% Technology and development 4.5 0.2 4.3 — 9.0 Other expenses 0.1 — — — 0.1 Less: Net investment income — (1.8) (3.9) — (5.7) Richard McCathron President & CEO Total Generated Premium $304M +38% YoY Revenue $58M +88% YoY HHIP Core GLR, ex Cats of 6%1 69% -13pp YoY Letter to Shareholders | Q3 2023 5 | --- | --- | --- | --- | |-------------------------------------------------|-------|------------------|---------| | Tota ...