Hippo (US:HIPO) Prnewswireยท2025-05-07 20:05Core Insights - Hippo reported a 30% year-over-year increase in Q1 revenue, reaching $110 million, driven by a 91% growth in IaaS revenue and a 12% increase in HHIP revenue [7][5] - The company experienced a significant increase in gross written premium, with a 35% year-over-year rise in its homebuilder channel and a 21% increase in written premium outside the Hippo Home Insurance Program [2] - Hippo announced a $50 million surplus note agreement to support the growth of diversified product lines via the Spinnaker platform, reflecting investor confidence in the company's growth trajectory [2][3] Financial Performance - The consolidated net loss attributable to Hippo increased by $12 million year-over-year to $48 million, primarily due to the impact of the LA wildfires, which contributed $45 million to the losses [8][7] - The HHIP gross loss ratio was reported at 121%, a 41 percentage point increase year-over-year, with the LA wildfires contributing 56 percentage points to this increase [7] - Operating expenses decreased by $7 million year-over-year, resulting in an 18 percentage point reduction in these costs as a percentage of revenue, from 48% in Q1 2024 to 30% in Q1 2025 [5] Strategic Initiatives - The company is focused on proactive customer support, particularly for those affected by the Los Angeles wildfires, as part of its long-term value drivers [2] - An Investor Day is scheduled for June 12, 2025, where senior leadership will present the company's strategic direction and long-term financial targets [3] - Hippo's cash and investments, excluding restricted cash, decreased by $42 million quarter-over-quarter to $528 million, largely due to losses from the LA wildfires [8]