Investor Briefing FY25 Q4 Results Reported February 24th, 2026 1 Forward-looking statements and Regulation G Disclosure Statement Forward-looking statements This presentation may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "will," "plan," and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. Such statements may include commentary on ...

Financial Data and Key Metrics Changes - Hippo generated over $1.1 billion of Gross Written Premium for the first time, an increase of 24% year-over-year [5] - Net Written Premium for the year was $422 million, up 13% [5] - Net Income for the year was $58 million, reflecting a significant improvement [18] - Q4 Gross Written Premium grew 40% year-over-year to $288 million [13] - Q4 Adjusted Net Income grew 20% year-over-year to $18 million [18] Business Line Data and Key Metrics Changes - Homeowners business wrote $379 million of Gross Written Premium, down approximately 10% from the prior year [7] - Renters business produced $175 million Gross Written Premium for the year, a 19% increase year-over-year [8] - Commercial multi-peril delivered $265 million of Gross Written Premium, increasing 75% over 2024 [9] - Casualty business grew 92% to $264 million of Gross Written Premium [9] Market Data and Key Metrics Changes - Homeowners accounted for 34% of Gross Written Premium in 2025, down from 47% in 2024, indicating ongoing portfolio diversification [14] - Casualty and Commercial multi-peril each accounted for 24% of 2025 Gross Written Premium [13] Company Strategy and Development Direction - Hippo's strategy focuses on three pillars: Strategic Diversification, Unlocking Market Growth, and Optimized for Risk Management [6] - The company aims to achieve over $2 billion in Gross Written Premium and $125 million in Adjusted Net Income by 2028 [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving and exceeding 2028 targets, with expectations for continued growth in newer lines of business [20] - The Homeowners business is expected to return to growth in 2026, driven by strategic partnerships and improved product offerings [21] Other Important Information - The Net Combined Ratio improved by 25 percentage points to 113% compared to 2024 [17] - Total Hippo shareholders' equity at the end of the quarter was $436 million, up 17% from the previous year [19] Q&A Session Summary Question: About the relaunch of the Homeowners book outside of Builders - Management discussed a thoughtful go-to-market strategy, emphasizing improved product terms and conditions, and plans to expand partnerships [24][25] Question: Insights on the casualty business growth - Management detailed the diverse portfolio underlying the casualty business, including cyber insurance and commercial GL, and discussed plans to increase retention thoughtfully [26][27][29] Question: Reserve development in the quarter - Management indicated that reserve development was primarily driven by one large liability claim in the Homeowners business, but overall reserve outlook remains positive [33][34] Question: Expected renewal premium increases in Homeowners - Management expects premium changes to continue in 2026, trending faster than loss costs, while maintaining rate adequacy [35][36][38]

Financial Data and Key Metrics Changes - Hippo generated over $1.1 billion in Gross Written Premium for the first time, an increase of 24% year-over-year [5] - Net Written Premium for the year was $422 million, up 13% [5] - Net Income for the year was $58 million, reflecting a significant improvement [19] - Adjusted Net Income for Q4 grew 20% year-over-year to $18 million [19] - Total shareholders' equity at the end of the quarter was $436 million, up 17% from the previous year [20] Business Line Data and Key Metrics Changes - Homeowners business wrote $379 million in gross written premium, down approximately 10% from the prior year [7] - Renters business produced $175 million in gross written premium, a 19% increase year-over-year [8] - Commercial multi-peril gross written premium increased 75% over 2024 to $265 million [9] - Casualty business grew 92% to $264 million in gross written premium [9] - Homeowners accounted for 34% of gross written premium, down from 47% in 2024 [15] Market Data and Key Metrics Changes - Casualty accounted for 24% of 2025 Gross Written Premium, reflecting strong growth [14] - Commercial multi-peril also accounted for 24% of 2025 Gross Written Premium [14] - Homeowners business saw a decline in market share, indicating a shift in portfolio diversification [15] Company Strategy and Development Direction - Hippo aims to achieve over $2 billion in Gross Written Premium by 2028, with a focus on strategic diversification and optimized risk management [6] - The company is expanding its premium base across personal and commercial lines to build a more balanced portfolio [6] - The relaunch of the homeowners product line is being approached thoughtfully, with a focus on profitability and competitiveness [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving and exceeding 2028 targets, citing positive momentum entering 2026 [6] - The competitive environment in homeowners is acknowledged, with a focus on improving product offerings and partnerships [24] - Management expects the homeowners business to return to growth in 2026, driven by strategic partnerships and improved product terms [25] Other Important Information - The company is leveraging its diversified portfolio and risk management capabilities to optimize performance across market cycles [6] - The net Combined Ratio improved by 25 percentage points to 113% for the full year [18] Q&A Session Summary Question: Can you discuss the relaunch of the homeowners book outside of Builders? - Management highlighted a thoughtful go-to-market strategy, focusing on profitability and competitiveness, with plans to expand partnerships and distribution [24][25] Question: What drives the growth in the casualty business? - The casualty business includes diverse exposures such as cyber insurance and commercial GL, with a focus on maintaining low risk participation [26][28] Question: What drove the reserve development in the quarter? - A large liability claim in the homeowners business impacted reserves, but overall reserve development for the year was positive [33][34] Question: How do you expect renewal premium increases in homeowners to trend? - Management expects premium increases to continue, albeit at a lower rate than the 15% achieved in 2025, while remaining ahead of loss costs [35][37]

4th Quarter 2025 Financial Results February 25th, 2026 Disclaimers Forward-looking Statements Safe Harbor Certain statements included in this presentation 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, ...

Core Insights - The article aims to educate consumers about common misconceptions regarding homeowners insurance, emphasizing the importance of understanding policy limits and exclusions [1][2]. Group 1: Common Myths about Homeowners Insurance - Many homeowners mistakenly believe their insurance covers all types of damage or loss, but standard policies only cover specific, sudden, and accidental events like fire, theft, and certain water damages [3][4]. - Homeowners insurance typically does not cover flooding from rising water or earthquake damage, necessitating separate policies for those risks [4]. - The perception that home insurance is extremely expensive is misleading; while costs are rising, shopping around and understanding available discounts can lead to affordable options [5]. - Renters often assume they are covered by their landlord's insurance, but this is not the case; renters insurance is crucial for protecting personal belongings and liability [6][7]. - Damage from pests and mold infestations is generally not covered by homeowners insurance, with coverage typically only applying if the original damage was caused by a covered peril [7][8]. - Home-based businesses are not automatically covered by homeowners insurance, and additional protection may be necessary to safeguard both home and business [9]. Group 2: Company Overview - Mercury Insurance is a multiple-line insurance carrier offering personal auto, homeowners, renters, and commercial insurance through independent agents across several states [11]. - The company has been recognized for providing value through competitive rates and excellent customer service, employing over 4,200 staff and working with more than 6,340 independent agents [11]. - Mercury Insurance has received an "A" rating from A.M. Best and accolades as a top auto insurance company from Forbes and Insure.com [11].

Financial Data and Key Metrics Changes - Adjusted net income for Q3 2025 was $18 million, with gross written premium growing by 33% year over year to $311 million, up from $234 million in Q3 2024 [5][13] - Net written premium increased by 30% year over year to $118 million, up from $91 million in Q3 2024 [15] - Consolidated net income for Q3 was $98 million, or $3.77 per diluted share, a $107 million improvement year over year [19] - Total shareholders' equity at the end of the quarter was $422 million, up 14% from $362 million at year-end 2024 [19][20] Business Line Data and Key Metrics Changes - Casualty increased to 25% of gross written premium, up from 14% last year, while commercial and multi-peril increased to 21%, up from 13% [14] - Homeowners decreased from 47% of gross written premium in Q3 2024 to 32% in Q3 2025 [14] - Renters increased to 22% of net written premium, up from 10% last year, with a significant growth of 203% year over year [15][16] Market Data and Key Metrics Changes - The company bound its first new policies with Westwood Insurance Agency, which is expected to triple access to annual new home closings [7] - The underwriting results improved significantly, with a net loss ratio improving by 25 percentage points year over year to 48% [9][17] Company Strategy and Development Direction - The company is focusing on three strategic pillars: strategic diversification, unlocking market growth, and optimized risk management [6] - The introduction of a new reporting structure aligns with a unified way of managing the business, emphasizing gross and net premium by line of business [12] - The company anticipates growth in the homeowners market over the next three years, aiming for over $2 billion in premium by 2028 [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underwriting discipline and the ability to maintain pricing standards amid increased competition [8] - The company raised its full-year 2025 guidance for gross written premium to a range of $1.09-$1.11 billion, reflecting expectations for continued growth in newer lines of business [20] - The consolidated net loss ratio guidance was improved to a range of 63%-64%, driven by positive loss trends [21] Other Important Information - The company appointed Robin Gordon as Chief Data Officer to enhance risk management and customer experience [10] - The consolidated combined ratio improved by 28 percentage points year over year to 100% [18] Q&A Session Summary Question: Growth in casualty business - Management noted that casualty growth is a combination of cyber, commercial general liability, and other lines, with a cautious approach to risk retention until profitability is established [25][26] Question: Competition in homeowners market - Management indicated that the admitted market is rebounding, leading to increased competition, but they feel confident in their pricing adequacy [27] Question: Future business mix by 2028 - Management expects to diversify further while anticipating growth in the homeowners market, aiming for over $2 billion in premium by 2028 [30][31] Question: Share repurchases and capital use - Management stated that capital will be used for portfolio growth and potential acquisitions to accelerate diversification [34]

Core Insights - Mercury Insurance emphasizes the importance of being proactive in insurance coverage as severe weather approaches, highlighting that proper insurance can significantly impact recovery from disasters [1][2]. Company Overview - Mercury Insurance (NYSE: MCY) is a multi-line insurance provider offering personal auto, homeowners, renters, and commercial insurance across various states, including Arizona, California, and Texas [4][5]. - The company has been operational since 1962, providing competitive rates and excellent customer service, supported by over 4,200 employees and a network of more than 6,340 independent agents [5]. Preparedness Recommendations - Review Policy Coverage: Understand the specifics of homeowners, renters, and auto policies, noting that separate policies may be required for flood and earthquake protection [6]. - Confirm Deductibles: Ensure that the deductible amounts are affordable in case of emergencies [6]. - Document Belongings: Maintain a digital inventory of possessions, including photos and receipts, to facilitate the claims process [6]. - Bundle Auto Protection: Comprehensive auto coverage is recommended to protect vehicles from natural disasters [6]. - Store Important Information: Keep both digital and physical copies of insurance policies and claims numbers accessible for quick reference [6].

Core Insights - Adding growth stocks to investment portfolios can capture potential future winners, particularly in industries facing disruption [1] - Lemonade Inc. and Root Inc. are two companies aiming to transform the insurance industry, attracting investor interest due to their rapid growth [2] Company Overview - Both Root Insurance and Lemonade were founded in 2015 with the goal of disrupting the insurance sector through technology [3][8] - They utilize mobile applications, automation, and data science to enhance underwriting processes and improve customer experience [3] Business Models - Root focuses on auto insurance, employing telematics to assess driving behavior and dynamically price risk [4] - The company believes insurance rates should be determined by driving habits rather than traditional demographic factors [5] - Root uses two to four weeks of test drive data to analyze thousands of variables, identifying high-risk drivers [6] Product Range - Lemonade offers a wider array of insurance products, including renters, homeowners, pet, life, and auto insurance [7] - The company has integrated AI chatbots to streamline policy purchases and claims processing, enhancing customer experience [7]

Summary of Hippo Conference Call - September 17, 2025 Company Overview - **Company Name**: Hippo (NYSE:HIPO) - **Industry**: Insurance, specifically a tech-enabled program carrier focusing on personal and commercial lines, with a legacy in homeowners insurance [3][4] Key Financial Metrics - **Gross Written Premium**: Approximately $950 million in the last 12 months, projected to reach $1.1 billion by the end of 2025 [4][5] - **Revenue**: $425 million in the last 12 months, expected to be between $460 million and $465 million by the end of 2025 [4][5] - **Net Income**: Achieved net income positive for the first time from net operating activities [4] - **Book Value**: $333 million as of the end of the quarter, projected to increase to about $420 million by the end of 2025 [5] Growth Projections - **Future Growth**: Expected to nearly double gross written premium from $1.1 billion to over $2 billion by 2028 [7] - **Adjusted Net Income**: Projected to quadruple from about $30 million in 2025 to more than $125 million in 2028 [7] - **Return on Equity**: Anticipated to be in the high-teens by 2028 [7] Strategic Initiatives - **Organic Growth**: Plans to grow existing programs by 10% to 15% annually, leveraging a history with managing general agents (MGAs) [9] - **New Programs**: Aiming to add $100 million to $150 million in gross written premium from new programs each year [10] - **Partnership with The Baldwin Group**: This strategic transaction will triple access to new homes closed annually, enhancing growth and underwriting profitability [11][24][25] Underwriting Approach - **Diligent Underwriting**: Reviewed over 140 program opportunities in 2024, approving only 4, which resulted in $130 million of new business [10] - **Legacy Homeowners Business**: Focused on newly constructed homes through builders, with a loss ratio significantly lower than the industry average [18][30] - **Rate Increases**: Implemented over 170 rate filings resulting in a cumulative rate increase of more than 80% [19] Risk Management - **Geographic Diversification**: Reduced concentration in high-risk areas like Harris County, Texas, and focused on states with lower catastrophic exposure [31][32] - **Portfolio Diversification**: Increased mix of commercial property and casualty lines to enhance predictability and reduce volatility [32] Market Resilience - **Interest Rate Sensitivity**: Business has shown resilience to interest rate changes, with partnerships with builders providing better mortgage terms [22][23] - **Performance in Challenging Markets**: Despite challenges in homeowners insurance, diversification into casualty and commercial lines has provided stability [32] Conclusion - **Execution Track Record**: The company has a strong history of meeting or exceeding ambitious goals set in previous investor communications [20] - **Future Outlook**: Focus on responsible growth, improved underwriting performance, and a diversified portfolio to achieve higher profitability with lower volatility [21][14]

Core Insights - Root Inc. (ROOT) is a technology-driven auto insurer that utilizes data science, telematics, and automation to enhance risk pricing accuracy compared to traditional carriers [1] - The company's telematics-based underwriting platform evaluates individual driving behavior in real time, linking premiums to actual driving performance, which improves loss ratios and pricing discipline [2] - Automation and AI are employed to enhance claims handling, reduce fraud, and improve efficiency, thereby lowering the expense ratio and reinforcing earnings potential [3] Technological Investments - Root plans to continue investing in AI, automation, and product innovation, scaling its telematics engine and expanding into renters and other personal insurance lines [4] - The company believes the $300 billion U.S. auto insurance market is ready for disruption, with its proprietary technology allowing for adaptability across the value chain and supporting flexible product design [5] Competitive Landscape - Other players like Lemonade (LMND) and Kingstone Companies (KINS) also leverage technology for AI-powered underwriting and claims automation, enhancing efficiency and profitability [6][7] - Lemonade's technology enables cost reduction and refined risk selection, while Kingstone Companies improves underwriting precision and customer experience through technology [6][7] Stock Performance - ROOT shares have increased by 33.4% year to date, outperforming the industry [8] - Despite the stock's performance, ROOT trades at a price-to-book value ratio of 6.21, significantly above the industry average of 1.54 [11] Earnings Estimates - The Zacks Consensus Estimate for ROOT's full-year 2025 and 2026 EPS has remained stable over the last 60 days, indicating expected year-over-year increases in revenues and EPS [13][14]