[10-Q] Hippo Holdings Inc. Quarterly Earnings Report

Rhea-AI Filing Summary

Hippo Holdings Inc. (HIPO) reported a sharp turnaround in Q3 2025, posting net income of $98.1 million versus a loss a year ago, as total revenue rose to $120.6 million from $95.5 million. Results were driven by a $95.0 million gain on the sale of its homebuilder distribution network, while underlying insurance metrics also improved: net earned premium reached $99.7 million (from $70.6 million) and losses and LAE fell to $47.5 million (from $51.6 million).

The balance sheet strengthened with total assets of $1.87 billion and Hippo stockholders’ equity of $421.5 million. Cash and cash equivalents increased to $247.7 million, supported by $75 million upfront proceeds from the sale and a new $50.0 million surplus note at a 9.5% fixed rate. The company repurchased 514,309 shares for $14.5 million and ended the quarter with 25,337,366 shares issued and outstanding. Hippo also simplified reporting to a single segment, reflecting how leadership now manages the business.

Insights

Insurance sector analyst

Profit swing stems from asset sale; core underwriting trends improved.

Hippo recorded Q3 net income of $98.1M, largely due to a $95.0M gain on the sale of its homebuilder distribution network. Operating drivers were constructive: net earned premium rose to $99.7M while losses and LAE fell to $47.5M, supporting better quarterly margins.

Liquidity increased with cash and equivalents at $247.7M, aided by $75M upfront sale proceeds and a $50.0M surplus note at 9.5% (callable in 7 years). Unearned premiums of $564.4M and reinsurance balances reflect a growing book alongside active risk transfer.

Key dependencies include continued claims performance and reinsurance cost/availability. Subsequent filings may detail collection of the $25M deferred sale payment due in Q1 2026 and interest payments due each Mar 1 and Sep 1 on the surplus note.

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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 September 30, 2025

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 incorporation)

(I.R.S. Employer Identification No.)

One Almaden Blvd., Suite 400 San Jose, California

95113

(Address of Principal Executive Offices)

(Zip Code)

(650) 294-8463

(Registrant's telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common stock, $0.0001 par value per share			HIPO			New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  x    No  o 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer.” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:

Large accelerated filer			☐			Accelerated filer			☒
Non-accelerated filer			☐			Smaller reporting company			☐
						Emerging growth company			☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes  ☐    No  ☒

The registrant had 25,335,179 shares of common stock outstanding as of October 29, 2025.

Table of Contents

						Page
			Cautionary Note regarding Forward-Looking Statements
			Part I. Financial Information
Item 1			Condensed Consolidated Financial Statements
			Condensed Consolidated Balance Sheets			1
			Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)			2
			Condensed Consolidated Statements of Stockholders’ Equity			3
			Condensed Consolidated Statements of Cash Flows			5
			Notes to Condensed Consolidated Financial Statements			6
Item 2			Management's Discussion and Analysis of Financial Condition and Results of Operations			23
Item 3			Quantitative and Qualitative Disclosures About Market Risk			41
Item 4			Controls and Procedures			42
			Part II. Other Information
Item 1			Legal Proceedings			43
Item 1A			Risk Factors			43
Item 2			Unregistered Sales of Equity Securities and Use of Proceeds			43
Item 3			Defaults Upon Senior Securities			43
Item 4			Mine Safety Disclosures			43
Item 5			Other Information			44
Item 6			Exhibits			45
			Signatures

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q of Hippo Holdings Inc. (“Hippo,” the “Company,” “we,” “us” and “our”) contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding the financial position, business strategy and the plans and objectives of management for our future operations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Quarterly Report on Form 10-Q, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this Quarterly Report on Form 10-Q may include, for example, statements about:

•our future results of operations and financial condition and our ability to attain profitability;

•our ability to grow our business and, if such growth occurs, to effectively manage such growth;

•customer satisfaction and our ability to attract, retain, and expand our customer base;

•our ability to maintain and enhance our brand and reputation;

•our business strategy, including our diversified distribution strategy and our plans to expand into new markets and new products;

•the effects of seasonal trends on our results of operations;

•our expectations about our book of business, including our ability to cross-sell and to attain greater value from each customer;

•our ability to compete effectively in our industry;

•our ability to maintain reinsurance contracts and our near- and long-term strategies and expectations with respect to cession of insurance risk;

•our ability to utilize our proprietary technology;

•our ability to underwrite risks accurately and charge profitable rates;

•our ability to leverage our data, technology and geographic diversity to help manage risk;

•our ability to protect our intellectual property;

•our ability to expand our product offerings or improve existing ones;

•our ability to attract and retain personnel, including our officers and key employees;

•potential harm caused by misappropriation of our data and compromises in cybersecurity;

•potential harm caused by changes in internet search engines’ methodologies;

•our expected use of cash on our balance sheet, our future capital needs and our ability to raise additional capital;

•fluctuations in our results of operations and operating metrics;

•our ability to receive, process, store, use and share data, and compliance with laws and regulations related to data privacy and data security;

•our ability to stay in compliance with laws and regulations that currently apply, or become applicable, to our business both in the United States and internationally;

•our public securities’ liquidity and trading; and

•other factors detailed in the section titled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024.

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations, estimates, forecasts, and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and our reputation. Although we believe that we have a reasonable basis for each forward-looking statement contained in this Quarterly Report on Form 10-Q, we cannot guarantee that the future

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results, levels of activity, performance, events, and circumstances reflected in the forward-looking statements will be achieved or occur at all. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors discussed in Part I, Item 2, “Management's Discussion and Analysis of Financial Condition and Results of Operations” and Part II, Item 1A, “Risk Factors” in this Quarterly Report on Form 10-Q as well as other documents that may be filed by us from time to time with the Securities and Exchange Commission (“SEC”). Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

These forward-looking statements are based on information available as of the date of this Quarterly Report on Form 10-Q, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements.

You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed as exhibits to our most recent Annual Report on Form 10-K and this Quarterly Report on Form 10-Q, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of the forward-looking statements in this Quarterly Report on Form 10-Q by these cautionary statements.

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HIPPO HOLDINGS INC.

Condensed Consolidated Balance Sheets

(In millions, except share and per share data)

			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

See Notes to the Condensed Consolidated Financial Statements

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HIPPO HOLDINGS INC.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(In millions, except share and per share data)

(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)

See Notes to the Condensed Consolidated Financial Statements

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HIPPO HOLDINGS INC.

Condensed Consolidated Statements of Stockholders’ Equity

(In millions, except share data)

(Unaudited)

			Common Stock						Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Accumulated Deficit			Total Hippo Stockholders' Equity			Non controlling Interests			Total Stockholders’ Equity
			Shares			Amount
Balance at January 1, 2025			24,866,803			$	—		$	1,639.7		$	(2.7)		$	(1,274.9)		$	362.1		$	3.1		$	365.2
Net loss			—			—			—			—			(47.7)			(47.7)			2.3			(45.4)
Other comprehensive income			—			—			—			2.1			—			2.1			—			2.1
Issuance of common stock from stock plans and contingently issuable shares			290,411			—			1.0			—			—			1.0			—			1.0
Shares withheld related to net share settlement			—			—			(3.2)			—			—			(3.2)			—			(3.2)
Stock-based compensation expense			—			—			8.5			—			—			8.5			—			8.5
Distributions to noncontrolling interests			—			—			—			—			—			—			(2.5)			(2.5)
Balance at March 31, 2025			25,157,214			$	—		$	1,646.0		$	(0.6)		$	(1,322.6)		$	322.8		$	2.9		$	325.7
Net income			—			$	—		$	—		$	—		$	1.3		$	1.3		$	2.6		$	3.9
Other comprehensive income			—			—			—			0.7			—			0.7			—			0.7
Issuance of common stock from stock plans and contingently issuable shares			385,839			—			1.3			—			—			1.3			—			1.3
Shares withheld related to net share settlement			—			—			(2.2)			—			—			(2.2)			—			(2.2)
Stock-based compensation expense			—			—			8.6			—			—			8.6			—			8.6
Distributions to noncontrolling interests			—			—			—			—			—			—			(3.9)			(3.9)
Balance at June 30, 2025			25,543,053			$	—		$	1,653.7		$	0.1		$	(1,321.3)		$	332.5		$	1.6		$	334.1
Net income			—			$	—		$	—		$	—		$	98.1		$	98.1		$	—		$	98.1
Other comprehensive income			—			—			—			1.3			—			1.3			—			1.3
Issuance of common stock from stock plans and contingently issuable shares			308,622			—			0.5			—			—			0.5			—			0.5
Repurchase of common stock			(514,309)			—			(14.5)			—			—			(14.5)			—			(14.5)
Shares withheld related to net share settlement			—			—			(4.0)			—			—			(4.0)			—			(4.0)
Stock-based compensation expense			—			—			7.6			—			—			7.6			—			7.6
Eliminations of noncontrolling interests			—			—			—			—			—			—			(1.6)			(1.6)
Balance at September 30, 2025			25,337,366			$	—		$	1,643.3		$	1.4		$	(1,223.2)		$	421.5		$	—		$	421.5

See Notes to the Condensed Consolidated Financial Statements

3

HIPPO HOLDINGS INC.

Condensed Consolidated Statements of Stockholders’ Equity

(In millions, except share data)

(Unaudited)

			Common Stock						Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Accumulated Deficit			Total Hippo Stockholders' Equity			Non controlling Interests			Total Stockholders’ Equity
			Shares			Amount
Balance at January 1, 2024			24,148,308			$	—		$	1,615.2		$	(2.9)		$	(1,234.4)		$	377.9		$	6.8		$	384.7
Net loss			—			—			—			—			(35.7)			(35.7)			2.6			(33.1)
Other comprehensive loss			—			—			—			(0.5)			—			(0.5)			—			(0.5)
Issuance of common stock from stock plans and contingently issuable shares			261,416			—			1.2			—			—			1.2			—			1.2
Shares withheld related to net share settlement			—			—			(1.2)			—			—			(1.2)			—			(1.2)
Stock-based compensation expense			—			—			9.5			—			—			9.5			—			9.5
Distributions to noncontrolling interests			—			—			—			—			—			—			(5.8)			(5.8)
Balance at March 31, 2024			24,409,724			$	—		$	1,624.7		$	(3.4)		$	(1,270.1)		$	351.2		$	3.6		$	354.8
Net loss			—			$	—		$	—		$	—		$	(40.5)		$	(40.5)		$	3.3		$	(37.2)
Other comprehensive income (loss)			—			—			—			(0.2)			—			(0.2)			—			(0.2)
Issuance of common stock from stock plans and contingently issuable shares			481,804			—			1.4			—			—			1.4			—			1.4
Shares withheld related to net share settlement			—			—			(2.6)			—			—			(2.6)			—			(2.6)
Stock-based compensation expense			—			—			13.3			—			—			13.3			—			13.3
Distributions to noncontrolling interests			—			—			—			—			—			—			(2.9)			(2.9)
Balance at June 30, 2024			24,891,528			$	—		$	1,636.8		$	(3.6)		$	(1,310.6)		$	322.6		$	4.0		$	326.6
Net loss			—			—			—			—			(8.5)			(8.5)			3.3			(5.2)
Other comprehensive income (loss)			—			—			—			4.1			—			4.1			—			4.1
Issuance of common stock from stock plans and contingently issuable shares			340,769			—			0.9			—			—			0.9			—			0.9
Shares withheld related to net share settlement			—			—			(2.5)			—			—			(2.5)			—			(2.5)
Stock-based compensation expense			—			—			10.1			—			—			10.1						10.1
Acquisitions of noncontrolling interests			—			—			(0.2)			—			—			(0.2)			(0.1)			(0.3)
Distributions to noncontrolling interests			—			—			—			—			(0.1)			(0.1)			(3.5)			(3.6)
Balance at September 30, 2024			25,232,297			—			$	1,645.1		$	0.5		$	(1,319.2)		$	326.4		$	3.7		$	330.1

See Notes to the Condensed Consolidated Financial Statements

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HIPPO HOLDINGS INC.

Condensed Consolidated Statements of Cash Flows

(In millions)

(Unaudited)

			Nine Months Ended September 30,
			2025						2024
Cash flows from operating activities:
Net cash provided by operating activities			$	6.0					$	53.9
Cash flows from investing activities:
Capitalized internal use software costs			(9.7)						(10.4)
Purchases of property and equipment			(0.1)						(0.2)
Purchases of fixed maturities			(72.6)						(70.7)
Maturities of fixed maturities			31.5						29.2
Sales of fixed maturities			1.2						1.4
Purchases of short-term investments			(227.0)						(173.0)
Maturities of short-term investments			220.3						206.6
Sales of short-term investments			5.1						0.2
Proceeds from sale of business, net of cash disposed			65.8						19.2
Other			—						0.2
Net cash provided by investing activities			14.5						2.5
Cash flows from financing activities:
Proceeds from surplus note			47.9						—
Taxes paid related to net share settlement of equity awards			(9.4)						(6.3)
Proceeds from issuance of common stock			2.8						3.0
Share repurchases under program			(14.5)						—
Payments of contingent consideration			(0.4)						(0.7)
Acquisitions of noncontrolling interests			—						(0.2)
Distributions to noncontrolling interests and other			(7.5)						(16.4)
Net cash provided by (used in) financing activities			18.9						(20.6)
Net increase in cash, cash equivalents, and restricted cash			39.4						35.8
Cash, cash equivalents, and restricted cash at the beginning of the period			232.8						195.1
Cash, cash equivalents, and restricted cash at the end of the period			$	272.2					$	230.9

    

See Notes to the Condensed Consolidated Financial Statements

5

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HIPPO HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. Description of Business and Summary of Significant Accounting Policies

Description of Business

Hippo Holdings Inc., referred to herein as “Hippo” or the “Company” is an insurance holding company incorporated in Delaware. Hippo has subsidiaries that provide property and casualty insurance products to both individuals and business customers. The Company’s headquarters are located in San Jose, California.

Basis of Presentation and Consolidation

The interim condensed consolidated financial statements and accompanying notes of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the Company’s consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Certain information and disclosures normally included in condensed consolidated financial statements prepared in accordance with GAAP have been omitted accordingly.

The interim financial information is unaudited, but reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Interim results are not necessarily indicative of the results for a full year.

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include, but are not limited to, loss and loss adjustment expense (“LAE”) reserves, provision for commission slide and cancellations, reinsurance recoverable on paid and unpaid losses and LAE, the fair values of investments, stock-based awards, acquired intangible assets, deferred tax assets and uncertain tax positions, and revenue recognition. The Company evaluates these estimates on an ongoing basis. These estimates are informed by experience and other assumptions that the Company believes are reasonable under the circumstances. Actual results may differ significantly from these estimates.

Cash, Cash Equivalents, and Restricted Cash

Cash consists of cash on deposit. The Company considers all highly liquid securities readily convertible to cash, that mature within three months or less from the original date of purchase to be cash equivalents. This includes money market funds, commercial paper, U.S. government and agency securities, and other securities. The Company’s restricted cash relates to cash restricted to support issued letter of credits, collateral to insurers, and fiduciary assets. Restricted cash includes fiduciary assets of $19.8 million and $25.0 million as of September 30, 2025 and December 31, 2024, respectively.

Surplus Note

The surplus note is presented at its carrying value, which is its remaining par or face amount net of any related unamortized issuance costs. Issuance costs are amortized using the effective rate interest method. Amortization is recognized as a component of current interest expense.

Segment Reporting

Due to organizational changes and how the chief operating decision maker (“CODM”) views the business, makes operating decisions, assesses financial performance and allocates resources, beginning in the third quarter of 2025, the Company has determined that it currently operates as a single operating and reportable segment at the consolidated level. Prior period segment results and related disclosures have been recast to conform to the current period segment presentation. See Note 17, Segments for further details.

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HIPPO HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures. The ASU includes requirements that an entity disclose the title of the CODM and on an interim and annual basis, significant segment expenses and the composition of other segment items for each segment's reported profit. The standard also permits disclosure of additional measures of segment profit. This ASU is effective for public companies with annual periods beginning after December 15, 2023, and interim periods within annual period beginning after December 15, 2024, with early adoption permitted. The adoption of this accounting standard in the fourth quarter of fiscal 2024 did not have a significant impact on the Company’s condensed consolidated financial statements.

Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is required to adopt the guidance for its Annual Report on Form 10-K for the year ended December 31, 2025. The Company is currently evaluating the impact of these amendments on its disclosures. The Company will update its income tax disclosures upon adoption.

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses, which requires additional disclosure of the nature of expenses included in the income statement in response to longstanding requests from investors for more information about an entity’s expenses. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. This ASU is effective for public companies with annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted.

In January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Clarifying the Effective Date, clarifying the interim reporting date when an entity must adopt ASU No. 2024-03. According to ASU No. 2025-01, ASU No. ASU 2024-03 is effective for interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of this standard on its consolidated financial statements and does not expect this standard to have a material impact on its statements.

In July 2025, the FASB issued ASU No. 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides (1) all entities with a practical expedient and (2) entities other than public business entities with an accounting policy election when estimating credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. This ASU is effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Company is currently evaluating the impact of these amendments to its consolidated financial statements.

In September 2025, the FASB issued ASU No. 2025-06, Targeted Improvements to the Accounting for

Internal-Use Software, which amends guidance related to the accounting for internal-use software development costs. The amendments are intended to modernize the recognition and capitalization framework to reflect current software development practices, including iterative and agile methodologies, by removing references to “development stages.” It also clarifies the criteria for capitalization, which begins when both of the following occur: (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended. This ASU is effective for annual

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HIPPO HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact the new accounting standard will have on its policy for capitalization of development costs for software intended for internal use.

2. Investments

The amortized cost and fair value of fixed maturities securities and short-term investments are as follows (in millions):

			September 30, 2025
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Fixed maturities available-for-sale:
U.S. government and agencies			$	36.7					$	0.1					$	(0.1)					$	36.7
States and other territories			8.4						0.1						(0.1)						8.4
Corporate securities			146.1						2.6						(0.2)						148.5
Residential mortgage-backed securities			33.2						0.2						(1.0)						32.4
Commercial mortgage-backed securities			6.0						—						(0.2)						5.8
Asset backed securities			13.7						—						—						13.7
Total fixed maturities available-for-sale			244.1						3.0						(1.6)						245.5
Short-term investments:
U.S. government and agencies			110.7						—						—						110.7
Corporate securities			64.0						—						—						64.0
Total short-term investments			174.7						—						—						174.7
Total			$	418.8					$	3.0					$	(1.6)					$	420.2

			December 31, 2024
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Fixed maturities available-for-sale:
U.S. government and agencies			$	24.8					$	—					$	(0.2)					$	24.6
States and other territories			11.2						—						(0.3)						10.9
Corporate securities			131.8						0.8						(1.1)						131.5
Residential mortgage-backed securities			21.5						—						(1.5)						20.0
Commercial mortgage-backed securities			7.2						0.1						(0.4)						6.9
Asset backed securities			11.8						—						—						11.8
Total fixed maturities available-for-sale			208.3						0.9						(3.5)						205.7
Short-term investments:
U.S. government and agencies			118.5						—						—						118.5
Commercial paper			17.5						—						—						17.5
Corporate securities			31.6						—						—						31.6
Total short-term investments			167.6						—						—						167.6
Total			$	375.9					$	0.9					$	(3.5)					$	373.3

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HIPPO HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The following tables present the gross unrealized losses and related fair values for the Company’s investments in available-for-sale debt securities and short-term investments, grouped by duration of time in a continuous unrealized loss position as of September 30, 2025, and December 31, 2024 (in millions):

			September 30, 2025
			Less than 12 months												12 months or more												Total
			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
Fixed maturities available-for-sale:
U.S. government and agencies			$	6.7					$	—					$	3.2					$	(0.1)					$	9.9					$	(0.1)
States and other territories			0.8						—						2.9						(0.1)						3.7						(0.1)
Corporate securities			9.6						—						12.2						(0.2)						21.8						(0.2)
Residential mortgage-backed securities			1.0						—						9.4						(1.0)						10.4						(1.0)
Commercial mortgage-backed securities			1.0						—						3.4						(0.2)						4.4						(0.2)
Asset backed securities			—						—						0.4						—						0.4						—
Short-term investments:
Corporate securities			12.2						—						—						—						12.2						—
Total			$	31.3					$	—					$	31.5					$	(1.6)					$	62.8					$	(1.6)

			December 31, 2024
			Less than 12 months												12 months or more												Total
			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
Fixed maturities available-for-sale:
U.S. government and agencies			$	14.5					$	(0.1)					$	1.9					$	(0.1)					$	16.4					$	(0.2)
States and other territories			5.0						(0.1)						5.5						(0.2)						10.5						(0.3)
Corporate securities			55.2						(0.5)						25.4						(0.6)						80.6						(1.1)
Residential mortgage-backed securities			7.4						(0.1)						10.1						(1.4)						17.5						(1.5)
Commercial mortgage-backed securities			0.4						—						4.1						(0.4)						4.5						(0.4)
Asset backed securities			—						—						4.1						—						4.1						—
Short-term investments:
U.S. government and agencies			—						—						—						—						—						—
Commercial paper			6.3						—						—						—						6.3						—
Corporate securities			7.4						—						—						—						7.4						—
Total			$	96.2					$	(0.8)					$	51.1					$	(2.7)					$	147.3					$	(3.5)

The Company has determined that unrealized losses as of September 30, 2025 and December 31, 2024 resulted from the interest rate environment, rather than a deterioration of the creditworthiness of the issuers. Therefore, an allowance for credit losses was not necessary as it is more likely than not that the Company will not be

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

required to sell the investments before the recovery of the amortized cost basis or until maturity. As of September 30, 2025, none of the Company’s fixed maturity portfolio was unrated or rated below investment grade.

The amortized cost and fair value of fixed maturities securities by contractual maturity are as follows (in millions):

			September 30, 2025
			Amortized Cost						Fair Value
Due to mature:
One year or less			$	46.5					$	46.6
After one year through five years			110.3						111.2
After five years through ten years			32.9						34.3
After ten years			1.5						1.5
Residential mortgage-backed securities			33.2						32.4
Commercial mortgage-backed securities			6.0						5.8
Asset backed securities			13.7						13.7
Total fixed maturities available-for-sale			$	244.1					$	245.5

Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

Net realized gains and losses on fixed maturity securities were insignificant for the three and nine months ended September 30, 2025 and 2024, respectively.

The Company’s net investment income is comprised of the following (in millions):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Investment income			7.4						6.3						19.2						18.5
Investment expenses			(0.1)						(0.1)						(0.4)						(0.3)
Net investment income			$	7.3					$	6.2					$	18.8					$	18.2

Pursuant to certain regulatory requirements, the Company is required to hold assets on deposit with various state insurance departments for the benefit of policyholders. These special deposits are included in cash and cash equivalents, fixed maturities, or short-term investments on the condensed consolidated balance sheets. The carrying value of securities on deposit with state regulatory authorities total $13.2 million and $12.2 million as of September 30, 2025 and December 31, 2024, respectively.

3. Fair Value Measurement

When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions, and credit risk. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

•Level 1 — Quoted prices in active markets for identical assets or liabilities that are publicly accessible at the measurement date.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

•Level 2 — Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3 — Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis (in millions):

			September 30, 2025
			Level 1						Level 2						Level 3						Total
Financial assets:
Cash, cash equivalents, and restricted cash			$	272.2					$	—					$	—					$	272.2
Fixed maturities available-for-sale:
U.S. government and agencies			36.7						—						—						36.7
States and other territories			—						8.4						—						8.4
Corporate securities			—						148.5						—						148.5
Residential mortgage-backed securities			—						32.4						—						32.4
Commercial mortgage-backed securities			—						5.8						—						5.8
Asset backed securities			—						13.7						—						13.7
Total fixed maturities available-for-sale			36.7						208.8						—						245.5
Short-term investments
U.S. government and agencies			110.7						—						—						110.7
Corporate securities			—						64.0						—						64.0
Total short-term investments			110.7						64.0						—						174.7
Total financial assets			$	419.6					$	272.8					$	—					$	692.4

			December 31, 2024
			Level 1						Level 2						Level 3						Total
Financial assets:
Cash, cash equivalents, and restricted cash			$	232.8					$	—					$	—					$	232.8
Fixed maturities available-for-sale:
U.S. government and agencies			24.6						—						—						24.6
States and other territories			—						10.9						—						10.9
Corporate securities			—						131.5						—						131.5
Foreign securities			—						—						—						—
Residential mortgage-backed securities			—						20.0						—						20.0
Commercial mortgage-backed securities			—						6.9						—						6.9
Asset backed securities			—						11.8						—						11.8
Total fixed maturities available-for-sale			24.6						181.1						—						205.7
Short-term investments
U.S. government and agencies			118.5						—						—						118.5
Commercial paper			—						17.5						—						17.5
Corporate securities			—						31.6						—						31.6
Total short-term investments			118.5						49.1						—						167.6
Total financial assets			$	375.9					$	230.2					$	—					$	606.1
Financial liabilities:
Contingent consideration liability			$	—					$	—					$	11.7					$	11.7
Total financial liabilities			$	—					$	—					$	11.7					$	11.7

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

The Company’s policy is to recognize transfers into and transfers out of fair value hierarchy levels at the end of each reporting period. There were no other transfers between levels in the fair value hierarchy during the nine months ended September 30, 2025.

4. Intangible Assets

						September 30, 2025												December 31, 2024
			Weighted- Average Useful Life Remaining (in years)			Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount						Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
						(in millions)												(in millions)
Agency and carrier relationships			2.9			$	3.4		$	(2.1)		$	1.3					$	3.4		$	(1.8)		$	1.6
State licenses and domain name			Indefinite			10.5			—			10.5						10.5			—			10.5
Customer relationships			5.2			3.0			(0.8)			2.2						18.5			(13.8)			4.7
Other			0.2			0.4			(0.4)			—						0.8			(0.6)			0.2
Total intangible assets, net						$	17.3		$	(3.3)		$	14.0					$	33.2		$	(16.2)		$	17.0

Amortization expense related to intangible assets for the three months ended September 30, 2025 and 2024 was $0.2 million and $1.2 million, respectively, and for the nine months ended September 30, 2025 and 2024 was $1.5 million and $3.6 million, respectively. The amortization expense is primarily included in sales and marketing expenses for customer relationships, agency and carrier relationships, and other on the condensed consolidated statements of operations and comprehensive income (loss).

5. Capitalized Internal Use Software

			September 30, 2025						December 31, 2024
			(in millions)
Capitalized internal use software			$	98.7					$	95.0
Less: accumulated amortization			(55.4)						(46.9)
Total capitalized internal use software, net (1)			$	43.3					$	48.1

(1) This balance is net of an asset impairment charge of $3.8 million, which was recognized in the three months ended September 30, 2025, and is recognized in the Impairment and restructuring charges in the condensed consolidated statements of operations and comprehensive income (loss).

Amortization expense related to capitalized internal use software for the three months ended September 30, 2025 and 2024 was $4.2 million and $4.3 million, respectively, and for the nine months ended September 30, 2025 and 2024 was $12.9 million and $12.3 million, respectively. The amortization expense is included in insurance related expenses on the condensed consolidated statements of operations and comprehensive income (loss).

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

6. Other Assets

			September 30, 2025						December 31, 2024
			(in millions)
Property and equipment			$	31.9					$	33.0
Deferred policy acquisition costs			28.8						11.6
Deferred consideration			25.0						—
Prepaid expenses			7.6						6.6
Claims receivable			1.3						0.8
Lease right-of-use assets			1.9						4.7
Other			9.7						9.5
Total other assets			$	106.2					$	66.2

Policy acquisition costs deferred, net for the three months ended September 30, 2025 and 2024 was $19.0 million and $10.4 million, respectively, and for the nine months ended September 30, 2025 and 2024 was $56.6 million and $34.2 million, respectively. The Company amortized deferred policy acquisition costs of $12.3 million and $7.7 million for the three months ended September 30, 2025 and 2024, respectively, and for the nine months ended September 30, 2025 and 2024 was $39.2 million and $18.2 million, respectively.

7. Accrued Expenses and Other Liabilities

			September 30, 2025						December 31, 2024
			(in millions)
Claim payments outstanding			$	17.1					$	19.3
Advances from customers			13.4						8.0
Premium refund liability			11.5						11.8
Employee related accruals			9.5						5.8
Lease liability			5.3						10.0
Fiduciary liability			0.6						1.8
Contingent consideration liability			—						11.7
Other			27.9						19.0
Total accrued expenses and other liabilities			$	85.3					$	87.4

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HIPPO HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

8. Surplus Note

The Company issued a surplus note on June 2, 2025 in the amount of $50.0 million with a fixed interest rate of 9.5% for a term of 15 years. The surplus note is callable by the Company in 7 years. Interest on the outstanding principal is payable at September 1 and March 1 every year. Payment of principal and interest requires regulatory approval before such payment may be made. The Company paid $1.2 million in interest for the nine months ended September 30, 2025.

			September 30, 2025						December 31, 2024
			(in millions)
Surplus note			$	50.0					$	—
Less: unamortized debt issuance costs			(2.1)						—
Total surplus note, net			$	47.9					$	—

The Company’s surplus note is recorded at its carrying value. The estimated fair value of the surplus note as of September 30, 2025 approximates its carrying value. This is considered a Level 2 valuation technique.

9. Loss and Loss Adjustment Expense Reserves

The reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses (“LAE”), net of reinsurance is summarized as follows for the nine months ended September 30, (in millions):

			2025						2024
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of beginning of the period			$	350.0					$	322.5
Less: Reinsurance recoverables on unpaid losses and LAE			(229.9)						(221.4)
Reserve for losses and LAE, net of reinsurance recoverables as of beginning of the period			120.1						101.1
Add: Incurred losses and LAE, net of reinsurance, related to:
Current year			195.0						168.6
Prior years			(10.6)						(4.0)
Total incurred			184.4						164.6
Deduct: Loss and LAE payments, net of reinsurance, related to:
Current year			120.6						101.4
Prior years			57.2						41.8
Total paid			177.8						143.2
Reserve for losses and LAE, net of reinsurance recoverables at end of period			126.7						122.5
Add: Reinsurance recoverables on unpaid losses and LAE at end of period			257.7						228.6
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period			$	384.4					$	351.1

Loss development occurs when actual losses incurred vary from the Company’s previously developed estimates, which are established through the Company’s loss and LAE reserve estimate processes.

Net incurred losses and LAE experienced favorable prior years development of $10.6 million and $4.0 million for the nine months ended September 30, 2025 and 2024, respectively. The prior period development for the nine months ended September 30, 2025 of $10.6 million was driven primarily by favorable net loss development relating to the 2024 and prior accident years, resulting in a net release of $8.2 million from attritional

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

reserves and $2.4 million from catastrophe reserves. These changes are primarily a result of ongoing analysis of claims emergence patterns and loss trends.

The prior period development for the nine months ended September 30, 2024 of $4.0 million was driven primarily by favorable net loss development relating to the 2023 and prior accident years, resulting in a net release of $1.6 million from attritional reserves and $2.4 million from catastrophe reserves. These changes are primarily a result of ongoing analysis of claims emergence patterns and loss trends.

10. Reinsurance

The Company maintains a comprehensive reinsurance program to manage risk exposure, reduce earnings volatility, and safeguard capital. By ceding a portion of its underwriting risk to highly rated reinsurers and alternative capital providers, the Company limits the financial impact of catastrophe events. Nevertheless, the Company remains ultimately responsible for policyholder claims should a reinsurer fail to perform.

The Company’s reinsurance strategy includes a mix of quota share and excess of loss (“XOL”) structures, alongside collateralized protection through catastrophe bonds. The Company works with reinsurers rated “A-” (Excellent) or better by A.M. Best, or require appropriate collateral. Contracts often include provisions allowing for replacement of reinsurers whose financial condition deteriorates.

The Company’s catastrophe reinsurance program supports property risks underwritten by us on behalf of our MGA and third-party MGAs. These risks are protected by program-specific XOL treaties, and in some cases, quota share reinsurance. In addition to the program specific covers, the Company is also protected by a corporate catastrophe cover, and participation in the Florida Hurricane Catastrophe Fund (FHCF). This structure is designed to provide protection against severe loss events across the portfolio, covering up to at least a 1-in-250-year return period threshold.

For business written by our MGA, the Company has strategically retained more risk in recent periods by scaling back proportional reinsurance, reflecting the Company’s confidence in the portfolio’s underwriting performance. Our MGA remains covered by standalone catastrophe XOL protection.

Additionally, the Company utilizes collateralized reinsurance through Mountain Re Ltd., a Bermuda-based special purpose insurer. The catastrophe bonds issued through Mountain Re provide multi-year per occurrence coverage for a range of perils for business written through our MGA.

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HIPPO HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The following tables reflect amounts affecting the condensed consolidated statements of operations and comprehensive income (loss) for reinsurance as of and for the three and nine months ended September 30, 2025, and 2024 (in millions).

			For the Three Months Ended September 30,
			2025																		2024
			Written premiums						Earned premiums						Loss and LAE incurred						Written premiums						Earned premiums						Loss and LAE incurred
Direct			$	310.0					$	252.0					$	99.8					$	233.2					$	210.7					$	104.1
Assumed			1.2						1.0						0.8						1.2						2.7						2.2
Gross			311.2						253.0						100.6						234.4						213.4						106.3
Ceded			(193.3)						(153.3)						(53.1)						(143.8)						(142.8)						(54.7)
Net			$	117.9					$	99.7					$	47.5					$	90.6					$	70.6					$	51.6

			For the Nine Months Ended September 30,
			2025																		2024
			Written premiums						Earned premiums						Loss and LAE incurred						Written premiums						Earned premiums						Loss and LAE incurred
Direct			$	817.3					$	710.4					$	397.5					$	676.8					$	621.4					$	340.6
Assumed			3.4						3.9						2.7						10.0						10.7						10.1
Gross			820.7						714.3						400.2						686.8						632.1						350.7
Ceded			(495.6)						(433.3)						(215.8)						(393.4)						(436.6)						(186.1)
Net			$	325.1					$	281.0					$	184.4					$	293.4					$	195.5					$	164.6

As of September 30, 2025 and December 31, 2024, a provision for sliding scale commissions of $37.8 million and $34.2 million, respectively, is included in provision for commission on the condensed consolidated balance sheets. As of September 30, 2025 and December 31, 2024, a receivable for sliding scale commissions of $42.0 million and $3.6 million, respectively, is included in ceding commissions receivable on the condensed consolidated balance sheets.

As of September 30, 2025 and December 31, 2024, a provision for loss participation features of $10.9 million million and $41.6 million, respectively, was recorded as a contra-asset in reinsurance recoverable on the condensed consolidated balance sheets. The decrease is due primarily to settlements of the Company’s 2023 and prior year’s loss participation features with the Company’s participating reinsurers.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

11. Geographical Breakdown of Gross Written Premium

Gross written premium by state is as follows (in millions):

			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		%

12. Commitments and Contingencies

Purchase Commitments

As of September 30, 2025, the Company has total minimum purchase commitments, which must be made during the next three years, of $5.7 million.

Legal Proceedings

From time to time, the Company may become involved in litigation or other legal proceedings. The Company is routinely named in litigation involving claims from policyholders. Legal proceedings relating to claims are reserved in the normal course of business. The Company does not believe it is a party to any pending litigation or other legal proceedings that are likely to have a material adverse effect on the Company’s business, financial condition or results of operations. Regardless of outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors.

The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. The Company does not disclose information with respect to litigation where an unfavorable outcome is considered to be remote or where the estimated loss would not be material. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the Company’s liquidity, results of operations, business, or financial condition.

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HIPPO HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

13. Stockholders’ Equity

Common Stock

The Company’s common stock trades on the New York Stock Exchange (“NYSE”) under the ticker symbol “HIPO”. Pursuant to its Certificate of Incorporation, the Company is authorized to issue 80 million shares of common stock, with a par value of $0.0001 per share. Each share of common stock is entitled to one vote. The holders of the common stock are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors. No dividends have been declared or paid since inception.

Stock Options

The following table summarizes option activity under the plans:

			Options Outstanding												Weighted-Average Remaining						Aggregate Intrinsic Value (In Millions)
			Number of Shares						Weighted Average Exercise Price						Contract Term (In Years)
Outstanding as of December 31, 2024			1,152,878						$	16.67					5.7						$	11.7
Granted			—						—
Exercised			(523,854)						18.13												4.6
Cancelled/Expired			(2,524)						15.88												—
Outstanding as of September 30, 2025			626,500						15.45						5.7						$	13.0
Vested and exercisable as of September 30, 2025			608,453						$	15.44					5.7						$	12.7

The aggregate intrinsic value of options exercised during the nine months ended September 30, 2025 and 2024 was $4.6 million and $0.7 million, respectively, and is calculated based on the difference between the exercise price and the fair value of the Company’s common stock as of the exercise date. There were no options granted during the nine months ended September 30, 2025 and 2024.

Total unrecognized compensation cost of $0.2 million as of September 30, 2025 is expected to be recognized over a weighted-average period of 0.6 years.

Restricted Stock Units and Performance Restricted Stock Units

The Company grants service based RSUs and performance based RSUs (“PRSUs”) as part of the Company’s equity compensation plans. The Company measures RSU and PRSU expense for awards granted based on the estimated fair value of those awards at the grant date. To estimate the fair value of PRSUs containing a market condition, the Company used the Monte Carlo valuation model. The fair value of all other awards is based on the closing price of the Company’s common stock as reported on the NYSE on the date of grant. The RSUs generally vest over a period of two to four years. The PRSUs vest based on the level of achievement of the performance goals and continued employment with the Company over a one to four year performance period.

During the nine months ended September 30, 2025, the Company granted 42,244 PRSUs to its CEO. Vesting is based on the Company’s total shareholder return (“TSR”) relative to a peer group over a three-year period. Between 0% and 100% of the target shares may vest based on performance. The awards are classified as equity and were valued on the grant date using a Monte Carlo simulation. Expense is recognized over the service period regardless of TSR outcome, provided continued employment. The weighted-average grant-date fair value was $24.08 per unit. Total compensation expense expected to be recognized over the three-year period is $1 million.

Stock-based compensation expense for RSUs is recognized based on the straight-line basis over the employee requisite service period. Stock-based compensation expense for PRSUs is recognized on a graded accelerated basis over the employee requisite service period. The Company accounts for forfeitures as they occur.

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HIPPO HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The following table summarizes the RSU and PRSU activity for the nine months ended September 30, 2025:

			Number of Shares						Weighted Average Grant-Date Fair Value per Share
Unvested and outstanding as of December 31, 2024			1,738,781						$	24.40
Granted			1,195,765						29.19
Released			(995,349)						25.22
Canceled and forfeited			(316,237)						25.83
Unvested and outstanding as of September 30, 2025			1,622,960						$	27.15

Total unrecognized compensation cost related to unvested RSUs and PRSUs is $31.5 million as of September 30, 2025, and it is expected to be recognized over a weighted-average period of 1.6 years.

2021 Employee Stock Purchase Plan

The Company adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which is designed to allow eligible employees of the Company to purchase shares of the Company’s common stock with their accumulated payroll deductions at a price equal to 85% of the lesser of the fair market value on the first business day of the offering period or on the designated purchase date of the offering period, up to a maximum purchase amount of $25,000 during the calendar year. The 2021 ESPP offers a six-month look-back feature as well as an automatic reset feature that provides for an offering period to be reset to a new lower-priced offering if the offering price of the new offering period is less than that of the current offering period. During the nine months ended September 30, 2025, 88,878 shares have been issued under the 2021 ESPP for $0.7 million. During the nine months ended September 30, 2024, 104,384 shares have been issued under the 2021 ESPP for $0.8 million. In addition, the number of shares available for issuance under the 2021 ESPP is increased annually on January 1 of each calendar year ending in 2031, by an amount equal to the lesser of (i) one percent of the shares outstanding (on a converted basis) on the last day of the immediately preceding fiscal year and (ii) such number of shares as may be determined by the board of directors.

Stock-Based Compensation

Total stock-based compensation expense, classified in the accompanying condensed consolidated statements of operations and comprehensive income (loss) was as follows (in millions):

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2025						2024						2025						2024
Losses and loss adjustment expenses			$	0.3					$	0.3					$	0.9					$	0.8
Insurance related expenses			1.0						1.3						3.5						3.3
Technology and development			1.3						1.7						4.3						5.3
Sales and marketing			1.0						1.6						2.9						6.2
General and administrative			3.4						4.1						11.0						13.7
Total stock-based compensation expense			$	7.0					$	9.0					$	22.6					$	29.3

Share Repurchases

On July 1, 2025, the Company repurchased 514,309 shares of its common stock, beneficially owned by Lennar Title Group, LLC and its affiliates (collectively, “Lennar”), a related party of the Company, in a private transaction at a price per Share of $28.17, for an aggregate purchase price of $14.5 million. The repurchase of the shares was made under the Company’s existing share repurchase program. As of September 30, 2025, $18.1 million of common stock remains available for repurchase. Shares repurchased by the Company are accounted for when the

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HIPPO HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

transaction is settled. As of September 30, 2025, there were no unsettled share repurchases. Direct costs incurred to acquire the shares are included in the total cost of the shares.

14. Income Taxes

The consolidated effective tax rate was (0.2)% and (1.2)% for the nine months ended September 30, 2025 and 2024, respectively. The difference between the rate for the three months ended September 30, 2025 and 2024 and the U.S. federal income tax rate of 21% was due primarily to a full valuation allowance against the Company’s net deferred tax assets.

As of September 30, 2025 and 2024, the Company has $5.2 million and $5.8 million of unrecognized tax benefits, respectively, fully offset by a valuation allowance. No material interest or penalties were incurred during the nine months ended September 30, 2025 and 2024.

15. Net Income (Loss) Per Share Attributable to Common Stockholders

Net loss per share attributable to common stockholders was computed as follows:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2025						2024						2025						2024
Numerator:
Net income (loss) attributable to Hippo – basic and diluted (in millions)			$	98.1					$	(8.5)					$	51.7					$	(84.7)
Denominator:
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)

The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows:

			September 30,
			2025						2024
Outstanding options			568						1,368,637
Common stock from outstanding warrants			360,000						360,000
Common stock subject to repurchase			—						6,510
RSU and PRSUs			91,949						2,278,858
Total			452,517						4,014,005

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HIPPO HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

16. Sale of Business

On July 1, 2025, the Company and Westwood Insurance Agency, LLC (“Westwood”), closed on the sale of the Company’s homebuilder distribution network. Total sale consideration consists of (i) $75 million in up-front cash consideration; and (ii) $25 million in cash consideration to be paid in the first quarter of 2026. In connection with the Closing and pursuant to an Omnibus Consent and Waiver Agreement (“Consent Agreement”) among certain subsidiaries of the Company and Lennar, a related party, the Company (i) paid Lennar $8 million in consideration for Lennar’s required consent to the Westwood Sale; and (ii) agreed to make four quarterly milestone payments of $1 million each, commencing in the fourth quarter of 2026 and concluding in the third quarter of 2027, contingent upon Lennar’s material compliance with the terms set forth in the Consent Agreement and related Westwood Sale agreements. The transaction resulted in the loss of control and deconsolidation of a subsidiary with noncontrolling interest. Accordingly, the carrying amount of the noncontrolling interest of $1.6 million was eliminated from equity. In separate agreements with Westwood, the Company entered into program agreements to continue to distribute the Company’s homeowners product through Westwood’s network of builders.

The Company determined that the sale will not constitute a strategic shift and that the impact on the Company’s overall operations and financial results is not material. Accordingly, the operations associated with the sale will not be reported in discontinued operations. The Company recorded a gain of $95.0 million to the condensed consolidated statements of operations and comprehensive income (loss).

17. Segments

Historically, the Company reported its financial results in the following three reportable segments: Services, Insurance-as-a-Service, and Hippo Home Insurance Program, which was reflective of how the Company’s CODM reviewed financial information for purposes of making operating decisions, assessing financial performance and allocating resources. Because of organizational changes and how the CODM views the business, beginning in the third quarter of 2025, the Company changed from three operating and reportable segments to one operating and reportable segment, the property and casualty insurance business. The property and casualty insurance business generates revenues primarily from net earned premiums, commission income, and net investment income.

The CODM is the Company’s Chief Executive Officer. The significant segment expenses provided to the CODM are consistent with the categories shown in the Company’s condensed consolidated statements of operations and comprehensive income (loss) and there are no other segment expenses at a more disaggregated level used by the CODM. The CODM reviews the Company’s net income (loss) as reported under U.S. GAAP, which is the primary measure of segment profit and loss. The CODM reviews this measure to monitor budget versus actual results and in competitive analysis by benchmarking to the Company’s competitors. The budgeted versus actual results analysis along with the competitive analysis are used to make resource allocation decisions. While the Company’s CODM also reviews the revenue streams attributable to individual lines of business, operations are managed, resources are allocated, and financial performance is evaluated on a consolidated basis. The measure of segment assets is reported on the balance sheet as total consolidated assets.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Unless the context otherwise requires, references in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” to “we,” “our,” “Hippo” and “the Company” refer to the business and operations of Hippo Holdings Inc. and its consolidated subsidiaries. You should read the following discussion of our financial condition and results of operations in conjunction with our condensed consolidated financial statements and the related notes included elsewhere in this Quarterly Report on Form 10-Q and with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC.

Overview

Hippo is an insurance holding company with subsidiaries that provide property and casualty insurance products to both individuals and business customers. We conduct our operations through one reportable segment. We offer our services primarily in the United States. Refer to Note 17 of the accompanying condensed consolidated financial statements for additional information on segments.

Reinsurance

We maintain a comprehensive reinsurance program to manage risk exposure, reduce earnings volatility, and safeguard capital. By ceding a portion of our underwriting risk to highly rated reinsurers and alternative capital providers, we limit the financial impact of catastrophe events. Nevertheless, we remain ultimately responsible for policyholder claims should a reinsurer fail to perform.

Our reinsurance strategy includes a mix of quota share and excess of loss (“XOL”) structures, alongside collateralized protection through catastrophe bonds. We work with reinsurers rated “A-” (Excellent) or better by A.M. Best, or require appropriate collateral. Contracts often include provisions allowing for replacement of reinsurers whose financial condition deteriorates.

Our catastrophe reinsurance program supports property risks underwritten by us on behalf of our MGA and third-party MGAs. These risks are protected by program-specific XOL treaties, and in some cases, quota share reinsurance. In addition to the program specific covers, we are also protected by a corporate catastrophe cover, and participation in the Florida Hurricane Catastrophe Fund (FHCF). This structure is designed to provide protection against severe loss events across the portfolio, covering up to at least a 1-in-250-year return period threshold.

For business written by our MGA, we have strategically retained more risk in recent periods by scaling back proportional reinsurance, reflecting our confidence in the portfolio’s underwriting performance. Our MGA remains covered by standalone catastrophe XOL protection.

Additionally, we utilize collateralized reinsurance through Mountain Re Ltd., a Bermuda-based special purpose insurer. The catastrophe bonds issued through Mountain Re provide multi-year per occurrence coverage for a range of perils for business written through our MGA.

Key Factors and Trends Affecting our Operating Results

Our financial condition and results of operations have been, and will continue to be, affected by a number of factors, including the following:

Our Ability to Manage Regulatory Impact, Including on Our Efforts to Manage Our Exposure to Volatility

We are subject to extensive laws, regulations, administrative directives, and regulatory actions. From time to time, regulatory authorities or legislative bodies seek to influence and restrict premium rates, require premium refunds to policyholders, require reinstatement of terminated policies, restrict the ability of insurers to cancel or non-renew policies, require insurers to continue to write new policies or limit their ability to write new policies, limit insurers’ ability to change coverage terms and deductibles or to impose underwriting standards, impose additional regulations regarding agency and broker compensation, impose fines and penalties for unintended errors or mistakes, impose additional regulations regarding cybersecurity and privacy, and otherwise expand overall regulation of insurance products and the insurance industry. These laws may limit or restrict our ability to reduce our exposures, including to weather related losses.

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Seasonality of Claims Losses

Seasonal patterns can impact our incurrence of claims losses, as seasonal weather patterns impact the level and amount of claims we receive. These patterns include hurricanes, wildfires, and coastal storms in the fall, cold weather patterns and changing home heating needs in the winter, and tornados and hailstorms in the spring and summer. The mix of geographic exposure and products within our customer base impacts our exposure to these weather patterns, and as we diversify our base of premium such that our exposure more closely resembles the industry exposure, we should see the impact of these events on our business more closely resemble the impact on the broader industry.

Components of Results of Operations

Revenue

Gross Written Premium

Gross written premium is the amount received or to be received for insurance policies written or assumed by us and our affiliates as a carrier or captive reinsurer, without reduction for policy acquisition costs, reinsurance costs, or other deductions. The volume of our gross written premium in any given period is generally influenced by:

•New business submissions;

•Binding of new business submissions into policies;

•Bound policies going effective;

•Renewals of existing policies; and

•Average size and premium rate of bound policies.

Ceded Written Premium

Ceded written premium is the amount of gross written premium written or assumed by us and our affiliates as a carrier that we cede to reinsurers. We enter into reinsurance contracts to limit our exposure to losses, as well as to provide additional capacity for growth. Ceded written premium is treated as a reduction from gross written premium. The volume of our ceded written premium is impacted by the level of our gross written premium and decisions we make to increase or decrease retention levels.

Net Written Premium

Net written premium is calculated as the amount of gross written premium written less ceded written premium.

Net Earned Premium

Net earned premium represents the earned portion of our gross written premium for insurance policies written or assumed by us and less the earned portion of ceded written premium (any portion of our gross written premium that is ceded to third-party reinsurers under our reinsurance agreements). We earn written premiums on a pro-rata basis over the term of the policies.

Commission Income, Net

Commission income, net includes agency commission which the Company earns from the unaffiliated carriers whose policies the Company sells, ceding commission on the premium it cedes to third-party reinsurers, fronting fees from the Managing General Agent (“MGA”) programs it supports, and MGA Commission from the multiple insurers for which we operate as an MGA.

Service and Fee Income

Service and fee income mainly represents policy fees and other revenue. We directly bill policyholders for policy fees and collect and retain fees per the terms of the contracts between us and our insurers. Similar to the commission revenue, we estimate a cancellation reserve for policy fees using historical information. The performance obligation associated with these fees is satisfied at a point in time upon completion of the underwriting

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process, which is the policy effective date. Accordingly, we recognize all fees as revenue on the policy effective date.

Net Investment Income

Net investment income represents interest earned from fixed maturity securities, short-term investments and other investments, and the gains or losses from the sale of investments. Our cash and invested assets primarily consist of fixed-maturity securities, and may also include cash and cash equivalents, equity securities, and short-term investments. The principal factors that influence net investment income are the size of our investment portfolio and the yield on that portfolio. As measured by amortized cost (which excludes changes in fair value, such as changes in interest rates), the size of our investment portfolio is mainly a function of our invested equity capital along with premium we receive from our customers less payments on customer claims.

Net investment income also includes an insignificant amount of net realized gains (losses) on investments, which are a function of the difference between the amount received by us on the sale of a security and the security’s amortized cost, as well as any allowances for credit losses recognized in earnings, if any.

Expenses

Loss and Loss Adjustment Expenses

Loss and loss adjustment expenses represent costs associated with insured claims, net of amounts ceded under reinsurance agreements. We utilize reinsurance to manage our exposure to large or unexpected losses and to support underwriting capacity for growth. Loss and loss adjustment expense is driven by the scope and duration of coverage we provide, as well as actual and expected loss experience. Estimates for loss and loss adjustment expenses incorporate actuarial methodologies and management judgment, including loss emergence during the reporting period and any revisions to prior period estimates. Our loss and loss adjustment expenses are generally influenced by the following factors:

•The frequency, severity, and geographic impact of catastrophe events affecting our insured portfolio;

•The volume and characteristics of non-catastrophe, attritional claims across our lines of business;

•Changes in our underwriting mix, including variations in policy type, risk profile, and exposure concentration;

•The terms and structure of our reinsurance program in effect during the occurrence of loss events;

•The regional distribution and underlying risk attributes of our insured exposures;

•Legal and regulatory changes that may affect claims costs or adjudication processes;

•Trends in litigation activity and legal defense spending;

•Inflationary pressures, particularly in residential construction materials and labor costs; and

•Shifts in judicial outcomes or jury behavior that influence the magnitude of loss settlements.

Insurance Related Expenses

Insurance related expenses primarily consist of amortization of direct acquisition commission costs and premium taxes incurred on the successful acquisition of business written on a direct basis and credit card processing fees not charged to our customers. Insurance related expenses also include employee compensation (including stock-based compensation and benefits) of our underwriting teams, amortization of capitalized internal use software, as well as allocated occupancy costs and related overhead based on headcount. Insurance related expenses are offset by a portion of ceding commission income, which represents reimbursement of successful acquisition costs related to the underlying policies. Additionally, insurance related expenses include the costs of providing bound policies and delivering claims services to our customers. These costs include underwriting technology service costs including software, data services used for performing underwriting, and third-party call center costs in addition to personnel-related costs.

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Technology and Development

Technology and development expenses primarily consist of employee compensation (including stock-based compensation and benefits) for our technology staff, which includes technology development, infrastructure support, actuarial, and third-party services. Technology and development also include allocated facility costs and related overhead based on headcount. We expense development costs as incurred, except for costs related to internal use software development projects, which are capitalized and subsequently depreciated over the expected useful life of the developed software.

Sales and Marketing

Sales and marketing expenses primarily consist of sales commission, advertising costs, and marketing expenditures, as well as employee compensation (including stock-based compensation and benefits) for employees engaged in sales, marketing, data analytics, and customer acquisition. Sales and marketing expenses also include allocated facility costs and related overhead based on headcount.

General and Administrative

General and administrative expenses primarily consist of employee compensation (including stock-based compensation and benefits) for our finance, human resources, legal, and general management functions, as well as facilities, insurance, and professional services.

Impairment and Restructuring Charges

Impairment and restructuring charges consist of non-cash impairment charges relating to leases. It also consists of severance and other personnel costs associated with exit and disposal activities as well as reductions in workforce.

Gain on Sale of Business

Gain on sale of business is measured as the fair value of consideration received in excess of the carrying value of the assets and liabilities sold.

Interest and Other (Income) Expense, Net

Interest and other (income) expense, net primarily consists of interest on our surplus note, as well as certain fair value adjustments and other non-operating income and expenses.

Income Taxes

We record income taxes using the asset and liability method. Under this method, we record deferred income tax assets and liabilities based on the estimated future tax effects of differences between the financial statement and income tax basis of existing assets and liabilities. We measure these differences using the enacted statutory tax rates that are expected to apply to taxable income for the years in which differences are expected to reverse. We recognize the effect on deferred income taxes of a change in tax rates in income in the period that includes the enactment date.

We record a valuation allowance to reduce deferred tax assets and liabilities to the net amount that we believe is more likely than not to be realized. We consider all available evidence, both positive and negative, including historical levels of income, expectations, and risks associated with estimates of future taxable income and ongoing tax planning strategies in assessing the need for a valuation allowance.

Key Operating and Financial Metrics and Non-GAAP Measures

We regularly review the following key operating and financial metrics in order to evaluate our business, measure our performance, identify trends in our business, prepare financial projections, and make strategic decisions.

The non-GAAP financial measures have not been calculated in accordance with GAAP, and should be considered in addition to results prepared in accordance with GAAP, and should not be considered as a substitute for, or superior to, GAAP results. In addition, adjusted net income should not be construed as indicators of our operating performance, liquidity, or cash flows generated by operating, investing, and financing activities, as there

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may be significant factors or trends that it fails to address. We caution investors that non-GAAP financial information—by its nature—departs from traditional accounting conventions. Therefore, its use can make it difficult to compare our current results with our results from other reporting periods and with the results of other companies.

Our management uses non-GAAP financial measures, in conjunction with GAAP financial measures, as an integral part of managing our business and to, among other things: (i) monitor and evaluate the performance of our business operations and financial performance; (ii) facilitate internal comparisons of the historical operating performance of our business operations; (iii) review and assess the operating performance of our management team; (iv) analyze and evaluate financial and strategic planning decisions regarding future operating investments; and (v) plan for and prepare future annual operating budgets and determine appropriate levels of operating investments.

In prior periods, we reported Total Generated Premium (TGP) as a key operating metric to provide a comprehensive view of the premium volume across all our business platforms. We defined TGP as the sum of Gross Written Premium (GWP) and Gross Placed Premium, reflecting the total premium volume placed, regardless of how we structured reinsurance treaties or the amount of risk retained.

Beginning in the first quarter of 2025 we have discontinued reporting Total Generated Premium. This change aligns with our evolving business model, the sale of our independent agent platform First Connect, and internal performance measurement practices. Specifically, we have shifted our focus toward metrics that more closely correlate with financial performance under our current operating strategy and capital allocation approach. Additionally, as our business has matured, we believe that other metrics such as gross written premium, net written premium, net earned premium, and commission income more effectively reflect the core operating drivers and provide investors with a clearer view of our performance and growth.

Beginning in the second quarter of 2025, we are reporting adjusted net income (loss) as a 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.

Beginning in the third quarter of 2025, we have discontinued reporting Adjusted EBITDA and Gross Loss Ratio, and are beginning to report Expense Ratio, Combined Ratio, and Diluted adjusted earnings (loss) per share as performance measures. This change aligns with our evolving business model and internal performance measurement practices.

We believe that these changes enhance the clarity and comparability of our financial disclosures and aligns with industry standards. For consistency, historical figures for Total Generated Premium, Gross Loss Ratio, and Adjusted EBITDA may continue to be referenced in select investor materials for comparative purposes, but will no longer be updated in our periodic filings.

Adjusted Net Income (Loss)

We define adjusted net income (loss), 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. See “Reconciliation of Non‑GAAP Financial Measures” for a reconciliation of net income (loss) calculated in accordance with GAAP to adjusted net income (loss).

Net Loss Ratio

Net loss ratio, expressed as a percentage, is the ratio of the net losses and LAE to the net earned premium.

Catastrophe Loss Ratio

Catastrophe loss ratio, expressed as a percentage, is the ratio of catastrophe losses and LAE to the net earned premium.

Non-catastrophe Loss Ratio

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Non-catastrophe loss ratio expressed as a percentage, is the ratio of the net non-catastrophe losses and LAE to the net earned premium.

Expense Ratio

Expense ratio, expressed as a percentage, is the ratio of insurance related expenses, technology and development expenses, sales and marketing expenses, and general and administrative expenses, net of commission income, net and service and fee income, to net earned premiums. See “Reconciliation of Non‑GAAP Financial Measures” for a reconciliation of our expense ratio.

Combined Ratio

Combined ratio is defined as the sum of the net loss ratio and the expense ratio. A combined ratio under 100% generally indicates an underwriting profit. A combined ratio over 100% generally indicates an underwriting loss.

Diluted Adjusted Earnings (Loss) per Share

Diluted adjusted earnings (loss) per share is a non‑GAAP financial measure defined as adjusted net income (loss) 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. See “Reconciliation of Non‑GAAP Financial Measures” for a reconciliation of diluted earnings per share calculated in accordance with GAAP to diluted adjusted earnings (loss) per share.

Annualized Adjusted Return on Equity

Annualized adjusted return on equity is a non‑GAAP financial measure defined as adjusted net income (loss) expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period. See “Reconciliation of Non‑GAAP Financial Measures” for a reconciliation of return on equity calculated using unadjusted GAAP numbers to adjusted return on equity.

Tangible Book Value per Share

Tangible book value per share is a non‑GAAP financial measure defined 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. See “Reconciliation of Non‑GAAP Financial Measures” for a reconciliation of Hippo stockholders’ equity calculated in accordance with GAAP to tangible stockholders’ equity.

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Results of Operations of the Three Months Ended September 30, 2025 and 2024

The following table sets forth our condensed consolidated results of operations data for the periods presented (in millions, except percent data):

			Three Months Ended
			September 30,
			2025						2024						Change						% Change
Gross written premium			$	311.2					$	234.4					$	76.8					33		%
Ceded written premium			(193.3)						(143.8)						(49.5)						34		%
Net written premium			117.9						90.6						27.3						30		%
Revenue:
Net earned premium			99.7						70.6						29.1						41		%
Commission income, net			10.5						15.7						(5.2)						(33)		%
Service and fee income			3.1						3.0						0.1						3		%
Net investment income			7.3						6.2						1.1						18		%
Total revenue			120.6						95.5						25.1						26		%
Expenses:
Losses and loss adjustment expenses			47.5						51.6						(4.1)						(8)		%
Insurance related expenses			32.9						22.6						10.3						46		%
Technology and development			8.0						7.0						1.0						14		%
Sales and marketing			8.0						12.5						(4.5)						(36)		%
General and administrative			16.5						15.3						1.2						8		%
Impairment and restructuring charges			3.8						—						3.8						100		%
Gain on sale of business			(95.0)						(8.2)						(86.8)						1059		%
Interest and other (income) expense, net			0.8						(0.1)						0.9						(900)		%
Total expenses			22.5						100.7						(78.2)						(78)		%
Income (loss) before income taxes			98.1						(5.2)						103.3						(1987)		%
Income tax (benefit) expense			—						—						—						—		%
Net income (loss)			98.1						(5.2)						103.3						(1987)		%
Net income attributable to noncontrolling interests, net of tax			—						3.3						(3.3)						(100)		%
Net income (loss) attributable to Hippo			$	98.1					$	(8.5)					$	106.6					(1254)		%
Key Financial and Operating Metrics
Adjusted net income (loss) (1)			$	18.3					$	(1.3)					$	19.6					(1508)		%
Net income (loss) per share attributable to Hippo, basic			$	3.90					$	(0.34)
Net income (loss) per share attributable to Hippo, diluted			$	3.77					$	(0.34)
Diluted adjusted earnings (loss) per share (1)			$	0.70					$	(0.05)
Annualized adjusted return on equity (1)			19		%				(2)		%
Net loss ratio			48		%				73		%
Catastrophe loss ratio			—		%				23		%
Non-catastrophe loss ratio			48		%				50		%
Expense ratio(1)			52		%				55		%
Combined ratio			100		%				128		%

(1) Indicates non-GAAP financial measure; see “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of the non-GAAP financial measures to their most directly comparable financial measures prepared in accordance with GAAP.

Gross Written Premium

For the three months ended September 30, 2025, gross written premium was $311.2 million, an increase of $76.8 million, or 33%, compared to $234.4 million for the three months ended September 30, 2024. The increase was primarily due to the growth in our Casualty and Commercial Multi-Peril lines of business as we continue to diversify our book, this was partially offset by a decrease in our Homeowners line. The following table summarizes

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our gross written premiums by line of business and shows each line’s percentage of total gross written premiums for each period (in millions, except percent data)::

			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)		%
Renters			59.3						19.1		%				52.9						22.6		%				6.4						12		%
Commercial Multi-Peril			66.0						21.2		%				29.6						12.6		%				36.4						123		%
Casualty			76.3						24.5		%				32.2						13.7		%				44.1						137		%
Other			8.6						2.7		%				8.4						3.6		%				0.2						2		%
Total			$	311.2					100.0		%				$	234.4					100.0		%				$	76.8					33		%

Ceded Written Premium

For the three months ended September 30, 2025, ceded written premium was $193.3 million, an increase of $49.5 million, or 34%, compared to $143.8 million for the three months ended September 30, 2024. The increase was primarily due to the growth in written premiums subject to reinsurance in our Casualty and Commercial Multi-Peril lines of business partially offset by a decrease in written premiums in our Homeowners line and an increase in retention in our Renters line.

Net Written Premium

For the three months ended September 30, 2025, net written premium was $117.9 million, an increase of $27.3 million, or 30%, compared to $90.6 million for the three months ended September 30, 2024. The increase was primarily due to an increase in gross written premiums and risk retention in our Renters and Commercial Multi-Peril lines of business. This was partially offset by an increase in ceded written premiums. The following table summarizes our net written premiums by line of business and shows each line’s percentage of total net written premiums for each period (in millions, except percent data):

			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)		%
Renters			26.4						22.4		%				8.7						9.6		%				17.7						203		%
Commercial Multi-Peril			13.6						11.5		%				2.3						2.5		%				11.3						491		%
Casualty			3.7						3.1		%				0.4						0.4		%				3.3						825		%
Other			(1.5)						(1.2)		%				1.0						1.2		%				(2.5)						(250)		%
Total			$	117.9					100.0		%				$	90.6					100.0		%				$	27.3					30		%

Net retention, calculated as net written premium divided by gross written premium, is 38% and 39%, for the three months ended September 30, 2025 and 2024, respectively

Net Earned Premium

For the three months ended September 30, 2025, net earned premium was $99.7 million, an increase of $29.1 million, or 41%, compared to $70.6 million for the three months ended September 30, 2024. The increase was primarily due to the earning of increased gross written premiums and increased risk retention in our Renters and Commercial Multi-Peril lines of business partially offset by the earning of ceded written premiums under

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reinsurance agreements. The following table summarizes our net earned premiums by line of business and shows each line’s percentage of total net earned premiums for each period (in millions, except percent data):

			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					12		%
Renters			18.7						18.8		%				5.7						8.1		%				13.0						228		%
Commercial Multi-Peril			13.8						13.8		%				4.1						5.8		%				9.7						237		%
Casualty			3.2						3.2		%				0.4						0.6		%				2.8						700		%
Other			0.1						0.1		%				3.3						4.6		%				(3.2)						(97)		%
Total			$	99.7					100.0		%				$	70.6					100.0		%				$	29.1					41		%

Commission Income, Net

For the three months ended September 30, 2025, commission income was $10.5 million, a decrease of $5.2 million, or 33%, compared to $15.7 million for the three months ended September 30, 2024. The decrease was due primarily to a decrease in agency commissions of $5.7 million due to the sale of our homebuilder distribution network in the third quarter of 2025.

Service and Fee Income

For the three months ended September 30, 2025, service and fee income was $3.1 million, a decrease of $0.1 million, or 3%, compared to $3.0 million for the three months ended September 30, 2024.

Net Investment Income

For the three months ended September 30, 2025, net investment income was $7.3 million, an increase of $1.1 million, compared to $6.2 million for the three months ended September 30, 2024. The increase was due primarily to higher average balance in cash and investments during the period. We are mainly invested in money market accounts, securities issued by the U.S. government and agencies, high-grade corporate securities, residential and commercial mortgage-backed securities, and other governmental related securities.

Loss and Loss Adjustment Expenses

For the three months ended September 30, 2025, loss and loss adjustment expenses were $47.5 million, a decrease of $4.1 million, compared to $51.6 million for the three months ended September 30, 2024. Losses and loss adjustment expenses consisted of the following elements during the respective periods (in millions, except percent data):

			Three Months Ended September 30,												Change						% Change
			2025						2024
Catastrophe losses			$	(0.3)					$	16.1					$	(16.4)					(102)		%
Non-catastrophe losses			47.8						35.5						12.3						35		%
Total losses and loss adjustment expenses			$	47.5					$	51.6					$	(4.1)					(8)		%
Catastrophe loss ratio			—		%				23		%
Non-catastrophe loss ratio			48		%				50		%
Net loss ratio			48		%				73		%

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Catastrophe losses ratio decreased for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 due primarily to a lower number and severity of catastrophe events. Included in our catastrophe loss ratio for the three months ended September 30, 2025 and 2024, is a benefit of 1 percentage point and 1 percentage point related to prior year favorable developments, respectively.

Non-catastrophe losses ratio decreased for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 due primarily to premium growth and the benefits of the pricing and underwriting actions we have taken. Included in our Non-catastrophe loss ratio for the three months ended September 30, 2024, is a benefit of 2 percentage points related to prior year favorable developments.

Insurance Related Expenses

For the three months ended September 30, 2025, insurance related expenses were $32.9 million, an increase of $10.3 million, or 46%, compared to $22.6 million for the three months ended September 30, 2024. The increase was due primarily to an increase in net acquisition expenses of $9.9 million due to increased premium retention and higher volume.

Technology and Development Expenses

For the three months ended September 30, 2025, technology and development expenses were $8.0 million, an increase of $1.0 million, or 14%, compared to $7.0 million for the three months ended September 30, 2024. The increase was due primarily to an increase in employee-related costs of $0.5 million.

Sales and Marketing Expenses

For the three months ended September 30, 2025, sales and marketing expenses were $8.0 million, a decrease of $4.5 million, or 36%, compared to $12.5 million for the three months ended September 30, 2024. The decrease was due primarily to a decrease in employee-related costs of $2.1 million, including a decrease in stock-based compensation of $0.7 million due to a decrease in headcount. The decrease was also due to a decrease in amortization of acquired intangible assets of $1.0 million and a decrease in contingent consideration of $0.5 million due to the sale of our homebuilder distribution network.

General and Administrative Expenses

For the three months ended September 30, 2025, general and administrative expenses were $16.5 million, an increase of $1.2 million, or 8%, compared to $15.3 million for the three months ended September 30, 2024. The increase was due primarily to an increase in consultant costs of $0.8 million and an increase in employee-related expenses of $0.7 million partially offset by a decrease in facilities costs of $0.4 million.

Impairment and Restructuring Charges

For the three months ended September 30, 2025, impairment and restructuring charges were $3.8 million. This is related to the impairment of capitalized software which has been determined to have no future useful life due to the sale of our homebuilder distribution network.

Gain on Sale of Business

For the three months ended September 30, 2025, we recognized a gain on sale of $95.0 million related to the sale of our homebuilder distribution network, compared to a gain on sale of $8.2 million related to our subsidiary, Mainsail, for the three months ended September 30, 2024.

Income Taxes

For the three months ended September 30, 2025 and 2024, respectively, income tax expense was $0.0 million.

Net (Income) Loss Attributable to Hippo

For the three months ended September 30, 2025, net income attributable to Hippo was $98.1 million, a change of $106.6 million compared to a net loss attributable to Hippo of $8.5 million for the three months ended September 30, 2024 due to the factors described above.

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Results of Operations of the Nine Months Ended September 30, 2025 and 2024

The following table sets forth our condensed consolidated results of operations data for the periods presented (in millions, except percent data):

																					Nine Months Ended
																					September 30,
																											2025						2024						Change						% Change
Gross written premium																											$	820.7					$	686.8					$	133.9					19		%
Ceded written premium																											(495.6)						(393.4)						(102.2)						26		%
Net written premium																											325.1						293.4						31.7						11		%
Revenue:
Net earned premium																											281.0						195.5						85.5						44		%
Commission income, net																											39.6						47.7						(8.1)						(17)		%
Service and fee income																											8.8						8.8						—						—		%
Net investment income																											18.8						18.2						0.6						3		%
Total revenue																											348.2						270.2						78.0						29		%
Expenses:
Losses and loss adjustment expenses																											184.4						164.6						19.8						12		%
Insurance related expenses																											95.9						67.9						28.0						41		%
Technology and development																											24.2						23.1						1.1						5		%
Sales and marketing																											26.1						40.3						(14.2)						(35)		%
General and administrative																											50.4						53.5						(3.1)						(6)		%
Impairment and restructuring charges																											5.0						3.6						1.4						39		%
Gain on sale of business																											(95.0)						(8.2)						(86.8)						1059		%
Interest and other (income) expense, net																											0.7						(0.1)						0.8						(800)		%
Total expenses																											291.7						344.7						(53.0)						(15)		%
Income (loss) before income taxes																											56.5						(74.5)						131.0						(176)		%
Income tax (benefit) expense																											(0.1)						1.0						(1.1)						(110)		%
Net income (loss)																											56.6						(75.5)						132.1						(175)		%
Net income attributable to noncontrolling interests, net of tax																											4.9						9.2						(4.3)						(47)		%
Net income (loss) attributable to Hippo																											$	51.7					$	(84.7)					$	136.4					(161)		%
Key Financial and Operating Metrics
Adjusted net income (loss) (1)																											$	0.2					$	(35.0)					$	35.2					(101)		%
Net income (loss) per share attributable to Hippo, basic																											$	2.04					$	(3.44)
Net income (loss) per share attributable to Hippo, diluted																											$	1.97					$	(3.44)
Diluted adjusted earnings (loss) per share(1)																											$	0.01					$	(1.42)
Annualized adjusted return on equity (1)																											—%						(13)%
Net loss ratio																											66		%				84		%
Catastrophe loss ratio																											22		%				27		%
Non-catastrophe loss ratio																											44		%				57		%
Expense ratio(1)																											53		%				66		%
Combined ratio																											119		%				150		%

(1) Indicates non-GAAP financial measure; see “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of the non-GAAP financial measures to their most directly comparable financial measures prepared in accordance with GAAP.

Gross Written Premium

For the nine months ended September 30, 2025, gross written premium was $820.7 million, an increase of $133.9 million, or 19%, compared to $686.8 million for the nine months ended September 30, 2024. The increase was primarily due to the growth in our Commercial Multi-Peril, Casualty, and Renters lines of business as we continue to diversify our book, this was partially offset by a decrease in our Homeowners and Other lines. The

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following table summarizes our gross written premiums by line of business and shows each line’s percentage of total gross written premiums for each period (in millions, except percent data):

			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)					(12)		%
Renters			138.5						16.9		%				115.6						16.8		%				22.9						20		%
Commercial Multi-Peril			200.0						24.4		%				110.5						16.1		%				89.5						81		%
Casualty			175.5						21.4		%				104.7						15.2		%				70.8						68		%
Other			18.5						2.3		%				29.0						4.2		%				(10.5)						(36)		%
Total			$	820.7					100.0		%				$	686.8					100.0		%				$	133.9					19		%

Ceded Written Premium

For the nine months ended September 30, 2025, ceded written premium was $495.6 million, an increase of $102.2 million, or 26%, compared to $393.4 million for the nine months ended September 30, 2024. The increase was primarily due to the growth in written premiums subject to reinsurance in our Casualty and Commercial Multi-Peril lines of business partially offset by an increase in risk retention in our Renters line.

Net Written Premium

For the nine months ended September 30, 2025, net written premium was $325.1 million, an increase of $31.7 million, or 11%, compared to $293.4 million for the nine months ended September 30, 2024. The increase was primarily due to an increase in gross written premiums and risk retention in our Renters and Commercial Multi-Peril lines of business. This was partially offset by a decrease in gross written premiums on our Homeowners line and an increase in ceded written premiums. The following table summarizes our net written premiums by line of business and shows each line’s percentage of total net written premiums for each period (in millions, except percent data):

			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)					(21)		%
Renters			83.0						25.5		%				19.1						5.9		%				63.9						335		%
Commercial Multi-Peril			52.0						16.0		%				18.7						5.8		%				33.3						178		%
Casualty			6.4						2.0		%				1.6						0.5		%				4.8						300		%
Other			(7.8)						(2.4)		%				12.4						3.8		%				(20.2)						(163)		%
Total			$	325.1					100.0		%				$	293.4					100.0		%				$	31.7					11		%

Net retention, calculated as net written premium divided by gross written premium, is 40% and 43%, for the nine months ended September 30, 2025 and 2024, respectively.

Net Earned Premium

For the nine months ended September 30, 2025, net earned premium was $281.0 million, an increase of $85.5 million, or 44% compared to $195.5 million for the nine months ended September 30, 2024. The increase was primarily due to the earning of increased gross written premiums and increased retention in our Renters and Commercial Multi-Peril lines of business as well as an increase in retention on our Homeowners line. This was

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partially offset by the earning of ceded written premiums under reinsurance agreements. The following table summarizes our net earned premiums by line of business and shows each line’s percentage of total net earned premiums for each period (in millions, except percent data):

			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					19		%
Renters			54.0						19.2		%				15.9						8.1		%				38.1						240		%
Commercial Multi-Peril			32.4						11.5		%				12.9						6.6		%				19.5						151		%
Casualty			4.5						1.6		%				1.6						0.8		%				2.9						181		%
Other			2.4						0.9		%				7.0						3.6		%				(4.6)						(66)		%
Total			$	281.0					100.0		%				$	195.5					100.0		%				$	85.5					44		%

Commission Income, Net

For the nine months ended September 30, 2025, commission income was $39.6 million, a decrease of $8.1 million, or 17%, compared to $47.7 million for the nine months ended September 30, 2024. The decrease was due primarily to a decrease in agency commission of $6.1 million due to the sale of our homebuilder distribution network in the third quarter of 2025 and the sale of First Connect in the fourth quarter of 2024, as well as a decrease in ceding commissions and fronting fees totaling $1.6 million due to higher premium retention, which decreases ceding commissions and increases net earned premium.

Service and Fee Income

For the nine months ended September 30, 2025 and 2024, respectively, service and fee income was $8.8 million.

Net Investment Income

For the nine months ended September 30, 2025, net investment income was $18.8 million, an increase of $0.6 million, compared to $18.2 million for the nine months ended September 30, 2024. The increase was due primarily to higher average balance in cash and investments during the period. We are mainly invested in money market accounts, securities issued by the U.S. government and agencies, high-grade corporate securities, residential and commercial mortgage-backed securities, and other governmental related securities.

Loss and Loss Adjustment Expenses

For the nine months ended September 30, 2025, loss and loss adjustment expenses were $184.4 million, an increase of $19.8 million, compared to $164.6 million for the nine months ended September 30, 2024. Losses and loss adjustment expenses consisted of the following elements during the respective periods (in millions, except percent data):

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			Nine Months Ended September 30,												Change						% Change
			2025						2024
Catastrophe losses			$	62.1					$	53.1					$	9.0					17		%
Non-catastrophe losses			122.3						111.5						10.8						10		%
Total losses and loss adjustment expenses			$	184.4					$	164.6					$	19.8					12		%
Catastrophe loss ratio			22		%				27		%
Non-catastrophe loss ratio			44		%				57		%
Net loss ratio			66		%				84		%

Catastrophe losses ratio decreased for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 due primarily to a lower number and severity of catastrophe events in the second and third quarters of 2025 as well as premium growth and the benefits of the pricing and underwriting actions we have taken. This was partially offset by the impact of the series of destructive wildfires that affected Los Angeles, California (the “LA Wildfires”), which occurred in the first quarter of 2025. Included in our catastrophe loss ratio for the nine months ended September 30, 2025 and 2024, is a benefit of 1 percentage point and 1 percentage point related to prior year favorable developments, respectively.

Non-catastrophe losses ratio decreased for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 due primarily to premium growth and the benefits of the pricing and underwriting actions we have taken. Included in our non-catastrophe loss ratio for the nine months ended September 30, 2025 and 2024, is a benefit of 3 percentage points and 1 percentage point related to prior year favorable developments, respectively.

Insurance Related Expenses

For the nine months ended September 30, 2025, insurance related expenses were $95.9 million, an increase of $28.0 million, or 41%, compared to $67.9 million for the nine months ended September 30, 2024. The increase was due primarily to an increase in net acquisition expenses of $26.7 million due to increased premium retention and higher volume, partially offset by a decrease in underwriting costs of $1.2 million.

Technology and Development Expenses

For the nine months ended September 30, 2025, technology and development expenses were $24.2 million, an increase of $1.1 million, or 5%, compared to $23.1 million for the nine months ended September 30, 2024. The increase was due primarily to an increase in employee-related costs of $0.7 million.

Sales and Marketing Expenses

For the nine months ended September 30, 2025, sales and marketing expenses were $26.1 million, a decrease of $14.2 million, or 35%, compared to $40.3 million for the nine months ended September 30, 2024. The decrease was due primarily to a decrease in employee-related costs of $7.1 million, including a decrease in stock-based compensation of $3.4 million due to a decrease in headcount. The decrease was also due to a decrease in contingent consideration of $2.7 million and a decrease in amortization of acquired intangible assets of $2.1 million due to the sale of our homebuilder distribution network and certain intangible assets that were fully amortized in the first quarter of 2025.

General and Administrative Expenses

For the nine months ended September 30, 2025, general and administrative expenses were $50.4 million, a decrease of $3.1 million, or 6%, compared to $53.5 million for the nine months ended September 30, 2024. The decrease was due primarily to a decrease in legal costs of $3.6 million and a decrease in facilities cost of $1.1 million, partially offset by an increase in consultants costs of $0.9 million and an increase in employee related costs of $0.6 million.

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Impairment and Restructuring Charges

For the nine months ended September 30, 2025, impairment and restructuring charges were $5.0 million, an increase of $1.4 million, or 39%, compared to $3.6 million for the nine months ended September 30, 2024. The increase was primarily related to the impairment of capitalized software which has been determined to have no future due to the sale of our homebuilder distribution network, and the impairment of a lease right-of-use asset due to termination of leased office space.

Gain on Sale of Business

For the nine months ended September 30, 2025, we recognized a gain on sale of $95.0 million related to the sale of our homebuilder distribution network, compared to a gain on sale of $8.2 million related to our subsidiary, Mainsail, for the nine months ended September 30, 2024.

Income Taxes

For the nine months ended September 30, 2025, income tax benefit was $0.1 million, a change of $1.1 million compared to an expense of $1.0 million for the nine months ended September 30, 2024.

Net (Income) Loss Attributable to Hippo

For the nine months ended September 30, 2025, net income attributable to Hippo was $51.7 million, an increase of $136.4 million compared to $84.7 million loss for the nine months ended September 30, 2024 due to the factors described above.

Reconciliation of Non-GAAP Financial Measures

Adjusted Net Income (Loss)

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 (loss) does not reflect the overall profitably of our business. Adjusted net income (loss) should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define adjusted net income (loss) differently.

Net income (loss) calculated in accordance with GAAP reconciles to adjusted net income (loss) as follows (in millions):

			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 charges			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)

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Diluted Adjusted Earnings (Loss) per Share

We define diluted adjusted earnings (loss) per share as adjusted net income (loss) 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. We use adjusted net income (loss) per share, diluted 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. Diluted adjusted earnings (loss) per share should not be viewed as a substitute for diluted earnings per share calculated in accordance with GAAP, and other companies may define diluted adjusted earnings (loss) per share differently.

Diluted adjusted earnings (loss) per share, diluted is calculated as follows:

			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

We define annualized adjusted return on equity as adjusted net income (loss) expressed on an annualized basis as a percentage of average beginning and ending 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 using unadjusted GAAP numbers, and other companies may define adjusted return on equity differently.

Annualized adjusted return on equity is calculated as follows:

			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

We define tangible book value per share 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. 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. Tangible book value per share should not be viewed as a substitute for book value per share calculated in accordance with GAAP, and other companies may define tangible book value per share differently.

Tangible book value per share is calculated as follows:

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			September 30, 2025						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

Expense Ratio

We define expense ratio as the ratio of insurance related expenses, technology and development expenses, sales and marketing expenses, and general and administrative expenses, net of commission income, net and service and fee income, to net earned premiums. We use the expense ratio to measure our operating performance. Other companies may define expense ratio differently.

Expense ratio is calculated as follows:

			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
Net expenses:
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		%				55		%				53		%				66		%

Liquidity and Capital Resources

Sources of Liquidity

Our existing sources of liquidity include cash and cash equivalents and marketable securities. As of September 30, 2025, we had $247.7 million of cash, $24.5 million of restricted cash, and $420.2 million of available-for-sale fixed income securities and short-term investments.

In addition, we are a member of the Federal Home Loan Bank (FHLB) of New York, which provides secured borrowing capacity. Our borrowing capacity as of September 30, 2025, is $42.4 million, and there were no outstanding amounts under this agreement.

The Company issued a surplus note on June 2, 2025 in the amount of $50.0 million. The surplus note issuance provides additional statutory capital and further support Spinnaker’s operational and growth initiatives.

To date, we have funded operations primarily with issuances of convertible preferred stock, convertible promissory notes, common stock and a surplus note, as well as from asset dispositions and revenue. Until we can generate sufficient revenue and other income to cover operating expenses, working capital and capital expenditures, we expect the funds raised as discussed above to fund our cash needs. Our capital requirements depend on many factors, including the volume of issuances of insurance policies, the timing and extent of spending to support research and development efforts, investments in information technology systems, and the expansion of sales and marketing activities. In the future, we may raise additional funds through the issuance of debt or equity securities or through borrowing. We cannot assure that such funds will be on favorable terms, or available at all.

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Cash Flow Summary

The following table summarizes our cash flows for the periods presented (in millions):

			Nine Months Ended
			September 30,
			2025						2024						Change
Net cash provided by (used in):
Operating activities			$	6.0					$	53.9					$	(47.9)
Investing activities			$	14.5					$	2.5					$	12.0
Financing activities			$	18.9					$	(20.6)					$	39.5

Operating Activities

Cash provided by operating activities was $6.0 million for the nine months ended September 30, 2025, a change of $47.9 million, from cash provided by operating activities of $53.9 million for the nine months ended September 30, 2024. The decrease was due primarily to a decrease in cash provided by working capital, partially offset by an increase in net income.

Variations in operating cash flow between periods are primarily driven by variations in our gross and ceded written premiums and the volume and timing of premium receipts, claim payments, reinsurance payments, and reinsurance recoveries on paid losses. In addition, fluctuations in losses and loss adjustment expenses and other insurance operating expenses impact operating cash flows.

Investing Activities

Cash provided by investing activities was $14.5 million for the nine months ended September 30, 2025, due primarily to the maturities of investment securities and the proceeds from sale of business, net of cash disposed, partially offset by purchases of investment securities.

Cash provided by investing activities was $2.5 million for the nine months ended September 30, 2024, due primarily to the maturities of investment securities and proceeds from the sale of a business, partially offset by purchases of investment securities.

Financing Activities

Cash provided by financing activities was $18.9 million for the nine months ended September 30, 2025, primarily driven by proceeds from the surplus note and common stock issuances. These are partially offset by share repurchases under program, taxes paid related to net share settlement of RSUs, and distributions to noncontrolling interests and change in fiduciary liabilities.

Cash used in financing activities was $20.6 million for the nine months ended September 30, 2024, primarily driven by distributions to noncontrolling interests and change in fiduciary liabilities, and taxes paid related to net share settlement of RSUs, partially offset by proceeds from common stock issuances.

Material Cash Requirements

Our material cash requirements from known contractual and other obligations primarily relate to purchase commitments, lease payments, our surplus note, and unpaid loss and loss adjustment expense. There have been no material changes to our contractual obligations from those described in the Annual Report on Form 10-K for the year ended December 31, 2024, other than an increase in Unpaid Loss and Loss Adjustment Expense and the surplus note. The estimation of the unpaid losses and loss adjustment expenses is based on various complex and subjective judgments. Actual losses paid may differ, perhaps significantly, from the reserve estimates reflected in our condensed consolidated financial statements. Similarly, the timing of payment of our estimated losses is not fixed and there may be significant changes in actual payment activity. The assumptions used in estimating the likely payments due by period are based on our historical claims payment experience and industry payment patterns, but

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due to the inherent uncertainty in the process of estimating the timing of such payments, there is a risk that the amounts paid can be significantly different from the amounts disclosed.

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and results of operations are based upon our condensed consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of our financial statements requires us to make estimates and judgments that affect the reported amounts in our condensed consolidated financial statements. We evaluate our estimates on an on-going basis, including those related to our revenue, loss and loss adjustment expense reserve, recoverability of our net deferred tax asset, and intangible assets. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Although actual results have historically been reasonably consistent with management’s expectations, the actual results may differ from these estimates, or our estimates may be affected by different assumptions or conditions.

Our critical accounting policies are described under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in our Annual Report on Form 10-K and the notes to the unaudited interim condensed consolidated financial statements appearing elsewhere in this Quarterly Report. During the nine months ended September 30, 2025, there were no material changes to our critical accounting policies from those discussed in our Annual Report on Form 10-K.

Recent Accounting Pronouncements

The information set forth under Note 1 to the condensed consolidated financial statements under the caption “Description of Business and Summary of Significant Accounting Policies” is incorporated herein by reference.

Emerging Growth Company Status

We currently qualify as an “emerging growth company” under the JOBS Act. Accordingly, we are provided the option to adopt new or revised accounting guidance either (1) within the same periods as those otherwise applicable to non-emerging growth companies or (2) within the same time periods as private companies.

We have elected to adopt new or revised accounting guidance within the same time period as private companies, unless management determines that it is preferable to take advantage of early adoption provisions offered within the applicable guidance. Our utilization of these transition periods may make it difficult to compare our financial statements to those of non-emerging growth companies and other emerging growth companies that have opted out of the transition periods afforded under the JOBS Act.

The last business day of the fiscal year of 2025 is the last day of the fiscal year following the fifth anniversary of our initial public offering. As a result, on December 31, 2025 we will cease to be an emerging growth company.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to market risks related to interest rate changes and the corresponding changes in the market values of our investments.

Interest Rate Risk

     Market risk is the potential loss arising from adverse changes in market rates and prices, such as interest rates. We are primarily exposed to market risk through our fixed maturities, short-term investments, and cash and cash equivalents. We invest our excess cash primarily in money market accounts, corporate and foreign securities, residential and commercial mortgage-backed securities, and other governmental related securities. Our current investment strategy seeks first to preserve principal, second to provide liquidity for our operating and capital needs, and third to maximize yield without putting principal at risk. We do not enter into investments for trading or speculative purposes. Our investments are exposed to market risk due to the fluctuation of prevailing interest rates

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that may reduce the yield on our investments or their fair value. Management does not expect our results of operations or cash flows to be materially affected by a sudden change in market interest rates.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our chief executive officer and our chief financial officer have concluded, based upon their evaluation as of the end of the period covered by this report, that the Company’s “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) are effective in providing reasonable assurance that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosures.

In designing and evaluating the disclosure controls and procedures and internal control over financial reporting, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures and internal control over financial reporting must reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Changes in Internal Control Over Financial Reporting

There was no change in our internal control over financial reporting that occurred during the most recently completed fiscal quarter covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The information set forth under Note 12, Commitments and Contingencies in the notes to the condensed consolidated financial statements under the caption “Legal Proceedings” is incorporated herein by reference.

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors previously disclosed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Company Purchases of Equity Securities

The following table provides information with respect to purchases of our common stock by the Company or any “affiliated purchaser” as defined in Rule 10b-18(a)(3) under the Exchange Act, during the three months ended September 30, 2025.

Period						Total Number of Shares Purchased(1)						Average Price Paid per Share(2)						Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs						Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
						(in millions, except share and per share data)
July 1 through July 31, 2025						514,309						$	28.17					514,309
August 1 through August 31, 2025						—						$	—					—
September 1 through September 30, 2025						—						$	—					—
Total						514,309																		$	18.1

(1) In March 2023, the Company’s Board of Directors authorized a share repurchase program to purchase up to $50.0 million of the Company’s common stock, with no expiration date. Repurchases under the program may be made in the open market, in privately negotiated transactions or otherwise, with the amount and timing of repurchases to be determined at the Company’s discretion depending on market conditions and corporate needs. This program does not obligate the Company to acquire any particular amount of its common stock, and may be modified, suspended or terminated at any time at the Company’s discretion.

(2) Includes direct costs incurred to acquire the shares.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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ITEM 5. OTHER INFORMATION

Rule 10b5-1 Trading Arrangements

From time to time, our officers (as defined in Rule 16a-1(f)) and directors may enter into Rule 10b5-1 or non-Rule 10b5-1 trading arrangements (as each such term is defined in Item 408 of Regulation S-K). During the three months ended September 30, 2025 our officers and directors took the following actions with respect to 10b5-1trading arrangements:

Trading Arrangement

Name and Position

Action

Date

Rule 10b5-01(1)

Non- Rule 10b5-01

Total Shares to be Sold

Expiration Date

Richard McCathron (Chief Executive Officer)

Adopt

8/29/2025

X

—

90,000

12/31/2026

Torben Ostergaard (CEO, Spinnaker )

Adopt

8/22/2025

X

—

28,457(2)

11/30/2026

Michael Stienstra (GM & Chief Insurance Officer, HHIP)

Adopt

9/21/2025

X

—

43,290(3)

9/30/2026

(1) Intended to satisfy the affirmative defense of Rule 10b5-1(c).

(2) Includes the sale of up to 20,229 Restricted Stock Units (RSUs) of the Company that are expected to vest during the term of the trading arrangement.

(3) Includes the sale of up to 9,892 RSUs of the Company that are expected to vest during the term of the trading arrangement.

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ITEM 6. EXHIBITS

Exhibit Number						Description
31.1*						Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2*						Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1#						Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.#
32.2#						Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.#
101.INS*						XBRL Instance Document*
101.SCH*						XBRL Taxonomy Extension Schema Document*
101.CAL*						XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF*						XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB*						XBRL Taxonomy Extension Label Linkbase Document*
101.PRE*						XBRL Taxonomy Extension Presentation Linkbase Document*
104*						Cover Page Interactive Data File (embedded within the Inline XBRL document).
*						Filed herewith.
#						Exhibits 32.1 and 32.2 are being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section, nor shall such exhibits be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act or the Exchange Act, except as otherwise specifically stated in such filing.

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized:

			HIPPO HOLDINGS INC.
Date: November 5, 2025			By:			/s/ Richard McCathron
			Name:			Richard McCathron
			Title:			Chief Executive Officer
						(Principal Executive Officer)
Date: November 5, 2025			By:			/s/ Guy Zeltser
			Name:			Guy Zeltser
			Title:			Chief Financial Officer
						(Principal Financial Officer)

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FAQ

What were Hippo (HIPO) Q3 2025 results?

Total revenue was $120.6 million and net income was $98.1 million, versus revenue of $95.5 million and a net loss of $5.2 million a year ago.

What drove Hippo’s profitability in Q3 2025?

A $95.0 million gain on the sale of its homebuilder distribution network was the primary driver.

How did core insurance metrics trend for HIPO?

Net earned premium rose to $99.7 million (from $70.6 million) and losses and LAE decreased to $47.5 million (from $51.6 million).

What is the status of Hippo’s cash and investments?

Cash and cash equivalents were $247.7 million; total investments were $420.2 million as of September 30, 2025.

What are the terms of Hippo’s surplus note?

Issued $50.0 million on June 2, 2025, fixed rate 9.5%, 15-year term, callable in 7 years; principal and interest payments require regulatory approval.

Did Hippo repurchase shares in Q3 2025?

Yes. Hippo repurchased 514,309 shares for $14.5 million at $28.17 per share.

How many HIPO shares were outstanding at quarter-end?

There were 25,337,366 shares issued and outstanding as of September 30, 2025.