Hippo (NYSE: HIPO) swings to 2025 profit and raises 2026 targets
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Hippo Holdings Inc. reported strong fourth quarter and full-year 2025 results, highlighted by a return to profitability and improved underwriting. For Q4, net income attributable to Hippo was $6.0 million, or $0.23 diluted EPS, with adjusted net income of $17.6 million, or $0.67 diluted adjusted EPS.
For 2025, Hippo generated $1.1 billion in gross written premium (up 24%) and $422.3 million in net written premium (up 13%), with total revenue of $468.6 million. Net income attributable to Hippo was $57.7 million versus a $40.5 million loss in 2024, while adjusted net income improved to $17.8 million from a $20.3 million loss.
Underwriting metrics strengthened: the full-year net loss ratio fell to 60.1% from 76.8%, and the combined ratio improved to 113.1% from 137.8%, helped by lower catastrophe and non-catastrophe losses. Book value per share rose to $16.97, and tangible book value per share to $14.76, both higher than year-end 2024. Growth shifted toward Casualty and Commercial Multi-Peril lines, while Homeowners shrank but remained the largest line by gross written premium.
For 2026, Hippo targets gross written premium of $1.4–$1.5 billion, net written premium of $500–$540 million, a combined ratio of 103–105%, and adjusted net income of $45–$55 million, signaling expectations for continued growth and better profitability.
Positive
- Return to profitability: Net income attributable to Hippo improved to $57.7 million in 2025 from a $40.5 million loss in 2024, with diluted EPS rising to $2.22 from a $1.64 loss.
- Stronger underwriting performance: The full-year net loss ratio fell to 60.1% from 76.8%, and the combined ratio improved to 113.1% from 137.8%, driven by lower catastrophe and non-catastrophe losses and a better expense ratio.
- Growth with diversification: Gross written premium grew 24% to $1.1 billion, led by large increases in Casualty and Commercial Multi-Peril, reducing reliance on the Homeowners line.
- Improved capital metrics and outlook: Book value per share rose to $16.97, tangible book value per share to $14.76, and 2026 guidance calls for higher premiums, a lower combined ratio of 103–105%, and adjusted net income of $45–$55 million.
Negative
- None.
Insights
Hippo swings to profitability with better loss ratios and growth in diversified lines.
Hippo delivered a notable turnaround in 2025, moving from a
Underwriting quality improved meaningfully. The full-year net loss ratio decreased to
Management’s 2026 guidance—gross written premium of
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 25, 2026
(Exact Name of Registrant as Specified in Its Charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||||||||
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
Item 2.02 Results of Operations and Financial Condition
On February 25, 2026 , Hippo Holdings Inc. (the “Company”) issued a press release announcing certain financial results for the quarter and year ended December 31, 2025, as well as an investor presentation and historical supplemental financial information. A copy of the press release, investor presentation and historical supplemental financial information are furnished as Exhibits 99.1, 99.2 and 99.3 to this report, respectively.
The Company is making reference to non-GAAP financial information in the press release, investor presentation, historical supplemental financial information and the related conference call. A reconciliation of these non-GAAP financial measures to their nearest GAAP equivalents is provided in each of the press release, investor presentation and historical supplemental financial information.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3 to this Current Report on Form 8-K, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Section 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 2.02 and in the accompanying Exhibits 99.1, 99.2 and 99.3 shall not be incorporated by reference into any registration statement or other document filed by the Company with the Securities and Exchange Commission, whether made before or after the date of this Current Report, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference to this Item 2.02 and Exhibit 99.1, Exhibit 99.2 or Exhibit 99.3 in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
| Exhibit Number | Exhibit Title or Description | ||||
99.1 | Press Release Announcing Financial Results for the Fourth Quarter Ended December 31, 2025. | ||||
99.2 | Quarterly Investor Presentation dated February 25, 2026. | ||||
99.3 | Historical Supplemental Financial Information. | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
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 hereunto duly authorized.
Date: February 25, 2026
| HIPPO HOLDINGS, INC. | ||||||||
| By: | /s/ GUY ZELTSER | |||||||
| Guy Zeltser | ||||||||
| Chief Financial Officer | ||||||||
Hippo Reports Fourth Quarter 2025 Financial Results February 25, 2026 SAN JOSE, Calif. (PRNewswire) -- Hippo Holdings Inc. (NYSE: HIPO), a technology-native insurance platform driving growth across owned and partner MGAs, announced its consolidated financial results including diluted earnings per share of $0.23 and diluted adjusted earnings per share of $0.67 for the quarter ended December 31, 2025. Fourth Quarter Highlights • Gross Written Premium increased 40% to $288 million over 4Q24 • Net Written Premium increased 23% to $97 million over 4Q24 • Net Income attributable to Hippo of $6 million compared to $44 million in 4Q24 • Adjusted Net Income attributable to Hippo of $18 million, a 20% increase over 4Q24 • Net Loss Ratio improved 12 percentage points to 46% compared to 4Q24 • Combined Ratio improved 8 percentage points to 99% compared to 4Q24 2025 Full Year Highlights • Gross Written Premium increased 24% to $1.1 billion over 2024 • Net Written Premium increased 13% to $422 million over 2024 • Net Income attributable to Hippo of $58 million compared to a Net loss of $41 million in 2024 • Adjusted Net Income attributable to Hippo of $18 million compared to an Adjusted Net loss of $20 million in 2024 • Net Loss Ratio improved 17 percentage points to 60% compared to 2024 • Combined Ratio improved 25 percentage points to 113% compared to 2024 • Book Value per share of $16.97 increased 17% from year-end 2024 "We closed 2025 with strong momentum, evidenced by our 40% gross written premium growth, positive net and adjusted income, and an underwriting profit in the fourth quarter” said Rick McCathron, Hippo President and CEO. “Looking ahead to 2026, I am excited about Hippo's prospects for increased diversification, strong growth, and continued improvement in profitability. This progress reflects our team's efforts over the last several years, and is exemplified most recently by the relaunch of our homeowners business outside of builders with select partners. Together, these developments reinforce our confidence in achievement of our targets of over $2 billion of gross written premium and over $125 million of adjusted net income by the end of 2028.” 1
Key Operating and Financial Metrics Three Months Ended December 31, Years Ended December 31, 2025 2024 2025 2024 ($ in millions, except in per share figures) Gross Written Premium $ 287.9 $ 205.6 $ 1,108.6 $ 892.4 Net Written Premium 97.2 79.2 422.3 372.6 Net Retention 34 % 39 % 38 % 42 % Total Revenue $ 120.4 $ 102.0 $ 468.6 $ 372.1 Net Income (Loss) (1) 6.0 44.2 57.7 (40.5) Adjusted Net Income (Loss) (1) (2) 17.6 14.7 17.8 (20.3) Basic Earnings (Loss) per Share (1) 0.24 1.78 2.28 (1.64) Diluted Earnings (Loss) per Share (1) 0.23 1.71 2.22 (1.64) Diluted Adjusted Earnings (Loss) per Share (1) (2) 0.67 0.57 0.68 (0.82) Net Loss Ratio 45.9 % 57.7 % 60.1 % 76.8 % Expense Ratio 53.5 % 49.2 % 53.0 % 61.0 % Combined Ratio 99.4 % 106.9 % 113.1 % 137.8 % As of December 31, 2025 As of December 31, 2024 Book Value Per Share (BVPS)1 $16.97 $14.56 Tangible Book Value Per Share (TBVPS) (1, 2) $14.76 $11.94 (1) Attributable to Hippo (2) Indicates non-GAAP financial measure; see “Reconciliation of Non GAAP Financial Measures to Their Most Directly Comparable GAAP Financial Measures" Fourth Quarter and Full Year 2025 Operating Summary Net income in Q4 of $6 million, or $0.23 per diluted share, compared to a $44 million net income in Q4 of last year which included a $46 million one-time gain on sale. The drivers of this improvement included growth and the improved underwriting results. For the full year 2025 net income was $58 million, or $2.22 per diluted share, compared to a $41 million net loss in 2024. The drivers of this improvement included improved underwriting results and the gain on the sale of the home builder distribution network. Adjusted net income of $18 million, or $0.67 per diluted share in Q4, compared to a $15 million adjusted net income Q4 of last year. This quarter's results equate to a 16% annualized adjusted return on average shareholders' equity. For the full year 2025 adjusted net income was $18 million, or $0.68 per diluted share, compared to a $20 million adjusted net loss in 2024. The full year's results equate to a 4% annualized adjusted return on average shareholders' equity. Total Hippo shareholders' equity of $436 million, or $16.97 per share, at December 31, 2025, was up 20%, from $362 million, or $14.56 per share, at year-end 2024. The increase was 2
primarily driven by the gain on sale of our homebuilder distribution network and improved underwriting, which more than off-set the underwriting loss and the share buyback. Gross written premium of $288 million grew by 40% compared to the prior year quarter. Growth was driven primarily by Casualty and Commercial Multi-Peril (CMP) lines which were up 169% and 58% over the prior year period, to $88 million and $65 million, respectively. This expansion more than off-set a 5%, or $5 million, reduction in the Homeowners line year over year. For full year 2025, gross written premium expanded by 24% over the prior year to $1.1 billion. This growth was led by Casualty up 92% over the prior year to $264 million, and CMP up 75% over the prior year to $265 million, making CMP the second largest line of business after Homeowners which was down 10% to $379 million for the year. The overall growth strategy is focused on underwriting profitability and reduced volatility, which includes increased portfolio diversification. For the year, Homeowners, the largest line on a gross written premium basis, accounted for 34% of the total, down from 47% in the prior year, while CMP accounted for 24% of GWP in the quarter compared to 17% in 2024. Net written premium for the quarter of $97 million grew by $18 million or 23% from Q4 of last year. The main driver of this growth was the Renters and CMP lines, which grew by $13 million and $4 million, respectively year over year. Net written premium for the year of $422 million grew by $50 million or 13% over last year. The main driver of this growth was Renters which grew by $76 million and CMP lines which grew by $37 million, more than off- setting the $52 million contraction in Homeowners. Net loss ratio in the quarter of 46% represented a 12 percentage points improvement over the prior year quarter. This improvement was driven primarily by the lack of meaningful catastrophe (CAT) losses in the quarter compared to Q4 of last year. The net accident year loss ratio excluding CAT losses of 46% was a 9 percentage points improvement over the 54% in Q4 of last year. Net loss ratio of 60% for the full year was a 17 percentage points improvement over the prior year. This improvement was driven by both lower CAT loss and non-CAT losses compared to 2024. The net accident year loss ratio excluding CAT losses of 48% improved by over 10 percentage points over 58% in Q4 of last year. Combined ratio of 99% for the quarter improved 8 percentage points over the prior year, similarly benefitting from improved underwriting results more than off-setting slightly elevated expenses. This change in expenses primarily resulted from the home builder network sale and one-time CAT allowance chargeback in 4Q24. For full year 2025 a combined ratio of 113% was improved by 25 points compared to 138% in 2024, driven by a 17 percentage point lower loss ratio and a 8 percentage point lower expense ratio. Net income was $6 million for the fourth quarter compared to $44 million in the prior year quarter which benefited from a $46 million gain on the sale of First Connect. For the full 3
year 2025 net income was $58 million including a $91 million net gain on the sale of the Home Builder Distribution Network compared to a net loss of $41 million in 2024. 2026 Guidance The following Guidance update is based on current expectations. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Forward-looking statements safe harbor” below. 2025 Actual 2026 FY Guidance(1) Gross Written Premium $1.1B $1.4 - $1.5B Net Written Premium $422M $500 - $540M Combined Ratio 113 % 103% - 105% CAT Loss Ratio 15 % 13% Adjusted Net Income (Loss) $18M $45 - $55M Stock-based compensation + Depreciation and Amortization $50M $41M Fourth Quarter Earnings Conference Call and Webcast Information Date: Wednesday Feb 25, 2026 Time: 8:00 a.m. Eastern Time / 5:00 a.m. Pacific Time Dial In: +1 833 470 1428 / Global Dial-In Numbers Access: 703997 Webcast: https://events.q4inc.com/attendee/971517166 A replay of the webcast will be made available after the call in the investor relations section of the company's website at https://investors.hippo.com/ About Hippo Hippo is a technology-enabled insurance group that uses its carrier platform to diversify risk across both personal and commercial lines. Through the Hippo Homeowners Insurance Program, the company applies deep industry expertise and advanced underwriting to deliver proactive, tailored coverage for homeowners. Hippo Holdings Inc. subsidiaries include Hippo Insurance Services, Spinnaker Insurance Company, Spinnaker Specialty Insurance Company, and Wingsail Insurance Company. Hippo Insurance Services is a licensed property casualty insurance agent with products underwritten by various affiliated and unaffiliated insurance companies. For more information, please visit http:// www.hippo.com. 4
Consolidated Balance Sheet (in millions, unaudited) December 31, 2025 2024 Assets Investments: Fixed maturities available-for-sale, at fair value (amortized cost: $291.7 and $208.3) $ 293.4 $ 205.7 Short-term investments, at fair value (amortized cost: $152.5 and $167.6) 152.5 167.6 Total investments 445.9 373.3 Cash and cash equivalents 218.3 197.6 Restricted cash 31.8 35.2 Accounts receivable, net of allowance of $0.2 and $0.6 250.1 167.0 Reinsurance recoverable on paid and unpaid losses and loss adjustment expenses 346.6 285.3 Prepaid reinsurance premiums 353.7 274.2 Ceding commissions receivable 98.7 79.5 Capitalized internal use software 43.0 48.1 Intangible assets 13.8 17.0 Other assets 103.6 66.2 Total assets $ 1,905.5 $ 1,543.4 Liabilities and stockholders’ equity Liabilities: Losses and loss adjustment expense reserve $ 420.4 $ 350.0 Unearned premiums 579.7 457.9 Reinsurance premiums payable 304.4 248.6 Provision for commission 36.3 34.3 Surplus note 47.9 — Accrued expenses and other liabilities 80.7 87.4 Total liabilities 1,469.4 1,178.2 Commitments and contingencies (Note 13) Stockholders’ equity: Common stock, $0.0001 par value; 80,000,000 shares authorized as of both December 31, 2025 and 2024; 25,699,704 and 24,866,803 shares issued and outstanding as of December 31, 2025 and 2024, respectively — — Additional paid-in capital 1,651.5 1,639.7 Accumulated other comprehensive income (loss) 1.8 (2.7) Accumulated deficit (1,217.2) (1,274.9) Total Hippo stockholders’ equity 436.1 362.1 Noncontrolling interest — 3.1 Total stockholders’ equity 436.1 365.2 Total liabilities and stockholders’ equity $ 1,905.5 $ 1,543.4 5
Consolidated Statement of Operations and Comprehensive Income (Loss) (in millions, except share and per share data, unaudited) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Revenue: Net earned premium $ 99.1 $ 77.0 $ 380.1 $ 272.5 Commission income, net 11.7 15.9 51.3 63.6 Service and fee income 3.0 2.8 11.8 11.6 Net investment income 6.6 6.3 25.4 24.4 Total revenue 120.4 102.0 468.6 372.1 Expenses: Losses and loss adjustment expenses 45.5 44.4 229.9 209.0 Insurance related expenses 35.4 20.9 131.3 88.8 Technology and development expenses 8.3 7.6 32.5 30.7 Sales and marketing expenses 7.3 10.9 33.5 51.2 General and administrative expenses 16.7 17.2 67.1 70.7 Impairment and restructuring charges — — 5.0 3.6 Gain on sale of business — (46.1) (95.0) (54.4) Interest and other (income) expense, net 0.4 — 1.0 (0.1) Total expenses 113.6 54.9 405.3 399.5 Income (loss) before income taxes 6.8 47.1 63.3 (27.4) Income tax expense 0.8 0.1 0.7 1.2 Net income (loss) 6.0 47.0 62.6 (28.6) Net income attributable to noncontrolling interests, net of tax — 2.8 4.9 11.9 Net income (loss) attributable to Hippo $ 6.0 $ 44.2 $ 57.7 $ (40.5) Other comprehensive income (loss): Change in net unrealized gain (loss) on investments, net of tax 0.4 (3.2) 4.5 0.2 Comprehensive income (loss) attributable to Hippo $ 6.4 $ 41.0 $ 62.2 $ (40.3) Per share data: Net income (loss) attributable to Hippo - basic and diluted $ 6.0 $ 44.2 $ 57.7 $ (40.5) Weighted average shares used in computing net income (loss) per share attributable to Hippo Basic 25,503,339 24,865,591 25,253,520 24,699,913 Diluted 26,245,980 25,889,665 26,011,391 24,699,913 Net income (loss) per share attributable to Hippo Basic $ 0.24 $ 1.78 $ 2.28 $ (1.64) Diluted $ 0.23 $ 1.71 $ 2.22 $ (1.64) 6
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO THEIR MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (in millions, except share and per share data, unaudited) Adjusted Net Income (Loss) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net income (loss) attributable to Hippo $ 6.0 $ 44.2 $ 57.7 $ (40.5) Adjustments: Depreciation and amortization 4.8 5.8 20.4 23.2 Stock-based compensation 6.7 8.9 29.3 38.2 Fair value adjustments (0.4) (0.5) (0.6) 1.7 Other one-off transactions 0.5 2.4 1.0 7.9 Impairment and restructuring — — 5.0 3.6 Gain on sale of a business — (46.1) (95.0) (54.4) Adjusted net income (loss) $ 17.6 $ 14.7 $ 17.8 $ (20.3) Diluted Adjusted Earnings (Loss) per Share Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Adjusted net income (loss) $ 17.6 $ 14.7 $ 17.8 $ (20.3) Weighted-average common shares outstanding, diluted 26,245,980 25,889,665 26,011,391 24,699,913 Diluted Adjusted Earnings (Loss) per Share $ 0.67 $ 0.57 $ 0.68 $ (0.82) Annualized Adjusted Return on Equity Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Annualized adjusted net income (loss) $ 70.4 $ 58.8 $ 17.8 $ (20.3) Average Hippo Stockholders' Equity 428.8 344.3 399.1 370.0 Annualized Adjusted Return on Equity 16 % 17 % 4 % (5) % 7
Tangible Book Value Per Share As of December 31, 2025 As of December 31, 2024 Hippo Stockholders' Equity 436.1 362.1 Less: Intangible assets 13.8 17.0 Less: Capitalized internal use software 43.0 48.1 Tangible stockholders’ equity $ 379.3 $ 297.0 Shares outstanding 25,699,704 24,866,803 Tangible book value per share $ 14.76 $ 11.94 SUPPLEMENTAL FINANCIAL INFORMATION (in millions, unaudited) Net Loss, Expense, and Combined Ratio Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net Earned Premium $ 99.1 $ 77.0 $ 380.1 $ 272.5 Catastrophe losses (1.0) 4.8 61.5 58.0 Non-catastrophe losses 46.5 39.6 168.4 151.0 Loss and loss adjustment expenses $ 45.5 $ 44.4 $ 229.9 $ 209.0 Catastrophe losses ratio (1.0) % 6.2 % 15.4 % 21.3 % Non-catastrophe losses ratio 46.9 % 51.4 % 44.7 % 55.5 % Net loss ratio 45.9 % 57.7 % 60.1 % 76.8 % Insurance related expenses $ 35.4 $ 20.9 $ 131.3 $ 88.8 Technology and development expenses 8.3 7.6 32.5 30.7 Sales and marketing expenses 7.3 10.9 33.5 51.2 General and administrative expenses 16.7 17.2 67.1 70.7 Less: commission income, net and service and fee income (14.7) (18.7) (63.1) (75.2) Total net expenses $ 53.0 $ 37.9 $ 201.3 $ 166.2 Expense Ratio 53.5 % 49.2 % 53.0 % 61.0 % Combined Ratio 99.4 % 106.9 % 113.1 % 137.8 % Prior accident year developments Loss and loss adjustment expenses 1.1 (2.1) (9.5) (6.1) Net loss ratio 1.0 % (2.7) % (3.0) % (2.0) % Net accident year loss ratio 44.9 % 60.4 % 63.1 % 78.8 % Net accident year loss ratio x catastrophe 45.9 % 54.2 % 47.7 % 57.5 % 8
Gross and Net Loss Ratio Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Gross Losses and LAE $134.8 $99.5 $535.0 $450.3 Gross Earned Premium 272.6 221.5 986.9 853.7 Gross Loss Ratio 49% 45% 54% 53% Net Losses and LAE $45.5 $44.4 $229.9 $209.0 Net Earned Premium $99.1 $77.0 $380.1 $272.5 Net Loss Ratio 46% 58% 60% 77% Underwriting Data The Company has a single reportable segment and offers property & casualty insurance products. Gross written premiums (GWP) by largest states, and the Gross written premiums (GWP), Net written premiums (NWP), and Net earned premiums (NEP) by line of business are presented below: Gross Written Premium (GWP) by State Three Months Ended December 31, Years Ended December 31, 2025 2024 2025 2024 Amount % of GWP Amount % of GWP Amount % of GWP Amount % of GWP State California $ 65.4 23 % $ 47.6 23 % 224.9 20 % $ 201.1 23 % Florida 30.9 11 % 25.6 12 % 149.8 14 % 115.1 13 % Texas 32.1 11 % 29.0 14 % 131.3 12 % 128.1 14 % New York 35.4 12 % 10.9 5 % 100.4 9 % 34.1 4 % Illinois 11.5 4 % 6.5 3 % 35.5 3 % 27.8 3 % Georgia 6.1 2 % 5.0 2 % 29.1 3 % 24.5 3 % Massachusetts 5.5 2 % 5.2 — 3 % 26.0 2 % 25.3 3 % Colorado 6.8 2 % 5.0 2 % 23.6 2 % 18.9 2 % North Carolina 4.2 1 % 3.9 2 % 22.5 2 % 19.1 2 % South Carolina 3.7 1 % 4.3 2 % 22.2 2 % 24.8 3 % Other 86.3 31 % 62.6 32 % 343.3 31 % 273.6 30 % Total $ 287.9 100 % $ 205.6 100 % $ 1,108.6 100 % $ 892.4 100 % 9
Gross Written Premium (GWP) by Line of Business Three Months Ended December 31, 2025 2024 Amount % of GWP Amount % of GWP Change % Change Line of Business Homeowners $ 91.0 31.6 % $ 96.1 46.7 % (5.1) (5.3) % Renters 36.4 12.6 % 31.3 15.2 % 5.1 16.3 % Commercial Multi-Peril 64.9 22.5 % 41.0 19.9 % 23.9 58.3 % Casualty 88.4 30.7 % 32.9 16.0 % 55.5 168.7 % Other 7.2 2.6 % 4.3 2.2 % 2.9 67.4 % Total $ 287.9 100.0 % $ 205.6 100.0 % 82.3 40.0 % Years Ended December 31, 2025 2024 Amount % of GWP Amount % of GWP Change % Change Line of Business Homeowners $ 379.2 34.2 % $ 423.1 47.4 % (43.9) (10.4) % Renters 174.9 15.8 % 146.9 16.5 % 28.0 19.1 % Commercial Multi-Peril 264.6 23.9 % 151.5 17.0 % 113.1 74.7 % Casualty 263.8 23.8 % 137.6 15.4 % 126.2 91.7 % Other 26.1 2.4 % 33.3 3.7 % (7.2) (21.6) % Total $ 1,108.6 100.1 % $ 892.4 100.0 % 216.2 24.2 % Net Written Premium (NWP) by Line of Business Three Months Ended December 31, 2025 2024 Amount % of NWP Amount % of NWP Change % Change Line of Business Homeowners $ 63.5 65.3 % $ 65.5 82.7 % (2.0) (3.1) % Renters 18.0 18.5 % 5.5 6.9 % 12.5 227.3 % Commercial Multi-Peril 14.1 14.5 % 10.4 13.1 % 3.7 35.6 % Casualty 2.3 2.4 % 0.4 0.5 % 1.9 475.0 % Other (0.7) (0.7) % (2.6) (3.2) % 1.9 (73.1) % Total $ 97.2 100.0 % $ 79.2 100.0 % 18.0 22.7 % 10
Years Ended December 31, 2025 2024 Amount % of NWP Amount % of NWP Change % Change Line of Business Homeowners $ 255.0 60.4 % $ 307.2 82.4 % (52.2) (17.0) % Renters 101.0 23.9 % 24.6 6.6 % 76.4 310.6 % Commercial Multi-Peril 66.1 15.7 % 29.1 7.8 % 37.0 127.1 % Casualty 8.6 2.0 % 1.9 0.5 % 6.7 352.6 % Other (8.4) (2.0) % 9.8 2.7 % (18.2) (185.7) % Total $ 422.3 100.0 % $ 372.6 100.0 % 49.7 13.3 % Net Earned Premium (NEP) by Line of Business Three Months Ended December 31, 2025 2024 Amount % of NEP Amount % of NEP Change % Change Line of Business Homeowners $ 63.4 64.0 % $ 62.7 81.4 % 0.7 1.1 % Renters 18.4 18.6 % 6.4 8.3 % 12.0 187.5 % Commercial Multi-Peril 15.5 15.6 % 6.2 8.1 % 9.3 150.0 % Casualty 1.6 1.6 % 0.4 0.5 % 1.2 300.0 % Other 0.2 0.2 % 1.3 1.7 % (1.1) (84.6) % Total $ 99.1 100.0 % $ 77.0 100.0 % 22.1 28.7 % Years Ended December 31, 2025 2024 Amount % of NEP Amount % of NEP Change % Change Line of Business Homeowners $ 251.1 66.1 % $ 220.8 81.0 % 30.3 13.7 % Renters 72.4 19.0 % 22.4 8.2 % 50.0 223.2 % Commercial Multi-Peril 47.9 12.6 % 19.0 7.0 % 28.9 152.1 % Casualty 6.1 1.6 % 2.0 0.7 % 4.1 205.0 % Other 2.6 0.7 % 8.3 3.1 % (5.7) (68.7) % Total $ 380.1 100.0 % $ 272.5 100.0 % 107.6 39.5 % 11
Information about Key Operating Metrics/Non-GAAP Financial Measures Adjusted Net Income (Loss) is a non-GAAP financial measure, defined as net income (loss) 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 define adjusted net income (loss) as net income (loss) adjusted for, as applicable, (i) depreciation and amortization, (ii) stock-based compensation expense, (iii) the impact of other non-cash fair market value adjustments, (iv) impairment and restructuring related expenses, (v) gain or loss on the sale of a business, and (vi) other one-off transactions, which primarily include certain legal fees and settlement costs, that we consider to be unique in nature, net of tax impact. We exclude the impact of depreciation and amortization, stock-based compensation expense, and non-cash fair market value adjustments, because these are non-cash expenses or non-cash fair value adjustments and we believe that excluding these items provides meaningful information regarding performance and ongoing cash-generation potential. We exclude impairment and restructuring related expenses, gain or loss on sale of business, and other one-off transactions because such expenses are periodic in nature and have no direct correlation to the cost of operating our business on an ongoing basis that we consider to be unique in nature. Management uses this measure evaluate our underlying business performance. Adjusted net income (loss) does not reflect the overall profitability of our business. 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. Management uses this measure to assess performance on a per-share basis across periods. 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. 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. Management uses this measure to evaluate capital efficiency and returns generated on deployed capital. 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. 12
Tangible Book Value Per Share is a non-GAAP financial measure defined as total stockholders’ equity, less intangible assets and capitalized internal use software, divided by the outstanding number of shares of our common stock at the end of the relevant period. Management uses this measure to evaluate changes from period to period in book value per share exclusive of changes in intangible assets in order to assess capital position and balance sheet strength. 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. These Non-GAAP financial measures are in addition to, and not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP. Reconciliations of these Non- GAAP financial measures to their most directly comparable GAAP counterpart is included above. We believe that these non-GAAP measures of financial results provide useful supplemental information to investors about Hippo. Forward-looking statements safe harbor Certain statements included in this press release that are not historical facts are forward- looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial results and other operating and performance metrics, our business strategy, our cost reduction efforts, the quality of our products and services, and the potential growth of our business. These statements are based on the current expectations of Hippo's management and are not predictions of actual performance. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions, and many actual events and circumstances are beyond the control of Hippo. These forward- looking statements are subject to a number of risks and uncertainties, including our ability to navigate extensive insurance industry regulations and the scrutiny of state insurance regulators, our ability to achieve or maintain profitability in the future; our ability to retain and expand our customer base and grow our business, including our builder network; our ability to manage growth effectively; risks relating to Hippo's brand and brand reputation; denial of claims or our failure to accurately and timely pay claims; the effects of intense competition in the segments of the insurance industry in which we operate; the availability and adequacy of reinsurance, including at current coverage, limits or pricing; our ability to 13
underwrite risks accurately and charge competitive yet profitable rates to our customers, and the sufficiency of the analytical models we use to assess and predict exposure to catastrophe losses; risks related to our proprietary technology and our digital platform; outages or interruptions or delays in services provided by our third party providers, including our data vendors; risks related to our intellectual property; the seasonal and cyclical nature of our business; the effects of severe weather events and other natural or man-made catastrophes, including the effects of climate change, global pandemics, and terrorism; any overall decline in economic activity; regulators' identification of errors in the policy forms we use, the rates we charge, and our customer communications including, but not limited to, cancellations, non-renewals and reinstatements through market conducts, complaints, or other inquiries; the effects of existing or new legal or regulatory requirements on our business, including with respect to maintenance of risk- based capital and financial strength ratings, data privacy and cybersecurity, and the insurance industry generally; and other risks set forth in the sections entitled "Risk Factors" in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Hippo does not presently know, or that Hippo currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Hippo's expectations, plans, or forecasts of future events and views as of the date of this press release. Hippo anticipates that subsequent events and developments will cause Hippo's assessments to change. However, while Hippo may elect to update these forward-looking statements at some point in the future, Hippo specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Hippo's assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. Rounding Certain monetary amounts, percentages, and other figures included in this release have been subject to rounding adjustments. The sum of individual metrics may not always equal total amounts indicated due to rounding. Contacts Investors: Charles Sebaski Investors@hippo.com Press: Mark Olson press@hippo.com 14
4th Quarter 2025 Financial Results February 25th, 2026
4th Quarter 2025 Financial Results Forward-looking Statements Safe Harbor Certain statements included in this presentation that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial results and other operating and performance metrics, our business strategy, our cost reduction efforts, the quality of our products and services, and the potential growth of our business. These statements are based on the current expectations of Hippo's management and are not predictions of actual performance. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions, and many actual events and circumstances are beyond the control of Hippo. These forward-looking statements are subject to a number of risks and uncertainties, including our ability to navigate extensive insurance industry regulations and the scrutiny of state insurance regulators, our ability to achieve or maintain profitability in the future; our ability to retain and expand our customer base and grow our business, including our builder network; our ability to manage growth effectively; risks relating to Hippo's brand and brand reputation; denial of claims or our failure to accurately and timely pay claims; the effects of intense competition in the segments of the insurance industry in which we operate; the availability and adequacy of reinsurance, including at current coverage, limits or pricing; our ability to underwrite risks accurately and charge competitive yet profitable rates to our customers, and the sufficiency of the analytical models we use to assess and predict exposure to catastrophe losses; risks related to our proprietary technology and our digital platform; outages or interruptions or delays in services provided by our third party providers, including our data vendors; risks related to our intellectual property; the seasonal and cyclical nature of our business; the effects of severe weather events and other natural or man-made catastrophes, including the effects of climate change, global pandemics, and terrorism; any overall decline in economic activity; regulators' identification of errors in the policy forms we use, the rates we charge, and our customer communications including, but not limited to, cancellations, non-renewals and reinstatements through market conducts, complaints, or other inquiries; the effects of existing or new legal or regulatory requirements on our business, including with respect to maintenance of risk-based capital and financial strength ratings, data privacy and cybersecurity, and the insurance industry generally; and other risks set forth in the sections entitled "Risk Factors" in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Hippo does not presently know, or that Hippo currently believes are immaterial, that could also cause actual results to differ from those contained in the forward- looking statements. In addition, forward-looking statements reflect Hippo's expectations, plans, or forecasts of future events and views as of the date of this press release. Hippo anticipates that subsequent events and developments will cause Hippo's assessments to change. However, while Hippo may elect to update these forward-looking statements at some point in the future, Hippo specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Hippo's assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. Rounding Certain monetary amounts, percentages, and other figures included in this presentation have been subject to rounding adjustments. The sum of individual metrics may not always equal total amounts indicated due to rounding. 2 Disclaimers
4th Quarter 2025 Financial Results Hippo-at- a-glance 3 Technology native, multi-line carrier platform Scalable and efficient capital structure Market Leader in the New Home Builder Channel Proven and Industry-Leading talent Admitted and E&S offerings in all 50 states AM Best Rated ‘A-’ (VIII)(1) 4th Quarter Highlights (1) AM Best has assigned the Spinnaker group of companies a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of "a-" (Excellent). (2) Non-GAAP financial measure; see "Reconciliation of Non-GAAP Metrics" in Appendix (3) Includes a $91M net gain from the sale of the Home Builders Network 40% 23% $1.1B $422M Gross Written Premium Growth vs 4Q24 Net Written Premium Growth vs 4Q24 Gross Written Premium Net Written Premium 46% 99% $58M 25pt Net Loss Ratio Net Combined Ratio Net Income(3) Net Combined Ratio Improved $6.0M $17.6M 17% 38 Total Programs Net Income Adjusted Net Income(2) BVPS growth vs 2024YE(3) 8 New Programs 2025 Highlights
4th Quarter 2025 Financial Results ...Well-Positioned To Achieve Long-Term Vision Diversified Carrier Platform $1.1B 2025 GWP Disciplined Approach to Portfolio Optimization and Risk Management 60-65% Long-term Loss Ratio Targets Homeowners Renters CMP Other New Lines World Class Team Tech- Forward Thinking 2028 Growth Targets >$2B GWP >$125M Adj. Net Income >18% Adj. ROE 4 A technology-native insurance platform driving growth across owned and partner MGAs. Casualty
4th Quarter 2025 Financial Results Personal Lines Update Return to Homeowners Growth in 2026 Homeowners ~$379M GWP (10%) in 2025 ↑ Now access to over 50 home builders ↑ Relaunched homeowners with select partners outside of the builders channel ↓ E&S home under increased competition Renters ~$175M GWP +19% in 2025 ✓ One of Hippo's most seasoned programs ✓ Excellent 10yr underwriting track record ~33% Loss Ratio ✓ Increased premium retention in 2025 5
4th Quarter 2025 Financial Results Commercial Lines Update Increasing Risk Appetite Expected in 2026 Casualty ~$264M GWP +92% in 2025 Well diversified classes across 12 programs Low 3% retention in '25; continued strong support by reinsurers Limit profile predominately $100k to $1 million Commercial Multi-Peril (CMP) ~$265M GWP +75% in 2025 Growth mainly from existing partners with ~5yr+ history Growth driven by General Liability & Business Owners Policy Continued strong fundamentals, with an inception to date program combined ratio <70%(1) 7 active programs in CMP 6(1) Program level combined ratio excludes allocation of overhead expenses
4th Quarter 2025 Financial Results Driving Program Underwriting Performance TerminationMonitoringLaunchDiligenceSourcing Key factors in program management Risk management U/W exceptions Claims Exits 90% of policies limits between $30K-$250K <0.01% of polices elevated for exception $10K–$1M TPA authority caps 13 programs into run- off inception to date ~2 year average liability duration ~200 annual Bordereaux checks 800+ claims reviewed monthly 54% Gross Loss Ratio in 2025 7
4th Quarter 2025 Financial Results 8 Executing with Purpose Strength of Platform World Class Team Carrying Momentum into 2026 & Beyond A technology-native insurance platform driving growth across owned and partner MGAs.
4th Quarter 2025 Financial Results $892.4 $1,108.6 $205.6 $287.9 9 Performance Drivers: Growing & Diversifying 4Q24 vs 4Q25 Premium Mix 2024 vs 2025 Premium Mix $ Million $ Million 4Q2024 GWP 4Q2025 GWP 2024 GWP 2025 GWP n Casualty n Commercial Multi- Peril n Renters n Homeowners n Other n Casualty n Commercial Multi- Peril n Renters n Homeowners n Other $79.2 $97.2 4Q2024 NWP 4Q2025 NWP $372.6 $422.3 2024 NWP 2025 NWP
4th Quarter 2025 Financial Results 10 Improving Consolidated Net Underwriting 2025 Driving Factors: CAT Losses Attritional Losses Expense Ratio Combined Ratio 4Q25 vs 4Q24 Combined Ratio 2025 vs 2024 Improved by 8pt Improved by 25pt 106.9% 99.4% 49.2% 53.5% 54.2% 45.9% 6.2% (1.0)% (2.7)% 1.0% g CAT Loss Ratio g Net Accident Year Loss Ratio g Expense Ratio g Prior Year Development Ratio 137.8% 113.0% 61.0% 53.0% 57.5% 47.7% 21.3% 15.4% (2.0)% (3.0)% 4Q2024 4Q2025 2024 2025
4th Quarter 2025 Financial Results 11 Performance in Q4 2025 Net Income(1,2) $ Million Adjusted Net Income(3) $ Million Annualized Adjusted Return on Equity(3) 17% 16% (5%) 4%14.7 17.6 (20.3) 17.8 4Q2024 4Q2025 2024 2025 4Q2024 4Q2025 2024 20254Q2024 4Q2025 2024 2025 44.2 6.0 (40.5) 57.7 (1) AM Best has assigned the Spinnaker group of companies a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of "a-" (Excellent). (2) Includes a $91M net gain from the sale of the Home Builders Network
4th Quarter 2025 Financial Results $436 million shareholders equity Up 17% from year-end 2024 Growing Book Value Per Share BVPS ($) 4Q’24 BVPS Gain on Sale of Home Builder Network Net Income x Gain on Sale 4Q’25 BVPS $16.97 14.56 +3.66 (1.25) 12
4th Quarter 2025 Financial Results 2026 Guidance Metric 2025 Actual 2026 Guidance(1) Change Gross Written Premium $1.1B $1.4 – $1.5B +27% to 36% Net Written Premium $422M $500 – $540M +19% to 28% Combined Ratio 113% 103% – 105% (8%) to (10%) pp Adjusted Net Income(2) $18M $45 – $55M +$27M to $37M CAT Loss Ratio 15% 13% (2%) pp Stock-based comp + D&A $50M $41M ($9M) (1) The 2026 guidance is based on current expectations. These statement are forward-looking and actual results could differ materially depending on the market conditions and factors set forth under "Forward-looking Statements Safe Harbor" on Slide 2. (2) Non-GAAP financial measure; see "Reconciliation of Non-GAAP Metrics" in Appendix
Q&A
Appendix
4th Quarter 2025 Financial Results 16 Disclaimers Non-GAAP Financial Measures This presentation includes the non-GAAP financial measures (including on a forward- looking basis) Adjusted Net Income (Loss), Diluted Adjusted Earnings (Loss) per Share, Annualized Adjusted Return on Equity, and Tangible Book Value per Share. Hippo defines Adjusted Net Income, 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. Hippo calculates the tax impact only on adjustments which would be included in calculating its income tax expense using the estimated tax rate at which the company received a deduction for these adjustments. This non-GAAP measure is an addition, and not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP. Hippo defines 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. Hippo defines 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. Hippo defines Tangible Book Value Per Share as total stockholders’ equity, less intangible assets and capitalized internal use software, divided by the outstanding number of shares of our common stock at the end of the relevant period. Reconciliations of non-GAAP measures to their most directly comparable GAAP counterparts are included in the Appendix to this presentation. Hippo believes that these non-GAAP measures of financial results (including on a forward-looking basis) provide useful supplemental information to investors about Hippo. Hippo’s management uses forward looking non-GAAP measures to evaluate Hippo’s projected financial and operating performance. However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore Hippo’s non-GAAP measures may not be directly comparable to similarly titled measures of other companies. This presentation also includes certain projections of non-GAAP financial measures. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, Hippo is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward looking non-GAAP financial measures is included.
4th Quarter 2025 Financial Results 17 Key Operating Metrics (in millions, except per share data, unaudited) Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 (in millions, except per share data) Net earned premium $60.5 $64.4 $70.6 $77.0 $87.3 $94.0 $99.7 $99.1 Commission income, net 15.9 16.1 15.7 15.9 14.4 14.7 10.5 11.7 Service and fee income 2.8 3.0 3.0 2.8 2.8 2.9 3.1 3.0 Net investment income 5.9 6.1 6.2 6.3 5.8 5.7 7.3 6.6 Total Revenue $85.1 $89.6 $95.5 $102.0 $110.3 $117.3 $120.6 $120.4 Net Income (Loss) (1) (35.7) (40.5) (8.5) 44.2 (47.7) 1.3 98.1 6.0 Adjusted Net Income (Loss) (1) (2) (14.1) (19.5) (1.3) 14.7 (35.1) 17.0 18.3 17.6 Basic Earnings (Loss) per Share (1) (1.47) (1.64) (0.34) 1.78 (1.91) 0.05 3.90 0.24 Diluted Earnings (Loss) per Share (1) (1.47) (1.64) (0.34) 1.71 (1.91) 0.05 3.77 0.23 Diluted Adjusted Earnings (Loss) per Share (1) (2) (0.58) (0.79) (0.05) 0.57 (1.41) 0.65 0.70 0.67 Net Loss Ratio 87% 94% 73% 58% 106% 47% 48% 46% Expense Ratio 71% 72% 55% 49% 53% 53% 52% 53% Combined Ratio 158% 166% 128% 107% 159% 100% 100% 99% Book Value Per Share (BVPS) $14.39 $12.96 $12.94 $14.56 $12.83 $13.02 $16.64 $16.97 Tangible Book Value Per Share (TBVPS) (2) $11.31 $9.95 $10.28 $11.94 $10.31 $10.61 $14.56 $14.76 (1) Attributable to Hippo (2) Indicates non-GAAP financial measure; see “Reconciliation of Non GAAP Financial Measures to Their Most Directly Comparable GAAP Financial Measures"
4th Quarter 2025 Financial Results 18 Reconciliation of Non-GAAP Metrics (in millions, except share and per share data, unaudited) Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Net income (loss) attributable to Hippo $ (35.7) $ (40.5) $ (8.5) $ 44.2 $ (47.7) $ 1.3 $ 98.1 $ 6.0 Adjustments Depreciation and amortization 5.6 5.9 5.9 5.8 5.6 5.3 4.7 4.8 Stock-based compensation 8.4 11.9 9.0 8.9 7.7 7.9 7.0 6.7 Fair value adjustments 1.5 0.4 0.3 (0.5) (0.5) 0.3 — (0.4) Other one-off transactions 2.5 2.8 0.2 2.4 (0.2) 1.0 (0.3) 0.5 Impairment and restructuring 3.6 — — — — 1.2 3.8 — Gain on sale of a business — — (8.2) (46.1) — — (95.0) — Adjusted net income (loss) $ (14.1) $ (19.5) $ (1.3) $ 14.7 $ (35.1) $ 17.0 $ 18.3 $ 17.6 Diluted Adjusted Earnings (Loss) Per Share Adjusted net income (loss) (14.1) (19.5) (1.3) 14.7 (35.1) 17.0 18.3 17.6 Weighted-average common shares outstanding, diluted 24,225,650 24,633,960 25,068,472 25,889,665 24,978,901 26,023,780 26,025,069 26,245,980 Diluted Adjusted Earnings (loss) $ (0.58) $ (0.79) $ (0.05) $ 0.57 $ (1.41) $ 0.65 $ 0.70 $ 0.67 $(14.1)M $(19.5)M $(1.3)M $14.7M $(35.1)M $17.0M $17.6M Adjusted Net Income (Loss) $18.3M
4th Quarter 2025 Financial Results 19 Reconciliation of Non-GAAP Metrics (in millions, except share and per share data, unaudited) Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Annualized Adjusted net income (loss) $ (56.4) $ (78.0) $ (5.2) $ 58.8 $ (140.4) $ 68.0 $ 73.2 $ 70.4 Average Hippo Stockholders' Equity 364.6 336.9 324.5 344.3 342.5 327.7 377.0 428.8 Annualized Adjusted Return on Equity (15%) (23%) (2%) 17% (41%) 21% 19% 16% Tangible Book Value Per Share Hippo Stockholders' Equity $ 351.2 $ 322.6 $ 326.4 $ 362.1 $ 322.8 $ 332.5 $ 421.5 $ 436.1 Less: Intangible assets 26.2 25.0 23.8 17.0 16.1 14.3 14.0 13.8 Less: Capitalized internal use software 48.9 49.9 43.3 48.1 47.4 47.2 43.3 43.0 Tangible stockholders’ equity $ 276.1 $ 247.7 $ 259.3 $ 297.0 $ 259.3 $ 271.0 $ 407.5 $ 379.3 Shares outstanding 24,409,724 24,891,528 25,232,297 24,866,803 25,157,214 25,543,053 25,337,366 25,699,704 Tangible book value per share $ 11.31 $ 9.95 $ 10.28 $ 11.94 $ 10.31 $ 10.61 $ 16.08 $ 14.76 Annualized Adjusted Return on Equity
4th Quarter 2025 Financial Results 20 Underwriting (in millions, unaudited) Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Net Earned Premium $60.5 $64.4 $70.6 $77.0 $87.3 $94.0 $99.7 $99.1 Catastrophe losses 15.4 21.5 16.1 4.8 53.4 8.0 (0.3) (1.0) Non-catastrophe losses 37.2 38.9 35.5 39.6 39.0 36.5 47.8 46.5 Loss and loss adjustment expenses $52.6 $60.4 $51.6 $44.4 $92.4 $44.5 $47.5 $45.5 Catastrophe losses 25.5% 34.4% 22.8% 6.2% 61.2% 7.5% 0.0% (1.0%) Non-catastrophe losses 62.5% 60.4% 50.3% 52.4% 44.7% 38.8% 48.0% 46.9% Net loss ratio 87.0% 94.0% 73.0% 58.0% 106.0% 47.0% 48.0% 45.9% Insurance related expenses $20.8 $24.5 $22.6 $20.9 $30.2 $32.8 $32.9 $35.4 Technology and development 8.3 7.8 7.0 7.6 8.1 8.1 8.0 8.3 Sales and marketing 14.4 13.4 12.5 10.9 8.9 9.2 8.0 7.3 General administrative 18.3 19.9 15.3 17.2 16.5 17.4 16.5 16.7 Less: commission income, net and service and fee income (18.7) (19.1) (18.7) (18.7) (17.2) (17.6) (13.6) (14.7) Total net expenses $43.1 $46.5 $38.7 $37.9 $46.5 $49.9 $51.8 $53.0 Expense Ratio 71.2% 72.2% 54.8% 49.2% 53.3% 53.1% 52.0% 53.5% Combined Ratio 158.2% 166.2% 127.8% 107.2% 159.3% 100.1% 100.0% 99.4% Prior accident year developments Loss and loss adjustment expenses — (1.9) (1.9) (2.1) (3.1) (7.0) (0.5) 1.1 Net loss ratio —% (3.0%) (2.7%) (2.7%) (3.6%) (7.4%) (0.5%) 1.0% Net accident year loss ratio 87.0% 97.0% 75.7% 60.7% 109.6% 54.4% 48.5% 44.9% Net accident year loss ratio x catastrophe 61.5% 62.6% 52.9% 54.5% 48.4% 46.9% 48.5% 45.9% Net Loss, Expense, And Combined Ratio
4th Quarter 2025 Financial Results 21 Underwriting (in millions, unaudited) Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Gross Losses and LAE $121.1 $123.2 $106.3 $99.5 $211.8 $87.8 $100.6 $134.8 Gross Earned Premium 206.7 212.2 213.4 221.5 222.8 238.5 253.0 272.6 Gross Loss Ratio 59% 58% 50% 45% 95% 37% 40% 49% Net Losses and LAE $52.6 $60.4 $51.6 $44.4 $92.4 $44.5 $47.5 $45.5 Net Earned Premium 60.5 64.4 70.6 77.0 87.3 94.0 99.7 99.1 Net Loss Ratio 87% 94% 73% 58% 106% 47% 48% 46% Gross & Net Loss Ratio
4th Quarter 2025 Financial Results 22 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Gross Written Premium Homeowners $97.0 $118.7 $111.3 $96.1 $87.1 $100.0 $101.0 $91.0 Renters 29.0 33.8 52.9 31.3 35.0 44.2 59.3 36.4 Commercial Multi-Peril 31.3 49.6 29.6 41.0 50.7 83.3 66.0 64.9 Casualty 33.0 39.5 32.2 32.9 34.3 64.9 76.3 88.4 Other 4.4 16.1 8.4 4.3 3.8 6.2 8.6 7.2 Total $194.7 $257.7 $234.4 $205.6 $210.9 $298.6 $311.2 $287.9 Net Written Premium Homeowners $95.4 $68.1 $78.2 $65.5 $52.7 $63.0 $75.7 $63.5 Renters 5.0 5.4 8.7 5.5 37.2 19.5 26.4 18.0 Commercial Multi-Peril 7.5 8.9 2.3 10.4 12.5 26.0 13.6 14.1 Casualty 0.6 0.6 0.4 0.4 1.1 1.5 3.7 2.3 Other 0.3 10.8 1.0 (2.6) (3.2) (3.1) (1.5) (0.7) Total $108.8 $93.8 $90.6 $79.2 $100.3 $106.9 $117.9 $97.2 Net Earned Premium Homeowners $49.1 $51.9 $57.1 $62.7 $61.6 $62.3 $63.9 $63.4 Renters 4.9 5.3 5.7 6.4 16.6 18.7 18.7 18.4 Commercial Multi-Peril 4.1 4.6 4.1 6.2 6.6 11.9 13.8 15.5 Casualty 0.6 0.5 0.4 0.4 0.5 0.8 3.2 1.6 Other 1.8 2.1 3.3 1.3 2.0 0.3 0.1 0.2 Total $60.5 $64.4 $70.6 $77.0 $87.3 $94.0 $99.7 $99.1 Premium by Line of Business Underwriting (in millions, unaudited)
Contact Information Charles Sebaski Head of Investor Relations IR@hippo.com
Hippo Holdings (NYSE: HIPO) Consolidated Line of Business Reporting 1Q2024 to 4Q2025 1
Key Operating and Financial Metrics (in millions, except per share data, unaudited) 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Gross Written Premium $ 194.7 $ 257.6 $ 234.4 205.6 $ 210.9 298.6 311.2 287.9 Net Written Premium 108.8 93.8 90.6 79.2 100.3 106.9 117.9 97.2 Net Retention 56 % 36 % 39 % 39 % 48 % 36 % 38 % 34 % Total Revenue $ 85.1 $ 89.6 $ 95.5 $ 102.0 $ 110.3 $ 117.3 $ 120.6 $ 120.4 Net Income (Loss) (1) (35.7) (40.5) (8.5) 44.2 (47.7) 1.3 98.1 6.0 Adjusted Net Income (Loss) (1) (2) (14.1) (19.5) (1.3) 14.7 (35.1) 17.0 18.3 17.6 Basic Earnings (Loss) per Share (1) (1.47) (1.64) (0.34) 1.78 (1.91) 0.05 3.90 0.24 Diluted Earnings (Loss) per Share (1) (1.47) (1.64) (0.34) 1.71 (1.91) 0.05 3.77 0.23 Diluted Adjusted Earnings (Loss) per Share (1) (2) (0.58) (0.79) (0.05) 0.57 (1.41) 0.65 0.70 0.67 Net Loss Ratio 87 % 94 % 73 % 58 % 106 % 47 % 48 % 46 % Expense Ratio 71 % 72 % 55 % 49 % 53 % 53 % 52 % 53 % Combined Ratio 158 % 166 % 128 % 107 % 159 % 100 % 100 % 99 % Book Value Per Share (BVPS) $14.39 $12.96 $12.94 $14.56 $12.83 $13.02 $16.64 $16.97 Tangible Book Value Per Share (TBVPS) (2) $11.31 $9.95 $10.28 $11.94 $10.31 $10.61 $14.37 $14.76 (1) Attributable to Hippo (2) Indicates non-GAAP financial measure; see “Reconciliation of Non GAAP Financial Measures to Their Most Directly Comparable GAAP Financial Measures" 1
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO THEIR MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (in millions, except share and per share data, unaudited) Adjusted Net Income (Loss) 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Net income (loss) attributable to Hippo $ (35.7) $ (40.5) $ (8.5) $ 44.2 $ (47.7) $ 1.3 $ 98.1 $ 6.0 Adjustments: Depreciation and amortization 5.6 5.9 5.9 5.8 5.6 5.3 4.7 4.8 Stock-based compensation 8.4 11.9 9.0 8.9 7.7 7.9 7.0 6.7 Fair value adjustments 1.5 0.4 0.3 (0.5) (0.5) 0.3 — (0.4) Other one-off transactions 2.5 2.8 0.2 2.4 (0.2) 1.0 (0.3) 0.5 Impairment and restructuring charges 3.6 — — — — 1.2 3.8 — Gain on sale of a business — — (8.2) (46.1) — — (95.0) — Adjusted net income (loss) $ (14.1) $ (19.5) $ (1.3) $ 14.7 $ (35.1) $ 17.0 $ 18.3 $ 17.6 Diluted Adjusted Earnings (Loss) per Share 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Adjusted net income (loss) $ (14.1) $ (19.5) $ (1.3) $ 14.7 $ (35.1) $ 17.0 $ 18.3 $ 17.6 Weighted-average common shares outstanding, diluted 24,225,650 24,633,960 25,068,472 25,889,665 24,978,901 26,023,780 26,025,069 26,245,980 Diluted Adjusted Earnings (Loss) per Share $ (0.58) $ (0.79) $ (0.05) $ 0.57 $ (1.41) $ 0.65 $ 0.70 $ 0.67 Annualized Adjusted Return on Equity 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Annualized Adjusted net income (loss) $ (56.4) $ (78.0) $ (5.2) $ 58.8 $ (140.4) $ 68.0 $ 73.2 $ 70.4 Average Hippo Stockholders' Equity 364.6 336.9 324.5 344.3 342.5 327.7 377.0 428.8 Annualized Adjusted Return on Equity (15) % (23) % (2) % 17 % (41) % 21 % 19 % 16 % 2
Tangible Book Value Per Share 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Hippo Stockholders' Equity $ 351.2 $ 322.6 $ 326.4 $ 362.1 $ 322.8 $ 332.5 $ 421.5 $ 436.1 Less: Intangible assets 26.2 25.0 23.8 17.0 16.1 14.3 14.0 13.8 Less: Capitalized internal use software 48.9 49.9 43.3 48.1 47.4 47.2 43.3 43.0 Tangible stockholders’ equity $ 276.1 $ 247.7 $ 259.3 $ 297.0 $ 259.3 $ 271.0 $ 364.2 $ 379.3 Shares outstanding 24,409,724 24,891,528 25,232,297 24,866,803 25,157,214 25,543,053 25,337,366 25,699,704 Tangible book value per share $ 11.31 $ 9.95 $ 10.28 $ 11.94 $ 10.31 $ 10.61 $ 14.37 $ 14.76 3
SUPPLEMENTAL FINANCIAL INFORMATION (in millions, unaudited) Net Loss, Expense, and Combined Ratio 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Net Earned Premium $ 60.5 $ 64.4 $ 70.6 $ 77.0 $ 87.3 $ 94.0 $ 99.7 $ 99.1 Catastrophe losses 15.4 21.5 16.1 4.8 53.4 8.0 (0.3) (1.0) Non-catastrophe losses 37.2 38.9 35.5 39.6 39.0 36.5 47.8 46.5 Loss and loss adjustment expenses $ 52.6 $ 60.4 $ 51.6 $ 44.4 $ 92.4 $ 44.5 $ 47.5 $ 45.5 Catastrophe losses ratio 25.5 % 34.4 % 22.8 % 6.2 % 61.2 % 7.5 % — % (1.0) % Non-catastrophe losses ratio 62.5 % 60.4 % 50.3 % 52.4 % 44.7 % 38.8 % 48.0 % 46.9 % Net loss ratio 87.0 % 94.0 % 73.0 % 58.0 % 106.0 % 47.0 % 48.0 % 45.9 % Insurance related expenses $ 20.8 $ 24.5 $ 22.6 $ 20.9 $ 30.2 $ 32.8 $ 32.9 $ 35.4 Technology and development 8.3 7.8 7.0 7.6 8.1 8.1 8.0 8.3 Sales and marketing 14.4 13.4 12.5 10.9 8.9 9.2 8.0 7.3 General and administrative 18.3 19.9 15.3 17.2 16.5 17.4 16.5 16.7 Less: commission income, net and service and fee income (18.7) (19.1) (18.7) (18.7) (17.2) (17.6) (13.6) (14.7) Total net expenses $ 43.1 $ 46.5 $ 38.7 $ 37.9 $ 46.5 $ 49.9 $ 51.8 $ 53.0 Expense Ratio 71.2 % 72.2 % 54.8 % 49.2 % 53.3 % 53.1 % 52.0 % 53.5% Combined Ratio 158.2 % 166.2 % 127.8 % 107.2 % 159.3 % 100.1 % 100.0 % 99.4% Prior accident year developments Loss and loss adjustment expenses — (1.9) (1.9) (2.1) (3.1) (7.0) (0.5) 1.1 Net loss ratio — % (3.0) % (2.7) % (2.7) % (3.6) % (7.4) % (0.5) % 1.0 % Net accident year loss ratio 87.0 % 97.0 % 75.7 % 60.7 % 109.6 % 54.4 % 48.5 % 44.9 % Net accident year loss ratio x catastrophe losses 61.5 % 62.6 % 52.9 % 54.5 % 48.4 % 46.9 % 48.5 % 45.9 % Gross and Net Loss Ratio 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Gross Losses and LAE $121.1 $123.2 $106.3 $99.5 $211.8 $87.8 $100.6 $134.8 Gross Earned Premium 206.7 212.2 213.4 221.5 222.8 238.5 253.0 272.6 Gross Loss Ratio 59% 58% 50% 45% 95% 37% 40% 49% Net Losses and LAE $52.6 $60.4 $51.6 $44.4 $92.4 $44.5 $47.5 $45.5 Net Earned Premium 60.5 64.4 70.6 77.0 87.3 94.0 99.7 99.1 Net Loss Ratio 87% 94% 73% 58% 106% 47% 48% 46% 4
Underwriting Data The Company has a single reportable segment and offers property & casualty insurance products. Gross written premiums (GWP), Net written premiums (NWP), and Net earned premiums (NEP) by line of business are presented below. Gross Written Premium (GWP) by Line of Business 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Product Homeowners $ 97.0 $ 118.7 $ 111.3 $ 96.1 $ 87.1 $ 100.0 $ 101.0 $ 91.0 Renters 29.0 33.8 52.9 31.3 35.0 44.2 59.3 36.4 Commercial Multi-Peril 31.3 49.6 29.6 41.0 50.7 83.3 66.0 64.9 Casualty 33.0 39.5 32.2 32.9 34.3 64.9 76.3 88.4 Other 4.4 16.1 8.4 4.3 3.8 6.2 8.6 7.2 Total $ 194.7 $ 257.7 $ 234.4 $ 205.6 $ 210.9 $ 298.6 $ 311.2 $ 287.9 Net Written Premium (NWP) by Line of Business 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Product Homeowners $ 95.4 $ 68.1 $ 78.2 $ 65.5 $ 52.7 $ 63.0 $ 75.7 $ 63.5 Renters 5.0 5.4 8.7 5.5 37.2 19.5 26.4 18.0 Commercial Multi-Peril 7.5 8.9 2.3 10.4 12.5 26.0 13.6 14.1 Casualty 0.6 0.6 0.4 0.4 1.1 1.5 3.7 2.3 Other 0.3 10.8 1.0 (2.6) (3.2) (3.1) (1.5) (0.7) Total $ 108.8 $ 93.8 $ 90.6 $ 79.2 $ 100.3 $ 106.9 $ 117.9 $ 97.2 Net Earned Premium (NEP) by Line of Business 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Product Homeowners $ 49.1 $ 51.9 $ 57.1 $ 62.7 $ 61.6 $ 62.3 $ 63.9 $ 63.4 Renters 4.9 5.3 5.7 6.4 16.6 18.7 18.7 18.4 Commercial Multi-Peril 4.1 4.6 4.1 6.2 6.6 11.9 13.8 15.5 Casualty 0.6 0.5 0.4 0.4 0.5 0.8 3.2 1.6 Other 1.8 2.1 3.3 1.3 2.0 0.3 0.1 0.2 Total $ 60.5 $ 64.4 $ 70.6 $ 77.0 $ 87.3 $ 94.0 $ 99.7 $ 99.1 Information about Key Operating Metrics/Non-GAAP Financial Measures 5
Adjusted Net Income (Loss) is a non-GAAP financial measure, defined as net income (loss) 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 define adjusted net income (loss) as net income (loss) adjusted for, as applicable, (i) depreciation and amortization, (ii) stock-based compensation expense, (iii) the impact of other non-cash fair market value adjustments, (iv) impairment and restructuring related expenses, (v) gain or loss on the sale of a business, and (vi) other one-off transactions, which primarily include certain legal fees and settlement costs, that we consider to be unique in nature, net of tax impact. We exclude the impact of depreciation and amortization, stock-based compensation expense, and non-cash fair market value adjustments, because these are non-cash expenses or non-cash fair value adjustments and we believe that excluding these items provides meaningful information regarding performance and ongoing cash-generation potential. We exclude impairment and restructuring related expenses, gain or loss on sale of business, and other one-off transactions because such expenses are periodic in nature and have no direct correlation to the cost of operating our business on an ongoing basis that we consider to be unique in nature. Management uses this measure evaluate our underlying business performance. Adjusted net income (loss) does not reflect the overall profitability of our business. 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. Management uses this measure to assess performance on a per-share basis across periods. 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. 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. Management uses this measure to evaluate capital efficiency and returns generated on deployed capital. 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. 6
Tangible Book Value Per Share is a non-GAAP financial measure defined as total stockholders’ equity, less intangible assets and capitalized internal use software, divided by the outstanding number of shares of our common stock at the end of the relevant period. Management uses this measure to evaluate changes from period to period in book value per share exclusive of changes in intangible assets in order to assess capital position and balance sheet strength. 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. These Non-GAAP financial measures are in addition to, and not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP. Reconciliations of these Non- GAAP financial measures to their most directly comparable GAAP counterpart is included above. We believe that these non-GAAP measures of financial results provide useful supplemental information to investors about Hippo. Forward-looking statements safe harbor Certain statements included in this press release that are not historical facts are forward- looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial results and other operating and performance metrics, our business strategy, our cost reduction efforts, the quality of our products and services, and the potential growth of our business. These statements are based on the current expectations of Hippo's management and are not predictions of actual performance. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions, and many actual events and circumstances are beyond the control of Hippo. These forward- looking statements are subject to a number of risks and uncertainties, including our ability to navigate extensive insurance industry regulations and the scrutiny of state insurance regulators, our ability to achieve or maintain profitability in the future; our ability to retain and expand our customer base and grow our business, including our builder network; our ability to manage growth effectively; risks relating to Hippo's brand and brand reputation; denial of claims or our failure to accurately and timely pay claims; the effects of intense competition in the segments of the insurance industry in which we operate; the availability and adequacy of reinsurance, including at current coverage, limits or pricing; our ability to 7
underwrite risks accurately and charge competitive yet profitable rates to our customers, and the sufficiency of the analytical models we use to assess and predict exposure to catastrophe losses; risks related to our proprietary technology and our digital platform; outages or interruptions or delays in services provided by our third party providers, including our data vendors; risks related to our intellectual property; the seasonal and cyclical nature of our business; the effects of severe weather events and other natural or man-made catastrophes, including the effects of climate change, global pandemics, and terrorism; any overall decline in economic activity; regulators' identification of errors in the policy forms we use, the rates we charge, and our customer communications including, but not limited to, cancellations, non-renewals and reinstatements through market conducts, complaints, or other inquiries; the effects of existing or new legal or regulatory requirements on our business, including with respect to maintenance of risk- based capital and financial strength ratings, data privacy and cybersecurity, and the insurance industry generally; and other risks set forth in the sections entitled "Risk Factors" in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Hippo does not presently know, or that Hippo currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Hippo's expectations, plans, or forecasts of future events and views as of the date of this press release. Hippo anticipates that subsequent events and developments will cause Hippo's assessments to change. However, while Hippo may elect to update these forward-looking statements at some point in the future, Hippo specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Hippo's assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. Rounding Certain monetary amounts, percentages, and other figures included in this release have been subject to rounding adjustments. The sum of individual metrics may not always equal total amounts indicated due to rounding. Contacts Investors: Charles Sebaski Investors@hippo.com Press: Mark Olson press@hippo.com 8
9
FAQ
How did Hippo (HIPO) perform financially in Q4 2025?
Hippo reported Q4 2025 net income attributable to Hippo of $6.0 million, or $0.23 diluted EPS. Adjusted net income was $17.6 million, or $0.67 diluted adjusted EPS, supported by higher premiums and an improved net loss ratio of 45.9%.
What were Hippo’s full-year 2025 results versus 2024?
For 2025, Hippo generated $1.1 billion in gross written premium and $422.3 million in net written premium. Net income attributable to Hippo was $57.7 million compared with a $40.5 million loss in 2024, while adjusted net income improved to $17.8 million from a $20.3 million loss.
How did Hippo’s underwriting metrics change in 2025?
Hippo’s full-year net loss ratio improved to 60.1% from 76.8% in 2024, and the combined ratio declined to 113.1% from 137.8%. These gains reflect lower catastrophe and non-catastrophe losses and a reduced expense ratio of 53.0% versus 61.0%.
What growth did Hippo (HIPO) see across its insurance lines in 2025?
In 2025, Hippo’s gross written premium rose 24% to $1.1 billion. Casualty grew 92% to $263.8 million, and Commercial Multi-Peril increased 75% to $264.6 million, while Homeowners declined 10.4% to $379.2 million, reducing concentration in that line.
How did Hippo’s book value and tangible book value per share change in 2025?
As of December 31, 2025, Hippo’s book value per share was $16.97, up from $14.56 a year earlier. Tangible book value per share increased to $14.76 from $11.94, supported by higher stockholders’ equity and reduced intangible and capitalized software balances.
What 2026 financial guidance did Hippo (HIPO) provide?
For 2026, Hippo guided to gross written premium of $1.4–$1.5 billion and net written premium of $500–$540 million. It targets a combined ratio of 103–105%, adjusted net income of $45–$55 million, and a catastrophe loss ratio of 13%.
What are Hippo’s long-term 2028 targets mentioned in the materials?
Hippo referenced 2028 goals of more than $2 billion in gross written premium and over $125 million in adjusted net income. It also aims for adjusted return on equity above 18%, reflecting management’s ambition for scaled, profitable growth across its diversified platform.
Filing Exhibits & Attachments
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Hippo Hldgs Inc
NYSE:HIPO
HIPO Rankings
HIPO Latest News
Feb 25, 2026
Hippo Reports Fourth Quarter 2025 Financial Results
HIPO Latest SEC Filings
Feb 25, 2026
[144] Hippo Holdings Inc. SEC Filing
HIPO Stock Data
695.20M
19.57M
Insurance - Property & Casualty
Fire, Marine & Casualty Insurance
United States
SAN JOSE