Hippo lifts 2026 adjusted net income view to $77M–$80M
Hippo raised its 2026 gross written premium, revenue and adjusted net income ranges and lowered its combined-ratio and catastrophe-loss-ratio ranges.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Hippo Holdings Inc. (HIPO) reported third-quarter 2026 revenue of $156.0 million, up 29.4% year over year, and gross written premium of $498.1 million, up 60.1%; net written premium rose 26% to $149.1 million. Adjusted net income, a non-GAAP measure, was $20.0 million versus $18.3 million. Net income attributable to Hippo was $8.8 million versus $98.1 million; the prior-year quarter included a $91 million gain on sale of its home builder distribution network. The combined ratio improved one percentage point to 98.4%, while the net loss ratio was 56.7% versus 47.6%, reflecting catastrophe losses of 6.5% compared with (0.3)% a year earlier.
Hippo updated full-year 2026 guidance based on current expectations: gross written premium is now $1.7–$1.75 billion, revenue $585–$590 million, combined ratio 97%–98%, and adjusted net income $77–$80 million. Prior ranges were $1.65–$1.7 billion, $580–$585 million, 99%–101%, and $62–$70 million, respectively. Net written premium guidance remains $565–$580 million; CAT loss ratio guidance moved from 10% to 8%.
3 points · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointRevenue grew 29.4% to $156.0 million in the third quarter of 2026.
- Moderate pointAdjusted net income rose 9.3% to $20.0 million in the third quarter of 2026.
- Minor pointThe combined ratio improved one percentage point to 98.4%.
Negative
- Moderate pointNet income attributable to Hippo was $8.8 million, versus $98.1 million in the prior-year quarter.
- Moderate pointThe net loss ratio was 56.7%, compared with 47.6% in the prior-year quarter.
Insights
Analyzing...
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $156.0 million
Gross Written Premium: $498.1 million
Net Written Premium: $149.1 million
+5 more
8 metrics
Revenue
$156.0 million
Third quarter 2026; up 29.4% year over year
Gross Written Premium
$498.1 million
Third quarter 2026; up 60.1% year over year
Net Written Premium
$149.1 million
Third quarter 2026; up 26% year over year
Net income attributable to Hippo
$8.8 million
Third quarter 2026; compared with $98.1 million in third quarter 2025
Adjusted Net Income
$20.0 million
Third quarter 2026; up 9.3% year over year; non-GAAP measure
Combined Ratio
98.4%
Third quarter 2026; improved one percentage point year over year
Net Loss Ratio
56.7%
Third quarter 2026; compared with 47.6% in third quarter 2025
2026 Adjusted Net Income Guidance
$77–$80 million
Updated full-year guidance based on current expectations; non-GAAP measure
Key Terms
Gross Written Premium, Net Retention, Combined Ratio, Annualized Adjusted Return on Equity
4 terms
Net Retention financial
"The overall 30% net retention rate in the quarter"
Net retention shows how well a company keeps and grows its existing customers over time. It considers customers who stay, spend more, or reduce their spending, helping to see if the company is expanding or losing ground with its current clients. A high net retention means the company is good at keeping customers happy and increasing their business.
Combined Ratio financial
"Combined Ratio improved 1 percentage point to 98.4%"
The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.
Annualized Adjusted Return on Equity financial
"Annualized Adjusted Return on Equity 17.1 %"
Earnings Snapshot
Revenue: $156.0 million · Guidance included
Third quarter ended September 30, 2026
Revenue
$156.0 million
Up 29.4% year over year
Net income attributable to Hippo
$8.8 million
Compared with $98.1 million in third quarter 2025
Adjusted Net Income
$20.0 million
Up 9.3% year over year; non-GAAP measure
Gross Written Premium
$498.1 million
Up 60.1% year over year
Combined Ratio
98.4%
Improved one percentage point year over year
Net Loss Ratio
56.7%
Compared with 47.6% in third quarter 2025
Guidance
Updated 2026 guidance, based on current expectations: Gross Written Premium $1.7–$1.75B; Net Written Premium $565–$580M; revenue $585–$590M; combined ratio 97%–98%; CAT loss ratio 8%; Adjusted Net Income $77–$80M; stock-based compensation plus Depreciation and Amortization $42M.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was HIPO's revenue in the third quarter of 2026?
Hippo reported $156.0 million in revenue for the third quarter of 2026, up 29.4% year over year. Net earned premium was $128.3 million, compared with $99.7 million in the prior-year quarter.
What is Hippo's updated 2026 guidance?
Based on current expectations, Hippo's updated ranges are $1.7–$1.75 billion for gross written premium, $585–$590 million for revenue, 97%–98% for the combined ratio, and $77–$80 million for adjusted net income. Net written premium guidance remains $565–$580 million.
How much operating cash flow did HIPO report for the first nine months of 2026?
Hippo reported $124.2 million of net cash provided by operating activities for the nine months ended September 30, 2026, compared with $6.0 million for the same period in 2025.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): October 29, 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) | ||||||||||||
(Address, including zip code, and telephone number, including area code, of Registrant’s principal executive offices)
(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:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
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. o
Item 2.02 Results of Operations and Financial Condition
On October 29, 2026 , Hippo Holdings Inc. (the “Company”) issued a press release announcing certain financial results for the quarter ended September 30, 2026, as well as an investor presentation. A copy of the press release and investor presentation are furnished as Exhibits 99.1 and 99.2 to this report, respectively.
The Company is making reference to non-GAAP financial information in the press release and investor presentation, 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 and investor presentation.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 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 and 99.2 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 or Exhibit 99.2 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 Third Quarter Ended September 30, 2026. | ||||
99.2 | Quarterly Investor Presentation dated October 29, 2026. | ||||
| 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: October 29, 2026
| HIPPO HOLDINGS, INC. | ||||||||
| By: | /s/ GUY ZELTSER | |||||||
| Guy Zeltser | ||||||||
| Chief Financial Officer | ||||||||
Hippo Reports Third Quarter 2026 Financial Results October 29, 2026 SAN JOSE, Calif. (PRNewswire) -- Hippo Holdings Inc. (NYSE: HIPO), a technology-native insurance platform reported net income of $9 million, or $0.33 per diluted share and adjusted net income of $20 million, or $0.74 per diluted share, for the quarter ended September 30, 2026. Third Quarter Highlights • Gross Written Premium of $498 million increased 60.1% over 3Q25 • Revenue of $156 million grew 29.4% over 3Q25 • Net income of $9 million compared to $98 million in 3Q25 • Adjusted net income of $20 million(1) increased 9.3% over 3Q25 • Combined Ratio improved 1 percentage point to 98.4% compared to 3Q25 • Net Loss Ratio of 56.7% compared to 47.6% in 3Q25 • CAT Loss Ratio of 6.5% compared to (0.3)% in 3Q25 • Expense Ratio of 41.7% improved from 52.0% in 3Q25 • Book Value per share of $17.62 up 3.8% from year-end 2025 (1) Non-GAAP financial measure; see "Reconciliation of Non-GAAP Metrics Financial Measures" below "Hippo had a strong quarter, delivering a 98% Combined Ratio, a one-point improvement over last year, despite a 7-point headwind from more normalized CAT losses compared to none in the prior-year quarter. This helped generate a 9% increase in Adjusted Net Income over Q3 of last year to $20 million. On the top line, Gross Written Premium of $498 million was higher by 60% compared the prior year quarter, with expansion across all four of our main lines of business, Homeowners, Renters, Commercial Multi-peril, and Casualty. Net Written Premium grew 26% over last year to $149 million," said Rick McCathron, Hippo President and CEO. He continued, “These results reflect the foundation we’ve built: underwriting discipline, a diversified portfolio, and a program platform built for long-term partnerships. Even as the market softens, we’ve been able to grow while improving profitability, and we’ll stay selective, writing more only where we believe the underwriting economics are attractive. That discipline supports our expectation of long-term profitable growth across the MGA and program space.” 1
Key Operating and Financial Metrics Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 ($ in millions) Gross Written Premium $ 498.1 $ 311.2 $ 1,312.7 $ 820.7 Net Written Premium 149.1 117.9 433.7 325.1 Net Retention 30 % 38 % 33 % 40 % Total Revenue $ 156.0 $ 120.6 $ 422.2 $ 348.2 Net Income (1) 8.8 98.1 26.0 51.7 Adjusted Net Income (1) (2) 20.0 18.3 58.2 0.2 Basic Earnings per Share (1) 0.33 3.90 0.99 2.04 Diluted Earnings per Share (1) 0.33 3.77 0.98 1.97 Diluted Adjusted Earnings per Share (1) (2) 0.74 0.70 2.19 0.01 Annualized adjusted return on equity (2) 17.1 % 19.4 % 17.1 % 0.1 % Net Loss Ratio 56.7 % 47.6 % 52.1 % 65.6 % Expense Ratio 41.7 % 52.0 % 45.8 % 52.7 % Combined Ratio 98.4 % 99.6 % 97.9 % 118.3 % As of September 30, 2026 December 31, 2025 Book Value Per Share (BVPS) $17.62 $16.97 Tangible Book Value Per Share (TBVPS) (2) $15.59 $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" Third Quarter Operating Summary Net income of $9 million, or $0.33 per diluted share, compared to $98 million in Q3 of last year. The change was driven primarily by the $91 million net gain on sale of the home builder distribution network last year which more than off-set the improved operating performance. Adjusted net income of $20 million, or $0.74 a diluted share, compared to $18 million in Q3 of last year. This quarter's results equate to a 17% annualized adjusted return on average stockholders' equity. Gross written premium of $498 million for the quarter increased 60% year over year, up from $311 million in Q3 of last year. All lines of business delivered growth in the quarter, led by the continued expansion of Casualty and Commercial Multi-Peril (CMP) lines which were up 146% and 63% over last year, to $188 million and $108 million, respectively. The 2
overall growth strategy is focused on improving underwriting profitability and reducing volatility, including through greater portfolio diversification. The overall portfolio on a gross written premium continues to become more balanced across perils with Casualty at 38%, CMP at 22% and Homeowners 23%. Net written premium of $149 million increased by $31 million or 26% from Q3 of last year. Growth in net written premium lagged the growth in gross written premium as the fast growing lines, Casualty and CMP, also are the lines with the lowest retention levels. For the quarter, Homeowners' accounted for 50% of net written premium compared to 64% in the prior year quarter. The overall 30% net retention rate in the quarter was slightly lower than our full-year guidance of approximately mid-30s. Revenue in the quarter of $156 million increased 29% from $121 million in Q3 of last year. The increase was primarily driven by higher net earned premium up 29% to $128 million, and increases in net investment income, commission income and service and fee income. Net loss ratio of 56.7% compared to 47.6% in Q3 of last year. The change was driven by a more normalized level of CAT losses at 6.5% compared to no CAT losses in Q3 of last year, and the prior year period benefiting from 0.5% favorable prior year development. The net accident year loss ratio excluding CAT losses was 49.9% compared to 48.4% in Q3 of last year. Expense ratio of 41.7% improved 10 percentage points over the prior year period driven by continued improvement of operating leverage, and continued focus on expense discipline. Most significant in driving this increased operating leverage was Net Earned Premium growth of 29% compared to the expense base growth of 12%, which accounted for 9 percentage points of the improvement. Combined ratio of 98.4% improved 1 percentage point over the prior year period, as the expense ratio improvement more than off-set the more normalized CAT losses for the quarter. Total Hippo stockholders' equity of $469 million was up 8%, from $436 million at year- end 2025. Book value per share of $17.62, at September 30, 2026, was up 4% compared to $16.97 per share at year-end 2025. 3
Guidance Update 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 “Cautionary Note Regarding Forward- Looking Statements” below. Prior Updated 2026 FY Guidance 2026 FY Guidance Gross Written Premium $1.65 - $1.7B $1.7 - $1.75B Net Written Premium $565 - $580M $565 - $580M Revenue $580 - $585M $585 - $590M Combined Ratio 99% - 101% 97% - 98% CAT Loss Ratio 10 % 8 % Adjusted Net Income (Loss)(1) $62 - $70M $77 - $80M Stock-based compensation + Depreciation and Amortization $42M $42M (1) Indicates non-GAAP financial measure; see “Reconciliation of Non GAAP Financial Measures to Their Most Directly Comparable GAAP Financial Measures" Third Quarter Earnings Conference Call and Webcast Information Date: Thursday, October 29, 2026 Time: 8:00 a.m. Eastern Time / 5:00 a.m. Pacific Time Dial In: +1 833-461-5787 / Global Dial-In Numbers Access: 303199704 Webcast: https://events.q4inc.com/attendee/303199704 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-native 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) September 30, 2026 December 31, 2025 (unaudited) Assets Investments: Fixed maturities available-for-sale, at fair value (amortized cost: $450.7 million and $291.7 million, respectively) $ 436.3 $ 293.4 Short-term investments, at fair value (amortized cost: $62.8 million and $152.5 million, respectively) 62.8 152.5 Total investments 499.1 445.9 Cash and cash equivalents 311.8 218.3 Restricted cash 15.0 31.8 Accounts receivable, net of allowance of $0.3 million and $0.2 million, respectively 420.6 250.1 Reinsurance recoverable on paid and unpaid losses and LAE 547.5 346.6 Prepaid reinsurance premiums 554.2 353.7 Ceding commissions receivable 254.4 98.7 Capitalized internal use software 40.9 43.0 Intangible assets 13.1 13.8 Other assets 95.6 103.6 Total assets $ 2,752.2 $ 1,905.5 Liabilities and stockholders’ equity Liabilities: Loss and loss adjustment expense reserve $ 642.7 $ 420.4 Unearned premiums 867.9 579.7 Reinsurance premiums payable 590.4 304.4 Provision for commission 50.6 36.3 Surplus note 47.9 47.9 Accrued expenses and other liabilities 83.7 80.7 Total liabilities 2,283.2 1,469.4 Commitments and contingencies Stockholders’ equity: Common stock, $0.0001 par value per share; 80,000,000 shares authorized as of September 30, 2026 and December 31, 2025; 26,621,710 and 25,699,704 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively — — Additional paid-in capital 1,674.7 1,651.5 Accumulated other comprehensive (loss) income (14.5) 1.8 Accumulated deficit (1,191.2) (1,217.2) Total stockholders’ equity 469.0 436.1 Total liabilities and stockholders’ equity $ 2,752.2 $ 1,905.5 5
Consolidated Statement of Operations (in millions, unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenue: Net earned premium $ 128.3 $ 99.7 $ 345.9 $ 281.0 Commission income, net 15.6 10.5 44.0 39.6 Service and fee income 4.1 3.1 11.0 8.8 Net investment income 8.0 7.3 21.3 18.8 Total revenue 156.0 120.6 422.2 348.2 Expenses: Losses and loss adjustment expenses 72.7 47.5 180.0 184.4 Insurance related expenses 39.3 32.9 112.9 95.9 Technology and development expenses 11.0 8.0 30.5 24.2 Sales and marketing expenses 5.9 8.0 18.5 26.1 General and administrative expenses 17.0 16.5 51.4 50.4 Impairment and restructuring charges — 3.8 — 5.0 Gain on sale of business — (95.0) — (95.0) Interest and other expense, net 1.2 0.8 1.8 0.7 Total expenses 147.1 22.5 395.1 291.7 Income before income taxes 8.9 98.1 27.1 56.5 Income tax expense (benefit) 0.1 — 1.1 (0.1) Net income 8.8 98.1 26.0 56.6 Net income attributable to noncontrolling interests, net of tax — — — 4.9 Net income attributable to Hippo $ 8.8 $ 98.1 $ 26.0 $ 51.7 Other comprehensive (loss) income: Change in net unrealized (loss) gain on investments, net of tax (12.5) 1.3 (16.3) 4.1 Comprehensive (loss) income attributable to Hippo $ (3.7) $ 99.4 $ 9.7 $ 55.8 Per share data: Net income attributable to Hippo Basic 0.33 3.90 0.99 2.04 Diluted 0.33 3.77 0.98 1.97 Weighted average common shares outstanding Basic 26,499,520 25,183,389 26,183,300 25,362,467 Diluted 27,030,298 26,025,069 26,628,602 26,186,034 6
Consolidated Statement of Cash Flow (in millions, unaudited) Nine Months Ended September 30, 2026 2025 Cash flows from operating activities: Net cash provided by operating activities $ 124.2 $ 6.0 Cash flows from investing activities: Capitalized internal use software costs (9.5) (9.7) Purchases of property and equipment (0.6) (0.1) Purchases of fixed maturities (228.5) (72.6) Maturities of fixed maturities 47.5 31.5 Sales of fixed maturities 22.4 1.2 Purchases of short-term investments (150.8) (227.0) Maturities of short-term investments 151.5 220.3 Sales of short-term investments 91.5 5.1 Proceeds from deferred consideration 25.0 — Proceeds from sale of business, net of cash disposed — 65.8 Net cash (used in) provided by investing activities (51.5) 14.5 Cash flows from financing activities: Proceeds from surplus note — 47.9 Taxes paid related to net share settlement of equity awards — (9.4) Proceeds from issuance of common stock 2.5 2.8 Share repurchases under program — (14.5) Distributions to noncontrolling interests — (6.4) Other 1.5 (1.5) Net cash provided by financing activities 4.0 18.9 Net increase in cash, cash equivalents, and restricted cash 76.7 39.4 Cash, cash equivalents, and restricted cash at the beginning of the period 250.1 232.8 Cash, cash equivalents, and restricted cash at the end of the period $ 326.8 $ 272.2 7
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO THEIR MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (in millions, unaudited) Adjusted Net Income (Loss) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net income attributable to Hippo $ 8.8 $ 98.1 $ 26.0 $ 51.7 Adjustments: Depreciation and amortization 4.9 4.7 14.5 15.6 Stock-based compensation 6.3 7.0 19.4 22.6 Fair value adjustments — — — (0.2) Other items — (0.3) (1.8) 0.5 Impairment and restructuring — 3.8 — 5.0 Gain on sale of a business — (95.0) — (95.0) Realized losses on investments — — 0.1 — Tax impact of adjustments — — — — Adjusted net income $ 20.0 $ 18.3 $ 58.2 $ 0.2 Diluted Adjusted Earnings per Share Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Adjusted net income $ 20.0 $ 18.3 $ 58.2 $ 0.2 Weighted-average common shares outstanding, diluted 27,030,298 26,025,069 26,628,602 26,186,034 Diluted Adjusted Earnings per Share $ 0.74 $ 0.70 $ 2.19 $ 0.01 8
Annualized Adjusted Return on Equity Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Annualized Adjusted net income $ 80.0 $ 73.2 $ 77.6 $ 0.3 Average Hippo Stockholders' Equity 467.3 377.0 452.6 391.8 Annualized Adjusted Return on Equity 17.1 % 19.4 % 17.1 % 0.1 % Tangible Book Value Per Share As of September 30, 2026 As of December 31, 2025 Hippo Stockholders' Equity $ 469.0 $ 436.1 Less: Intangible assets 13.1 13.8 Less: Capitalized Internal Use Software $ 40.9 $ 43.0 Tangible stockholders’ equity $ 415.0 $ 379.3 Shares outstanding 26,621,710 25,699,704 Tangible book value per share $ 15.59 $ 14.76 9
SUPPLEMENTAL FINANCIAL INFORMATION (in millions, unaudited) Net Loss, Expense, and Combined Ratio Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net Earned Premium $ 128.3 $ 99.7 $ 345.9 $ 281.0 Catastrophe losses 8.3 (0.3) 20.6 62.1 Non-catastrophe losses 64.4 47.8 159.4 122.3 Loss and loss adjustment expenses $ 72.7 $ 47.5 $ 180.0 $ 184.4 Catastrophe losses ratio 6.5 % (0.3) % 6.0 % 22.1 % Non-catastrophe losses ratio 50.2 % 47.9 % 46.1 % 43.5 % Net loss ratio 56.7 % 47.6 % 52.1 % 65.6 % Insurance related expenses $ 39.3 $ 32.9 $ 112.9 $ 95.9 Technology and development expenses 11.0 8.0 30.5 24.2 Sales and marketing expenses 5.9 8.0 18.5 26.1 General and administrative expenses 17.0 16.5 51.4 50.4 Less: commission income, net and service and fee income (19.7) (13.6) (55.0) (48.4) Total net expenses $ 53.5 $ 51.8 $ 158.3 $ 148.2 Expense Ratio 41.7 % 52.0 % 45.8 % 52.7 % Combined Ratio 98.4 % 99.6 % 97.9 % 118.3 % Prior accident year developments* Loss and loss adjustment expenses 0.4 (0.5) (4.6) (10.6) Net loss ratio 0.3 % (0.5) % (1.3) % (3.8) % Net accident year loss ratio 56.4 % 48.1 % 53.4 % 69.4 % Net accident year loss ratio x catastrophe losses 49.9 % 48.4 % 47.4 % 47.3 % *Includes $2.6 million net benefit, or 1 percentage point for the nine months ended September 30, 2026, related to a reinsurance commutation. Gross and Net Loss Ratio Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Gross Losses and LAE $ 217.2 $ 100.6 $ 556.1 $ 400.2 Gross Earned Premium 371.2 253.0 1,024.5 714.3 Gross Loss Ratio 58.5% 39.8% 54.3 % 56.0% 10
Net Losses and LAE $ 72.7 $ 47.5 $ 180.0 $ 184.4 Net Earned Premium 128.3 99.7 345.9 281.0 Net Loss Ratio 56.7% 47.6% 52.1 % 65.6 % 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 State Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Amount % of GWP Amount % of GWP Amount % of GWP Amount % of GWP State California $ 101.7 20 % $ 66.8 22 % 253.9 19 % $ 163.2 20 % New York 99.3 20 % 13.8 4 % 213.5 16 % 60.6 7 % Texas 28.9 6 % 37.7 12 % 151.5 12 % 99.5 12 % Florida 49.8 10 % 40.1 13 % 149.4 11 % 118.9 15 % Illinois 15.1 3 % 9.1 3 % 44.5 3 % 24.0 3 % Georgia 10.3 2 % 9.5 3 % 31.2 2 % 23.0 3 % New Jersey 18.6 4 % 6.1 2 % 34.7 3 % 14.2 2 % Colorado 10.4 2 % 5.9 2 % 26.1 2 % 16.8 2 % Massachusetts 8.7 2 % 7.0 2 % 24.2 2 % 20.4 2 % Pennsylvania 10.5 2 % 6.5 2 % 24.9 2 % 15.9 2 % Other 144.8 29 % 108.7 35 % 358.8 28 % 264.2 32 % Total $ 498.1 100 % $ 311.2 100 % $ 1,312.7 100 % $ 820.7 100 % 11
Gross Written Premium (GWP) by Line of Business Three Months Ended September 30, 2026 2025 Amount Amount Change % Change Line of Business Homeowners $ 112.2 $ 101.0 $ 11.2 11 % Renters 73.9 59.3 14.6 25 % Commercial Multi-Peril 107.8 66.0 41.8 63 % Casualty 187.6 76.3 111.3 146 % Other 16.6 8.6 8.0 93 % Total $ 498.1 $ 311.2 $ 186.9 60 % Nine Months Ended September 30, 2026 2025 Amount Amount Change % Change Line of Business Homeowners $ 306.2 $ 288.2 $ 18.0 6 % Renters 164.3 138.5 25.8 19 % Commercial Multi-Peril 341.2 200.0 141.2 71 % Casualty 467.7 175.5 292.2 166 % Other 33.3 18.5 14.8 80 % Total $ 1,312.7 $ 820.7 $ 492.0 60 % Net Written Premium (NWP) by Line of Business Three Months Ended September 30, 2026 2025 Amount Amount Change % Change Line of Business Homeowners $ 74.0 $ 75.7 $ (1.7) (2) % Renters 28.8 26.4 2.4 9 % Commercial Multi-Peril 20.4 13.6 6.8 50 % Casualty 19.7 3.7 16.0 NM Other 6.2 (1.5) 7.7 NM Total $ 149.1 $ 117.9 $ 31.2 26 % 12
Nine Months Ended September 30, 2026 2025 Amount Amount Change % Change Line of Business Homeowners $ 210.9 $ 191.5 $ 19.4 10 % Renters 59.0 83.0 (24.0) (29) % Commercial Multi-Peril 88.8 52.0 36.8 71 % Casualty 67.6 6.4 61.2 NM Other 7.4 (7.8) 15.2 NM Total $ 433.7 $ 325.1 $ 108.6 33 % Net Earned Premium (NEP) by Line of Business Three Months Ended September 30, 2026 2025 Amount Amount Change % Change Line of Business Homeowners $ 66.1 $ 63.9 $ 2.2 3 % Renters 19.1 18.7 0.4 2 % Commercial Multi-Peril 25.9 13.8 12.1 88 % Casualty 15.9 3.2 12.7 397 % Other 1.3 0.1 1.2 NM Total $ 128.3 $ 99.7 $ 28.6 29 % Nine Months Ended September 30, 2026 2025 Amount Amount Change % Change Line of Business Homeowners $ 194.4 $ 187.7 $ 6.7 4 % Renters 54.1 54.0 0.1 — % Commercial Multi-Peril 65.6 32.4 33.2 102 % Casualty 29.8 4.5 25.3 562 % Other 2.0 2.4 (0.4) (17) % Total $ 345.9 $ 281.0 $ 64.9 23 % 13
Information about Key Operating Metrics/Non-GAAP Financial Measures 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 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. We define diluted adjusted earnings (loss) per share, a Non-GAAP financial measure, as adjusted net income 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. Diluted adjusted earnings (loss) per share should not be viewed as a substitute for diluted earnings (loss) per share calculated in accordance with GAAP. Other companies may define diluted adjusted earnings (loss) per share differently. We define annualized adjusted return on equity, a Non-GAAP financial measure, as adjusted net income (loss) expressed on an annualized basis as a percentage of average beginning and ending Hippo 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 in accordance with GAAP. Other companies may define annualized adjusted return on equity differently. We define tangible book value per share, a Non-GAAP financial measure, as total stockholders’ equity, less intangible assets and capitalized internal software, divided by the outstanding number of shares of our common stock at the end of the relevant period. Our definition of tangible book value per share may not be comparable to that of other companies, and it should not be viewed as a substitute for book value per share calculated in accordance with GAAP. 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. 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 14
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. The Company is unable to provide a reconciliation of Adjusted Net Income (Loss) to Net Income (Loss), its most directly comparable GAAP financial measure, on a forward- looking basis without unreasonable effort, because items that impact this GAAP financial measure are not within the Company’s control and/or cannot be reasonably predicted. These items may include, but are not limited to, predicting forward-looking share-based compensation. Such information may have a significant, and potentially unpredictable, impact on the Company’s future financial results. Cautionary Note Regarding Forward-Looking Statements 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. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the financial position, business strategy, and the plans and objectives of management for Hippo Holdings Inc. (together with its subsidiaries, “Hippo,” the “Company,” “we,” “us” and “our”) for future operations, statements regarding our strategic relationships, and statements regarding future expansion of our program are forward-looking statements. These statements are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements generally are accompanied by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “future,” “intend,” “may,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “seem,” “should,” “strive,” “will,” “would,” including the negative expressions of these words and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release include, for example, statements about: 15
• our future results of operations and financial condition, including estimates and forecasts of financial and operating results and performance metrics, and our ability to attain and maintain profitability; • our business strategy, including our cost reduction efforts, our diversified distribution strategy, the expected evolution of our business and premium mix across personal and commercial lines, and our plans to expand into new markets and new products; • our ability to grow our business and, if such growth occurs, to effectively manage such growth, including the growth and development of our distribution channels; • customer satisfaction and our ability to attract, retain, and expand our customer base; • our ability to maintain and enhance our brand and reputation, including the quality of our products and services; • our expectations about our book of business, including our ability to cross-sell and to attain greater value from each customer; • the effects of seasonal and cyclical trends on our results of operations; • our ability to compete effectively in the segments of the insurance industry in which we operate; • 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; • our expectations regarding the effectiveness and adequacy of our reinsurance program, our ability to maintain reinsurance contracts and our near- and long-term strategies and expectations with respect to the availability, adequacy, coverage, limits, pricing, and cession of insurance risk; • our ability to utilize, develop, and protect our proprietary technology, digital platform, and intellectual property; • our development, deployment, and use of artificial intelligence and machine learning technologies, including the risk that competitors or other third parties may incorporate such technologies into their products more quickly or more successfully than we do; • our ability to leverage our data, technology, and geographic diversity to help manage risk; 16
• 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 outages or interruptions in, or delays to, services provided by our third-party providers, including our data vendors; • potential harm caused by misappropriation of our data and compromises in cybersecurity, and our ability to receive, process, store, use, and share data in compliance with laws and regulations related to data privacy and data security; • potential harm caused by changes in internet search engines’ methodologies; • our denial of claims or our failure to accurately and timely pay claims; • 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 cancellations, non-renewals, and reinstatements, through market conduct exams, complaints, or other inquiries; • our ability to navigate extensive insurance industry regulations and the scrutiny of state insurance regulators, and 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, the insurance industry generally, and data privacy and cybersecurity, in the United States and internationally; • 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 expectations regarding the realizability of our deferred tax assets, including the timing and amount of any release of the valuation allowance against our net deferred tax assets and the related impact on our results of operations; and • our public securities’ liquidity and trading. These statements are based on the current expectations of Hippo’s management and are not predictions of actual performance. You should not rely upon forward-looking statements as predictions of future events. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions, and many actual events and 17
circumstances are beyond the control of Hippo. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we cannot guarantee that the future results, levels of activity, performance, events, and circumstances reflected in the forward-looking statements will be achieved or occur at all. These forward-looking statements are subject to a number of risks, uncertainties, and other factors, including those described above and other risks set forth in the sections entitled “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, and in other documents that may be filed by the Company from time to time with the Securities and Exchange Commission (the “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 press release. 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, events, or circumstances to 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 press release and reflect Hippo’s expectations, plans, forecasts, and views of future events as of that date. Accordingly, forward-looking statements should not be relied upon as representing Hippo’s views as of any subsequent date, and Hippo does 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. While Hippo may elect to update these forward-looking statements at some point in the future, Hippo specifically disclaims any obligation to do so. 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: 18
Charles Sebaski Investors@hippo.com Press: Courtney Klosterman press@hippo.com 19
3rd Quarter 2026 Financial Results October 29th, 2026
3rd Quarter 2026 Financial Results Cautionary Note Regarding Forward-Looking Statements 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. We intend such forward- looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All statements contained in this presentation other than statements of historical fact, including, without limitation, statements regarding the financial position, business strategy, and the plans and objectives of management for Hippo Holdings Inc. (together with its subsidiaries, “Hippo,” the “Company,” “we,” “us” and “our”) for future operations, statements regarding our strategic relationships, and statements regarding future expansion of our program are forward-looking statements. These statements are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements generally are accompanied by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “future,” “intend,” “may,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “seem,” “should,” “strive,” “will,” “would,” including the negative expressions of these words and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this presentation include, for example, statements about: our future results of operations and financial condition, including estimates and forecasts of financial and operating results and performance metrics, and our ability to attain and maintain profitability; our business strategy, including our cost reduction efforts, our diversified distribution strategy, the expected evolution of our business and premium mix across personal and commercial lines, and our plans to expand into new markets and new products; our ability to grow our business and, if such growth occurs, to effectively manage such growth, including the growth and development of our distribution channels; customer satisfaction and our ability to attract, retain, and expand our customer base; our ability to maintain and enhance our brand and reputation, including the quality of our products and services; our expectations about our book of business, including our ability to cross-sell and to attain greater value from each customer; the effects of seasonal and cyclical trends on our results of operations; our ability to compete effectively in the segments of the insurance industry in which we operate; 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; our expectations regarding the effectiveness and adequacy of our reinsurance program, our ability to maintain reinsurance contracts and our near- and long-term strategies and expectations with respect to the availability, adequacy, coverage, limits, pricing, and cession of insurance risk; our ability to utilize, develop, and protect our proprietary technology, digital platform, and intellectual property; our development, deployment, and use of artificial intelligence and machine learning technologies, including the risk that competitors or other third parties may incorporate such technologies into their products more quickly or more successfully than we do; our ability to leverage our data, technology, and geographic diversity to help manage risk; 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 outages or interruptions in, or delays to, services provided by our third-party providers, including our data vendors; potential harm caused by misappropriation of our data and compromises in cybersecurity, and our ability to receive, process, store, use, and share data in compliance with laws and regulations related to data privacy and data security; potential harm caused by changes in internet search engines’ methodologies; our denial of claims or our failure to accurately and timely pay claims; 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 cancellations, non-renewals, and reinstatements, through market conduct exams, complaints, or other inquiries; our ability to navigate extensive insurance industry regulations and the scrutiny of state insurance regulators, and 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, the insurance industry generally, and data privacy and cybersecurity, in the United States and internationally; 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 expectations regarding the realizability of our deferred tax assets, including the timing and amount of any release of the valuation allowance against our net deferred tax assets and the related impact on our results of operations; and our public securities’ liquidity and trading. These statements are based on the current expectations of Hippo’s management and are not predictions of actual performance. You should not rely upon forward-looking statements as predictions of future events. 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. Although we believe that we have a reasonable basis for each forward- looking statement contained in this presentation, we cannot guarantee that the future results, levels of activity, performance, events, and circumstances reflected in the forward-looking statements will be achieved or occur at all. These forward-looking statements are subject to a number of risks, uncertainties, and other factors, including those described above and other risks set forth in the sections entitled “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, and in other documents that may be filed by the Company from time to time with the Securities and Exchange Commission (the “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 presentation. 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, events, or circumstances to 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 presentation and reflect Hippo’s expectations, plans, forecasts, and views of future events as of that date. Accordingly, forward-looking statements should not be relied upon as representing Hippo’s views as of any subsequent date, and Hippo does 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. While Hippo may elect to update these forward-looking statements at some point in the future, Hippo specifically disclaims any obligation to do so. 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
3rd Quarter 2026 Financial Results 3 Technology native, multi-line carrier platform 50+ Programs as a leader in the growing MGA and program sector 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-’ (IX)(1) 3rd Quarter Highlights(3) (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) Loss Ratio and Combined Ratio are net figures $498M $156M $1,313M $422M GWP Growth 60% vs 3Q25 Revenue Growth 29% vs 3Q25 GWP Growth 60% vs YTD25 Revenue Growth 21% vs YTD25 56.7% 98.4% 52.1% 97.9% Loss Ratio Combined Ratio Loss Ratio Combined Ratio $8.8M $20.0M $26.0M $58.2M Net Income Adjusted Net Income(2) Net Income Adjusted Net Income(2) 2026YTD Highlights(3) Hippo-at-a- glance
3rd Quarter 2026 Financial Results 4 In du st ry Hippo MGA vs Hippo Premium ($bn) US Industry Hippo 2019 2020 2021 2022 2023 2024 2025 2026E $— $50 $100 $150 $— $1 $2 $3 Leader in an Expanding MGA Market (1) Aon 2026 MGA Market Outlook (2) The 2026 guidance is based on current expectations. These statements are forward-looking and actual results could differ materially depending on the market conditions and factors set forth under "Cautionary Note Regarding Forward- Looking Statements" on Slide 2. Hippo ~50% CAGR vs US MGAs ~15% CAGR 2019-2025 GWP New partnership with Greenlight Re to identify, fund, and support new emerging programs 50+ programs while remaining very selective (pass on ~90% of submissions) Beginning to offer a broad suite of services across claims, customer support, and technology 1 1YE 2025 DWP ($bn) $— $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 State National MS Transverse AF Group StarStone Fortegra Clearblue Palomar Accelerant Trisura Coaction Sutton National TruStage Spinnaker (Hippo) Obsidian Accredited Benchmark Incline Coverys Realign Hadron Southlake Knight Fairco Concert Builders Everspan Clear Spring Emerald Bay James River Kestrel Dellwood 2
3rd Quarter 2026 Financial Results Renewal rate change pacing loss cost trend National Partners driving growth Renewal premium up 14% vs last year Homeowners Overview Gross Written Premium ($) in Millions 5 $87 $100 $101 $91 $87 $107 $112 Owned (HHIP) Partners Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 Q2'26 Q3'26 $— $25 $50 $75 $100 $125
H.O. Growth with National Partners WA OR MI WI NY NV PA UT NJ IL OHIN CO MO VA AZ TN TX AR SC GAAL State expansion New states · 14 Live today · 8 Not yet active start quoting existing homes with National Distribution Partners 89% FNOL First Notice of Loss "FNOL" success rate with AI claims agent, "Clara" Channel Expansion Cohesive journey from partner quote to bind in minutes 14 New States
3rd Quarter 2026 Financial Results GWP +63% 3Q26 vs 3Q25 Retention expected in the Low 20s for the Year1 Major Lines Include: BOP, Commercial Property Commercial Multi-Peril Overview 7 $51 $83 $66 $65 $96 $138 $108 25% 31% 21% 22% 18% 37% 19% CMP NWP Retention Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 Q2'26 Q3'26 $— $30 $60 $90 $120 $150 —% 20% 40% 60% 80% 100% Gross Written Premium ($) in Millions (1) The 2026 guidance is based on current expectations. These statements are forward-looking and actual results could differ materially depending on the market conditions and factors set forth under "Cautionary Note Regarding Forward- Looking Statements" on Slide 2.
3rd Quarter 2026 Financial Results Existing Programs GWP Growth +128% 3Q26 vs 3Q25 Pricing exceeding loss trend 2026 retention to normalize in mid-teens Casualty Overview 8 $34 $65 $76 $88 $101 $180 $188 3% 2% 5% 3% 13% 20% 11% New Programs Existing Programs NWP Retention Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 Q2'26 Q3'26 $— $40 $80 $120 $160 $200 —% 25% 50% 75% 100% Gross Written Premium ($) in Millions
3rd Quarter 2026 Financial Results Disciplined Underwriting Combined Ratio 9 Expense Ratio Lower by 10pp Underlying Loss Ratio Holding Diversification Lowering Volatility CAT Exposure Reduced (in m illions) 158% 166% 128% 107% 159% 100% 100% 99% 99% 96% 98% Expense Ratio Loss Ratio Gross Written Premium Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 Q2'26 Q3'26 $100 $200 $300 $400 $500 $600
3rd Quarter 2026 Financial Results 2028 growth targets(1) >$2.5B GWP >$140M Adj. net income A technology-native insurance platform driving growth across owned and partner MGAs. Diversified carrier platform $1.1B 2025 GWP Homeowners Renters CMP Other New lines Casualty Disciplined approach to portfolio optimization and risk management 60-65% Long-term loss ratio targets Differentiated Distribution Tech-Forward Thinking Long-Term Vision 10(1) The 2028 guidance is based on current expectations. These statements are forward-looking and actual results could differ materially depending on the market conditions and factors set forth under "Cautionary Note Regarding Forward-Looking Statements" on Slide 2.
3rd Quarter 2026 Financial Results 11 $311.2 $498.1 Casualty Commercial Multi- Peril Renters Homeowners Other Performance drivers: growing & diversifying Q3'25 GWP Q3'26 GWP $117.9 $149.1 Q3'25 NWP Q3'26 NWP 3Q2026 Driving Factors: GWP: CMP and Casualty NWP: Renters, CMP, and Casualty Continue to Diversify Outside of Homeowners 3Q26 vs 3Q25 Premium Mix $ Million
3rd Quarter 2026 Financial Results 12 Improving Consolidated Net Underwriting Expense Ratio Attritional Losses CAT Losses Combined Ratio Q3'26 vs Q3'25 Improved by 1 point 99.6% 98.4% 52.0% 41.7% 48.4% 49.9% (0.3)% 6.5% ( .5) 0.3% g CAT Loss Ratio g Net Accident Year Loss Ratio g Expense Ratio g Prior Year Development Ratio Q3'25 Q3'26 Combined Ratio YTD Q3'26 vs YTD Q3'25 Improved by 20 points 118.3% 97.9% 52.7% 45.8% 47.3% 47.4% 22.1% 6.0% (3.8)% (1.3)% YTD Q3'25 YTD Q3'26 3Q2026 Driving Factors:
3rd Quarter 2026 Financial Results Operating Leverage Drives Expense Ratio Net Expense Ratio 13 Revenue +29% vs Expenses +12% AI Customer Support Higher Commission & Fees Vendor Consolidation Data Routing Optimization (in m illions) 71% 72% 55% 49% 53% 53% 52% 53% 51% 45% 42% Fixed Expense(1) Variable Expense(2) Revenue Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 Q2'26 Q3'26 $80 $100 $120 $140 $160 (1) Fixed - G&A+S&M+T&D (2) Variable - IRE minus commission income and Service and Fee income
3rd Quarter 2026 Financial Results 14 Profitability Performance Net Income(1) $ Million Adjusted Net Income(1,2) $ Million Annualized Adjusted Return on Equity(1,2) % of total 19% 17% $18 $20 Q3'25 Q3'26 Q3'25 Q3'26Q3'25 Q3'26 $98 $9 (1) Attributable to Hippo (2) Non-GAAP financial measure; see "Reconciliation of Non-GAAP Metrics" in Appendix $52 $26 $— $58 YTD Q3'25 YTD Q3'26 —% 17% YTD Q3'25 YTD Q3'26YTD Q3'25 YTD Q3'26
3rd Quarter 2026 Financial Results $469M stockholders equity Book Value Per Share Up 4% from year-end 2025 Growing Book Value Per Share BVPS ($) Q4’24 BVPS Q4’25 BVPS Q1’26 BVPS Q2'26 BVPS Q3'26 BVPS $16.97 $17.62 $14.56 15 $17.23 $17.65
3rd Quarter 2026 Financial Results 16 Metric Prior 2026 Guidance(1) 2026 Guidance(1) Update Gross Written Premium $1.65 – $1.7B $1.7 – $1.75B Net Written Premium $565 – $580M $565 – $580M Revenue $580 - $585M $585 - $590M Combined Ratio 99% – 101% 97% – 98% Adjusted Net Income(2) $62 – $70M $77 – $80M CAT Loss Ratio 10% 8% Stock-based comp + D&A $42M $42M (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 "Cautionary Note Regarding Forward-Looking Statements" on Slide 2. (2) Non-GAAP financial measure; see "Reconciliation of Non-GAAP Metrics" in Appendix, ; see slide 19 regarding forward-looking non-GAAP measures 2026 Guidance
Q&A
Appendix
3rd Quarter 2026 Financial Results 19 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 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. 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. The Company is unable to provide a reconciliation of Adjusted Net Income (Loss) to Net Income (Loss), its most directly comparable GAAP financial measure, on a forward-looking basis without unreasonable effort, because items that impact this GAAP financial measure are not within the Company’s control and/or cannot be reasonably predicted. These items include, but are not limited to, fair value adjustments, impairment and restructuring charges, gains or losses on the sale of a business, realized gains and losses on investments, certain other items, and the related tax impact of these adjustments. Such information may have a significant, and potentially unpredictable, impact on the Company’s future financial results.
3rd Quarter 2026 Financial Results 20 Key Operating Metrics (in millions, except per share data, unaudited) Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 Q2'26 Q3'26 YTD Q3'25 YTD Q3'26 (in millions, except per share data) Net earned premium $87.3 $94.0 $99.7 $99.1 $98.9 $118.7 $128.3 $281.0 $345.9 Commission income, net 14.4 14.7 10.5 11.7 12.7 15.7 15.6 39.6 44.0 Service and fee income 2.8 2.9 3.1 3.0 3.2 3.7 4.1 8.8 11.0 Net investment income 5.8 5.7 7.3 6.6 6.7 6.6 8.0 18.8 21.3 Total Revenue $110.3 $117.3 $120.6 $120.4 $121.5 $144.7 $156.0 $348.2 $422.2 Net Income (Loss) (1) (47.7) 1.3 98.1 6.0 7.1 10.1 8.8 51.7 26.0 Adjusted Net Income (Loss) (1) (2) (35.1) 17.0 18.3 17.6 17.2 21.0 20.0 0.2 58.2 Basic Earnings (Loss) per Share (1) (1.91) 0.05 3.90 0.24 0.27 0.38 0.33 2.04 0.99 Diluted Earnings (Loss) per Share (1) (1.91) 0.05 3.77 0.23 0.27 0.38 0.33 1.97 0.98 Diluted Adjusted Earnings (Loss) per Share (1) (2) (1.41) 0.65 0.70 0.67 0.65 0.79 0.74 0.01 2.19 Net Loss Ratio 105.9% 47.0% 47.6% 45.9% 48.0% 50.4% 56.7% 65.6% 52.1% Expense Ratio 53.3% 53.1% 52.0% 53.5% 51.5% 45.4% 41.7% 52.7% 45.8% Combined Ratio 159.2% 100.1% 99.6% 99.4% 99.5% 95.8% 98.4% 118.3% 97.9% Book Value Per Share (BVPS) $12.83 $13.02 $16.64 $16.97 $17.23 $17.65 $17.62 $16.64 $17.62 Tangible Book Value Per Share (TBVPS) (2) $10.31 $10.61 $14.37 $14.76 $15.09 $15.56 $15.59 $14.37 $15.59 (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"
3rd Quarter 2026 Financial Results 21 Reconciliation of Non-GAAP Metrics (in millions, except share and per share data, unaudited) Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 Q2'26 Q3'26 YTD Q3'25 YTD Q3'26 Net income (loss) attributable to Hippo $ (47.7) $ 1.3 $ 98.1 $ 6.0 $ 7.1 $ 10.1 $ 8.8 $ 51.7 $ 26.0 Adjustments Depreciation and amortization 5.6 5.3 4.7 4.8 4.8 4.8 4.9 15.6 14.5 Stock-based compensation 7.7 7.9 7.0 6.7 6.5 6.6 6.3 22.6 19.4 Fair value adjustments (0.5) 0.3 — (0.4) — — — (0.2) — Other items (0.2) 1.0 (0.3) 0.5 (1.2) (0.6) — 0.5 (1.8) Impairment and restructuring — 1.2 3.8 — — — — 5.0 — Realized losses on investments — — — — — 0.1 — 0.1 Gain on sale of a business — — (95.0) — — — — (95.0) — Tax impact of adjustments — — — — — — — — — Adjusted net income (loss) $ (35.1) $ 17.0 $ 18.3 $ 17.6 $ 17.2 $ 21.0 $ 20.0 $ 0.2 $ 58.2 Diluted Adjusted Earnings (Loss) Per Share Adjusted net income (loss) $ (35.1) $ 17.0 $ 18.3 $ 17.6 $ 17.2 $ 21.0 $ 20.0 $ 0.2 $ 58.2 Weighted-average common shares outstanding, diluted 24,978,901 26,023,780 26,025,069 26,245,980 26,354,271 26,552,111 27,030,298 26,186,034 26,628,602 Diluted Adjusted Earnings (loss) $ (1.41) $ 0.65 $ 0.70 $ 0.67 $ 0.65 $ 0.79 $ 0.74 $ 0.01 $ 2.19 Adjusted Net Income (Loss)
3rd Quarter 2026 Financial Results 22 Reconciliation of Non-GAAP Metrics (in millions, except share and per share data, unaudited) Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 Q2'26 Q3'26 YTD Q3'25 YTD Q3'26 Annualized Adjusted net income (loss) $ (140.4) $ 68.0 $ 73.2 $ 70.4 $ 68.8 $ 84.0 $ 80.0 $ 0.3 $ 77.6 Average Hippo Stockholders' Equity 342.5 327.7 377.0 428.8 442.4 457.2 467.3 391.8 452.6 Annualized Adjusted Return on Equity (41.0%) 20.8% 19.4% 16.4% 15.6% 18.4% 17.1% 0.1% 17.1% Tangible Book Value Per Share Hippo Stockholders' Equity $ 322.8 $ 332.5 $ 421.5 $ 436.1 $ 448.7 $ 465.6 $ 469.0 $ 421.5 $ 469.0 Less: Intangible assets 16.1 14.3 14.0 13.8 13.6 13.4 13.1 14.0 13.1 Less: Capitalized internal use software 47.4 47.2 43.3 43.0 42.3 41.6 40.9 43.3 40.9 Tangible stockholders’ equity $ 259.3 $ 271.0 $ 364.2 $ 379.3 $ 392.8 $ 410.6 $ 415.0 $ 364.2 $ 415.0 Shares outstanding 25,157,214 25,543,053 25,337,366 25,699,704 26,035,917 26,384,898 26,621,710 25,337,366 26,621,710 Tangible book value per share $ 10.31 $ 10.61 $ 14.37 $ 14.76 $ 15.09 $ 15.56 $ 15.59 $ 14.37 $ 15.59 Annualized Adjusted Return on Equity
3rd Quarter 2026 Financial Results 23 Underwriting (in millions, unaudited) Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 Q2'26 Q3'26 YTD Q3'25 YTD Q3'26 Net Earned Premium $87.3 $94.0 $99.7 $99.1 $98.9 $118.7 $128.3 $281.0 $345.9 Catastrophe losses 53.4 8.0 (0.3) (1.0) 4.3 8.0 8.3 62.1 20.6 Non-catastrophe losses 39.0 36.5 47.8 46.5 43.2 51.8 64.4 122.3 159.4 Loss and loss adjustment expenses $92.4 $44.5 $47.5 $45.5 $47.5 $59.8 $72.7 $184.4 $180.0 Catastrophe losses 61.2% 8.0% (0.3%) (1.0%) 4.3% 6.7% 6.5% 22.1% 6.0% Non-catastrophe losses 44.7% 39.0% 47.9% 46.9% 43.7% 43.7% 50.2% 43.5% 46.1% Net loss ratio 105.9% 47.0% 47.6% 45.9% 48.0% 50.4% 56.7% 65.6% 52.1% Insurance related expenses $30.2 $32.8 $32.9 $35.4 $34.9 $38.7 $39.3 $95.9 $112.9 Technology and development expenses 8.1 8.1 8.0 8.3 9.4 10.1 11.0 24.2 30.5 Sales and marketing expenses 8.9 9.2 8.0 7.3 6.3 6.3 5.9 26.1 18.5 General administrative expenses 16.5 17.4 16.5 16.7 16.2 18.2 17.0 50.4 51.4 Less: commission income, net and service and fee income (17.2) (17.6) (13.6) (14.7) (15.9) (19.4) (19.7) (48.4) (55.0) Total net expenses $46.5 $49.9 $51.8 $53.0 $50.9 $53.9 $53.5 $148.2 $158.3 Expense Ratio 53.3% 53.1% 52.0% 53.5% 51.5% 45.4% 41.7% 52.7% 45.8% Combined Ratio 159.2% 100.1% 99.6% 99.4% 99.5% 95.8% 98.4% 118.3% 97.9% Prior accident year developments Loss and loss adjustment expenses (3.1) (7.0) (0.5) 1.1 (2.5) (2.5) 0.4 (10.6) (4.6) Net loss ratio (3.6%) (7.4%) (0.5%) 1.0% (2.6%) (2.1%) 0.3% (3.8%) (1.3%) Net accident year loss ratio 109.5% 54.4% 48.1% 44.9% 50.6% 52.5% 56.4% 69.4% 53.4% Net accident year loss ratio x catastrophe 48.3% 46.4% 48.4% 45.9% 46.3% 45.8% 49.9% 47.3% 47.4% Net Loss, Expense, And Combined Ratio
3rd Quarter 2026 Financial Results 24 Underwriting (in millions, unaudited) Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 Q2'26 Q3'26 YTD Q3'25 YTD Q3'26 Gross Losses and LAE $211.8 $87.8 $100.6 $134.8 $147.2 $191.7 $217.2 $400.2 $556.1 Gross Earned Premium 222.8 238.5 253.0 272.6 297.3 356.1 371.2 714.3 1,024.5 Gross Loss Ratio 95.1% 36.8% 39.8% 49.4% 49.5% 53.8% 58.5% 56.0% 54.3% Net Losses and LAE $92.4 $44.5 $47.5 $45.5 $47.5 $59.8 $72.7 $184.4 $180.0 Net Earned Premium 87.3 94.0 99.7 99.1 98.9 118.7 128.3 281.0 345.9 Net Loss Ratio 105.9% 47.0% 47.6% 45.9% 48.0% 50.4% 56.7% 65.6% 52.1% Gross & Net Loss Ratio
3rd Quarter 2026 Financial Results 25 Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 Q2'26 Q3'26 YTD Q3'25 YTD Q3'26 Gross Written Premium Homeowners $87.1 $100.0 $101.0 $91.0 $87.3 $106.7 $112.2 $288.2 $306.2 Renters 35.0 44.2 59.3 36.4 40.8 49.6 73.9 138.5 164.3 Commercial Multi-Peril 50.7 83.3 66.0 64.9 95.8 137.6 107.8 200.0 341.2 Casualty 34.3 64.9 76.3 88.4 100.6 179.5 187.6 175.5 467.7 Other 3.8 6.2 8.6 7.2 7.9 8.8 16.6 18.5 33.3 Total $210.9 $298.6 $311.2 $287.9 $332.4 $482.2 $498.1 $820.7 $1,312.7 Net Written Premium Homeowners $52.7 $63.0 $75.7 $63.5 $60.8 $76.1 $74.0 $191.5 $210.9 Renters 37.2 19.5 26.4 18.0 10.8 19.4 28.8 83.0 59.0 Commercial Multi-Peril 12.5 26.0 13.6 14.1 17.6 50.7 20.4 52.0 88.8 Casualty 1.1 1.5 3.7 2.3 12.9 35.0 19.7 6.4 67.6 Other (3.2) (3.1) (1.5) (0.7) (0.7) 2.0 6.2 (7.8) 7.4 Total $100.3 $106.9 $117.9 $97.2 $101.4 $183.2 $149.1 $325.1 $433.7 Net Earned Premium Homeowners $61.6 $62.3 $63.9 $63.4 $62.7 $65.6 $66.1 $187.7 $194.4 Renters 16.6 18.7 18.7 18.4 17.0 18.0 19.1 54.0 54.1 Commercial Multi-Peril 6.6 11.9 13.8 15.5 15.9 23.8 25.9 32.4 65.6 Casualty 0.5 0.8 3.2 1.6 3.2 10.7 15.9 4.5 29.8 Other 2.0 0.3 0.1 0.2 0.1 0.6 1.3 2.4 2.0 Total $87.3 $94.0 $99.7 $99.1 $98.9 $118.7 $128.3 $281.0 $345.9 Premium by Line of Business Underwriting (in millions, unaudited)
Contact Information Charles Sebaski Head of Investor Relations IR@hippo.com