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Hippo Reports Third Quarter 2022 Financial Results

Hippo (NYSE: HIPO), the home insurance group focused on proactive home protection, today announced its consolidated financial results for the three months that ended September 30, 2022.

Complete financial results and full year guidance for 2022 can be found in the company's shareholder letter in the Investor Relations section of Hippo’s website at https://investors.hippo.com.

“The advantages of Hippo’s business model and an industry-leading tech stack are coming into focus,” said Hippo President and CEO Rick McCathron. “We’ve continued to take market share and improve our underwriting results despite challenging macro-economic conditions and what the industry expects to be one of the worst hurricane losses in history. We remain confident in our guidance as we enter the fourth quarter and continue to progress on our path to profitability.”

Third Quarter Highlights

Improving Adjusted EBITDA

  • Adj. EBITDA loss of $54.8m (GAAP net loss of $129.2m), better than our guidance despite Hurricane Ian
  • Projecting narrower loss in Q4 ‘22 and 2023 improvement

No Slow Down Here

  • Total Gross Premium (TGP) up 36%
  • Agency, Builder and Spinnaker Fronting all contribute
  • Customer count reaches 332,000
  • No change in guidance: 30% TGP growth for the year

Revenue Growth

  • Revenue up 44%
  • Commission income driven by Spinnaker Fronting
  • Agency business growing with Gross Placed Premiums at 21% of TGP
  • No change in 2022 revenue guidance

A Superior Underwriting Model

  • Gross Loss Ratio (GLR) of 58%, excluding Hurricane Ian (110% overall)
  • We believe significant improvement in 2022 is evidence that we are building a superior underwriting model
  • No change in 2022 guidance of 90% or better GLR, including Hurricane Ian

Conference Call and Webcast Information

Date:

 

Thursday, November 10, 2022

Time:

 

05:00 p.m. Eastern Time/ 02:00 p.m. Pacific Time

Dial-in:

 

844 200 6205 (U.S.) / +1 929-526-1599 (International)

Conf ID:

 

082828

Webcast:

 

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Disclaimer

Hippo Reports Third Quarter 2022 Financial Results Hippo (NYSE: HIPO), the home insurance group focused on proactive home protection, today announced its consolidated financial results for the three months that ended September 30, 2022. Complete financial results and full year guidance for 2022 can …

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