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Hippo Holdings Inc. (HIPO-3.53%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net earned premium to $70.6 million from $32.9 million in the same quarter the previous year, attributed to higher premium retention and growth in the total book of business.
Commission income increased to $15.7 million from $14.2 million, driven by higher agency commissions and carrier fronting fees.
Service and fee income decreased to $3.0 million from $4.9 million, primarily due to a reduction in policy fees and fee sharing arrangements.
Net investment income rose to $6.2 million from $5.7 million, reflecting higher yields and diversification of investments.
Losses and loss adjustment expenses increased to $51.6 million from $36.5 million, due to higher premium retention and growth of the book of business.
Insurance related expenses were $22.6 million, up from $20.3 million, mainly due to increased amortization of deferred direct acquisition costs.
Technology and development expenses decreased to $7.0 million from $11.9 million, reflecting reduced employee-related costs.
Sales and marketing expenses fell to $12.5 million from $18.9 million, attributed to lower employee-related costs and advertising expenses.
General and administrative expenses decreased to $15.3 million from $20.7 million, due to reductions in stock-based compensation and legal costs.
The company reported a net loss attributable to Hippo of $8.5 million, down from $53.1 million in the previous year, reflecting improved revenue and reduced expenses.
The filing also details the company's reinsurance strategies, including the transition from proportional reinsurance to excess of loss reinsurance to manage risk exposure.
Hippo Holdings continues to focus on expanding its Services and Insurance-as-a-Service segments, with significant growth in total generated premium reported for both segments.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hippo Holdings Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.