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Hippo Holdings Inc. (HIPO) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total generated premium of $1,336.1 million, up from $1,134.3 million in the previous year, driven by growth in the aggregator and builder channels.
Net earned premium increased to $272.5 million from $107.5 million, reflecting higher premium retention and improved reinsurance terms.
Hippo reported a gross loss ratio of 53%, improved from 71% the previous year, due to pricing and underwriting actions.
Net loss attributable to Hippo was $40.5 million, a significant improvement from a loss of $273.1 million in 2023.
Adjusted EBITDA loss was $43.5 million, down from $200.6 million in the prior year, reflecting increased revenue and improved loss ratios.
The company recorded a gain of $54.4 million from the sale of its subsidiaries, Mainsail and First Connect.
Hippo's Insurance-as-a-Service segment saw total generated premium increase to $617.6 million, with revenue rising to $99.5 million.
The Hippo Home Insurance Program segment reported a decrease in total generated premium to $282.9 million, but revenue increased to $236.4 million due to higher premium retention.
Hippo's Services segment reported total generated premium of $596.7 million, with revenue increasing to $48.2 million.
Cash and cash equivalents stood at $197.6 million, with total assets of $1,543.4 million as of December 31, 2024.
The company continues to focus on managing risk through data and technology, with a gross loss ratio target of 1 in 250-year return period for catastrophic events.
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. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.