Hippo Holdings Inc.

Q2 gross written premium increased 61% year over year to $482 million from $299 million. Revenue was $145 million, up 23% year over year. Net income was $10 million, or $0.38 per diluted share, versus a $9 million improvement from last year, and adjusted net income was $21 million, or $0.79 per diluted share, up 24% year over year. The net combined ratio improved 4 points to 95.8%, the net loss ratio was 50.4%, the accident year ex-CAT loss ratio improved to 45.8%, and the net expense ratio improved 8 points to 45.4%. For the full year, Hippo raised guidance to GWP of $1.65 billion to $1.7 billion, net written premium of $565 million to $580 million, revenue of $580 million to $585 million, net combined ratio of 99% to 101% inclusive of a 10% CAT loss ratio, and adjusted net income of $62 million to $70 million.

Rick McCathron framed the quarter as evidence that Hippo is scaling profitably, saying the company delivered its fifth straight quarter of profitability on both a stated and adjusted basis. He highlighted portfolio diversification across homeowners, CMP, and casualty, plus a shift toward more enterprise-level reinsurance that lowered PMLs by more than 30% across key return periods. He was optimistic about long-term growth, saying the company is ahead of its prior 2028 premium target and is now raising the bar to more than $2.5 billion of GWP and more than $140 million of adjusted net income by 2028.

Guy Zeltser focused on the financial improvement: $482 million of GWP, $183 million of net written premium, $145 million of revenue, $10 million of net income, and $21 million of adjusted net income. He cited retention of 38% versus 36% last year, with a program-specific reinsurance change contributing $27 million of net written premium in the quarter, and noted the stronger mix shift toward casualty and CMP. He also highlighted balance sheet improvement, with total stockholders' equity up 40% year over year to $466 million and book value per share up 36% to $17.65, and said full-year guidance was raised across growth, profitability, and revenue.

Analysts focused on whether Hippo is becoming less of a homeowners company and more of a multi-line carrier, and management said the goal is a diversified portfolio that can flex with market cycles rather than a fixed mix. Questions also centered on the Accelerant partnership, competitive pressure in homeowners and commercial property, whole-account quota share, and retention; management said Accelerant economics are standard and that growth is being pursued selectively, not at any cost. On homeowners retention, Hippo said it already retains nearly all of the attritional risk on its owned homeowners business, while broader property retention should stay roughly where it is.