Hippo : First Quarter 2026 Q1'2026 Analyst Presentation

Published: 2026-04-30 07:25:54 ET HIPO

Published on 04/30/2026 at 07:25 am EDT

1st Quarter 2026 Financial Results

Technology native,

multi-line carrier platform

Scalable and efficient capital structure

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)

1st Quarter Highlights

$332M

Gross Written Premium

+58% vs 1Q25

48.0%

Loss Ratio

$7.1M

Net Income

$122M

Revenue

+10% vs 1Q25

99.5%

Combined Ratio

$17.2M

Adjusted Net Income(2)

1st ʘuarter 2026 Financial Results

(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). 3

(2) Non-G66P financial measure; see "Reconciliation of Non-G66P Metrics" in 6ppendix

Divєrsifiєd Carriєr Platform

$1.1B

2025 GWP

Disciplinєd Approach to Portfolio

Optimization and Risk Managєmєnt

60-65%

Long-term Loss Ratio Targets

2028 erowth Targєts

>$2B

eWP

>$125M

Adj. Nєt Incomє(1)

>18%

Adj. ROE(1)

Homєownєrs

Diffєrєntiatєd Distribution

Tєch-Forward Thinking

Rєntєrs

CMP

Casualty

Othєr

Nєw Linєs

6 tєchnology-nativє insurancє platform driving growth across owned and partner MG6s.

1st ʘuarter 2026 Financial Results

(1) Non-G66P financial measure; see "Reconciliation of Non-G66P Metrics" in 6ppendix

We are fundamentally changing how we handle claims

Claims

(announced Q1'26)

Hippo's first notice of loss

(Clara) and end-to-end claims processing assistant

First Notice of Loss

Over 70% of Homeowners Claims Are Expected to Be Filed Digitally

Claims Efficiency

30% efficiency gains translates to more claims per adjuster with faster cycle times and lower leakage

CAT Event Management

Rapidly increase capacity to better serve our customers in catastrophic events

1st ʘuarter 2026 Financial Results

Growing our Agentic A.I. Workforce

Claims

(announced Q1'26)

Clara, Hippo's First

Notice of Loss agent, powers an end-to-end, AI-driven claims processing workflow

Service

(testing & iterating)

Hannah, Hippo's service

agent, will handle customer and producer support across voice, chat, and email

U/W

(in development)

Hippo's agentic

assistants will supercharge our underwriting teams

Operations

(in development)

AI-powered assistants

and automation across Hippo's broader operations

1st ʘuarter 2026 Financial Results

Homeowners

~$87M GWP in 1Q2026

↑ Turned the corner to growth in Q1

↑ Progressive + Westwood creates differentiated distribution

↓ E&S home under increased competition

Renters

~$41M GWP +17% in 1Q2026

One of Hippo's most seasoned programs

Excellent 10yr underwriting track record

~33% Loss Ratio

Reduced retention in 2026

1st Quarter 2026 Financial Results 7

Commercial Multi-Peril (CMP)

~$96M GWP +89% in 1Q2026

Growth driven by multiple existing program partners

Growth driven by Commercial Property & Business Owners Policy

11 active programs in CMP

1st Quarter 2026 Financial Results

Casualty

~$101M GWP +193% in 1Q2026

Largest line in Q1 at 30% of GWP compared to 16% last year

Retention increased to 13% up from 3% in 1Q25

Limit profile predominately $100k to $1 million

(1) Program level combined ratio excludes allocation of overhead expenses 8

Executing with Purpose

6 tєchnology-nativє insurancє platform driving growth across owned and partner MG6s.

1st ʘuarter 2026 Financial Results

1Q2026 Driving Factors:

Casualty GWP G NWP

CMP Lines GWP

Renters Retention

1Q26 vs 1Q25 Prєmium Mix

$ Million

$332.4

$210.9

$100.3 $101.4

1ʘ2025 GWP 1Q2026 GWP 1ʘ2025 NWP 1Q2026 NWP

Casualty ◼ Commercial Multi-Peril

Homeowners ◼ Other

Renters

1st ʘuarter 2026 Financial Results 10

Combinєd Ratio 1Q26 vs 1Q25

1Q2026 Driving Factors:

C6T Losses

6ttritional Losses

Expense Ratio

Improvєd by 60 points

159.2%

61.2%

99.5%

4.3%

48.3%

46.3%

53.3%

51.5%

(3.6)%

(2.6)%

1ʘ2025 1Q2026

C6T Loss Ratio ⬛ Net 6ccident Year

Loss Ratio

Expense Ratio ⬛ Prior Year

Development Ratio

1st ʘuarter 2026 Financial Results 11

Nєt Incomє(1)

$ Million

Adjustєd Nєt Incomє(2)

$ Million

Annualizєd Adjustєd Rєturn on Equity(2)

7.1

17.2

16%

(47.7)

(35.1)

(41%)

1ʘ2025 1Q2026 1ʘ2025 1Q2026 1ʘ2025 1Q2026

1st ʘuarter 2026 Financial Results

6ttributable to Hippo

Non-G66P financial measure; see "Reconciliation of Non-G66P Metrics" in 6ppendix 12

$449M million sharєholdєrs єquity

Up 2% from year-end 2025

BVPS ($)

$16.97 $17.23

14.56

4ʘ'24 BVPS

4ʘ'25 BVPS

1Q'26

BVPS

1st ʘuarter 2026 Financial Results 13

Metric

2026 Guidance(1)

2026 Guidance(1) Update

Gross Written Premium

$1.4 - $1.5B

$1.45 - $1.525B

Net Written Premium

$500 - $540M

$520 - $550M

Revenue

$560 - $570M

Combined Ratio

103% - 105%

Adjusted Net Income(2)

$45 - $55M

$48 - $56M

CAT Loss Ratio

13%

Stock-based comp + D&A

$41M

$42M

1st Quarter 2026 Financial Results

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 "Forward-looking Statements Safe Harbor" on Slide 2.

Non-G66P financial measure; see "Reconciliation of Non-G66P Metrics" in 6ppendix, please reference slide 17 for related to forward looking statement reconciliations

ʘG6

6ppendix

Non-eAAP Financial Mєasurєs

This presentation includes the non-G66P financial measures (including on a forward-looking basis) 6djusted Net Income (Loss), Diluted 6djusted Earnings (Loss) per Share, 6nnualized 6djusted Return on Equity, and Tangible Book Value per Share. Hippo defines 6djusted 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-G66P measure is an addition, and not a substitute for, or superior to, measures of financial performance prepared in accordance with G66P and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with G66P. Hippo defines Diluted 6djusted 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 6nnualized 6djusted 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-G66P measures to their most directly comparable G66P counterparts are included in the 6ppendix to this presentation.

Hippo believes that these non-G66P 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-G66P measures to evaluate Hippo's projected financial and operating performance. However, there are a number of limitations related to the use of these non-G66P measures and their nearest G66P equivalents. For example other companies may calculate non-G66P measures differently, or may use other measures to calculate their financial performance, and therefore Hippo's non-G66P measures may not be directly comparable to similarly titled measures of other companies.

This presentation also includes certain projections of non-G66P financial measures. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, Hippo is unable to quantify certain amounts that would be required to be included in the most directly comparable G66P financial measures without unreasonable effort.

Consequently, no disclosure of estimated comparable G66P measures is included and no reconciliation of the forward looking non-G66P financial measures is included.

1st ʘuarter 2026 Financial Results 17

(in millions, except per share data, unaudited)

Q1'24

Q2'24

Q3'24

Q4'24

Q1'25

Q2'25

Q3'25

Q4'25

Q1'26

(in millions, єxcєpt pєr sharє data)

Net earned premium

$60.5

$64.4

$70.6

$77.0

$87.3

$94.0

$99.7

$99.1

$98.9

Commission income, net

15.9

16.1

15.7

15.9

14.4

14.7

10.5

11.7

12.7

Service and fee income

2.8

3.0

2.8

2.9

3.1

3.0

3.2

Net investment income

5.9

6.1

6.2

6.3

5.8

5.7

7.3

6.6

6.7

Total Rєvєnuє

$85.1

$89.6

$95.5

$102.0

$110.3

$117.3

$120.6

$120.4

$121.5

Net Income (Loss) (1)

(35.7)

(40.5)

(8.5)

44.2

(47.7)

1.3

98.1

6.0

7.1

6djusted Net Income (Loss) (1) (2)

(14.1)

(19.5)

(1.3)

14.7

(35.1)

17.0

18.3

17.6

17.2

Basic Earnings (Loss) per Share (1)

(1.47)

(1.64)

(0.34)

1.78

(1.91)

0.05

3.90

0.24

0.27

Diluted Earnings (Loss) per Share (1)

(1.47)

(1.64)

(0.34)

1.71

(1.91)

0.05

3.77

0.23

0.27

Diluted 6djusted Earnings (Loss) per Share (1) (2)

(0.58)

(0.79)

(0.05)

0.57

(1.41)

0.65

0.70

0.67

0.65

Net Loss Ratio

87%

94%

73%

58%

106%

47%

48%

46%

48%

Expense Ratio

71%

72%

55%

49%

53%

52%

53%

51%

Combined Ratio

158%

166%

128%

107%

159%

100%

99%

100%

Book Value Per Share (BVPS)

$14.39

$12.96

$12.94

$14.56

$12.83

$13.02

$16.64

$16.97

$17.23

Tangiblє Boofi Valuє Pєr Sharє (TBVPS) (2)

$11.31

$9.95

$10.28

$11.94

$10.31

$10.61

$14.37

$14.76

$15.09

(1) 6ttributable to Hippo

(2) Indicates non-G66P financial measure; see "Reconciliation of Non G66P Financial Measures to Their Most Directly Comparable G66P Financial Measures"

1st ʘuarter 2026 Financial Results 18

Reconciliation of Non-GAAP Metrics

(in millions, except share and per share data, unaudited)

Adjusted Net Income (Loss)

$(14.1)M $(19.5)M $(1.3)M

$14.7M

$(35.1)M

$17.0M

$18.3M

$17.6M

$17.2M

Q1'24 Q2'24

Q3'24

Q4'24

Q1'25

Q2'25

Q3'25

Q4'25

Q1'26

Net income (loss) attributable to Hippo

$ (35.7) $ (40.5) $

(8.5) $

44.2

$ (47.7) $

1.3

$ 98.1

$ 6.0

$ 7.1

6djustments

Depreciation and amortization

5.6 5.9

5.9

5.8

5.6

5.3

4.7

4.8

Stock-based compensation

8.4 11.9

9.0

8.9

7.7

7.9

7.0

6.7

6.5

Fair value adjustments

1.5 0.4

0.3

(0.5)

0.3

(0.4)

Other one-off transactions

2.5 2.8

0.2

2.4

(0.2)

1.0

(0.3)

0.5

(1.2)

Impairment and restructuring

3.6 -

1.2

3.8

Gain on sale of a business

- -

(8.2)

(46.1)

(95.0)

Adjustєd nєt incomє (loss)

$ (14.1) $ (19.5) $

(1.3) $

14.7

$ (35.1) $

17.0

$ 18.3

$ 17.6

$ 17.2

Diluted Adjusted Earnings (Loss) Per Share

6djusted net income (loss)

$ (14.1) $ (19.5) $ (1.3) $ 14.7

$ (35.1) $ 17.0 $ 18.3 $ 17.6 $ 17.2

Weighted-average common shares outstanding, diluted

24,225,650 24,633,960 25,068,472 25,889,665

24,978,901 26,023,780 26,025,069 26,245,980 26,354,271

Dilutєd Adjustєd Earnings (loss)

$ (0.58) $ (0.79) $ (0.05) $ 0.57

$ (1.41) $ 0.65 $ 0.70 $ 0.67 $ 0.65

1st ʘuarter 2026 Financial Results 19

(in millions, except share and per share data, unaudited)

Annualized Adjusted Return on Equity

Q1'24

Q2'24

Q3'24

Q4'24

Q1'25

Q2'25

Q3'25

Q4'25

Q1'26

6nnualized 6djusted net income (loss)

$ (56.4)

$ (78.0)

$ (5.2)

$ 58.8

$ (140.4)

$ 68.0

$ 73.2

$ 70.4

$ 68.8

6verage Hippo Stockholders' Equity

364.6

336.9

324.5

344.3

342.5

327.7

377.0

428.8

442.4

Annualizєd Adjustєd Rєturn on Equity

(15%)

(23%)

(2%)

17%

(41%)

21%

19%

16%

Tangible Book Value Per Share

Hippo Stockholders' Equity

$ 351.2

$ 322.6

$ 326.4

$ 362.1

$ 322.8

$ 332.5

$ 421.5

$ 436.1

$ 448.7

Less: Intangible assets

26.2

25.0

23.8

17.0

16.1

14.3

14.0

13.8

13.6

Less: Capitalized internal use software

48.9

49.9

43.3

48.1

47.4

47.2

43.3

43.0

42.3

Tangible stockholders' equity

$ 276.1

$ 247.7

$ 259.3

$ 297.0

$ 259.3

$ 271.0

$ 364.2

$ 379.3

$ 392.8

Shares outstanding

24,409,724

24,891,528

25,232,297

24,866,803

25,157,214

25,543,053

25,337,366

25,699,704

26,035,917

Tangiblє boofi valuє pєr sharє

$ 11.31

$ 9.95

$ 10.28

$ 11.94

$ 10.31

$ 10.61

$ 14.37

$ 14.76

$ 15.09

1st ʘuarter 2026 Financial Results 20

(in millions, unaudited)

Nєt Loss, Expєnsє, And Combinєd Ratio

Q1'24

Q2'24

Q3'24

Q4'24

Q1'25

Q2'25

Q3'25

Q4'25

Q1'26

Nєt Earnєd Prєmium

$60.5

$64.4

$70.6

$77.0

$87.3

$94.0

$99.7

$99.1

$98.9

Catastrophe losses

15.4

21.5

16.1

4.8

53.4

8.0

(0.3)

(1.0)

4.3

Non-catastrophe losses

37.2

38.9

35.5

39.6

39.0

36.5

47.8

46.5

43.2

Loss and loss adjustmєnt єxpєnsєs

$52.6

$60.4

$51.6

$44.4

$92.4

$44.5

$47.5

$45.5

$47.5

Catastrophe losses

25.5%

34.4%

22.8%

6.2%

61.2%

7.5%

0.0%

(1.0%)

4.3%

Non-catastrophe losses

62.5%

60.4%

50.3%

52.4%

44.7%

38.8%

48.0%

46.9%

43.7%

Nєt loss ratio

87.0%

94.0%

73.0%

58.0%

105.9%

47.0%

48.0%

45.9%

48.0%

Insurance related expenses

$20.8

$24.5

$22.6

$20.9

$30.2

$32.8

$32.9

$35.4

$34.9

Technology and development

8.3

7.8

7.0

7.6

8.1

8.0

8.3

9.4

Sales and marketing

14.4

13.4

12.5

10.9

8.9

9.2

8.0

7.3

6.3

General administrative

18.3

19.9

15.3

17.2

16.5

17.4

16.5

16.7

16.2

Less: commission income, net and service and fee income

(18.7)

(19.1)

(18.7)

(17.2)

(17.6)

(13.6)

(14.7)

(15.9)

Total nєt єxpєnsєs

$43.1

$46.5

$38.7

$37.9

$46.5

$49.9

$51.8

$53.0

$50.9

Expєnsє Ratio

71.2%

72.2%

54.8%

49.2%

53.3%

53.1%

52.0%

53.5%

51.5%

Combinєd Ratio

158.2%

166.2%

127.8%

107.2%

159.2%

100.1%

100.0%

99.4%

99.5%

Prior accidєnt yєar dєvєlopmєnts

Loss and loss adjustment expenses

(1.9)

(2.1)

(3.1)

(7.0)

(0.5)

1.1

(2.5)

Net loss ratio

(3.0%)

(2.7%)

(3.6%)

(7.4%)

(0.5%)

1.0%

(2.6%)

Nєt accidєnt yєar loss ratio

87.0%

97.0%

75.7%

60.7%

109.5%

54.4%

48.5%

44.9%

50.6%

Nєt accidєnt yєar loss ratio x catastrophє

61.5%

62.6%

52.9%

54.5%

48.3%

46.9%

48.5%

45.9%

46.3%

1st ʘuarter 2026 Financial Results 21

(in millions, unaudited)

eross s Nєt Loss Ratio

Q1'24

Q2'24

Q3'24

Q4'24

Q1'25

Q2'25

Q3'25

Q4'25

Q1'26

Gross Losses and L6E

$121.1

$123.2

$106.3

$99.5

$211.8

$87.8

$100.6

$134.8

$147.2

Gross Earned Premium

206.7

212.2

213.4

221.5

222.8

238.5

253.0

272.6

297.3

Gross Loss Ratio

59%

58%

50%

45%

95.1%

36.8%

39.8%

49.4%

49.5%

Net Losses and L6E

$52.6

$60.4

$51.6

$44.4

$92.4

$44.5

$47.5

$45.5

$47.5

Net Earned Premium

60.5

64.4

70.6

77.0

87.3

94.0

99.7

99.1

98.9

Nєt Loss Ratio

87%

94%

73%

58%

105.9%

47%

48%

45.9%

48.0%

1st ʘuarter 2026 Financial Results 22

(in millions, unaudited)

Prєmium by Linє of Businєss

Q1'24

Q2'24

Q3'24

Q4'24

Q1'25

Q2'25

Q3'25

Q4'25

Q1'26

Gross Writtєn Prєmium

Homeowners

$97.0

$118.7

$111.3

$96.1

$87.1

$100.0

$101.0

$91.0

$87.3

Renters

29.0

33.8

52.9

31.3

35.0

44.2

59.3

36.4

40.8

Commercial Multi-Peril

31.3

49.6

29.6

41.0

50.7

83.3

66.0

64.9

95.8

Casualty

33.0

39.5

32.2

32.9

34.3

64.9

76.3

88.4

100.6

Other

4.4

16.1

8.4

4.3

3.8

6.2

8.6

7.2

7.9

Total

$194.7

$257.7

$234.4

$205.6

$210.9

$298.6

$311.2

$287.9

$332.4

Nєt Writtєn Prєmium

Homeowners

$95.4

$68.1

$78.2

$65.5

$52.7

$63.0

$75.7

$63.5

$60.8

Renters

5.0

5.4

8.7

5.5

37.2

19.5

26.4

18.0

10.8

Commercial Multi-Peril

7.5

8.9

2.3

10.4

12.5

26.0

13.6

14.1

17.6

Casualty

0.6

0.4

1.1

1.5

3.7

2.3

12.9

Other

0.3

10.8

1.0

(2.6)

(3.2)

(3.1)

(1.5)

(0.7)

Total

$108.8

$93.8

$90.6

$79.2

$100.3

$106.9

$117.9

$97.2

$101.4

Nєt Earnєd Prєmium

Homeowners

$49.1

$51.9

$57.1

$62.7

$61.6

$62.3

$63.9

$63.4

$62.7

Renters

4.9

5.3

5.7

6.4

16.6

18.7

18.4

17.0

Commercial Multi-Peril

4.1

4.6

4.1

6.2

6.6

11.9

13.8

15.5

15.9

Casualty

0.6

0.5

0.4

0.5

0.8

3.2

1.6

3.2

Other

1.8

2.1

3.3

1.3

2.0

0.3

0.1

0.2

0.1

Total

$60.5

$64.4

$70.6

$77.0

$87.3

$94.0

$99.7

$99.1

$98.9

1st ʘuarter 2026 Financial Results 23

Contact Information

Charlєs Sєbasfii

Head of Investor Relations [email protected]

Disclaimer

Hippo Holdings Inc. published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 11:24 UTC.