Hippo Holdings Inc. · NYSE:HIPO
Hippo — Q4 2025 Earnings Presentation
23 slides from Hippo's earnings presentation, Feb 25, 2026
Slide 1: 4th Quarter 2025 Financial Results
4th Quarter 2025 Financial Results February 25th, 2026
Slide 2: Disclaimers
Disclaimers Forward-looking Statements Safe Harbor outages or interruptions or delays in services provided by our third party providers, including our data vendors; risks related to our intellectual property; the seasonal Certain statements included in this presentation that are not historical facts
Slide 3: Hippo-at-a-glance
Hippo-at- a-glance 4th Quarter Highlights 2025 Highlights Technology native, 40% 23% $1.1B $422M multi-line carrier platform Gross Written Net Written Gross Written Net Written Premium Growth Premium Growth Premium Premium Scalable and efficient vs 4Q24 vs 4Q24 capital structure Market Leader in the
Slide 4: Well-Positioned To Achieve Long-Term Vision
...Well-Positioned To Achieve Long-Term Vision Homeowners 2028 Growth Disciplined Targets Approach World Renters Class >$ Diversified Carrier to Portfolio Optimization Team 2B Platform CMP and Risk GWP Management >$ $ 1.1B Casualty 125M 2025 GWP Other 60-65% Tech- Adj. Net Income Forward > 18% Long-
Slide 5: Personal Lines Update
Personal Lines Update Return to Homeowners Growth in 2026 Homeowners Renters ~$379M GWP (10%) in 2025 ~$175M GWP +19% in 2025 ↑ Now access to over 50 home builders ✓ One of Hippo's most seasoned programs Relaunched homeowners with select Excellent 10yr underwriting track record ↑ ✓ partners outside
Slide 6: Commercial Lines Update
Commercial Lines Update Increasing Risk Appetite Expected in 2026 Commercial Multi-Peril (CMP) Casualty ~$265M GWP +75% in 2025 ~$264M GWP +92% in 2025 Growth mainly from existing partners with ~5yr+ history Well diversified classes across 12 programs Growth driven by General Liability & Business Ow
Slide 7: Driving Program Underwriting Performance
Driving Program Underwriting Performance Sourcing Diligence Launch Monitoring Termination Risk management U/W exceptions Claims Exits 90% of policies limits <0.01% of polices $10K–$1M TPA 13 programs into run- Key factors between $30K-$250K elevated for exception authority caps off inception in prog
Slide 8: Executing with Purpose
Executing with Purpose Carrying Strength World Class Momentum of Platform Team into 2026 & Beyond A technology-native insurance platform driving growth across owned and partner MGAs. 4th Quarter 2025 Financial Results 8
Slide 9: Performance Drivers: Growing & Diversifying
Performance Drivers: Growing & Diversifying 4Q24 vs 4Q25 Premium Mix 2024 vs 2025 Premium Mix $ Million $ Million $1,108.6 $892.4 $422.3 $372.6 $287.9 $205.6 $79.2 $97.2 4Q2024 GWP 4Q2025 GWP 4Q2024 NWP 4Q2025 NWP 2024 GWP 2025 GWP 2024 NWP 2025 NWP n Casualty n Commercial Multi- n Renters n Casualt
Slide 10: Improving Consolidated Net Underwriting
Improving Consolidated Net Underwriting Combined Ratio Combined Ratio 4Q25 vs 4Q24 2025 vs 2024 Improved by 8pt Improved by 25pt 2025 Driving Factors: 137.8% 21.3% 113.0% 106.9% 6.2% 99.4% 15.4% CAT Losses 1.0% 57.5% 54.2% 45.9% 47.7% Attritional Losses 61.0% 49.2% 53.5% 53.0% Expense Ratio (1.0)% (
Slide 11: Performance in Q4 2025
Performance in Q4 2025 Net Income(1,2) Adjusted Net Income(3) Annualized Adjusted Return $ Million $ Million on Equity(3) 57.7 44.2 14.7 17.6 17.8 17% 16% 6.0 4% (5%) (20.3) (40.5) 4Q2024 4Q2025 2024 2025 4Q2024 4Q2025 2024 2025 4Q2024 4Q2025 2024 2025 (1) AM Best has assigned the Spinnaker group of
Slide 12: Growing Book Value Per Share
Growing Book Value Per Share BVPS ($) $436 million +3.66 $16.97 shareholders 14.56 (1.25) equity Up 17% from year-end 2024 4Q’24 Gain on Sale of Net Income x 4Q’25 BVPS Home Builder Gain on Sale BVPS Network 4th Quarter 2025 Financial Results 12
Slide 13: 2026 Guidance
2026 Guidance Metric 2025 Actual 2026 Guidance(1) Change Gross Written Premium $1.1B $1.4 – $1.5B +27% to 36% Net Written Premium $422M $500 – $540M +19% to 28% Combined Ratio 113% 103% – 105% (8%) to (10%) pp Adjusted Net Income(2) $18M $45 – $55M +$27M to $37M CAT Loss Ratio 15% 13% (2%) pp Stock-
Slide 14: Q&A
Q&A
Slide 15: Appendix
Appendix
Slide 16: Disclaimers
Disclaimers Non-GAAP Financial Measures This presentation includes the non-GAAP financial measures (including on a forward- Hippo believes that these non-GAAP measures of financial results (including on a looking basis) Adjusted Net Income (Loss), Diluted Adjusted Earnings (Loss) per Share, forward-
Slide 17: Key Operating Metrics
Key Operating Metrics (in millions, except per share data, unaudited) Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 (in millions, except per share data) Net earned premium $60.5 $64.4 $70.6 $77.0 $87.3 $94.0 $99.7 $99.1 Commission income, net 15.9 16.1 15.7 15.9 14.4 14.7 10.5 11.7 Service and fee
Slide 18: Reconciliation of Non-GAAP Metrics
Reconciliation of Non-GAAP Metrics (in millions, except share and per share data, unaudited) $14.7M $17.0M $18.3M $17.6M $(14.1)M $(19.5)M $(1.3)M $(35.1)M Adjusted Net Income (Loss) Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Net income (loss) attributable to Hippo $ (35.7) $ (40.5) $ (8.5) $ 4
Slide 19: Reconciliation of Non-GAAP Metrics
Reconciliation of Non-GAAP Metrics (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 Annualized Adjusted net income (loss) $ (56.4) $ (78.0) $ (5.2) $ 58.8 $ (140.4) $ 68.0 $ 73.2 $ 70.4 Average Hippo Stockh
Slide 20: Underwriting
Underwriting (in millions, unaudited) Net Loss, Expense, And Combined Ratio Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Net Earned Premium $60.5 $64.4 $70.6 $77.0 $87.3 $94.0 $99.7 $99.1 Catastrophe losses 15.4 21.5 16.1 4.8 53.4 8.0 (0.3) (1.0) Non-catastrophe losses 37.2 38.9 35.5 39.6 39.0 36
Slide 21: Underwriting
Underwriting (in millions, unaudited) Gross & Net Loss Ratio Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Gross Losses and LAE $121.1 $123.2 $106.3 $99.5 $211.8 $87.8 $100.6 $134.8 Gross Earned Premium 206.7 212.2 213.4 221.5 222.8 238.5 253.0 272.6 Gross Loss Ratio 59% 58% 50% 45% 95% 37% 40% 49
Slide 22: Underwriting
Underwriting (in millions, unaudited) Premium by Line of Business Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Gross Written Premium Homeowners $97.0 $118.7 $111.3 $96.1 $87.1 $100.0 $101.0 $91.0 Renters 29.0 33.8 52.9 31.3 35.0 44.2 59.3 36.4 Commercial Multi-Peril 31.3 49.6 29.6 41.0 50.7 83.3
Slide 23: Contact Information
Contact Information Charles Sebaski Head of Investor Relations IR@hippo.com