Hippo Holdings Inc. · NYSE:HIPO
Hippo — Q2 2026 Earnings Presentation
29 slides from Hippo's earnings presentation, Jul 30, 2026
Slide 1: 2nd Quarter 2026 Financial Results
2nd Quarter 2026 Financial Results July 30th, 2026
Slide 2: Disclaimers
Disclaimers Cautionary Note Regarding Forward-Looking Statements Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of regulators’ identification of errors in the policy forms we use, the rates we charge, and our customer commu
Slide 3: Hippo-at-a-glance
Hippo-at-a- glance 2nd Quarter Highlights(3) 2026YTD Highlights(3) Technology native, multi-line carrier platform $482M $145M $815M $266M GWP Growth Revenue Growth GWP Growth Revenue Growth 61% vs 2Q25 23% vs 2Q25 60% vs 1H25 17% vs 1H25 Scalable and efficient capital structure Market Leader in the
Slide 4: Homeowners Overview
Homeowners Overview Renewal rate Gross Written Premium ($) in Millions change exceeding YoY Change loss cost trend $125 $107 $100 $101 $100 $91 (21%) $87 $87 Progressive & Westwood Growing $75 $50 +22% Owned accounted $25 for all $13M in NWP growth vs 2Q25 $— Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 Q2'26 Owne
Slide 5: Commercial Multi-Peril Overview
Commercial Multi-Peril Overview GWP +65% Gross Written Premium ($) in Millions 2Q26 vs 2Q25 $150 100% $138 $120 80% Reinsurance change $96 added ~$21M of $90 $83 60% NWP this quarter $66 $65 37% $60 $51 31% 40% 25% 21% 22% 18% Major Lines Include: $30 20% BOP, Commercial FY26E Property $— —% Q1’25 Q
Slide 6: Casualty Overview
Casualty Overview Existing Programs Gross Written Premium ($) in Millions GWP Growth +79% 2Q26 vs 2Q25 $200 $180 100% $160 Program with 20YR 75% History Drives $120 Retention Increase $101 $88 50% $76 $80 $65 Largest line in Q2 at 20% 37% of GWP $40 $34 13% 25% compared to 22% 3% 2% 5% 3% FY26E $— —
Slide 7: Program Carrier of Choice
Program Carrier of Choice Total Programs 27 Programs added Providing multiple 60 since 2024 with most capacity sources – 52 from existing partners; captive reinsurance, 50 46 staying very selective 44 45 whole account quota (reviewed +200 share, carrier retention, 40 opportunities over group CAT 33
Slide 8: Improving Core Underwriting
Improving Core Underwriting Homeowners >200 rate Accident Year x CAT Net Loss Ratio filings & 100% Rate 70.0% Increase Since 2022 61.5% 62.6% 60.0% 52.9% 54.5% 48.3% 46.4% 48.5% 50.0% 45.9% 46.3% 45.8% Deductibles Changes 40.0% and Roof Payment Schedules Launched 30.0% 20.0% Gross Underwriting Disci
Slide 9: Evolution in Reinsurance Structure
Evolution in Reinsurance Structure What's improving PML improvement by return period • Consolidated catastrophe reinsurance into a single corporate-level group % reduction vs. prior programmatic structure (higher = more improvement) structure protecting the full enterprise — supporting Hippo's strat
Slide 10: Operating Leverage Drives Expense Ratio
Operating Leverage Drives Expense Ratio Core Engineering AI Net Expense Ratio Productivity $400 Improvement AI Customer Support 72% $350 71% Footprint 55% $300 (in millions) Rationalization 49% 53% 53% 52% 53% 51% 45% Vendor Consolidation $250 Data Routing Optimization $200 $150 Q1’24 Q2’24 Q3’24 Q4
Slide 11: AI Productivity Boost in Core Engineering
AI Productivity Boost in Core Engineering Increasing Tech Core Engineering Spend +50% GWP Delivery Velocity LTM $15.0 $500 Westwood Integration $12.5 Progressive Launch (Engineering spend in millions) $400 $10.0 (GWP in millions) AI deployed across Claims, Customer $7.5 $6.9 $6.4 $300 Support, Tech
Slide 12: We guided to double GWP by 2028
We guided to double GWP by 2028 Gross Written Premium Key Drivers: $ Million 22% 1 Organic growth at slightly lower 25-28E CAGR >$2B pace than achieved historically 2 Adding programs in similar pace to last few years, aiming to diversify the lines of business 3 Growing organically with existing $1.1
Slide 13: Now more than doubling by 2028
Now more than doubling by 2028 Gross Written Premium $ Million >$2.5B Key Drivers: 32% 1 Significant Organic Growth 25-28E Across Businesses CAGR 2 Added 14 new programs 3 Integrated with Westwood $1.1B with access to over 50 builders 4 Launched Partnership with 2025 1 2 3 4 2028E(1) Progressive Org
Slide 14: Accelerating our Vision
Accelerating our Vision Homeowners Disciplined 2028 growth targets(1) Renters approach Differentiated Diversified to portfolio optimization and Distribution >$2B $2.5B carrier CMP platform risk GWP management $1.1B Casualty 60-65% >$125M $140M 2025 GWP Tech- Adj. net income Long-term Forward Other l
Slide 15: Performance drivers: growing & diversifying
Performance drivers: growing & diversifying 2Q26 vs 2Q25 Premium Mix 2Q2026 Driving Factors: $ Million $482.2 GWP: CMP and Casualty $298.6 NWP: Homeowners, CMP, and Casualty $183.2 $106.9 Continue to Diversify Outside of Homeowners Q2'25 GWP Q2'26 GWP Q2'25 NWP Q2'26 NWP Casualty Commercial Multi- R
Slide 16: Improving Consolidated Net Underwriting
Improving Consolidated Net Underwriting Combined Ratio Combined Ratio Q2'26 vs Q2'25 1H26 vs 1H25 2Q2026 Driving Factors: Improved by 4 points Improved by 31 points 128.7% 100.1% 34.2% CAT Losses 8.0% 95.8% 97.5% 6.7% 5.7% 46.4% 46.8% 45.9% Attritional Losses 45.8% 53.1% 53.2% 48.2% 45.4% Expense Ra
Slide 17: Profitability Performance
Profitability Performance Net Income(1) Adjusted Net Income(1,2) Annualized Adjusted Return $ Million $ Million on Equity(1,2) % of total $38 21% 18% 17% $21 $17 $17 $10 $1 Q2'25 Q2'26 1H2025 1H2026 Q2'25 Q2'26 1H2025 1H2026 Q2'25 Q2'26 1H2025 1H2026 $(18) (10%) $(46) 2nd Quarter 2026 Financial Resu
Slide 18: Growing Book Value Per Share
Growing Book Value Per Share BVPS ($) $466M $17.23 $17.65 $16.97 stockholders $14.56 equity Book Value Per Share Up 4% from year-end 2025 Q4’24 Q4’25 Q1’26 Q2'26 BVPS BVPS BVPS BVPS 2nd Quarter 2026 Financial Results 18
Slide 19: 2026 Guidance
2026 Guidance Metric Prior 2026 Guidance(1) 2026 Guidance(1) Update Gross Written Premium $1.45 - $1.525B $1.65 – $1.7B Net Written Premium $520 - $550M $565 – $580M Revenue $560 - $570M $580 - $585M Combined Ratio 103%-105% 99% – 101% Adjusted Net Income(2) $48 - $56M $62 – $70M CAT Loss Ratio 13%
Slide 20: Q&A
Q&A hippo
Slide 21: Appendix
Appendix
Slide 22: Disclaimers
Disclaimers Non-GAAP Financial Measures This presentation includes the non-GAAP financial measures (including on a forward-looking Hippo believes that these non-GAAP measures of financial results (including on a forward- basis) Adjusted Net Income (Loss), Diluted Adjusted Earnings (Loss) per Share,
Slide 23: Key Operating Metrics
Key Operating Metrics (in millions, except per share data, unaudited) Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 Q2'26 YTD Q2'25 YTD Q2'26 (in millions, except per share data) Net earned premium $87.3 $94.0 $99.7 $99.1 $98.9 $118.7 $181.3 $217.6 Commission income, net 14.4 14.7 10.5 11.7 12.7 15.7 29.1 28.4 Serv
Slide 24: Reconciliation of Non-GAAP Metrics
Reconciliation of Non-GAAP Metrics (in millions, except share and per share data, unaudited) Adjusted Net Income (Loss) Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 Q2'26 YTD Q2'25 YTD Q2'26 Net income (loss) attributable to Hippo $ (47.7) $ 1.3 $ 98.1 $ 6.0 $ 7.1 $ 10.1 $ (46.4) $ 17.2 Adjustments Depreciation an
Slide 25: Reconciliation of Non-GAAP Metrics
Reconciliation of Non-GAAP Metrics (in millions, except share and per share data, unaudited) Annualized Adjusted Return on Equity Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 Q2'26 YTD Q2'25 YTD Q2'26 Annualized Adjusted net income (loss) $ (140.4) $ 68.0 $ 73.2 $ 70.4 $ 68.8 $ 84.0 $ (36.2) $ 76.4 Average Hippo S
Slide 26: Underwriting
Underwriting (in millions, unaudited) Net Loss, Expense, And Combined Ratio Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 Q2'26 YTD Q2'25 YTD Q2'26 Net Earned Premium $87.3 $94.0 $99.7 $99.1 $98.9 $118.7 $181.3 $217.6 Catastrophe losses 53.4 8.0 (0.3) (1.0) 4.3 8.0 62.0 12.3 Non-catastrophe losses 39.0 36.5 47.8 46
Slide 27: Underwriting
Underwriting (in millions, unaudited) Gross & Net Loss Ratio Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 Q2'26 YTD Q2'25 YTD Q2'26 Gross Losses and LAE $211.8 $87.8 $100.6 $134.8 $147.2 $191.7 $299.5 $338.9 Gross Earned Premium 222.8 238.5 253.0 272.6 297.3 356.1 461.3 653.3 Gross Loss Ratio 95.1% 36.8% 39.8% 49.
Slide 28: Underwriting
Underwriting (in millions, unaudited) Premium by Line of Business Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 Q2'26 YTD Q2'25 YTD Q2'26 Gross Written Premium Homeowners $87.1 $100.0 $101.0 $91.0 $87.3 $106.7 $187.1 $194.0 Renters 35.0 44.2 59.3 36.4 40.8 49.6 79.2 90.4 Commercial Multi-Peril 50.7 83.3 66.0 64.9 9
Slide 29: Contact Information
Contact Information Charles Sebaski Head of Investor Relations IR@hippo.com