Hippo Holdings Inc. · NYSE:HIPO
Hippo — Investor Day (June 2025)
82 slides from Hippo's investor day presentation, Jun 12, 2025
Slide 1: Hippo Investor Day 2025
hippo INVESTOR DAY 2025 nyse |
Slide 2: Disclaimer
Disclaimer INVESTOR DAY 2025 2 This presentation includes the non-GAAP financial measure (including on a forward-looking basis) Adjusted EBITDA. Hippo defines Adjusted EBITDA, a non-GAAP financial measure, as net loss attributable to Hippo excluding interest expense, income tax expense, depreciation
Slide 3: Today's Agenda
Today’s Agenda INVESTOR DAY 2025 3 TIME SESSION SPEAKER ROLE ~50 MINUTES Welcome Andrea Collins Chief Marketing Officer Executive Summary Rick McCathron President & CEO Our Journey to Today Stewart Ellis Chief Strategy Officer Our Go-Forward Strategy Rick McCathron President & CEO Fireside Chat 10 M
Slide 4: Rick McCathron, President & Chief Executive Officer
Rick McCathron President & Chief Executive Officer
Slide 5: Key Themes for Today
Key Themes for Today INVESTOR DAY 2025 5 Primed to Deliver Consistent Bottom Line Growth with an Attractive Return on Equity and Lower Volatility Business Transformation Company Vision Proven Team Differentiated Products Over the past three years, delivered on aggressive financial goals while divers
Slide 6: Stewart Ellis, Chief Strategy Officer
Stewart Ellis Chief Strategy Officer
Slide 7: Track Record of Execution
Track Record of Execution INVESTOR DAY 2025 7 Since our last investor day in 2022, Hippo has exceeded its aggressive financial goals 2022 2025 2025 Prior Investor Day Guide Current Forecast 119-121 420-450 465-475 Revenue $ Million -55 9 Q3’22 Q4’24 Q4’24 Prior Investor Day Guide Actual 0-4 Adjusted
Slide 8: Path to Positive Adjusted EBITDA
Path to Positive Adjusted EBITDA INVESTOR DAY 2025 8 Pulling key levers for profitability at scale Q3’22 Q4’24 Adjusted EBITDA Improved HHIP Underwriting Profit Operating Leverage Scale-up Insurance-as -a-Service Scale-up Services Adjusted EBITDA 32 21 7 -55 3 9 Improved gross loss ratio, reduced vo
Slide 9: Performance Drivers: Hippo Home Insurance
9% 5% 1% 12% 53% 21% 99% 2022 2024 Rates and Terms 173 rate filings since 2022 82% cumulative rate increase achieved Improved policy terms and conditions Performance Drivers: Hippo Home Insurance INVESTOR DAY 2025 9 Added the right new business, re-underwrote existing portfolio and substantially imp
Slide 10: Driving A Trajectory of Profitable Growth at Hippo Home Insurance
-81 -7 2022 2024 6% 69% 2022 2024 Driving A Trajectory of Profitable Growth at Hippo Home Insurance INVESTOR DAY 2025 10 We are rapidly increasing net earned premiums while reducing our loss ratio and driving profitability 73% 56% 34% 19% 2022 2024 HHIP Underwriting Profit before Overhead1 $ Million
Slide 11: Building a differentiated franchise in Hybrid Fronting
INVESTOR DAY 2025 We haven’t just been focusing on Hippo Homeowners… We’ve been building a differentiated franchise in Hybrid Fronting. 11
Slide 12: Performance Drivers: Hybrid Fronting
Performance Drivers: Hybrid Fronting INVESTOR DAY 2025 12 Diversifying the portfolio while delivering underwriting profit 3rd Party Homeowners 19% Renters 17% Casualty 15% Other Personal Lines 2% Commercial Property 17% Hippo HHIP 30% Gross Written Premium Mix – 2022 Gross Written Premium Mix – 2024
Slide 13: Since Investor Day 2022
Since Investor Day 2022 INVESTOR DAY 2025 13 Financial (r)evolution supported by a nimble business model and technology platform Monoline Homeowners Company Fronting Fee Income Integrated Hippo Platform Increasingly diversified hybrid fronting platform with Hippo Homeowners as its anchor tenant Tran
Slide 14: Rick McCathron, President & Chief Executive Officer
Rick McCathron President & Chief Executive Officer
Slide 15: Founding Blocks for Success
Founding Blocks for Success… INVESTOR DAY 2025 15 Differentiated Spinnaker platform Hippo Homeowners Insurance Program Renters Commercial Property Casualty Non-Hippo Homeowners Other Potential Acquisitions OwnedNon-owned
Slide 16: With Key Enablers to Unlock Potential
…With Key Enablers to Unlock Potential… INVESTOR DAY 2025 16 Differentiated Spinnaker platform Disciplined Approach to Portfolio and Risk Management Hippo Homeowners Insurance Program Renters Commercial Property Casualty Non-Hippo Homeowners Other Potential Acquisitions World Class Team Tech- Forwar
Slide 17: Well-Positioned To Achieve Long-Term Vision
…Well-Positioned To Achieve Long-Term Vision INVESTOR DAY 2025 17OwnedNon-owned Differentiated Spinnaker platform Disciplined Approach to Portfolio and Risk Management Hippo Homeowners Insurance Program Renters Commercial Property Casualty Non-Hippo Homeowners Other Potential Acquisitions World Clas
Slide 18: Proven Team of Industry-Leading Talent
Proven Team of Industry-Leading Talent INVESTOR DAY 2025 18 Today’s Speakers Years of Relevant Experience Rick McCathron President & Chief Executive Officer 32+ MERCURY INSURANCE, SUPERIOR ACCESS, FIRST CONNECT Stewart Ellis Chief Strategy Officer 25+ DLJ, EBAY Michael Stienstra GM & Chief Insurance
Slide 19: Technology-Forward Approach
Technology-Forward Approach INVESTOR DAY 2025 19 Leveraging technology to improve the customer experience across Portfolio Management Driving portfolio management underwriting Operational Efficiencies Delivering seamless, integrated experience Differentiation at Scale Scaling the hybrid fronting pla
Slide 20: Introducing 2028 Financial Targets
Introducing 2028 Financial Targets INVESTOR DAY 2025 20 Delivering superior return on capital from a well-balanced and diversified portfolio of risk Gross Written Premium Adjusted Net Income Adjusted Return on Equity >$2B >$125M 18%+
Slide 21: New Strategic Partner: The Baldwin Group
New Strategic Partner: The Baldwin Group INVESTOR DAY 2025 21 Launching a strategic partnership to accelerate the achievement of our long-term vision Hybrid Fronting Significant expansion of Spinnaker’s decade-long support of Baldwin MGAs to provide additional, diversifying premium for our portfolio
Slide 22: Fireside Chat
INVESTOR DAY 2025 Fireside Chat 22
Slide 23: Break
INVESTOR DAY 2025 Break 23
Slide 24: Torben Ostergaard, President & CEO, Spinnaker
Torben Ostergaard President & CEO, Spinnaker
Slide 25: Spinnaker Platform: A Hybrid Fronting Carrier
Spinnaker Platform: A Hybrid Fronting Carrier Access to Underwriting Across Diverse Partnerships & Lines of Business INVESTOR DAY 2025 25 A stable, predictable and profitable insurance company built on trust 3 Insurance Carriers 2 Admitted | 1 E&S 50 States Licensed 30 Active Programs A- AM Best Fin
Slide 26: Driving Growth While Delivering Bottom-Line Profitability
We Are Driving Growth While Delivering Bottom-Line Profitability INVESTOR DAY 2025 26 Delivered 25% return on capital in FY24, up significantly from 12% in FY22 279 514 618 2022 2023 2024 60% 36% 39% 2022 2023 2024 9 26 36 2022 2023 2024 Gross Written Premiums (ex-Hippo) $ Million Net Loss Ratio Seg
Slide 27: Fronting Platform of Choice for MGAs
Fronting Platform of Choice for MGAs 27 Expertise Team of seasoned insurance professionals with proven ability to achieve results Risk Management Culture rooted in risk management, leveraging data and analytics to diversify and build trust Technology Advanced technology platform and integrated syste
Slide 28: Leading with Deep Industry Expertise
Leading with Deep Industry Expertise INVESTOR DAY 2025 28 Highly experienced and cohesive team committed to Spinnaker’s future growth USAA HSBC GEICO QBE GMM CHUBB PWC AON Incline Nationwide Torben Ostergaard President & CEO 25+ years Relevant Experience Jesse Willmott CFO & COO 20+ years Relevant E
Slide 29: Risk Management Philosophy: Stable, Predictable, Profitable
Risk Management Philosophy: Stable, Predictable, Profitable INVESTOR DAY 2025 29 Delivering stable and predictable underwriting profits, maintain an A- rating while building trust and confidence with our policyholders, partners and regulators Leverage data and analytics to understand our exposure an
Slide 30: Disciplined Approach to Underwriting and Program Management
Followed Disciplined Approach to Underwriting and Program Management… INVESTOR DAY 2025 30 Sourcing Diligence Launch Monitoring Termination • Strategy, Marketing, Branding • Broker & Direct Markets • Spinnaker Fit Evaluation • Licensing & Conflict Checks • Assessment • Underwriting Committee • Pre-b
Slide 31: Integrated Technology and Operations Enables Partner Success
…Integrated Technology and Operations Enables Partner Success… INVESTOR DAY 2025 31 Tech Driven On-BoardingManual On-Boarding Process Streamlined Back-Office TechnologyLimited Use of Technology Advanced Data Infrastructure & ReportingBasic Data Management
Slide 32: To Deliver Results and Build Confidence and Trust
…To Deliver Results and Build Confidence and Trust INVESTOR DAY 2025 32 Proven ability to dial up or down risk based on market cycles and aligned with the long-term vision of our partners With a strong culture of risk management, we have safely increased risk retention while driving profitability… …
Slide 33: Our Playbook for Measured Growth and Risk Discipline
Our Playbook for Measured Growth and Risk Discipline In Action INVESTOR DAY 2025 33 Case Study Approach Slow & Steady Growth Increase capacity as performance continues to be stable and profitable Success & Scale Increase capacity as performance continues to improve and provides for above normal retu
Slide 34: Case Study #1: Slow and Steady Growth
73 89 116 145 44% 32% 26% 32% -4% 16% 36% 56% 76% 96% 116% 0 20 40 60 80 100 120 140 160 2021 2022 2023 2024 Gross Written Premium Gross Loss Ratio Case Study #1: Slow and Steady Growth INVESTOR DAY 2025 34 Increase capacity as performance continues to be stable and profitable
Slide 35: Case Study #2: Success and Scale
Case Study #2: Success and Scale INVESTOR DAY 2025 35 Increase capacity as performance continues to improve and provides for above normal returns 1 10 41 85 128% 87% 77% 65% -4% 16% 36% 56% 76% 96% 116% 0 10 20 30 40 50 60 70 80 90 2021 2022 2023 2024 Gross Written Premium Gross Loss Ratio
Slide 36: Case Study #3: Underperform and Terminate
Case Study #3: Underperform and Terminate INVESTOR DAY 2025 36 Be a good partner, but act swiftly, when program is underperforming and/or lacks appropriate reinsurance support 3 11 11 14 24% 59% 53% 111% -250% -150% -50% 50% 150% 250% - 2 4 6 8 10 12 14 16 2018 2019 2020 2021 Gross Written Premium G
Slide 37: Spinnaker Platform: A Hybrid Fronting Carrier
Spinnaker Platform: A Hybrid Fronting Carrier Access to Underwriting Across Diverse Partnerships & Lines of Business INVESTOR DAY 2025 37 A stable, predictable and profitable insurance company built on trust 3 Insurance Carriers 2 Admitted | 1 E&S 50 States Licensed 30 Active Programs A- AM Best Fin
Slide 38: Michael Stienstra, GM & Chief Insurance Officer, HHIP
Michael Stienstra GM & Chief Insurance Officer, HHIP
Slide 39: Home Insurance Market is Expanding
Home Insurance Market is Expanding, Driven by Opportunities • New home construction has evolved toward more sophisticated builds with greater square footage and complex appliances, driving increased risk of damage and replacement costs • New homes are being built in exposed regions amid increased fr
Slide 40: Hippo is Well-Positioned to Capture This Growth
With Our Exceptional Offering, Hippo is Well-Positioned to Capture This Growth INVESTOR DAY 2025 40 Deep industry expertise Strong underwriting capabilities Supported by technology We want to make it easy for great homeowners to find affordable coverage. Location House Customer
Slide 41: Deep Industry Expertise
Deep Industry Expertise INVESTOR DAY 2025 41 Our expert leadership team brings extensive insight and experience within the marketplace Michael Stienstra GM & Chief Insurance Officer 19+ years Relevant Experience Peter Piotrowski Chief Claims Officer 29+ years Relevant Experience Ilya Shnol Chief Und
Slide 42: Better risk-based pricing and lower loss ratio since 2022
INVESTOR DAY 2025 Since 2022, we have achieved better risk-based pricing while reducing our loss ratio, driving higher profits. 42
Slide 43: Our Portfolio Transformation
Our Portfolio Transformation INVESTOR DAY 2025 43 New management since 2021 Average premiums: up 45% Loss costs: down >20% (both xCat & Cat) Diversified, attractive portfolio generating significant marginal profit 1. Evaluated as of 3/31/2025; Underwriting year performance refers to the financial re
Slide 44: Our Portfolio Transformation: Rating Improvements
Our Portfolio Transformation: Rating Improvements INVESTOR DAY 2025 44 Repriced entire portfolio Introduced 18 new variables >200% rate increase on worst risks 5-25% rate decrease on best risks 0 2,000 4,000 6,000 8,000 10,000 12,000 < -40% -40% to -30% -30% to -20% -20% to -10% -10% to 0% 0% to 10%
Slide 45: Our Portfolio Transformation: Coverage Offerings
Our Portfolio Transformation: Coverage Offerings INVESTOR DAY 2025 45 Deductible, roof payment schedules & others requirements change based on factors Non-renewals where necessary Highest risk areas have highest cost sharing with customer 50.0 -17.0 -7.3 25.8 -9.5 -6.3 10.0 With 2023 PIF, T&C 2024 P
Slide 46: Our Portfolio Transformation: New Business
23% 18% 41% 43% 33% 4% <1% 0% 10% 20% 30% 40% 50% 2020 2021 2022 2023 2024 98% 95% 89% 84% 76% 2% 5% 11% 16% 24% 0% 20% 40% 60% 80% 100% 2020 2021 2022 2023 2024 Other New Homes Portfolio Our Portfolio Transformation: New Business INVESTOR DAY 2025 46 Focused growth on good homes, in good communitie
Slide 47: Policy Level: Plan, Monitor, Execute
Rating Engines (Current & Future) 17 Models Policy Level: Plan, Monitor, Execute INVESTOR DAY 2025 47 Pol Num: HTX-xxxx-02 Proj Premium: $3,700 Target Prem: $3,000 Margin: $700 Expected Retention: 38% … Pol Num: HTX-xxxx-01 County: Collin Coverage A: 400,000 W/H Ded: 1% Age of Home: 15 Age of Roof:
Slide 48: Policy Level: Plan, Monitor, Execute
Retention Engine+Aging Engine Rating Engine Policy Level: Plan, Monitor, Execute INVESTOR DAY 2025 48 + + • Re-rating every policy through raters, calculate variable drift across 210 variables • Identify trends, issues, or opportunities • Refit Models to improve future projection • Predicts day cust
Slide 49: Policy Level: Plan, Monitor, Execute
Policy Level: Plan, Monitor, Execute INVESTOR DAY 2025 49 Issue: Getting overused for new & renewal Fix: Built e-verification tool à Easy to confirm Improve: Success was greater than planned (more premium at higher retention) à Rolled out to other discounts and other states Fix and Improve: Discount
Slide 50: Our Right to Win
Our Right to Win INVESTOR DAY 2025 50 Technology For every policy, every variable, we use technology. Our technology enables us to plan, monitor, and execute. Quick and easy Gives us the tools for effective underwriting Higher return on capital Ability to Scale Enabled by our technology, we have the
Slide 51: Andrea Collins, Chief Marketing Officer
Andrea Collins Chief Marketing Officer
Slide 52: Right To Win Through Our Go-To Market
Right To Win Through Our Go-To Market INVESTOR DAY 2025 52 Real-time Quoting Seamless Data Collection Customer Segments that fit our Risk Profile Proactively identifying bundling opportunities to drive value Matching right customers with the right products (both Hippo and non-Hippo) Easy and efficie
Slide 53: Our Unique Value Proposition
Our Unique Value Proposition INVESTOR DAY 2025 53 Tailored Offerings Proactive Communications Personalized Experience Attracting, Supporting and Retaining the Right Customers Home Maintenance 85 +13
Slide 54: Jesse Willmott, CFO & COO, Spinnaker
Jesse Willmott CFO & COO, Spinnaker
Slide 55: Risk and Portfolio Management Approach
Risk and Portfolio Management Approach INVESTOR DAY 2025 55 We manage the risk across all of our businesses at the company level as a consolidated portfolio Reinsurance & Capital Framework Hippo Home Commercial Renters Casualty Cyber Programmatic Reinsurance Retention Corporate Reinsurance
Slide 56: How We Manage Across the Cycle
How We Manage Across the Cycle INVESTOR DAY 2025 56 Flexible model allows for proactive modification across cycles Retention Programmatic Issues Corporate Reinsurance Programmatic Reinsurance Retention Corporate Reinsurance Market Cycles Heavier reliance on fee-based income Soft market conditions Am
Slide 57: Access to a Diversified Set of Reinsurance Structures
Access to a Diversified Set of Reinsurance Structures INVESTOR DAY 2025 57 Variety of reinsurance structures provide flexibility and support capital management Program A Program B Program C Corporate Layer 2 Corporate Layer 1 CAT XOL Retained Quota Share Retained CAT XOL CAT XOL Quota Share Retained
Slide 58: Risk Tolerance Methodology Underpinned by Strict Standards
Risk Tolerance Methodology Underpinned by Strict Standards INVESTOR DAY 2025 58 Risk is evaluated across multiple frameworks Regulatory Standards Rating Agency Perspective Internal Risk Tolerances • Compliance with Risk- Based Capital (RBC) requirements • In line with statutory solvency expectations
Slide 59: Guy Zeltser, Chief Financial Officer
Guy Zeltser Chief Financial Officer
Slide 60: Outperformed Prior Investor Day Guidance
119-121 420-450 465-475 -55 9 Q3’22 Q4’24 Q4’24 Prior Investor Day Guide Actual Outperformed Prior Investor Day Guidance INVESTOR DAY 2025 60 We have the insight and execution capabilities to provide achievable forecasts 2022 2025 2025 Prior Investor Day Guide Current Forecast 400 515 56 As of Q4’24
Slide 61: Aligning Key Financial Measures
Aligning Key Financial Measures INVESTOR DAY 2025 61 Key financial metrics more accurately reflect the focus of an insurer with a portfolio of risk Top-line Growth and Scale Underwriting Profitability Bottom Line Profits Capital Efficiency Total Generated Premium Gross Written Premium Gross Loss Rat
Slide 62: Translating 2025 Guidance
Translating 2025 Guidance INVESTOR DAY 2025 62 Gross Written Premium $1.05-$1.1B $1.15-$1.2B Net Loss Ratio 72%-74%2 62%-64% Adjusted Net Income ($10-$14M)3 $28-$32M Adjusted Return on Equity (3-4%) 8-9% Full-year 20251 Q2-Q4’25 Annualized 1. No change to guidance assumptions reported at Q1 earnings
Slide 63: Performance Metrics In 2028E
8-9% 18%+ Performance Metrics In 2028E INVESTOR DAY 2025 63 Gross Written Premium $ Million Adjusted Net Income $ Million Adjusted Return on Equity % of total 2025 2028E 1,050-1,100 >2,000 28-32 >125 ~2x 2Q-4Q’25 2028E Annualized 2Q-4Q’25 2028E Annualized ~4x
Slide 64: Doubling Top-line Premium by 2028
Doubling Top-line Premium by 2028 INVESTOR DAY 2025 64 Three-year growth assumptions are in-line with how the business is currently operating 2025 2028E Gross Written Premium Organic Growth from Existing non- Hippo programs New non-Hippo programs Scale-up of New Homes channel within Hippo MGA Hippo
Slide 65: Doubling Underwriting Profit By 2028
Similar Premium Retention And Net Loss Ratio Resulting In Doubling Underwriting Profit By 2028 INVESTOR DAY 2025 65 Maintaining underwriting performance & retention will nearly double underwriting profit by 2028 Net Loss RatioGross Written Premium Retention Underwriting Profit before Overhead ~2x $1
Slide 66: Increased Operating Leverage with Scale
Increased Operating Leverage with Scale INVESTOR DAY 2025 66 Scalable, technology-enabled platform, drives top-line growth well ahead of overhead expense investment Key DriversGross Written Premium $ Million Overhead Expense1 $ Million 2025F 2028E % of GWP 2025F 2028E 1,050-1,100 >2,000 113-115 140-
Slide 67: Taking A Conservative Approach In Our Investment Portfolio
• Generate income with a conservatively positioned portfolio • Construct the portfolio to maintain liquidity and preserve capital • Future growth in investable asset base is expected to positively impact relative yield U.S. Gov't and Agency 8% States and Territories 3% Corporate Securities 35% Resid
Slide 68: Resulting in Strong Adjusted Net Income
Resulting in Strong Adjusted Net Income INVESTOR DAY 2025 68 2Q-4Q’25 Annualized-2028E Adj. Net Income $ Million 28-32 >125 • More diversified premium based across lines of business and geographies • More efficient and scalable overhead structure • More profitable and predictable 2Q-4Q’25 Incrementa
Slide 69: Hippo's Unique Capital Structure
Hippo’s Unique Capital Structure INVESTOR DAY 2025 69 The organization has been structured to optimize capital efficiency and access Unique capital structure with an MGA, captive reinsurer, and carrier More predictable future returns driven by a well- balanced portfolio Ability to leverage NOLs over
Slide 70: Delivering Long-Term Value
Delivering Long-Term Value INVESTOR DAY 2025 70 Driving value through focused and disciplined execution Strong Track Record of Execution Compelling and Achievable 2028 Targets Delivering Improved Earnings at Lower Volatility• Grew revenue 3.5x • Delivered positive adjusted EBITDA • Exceeded 2022 Inv
Slide 71: Q&A
INVESTOR DAY 2025 Q&A 71
Slide 72: Rick McCathron, President & Chief Executive Officer
Rick McCathron President & Chief Executive Officer
Slide 73: Key Themes for Today
Key Themes for Today INVESTOR DAY 2025 73 Primed to Deliver Consistent Bottom Line Growth with an Attractive Return on Equity and Lower Volatility Business Transformation Company Vision Proven Team Differentiated Products Over the past three years, delivered on aggressive financial goals while diver
Slide 74: Enjoy lunch. Thank you for joining us
Enjoy lunch Thank you for joining us
Slide 75: Hippo
hippo INVESTOR DAY 2025 nyse |
Slide 76: Appendix
INVESTOR DAY 2025 Appendix 76
Slide 77: Definition of Non-GAAP measures included in this presentation
Definition of Non-GAAP measures included in this presentation INVESTOR DAY 2025 77 • Adjusted EBITDA: We define adjusted EBITDA as net income (loss) attributable to Hippo excluding interest expense, income tax expense, depreciation, amortization, stock-based compensation, net investment income, rest
Slide 78: Definition of Non-GAAP measures included in this presentation
Definition of Non-GAAP measures included in this presentation INVESTOR DAY 2025 78 • Adjusted Return on Equity: We define Adjusted Return on Equity as adjusted net income (loss) expressed on an annualized basis as a percentage of average beginning and ending Hippo stockholders’ equity during the per
Slide 79: Reconciliation of non-GAAP measures used in this presentation
Reconciliation of non-GAAP measures used in this presentation INVESTOR DAY 2025 79 (in Millions) Q3'22 FY 2023 Q4'24 FY 2024 Net Income (Loss) attributable to Hippo $(129.2) $(273.1) $ 44.2 $(40.5) Net investment income (2.5) (23.1) (6.3) (24.4) Depreciation and amortization 3.8 19.8 5.8 23.2 Stock-
Slide 80: Segment results, Year Ended December 31, 2024
Years Ended December 31, 2024 SERVICES INSURANCE-AS-A-SERVICE HIPPO HOME INSURANCE PROGRAM TOTAL Revenue from external customers Net earned premium $ - 63.5 209.0 272.5 Commission income, net 32.5 24.1 4.0 60.6 Service and fee income 0.6 - 11.0 11.6 Net investment income 0.1 11.9 12.4 24.4 Intersegm
Slide 81: Reconciliation of non-GAAP measures used in this presentation
Reconciliation of non-GAAP measures used in this presentation INVESTOR DAY 2025 81 1. Eliminations include commissions paid from Hippo Home Insurance Program for policies sold by the Company’s Services segment (revenue, cost, and other adjustments in respective business units eliminated as part of c
Slide 82: Reconciliation of non-GAAP measures used in this presentation
Reconciliation of non-GAAP measures used in this presentation INVESTOR DAY 2025 82 1. Eliminations include commissions paid from Hippo Home Insurance Program for policies sold by the Company’s Services segment (revenue, cost, and other adjustments in respective business units eliminated as part of c