SAN JOSE, Calif., Feb. 25, 2026 /PRNewswire/ -- Hippo Holdings Inc. (NYSE: HIPO), a technology-native insurance platform driving growth across owned and partner MGAs, announced its consolidated financial results including diluted earnings per share of $0.23 and diluted adjusted earnings per share of $0.67 for the quarter ended December 31, 2025.

Fourth Quarter Highlights

   -- Gross Written Premium increased 40% to $288 million over 4Q24 
 
   -- Net Written Premium increased 23% to $97 million over 4Q24 
 
   -- Net Income attributable to Hippo of $6 million compared to $44 million in 
      4Q24 
 
   -- Adjusted Net Income attributable to Hippo of $18 million, a 20% increase 
      over 4Q24 
 
   -- Net Loss Ratio improved 12 percentage points to 46% compared to 4Q24 
 
   -- Combined Ratio improved 8 percentage points to 99% compared to 4Q24 

2025 Full Year Highlights

   -- Gross Written Premium increased 24% to $1.1 billion over 2024 
 
   -- Net Written Premium increased 13% to $422 million over 2024 
 
   -- Net Income attributable to Hippo of $58 million compared to a Net loss of 
      $41 million in 2024 
 
   -- Adjusted Net Income attributable to Hippo of $18 million compared to an 
      Adjusted Net loss of $20 million in 2024 
 
   -- Net Loss Ratio improved 17 percentage points to 60% compared to 2024 
 
   -- Combined Ratio improved 25 percentage points to 113% compared to 2024 
 
   -- Book Value per share of $16.97 increased 17% from year-end 2024 

"We closed 2025 with strong momentum, evidenced by our 40% gross written premium growth, positive net and adjusted income, and an underwriting profit in the fourth quarter," said Rick McCathron, Hippo President and CEO. "Looking ahead to 2026, I am excited about Hippo's prospects for increased diversification, strong growth, and continued improvement in profitability. This progress reflects our team's efforts over the last several years, and is exemplified most recently by the relaunch of our homeowners business outside of builders with select partners. Together, these developments reinforce our confidence in achievement of our targets of over $2 billion of gross written premium and over $125 million of adjusted net income by the end of 2028."

 
Key Operating and Financial Metrics 
 
                     Three Months Ended 
                         December 31,          Years Ended December 31, 
                     2025           2024            2025         2024 
                --------------  -------------  --------------  --------- 
                      ($ in millions, except in per share figures) 
Gross Written 
 Premium               $ 287.9        $ 205.6       $ 1,108.6    $ 892.4 
Net Written 
 Premium                  97.2           79.2           422.3      372.6 
Net Retention             34 %           39 %            38 %       42 % 
 
Total Revenue          $ 120.4        $ 102.0         $ 468.6    $ 372.1 
Net Income 
 (Loss) (1)                6.0           44.2            57.7     (40.5) 
Adjusted Net 
 Income (Loss) 
 (1) (2)                  17.6           14.7            17.8     (20.3) 
Basic Earnings 
 (Loss) per 
 Share (1)                0.24           1.78            2.28     (1.64) 
Diluted 
 Earnings 
 (Loss) per 
 Share (1)                0.23           1.71            2.22     (1.64) 
Diluted 
 Adjusted 
 Earnings 
 (Loss) per 
 Share (1) 
 (2)                      0.67           0.57            0.68     (0.82) 
Net Loss Ratio          45.9 %         57.7 %          60.1 %     76.8 % 
Expense Ratio           53.5 %         49.2 %          53.0 %     61.0 % 
Combined Ratio          99.4 %        106.9 %         113.1 %    137.8 % 
 
                   As of December 31, 2025      As of December 31, 2024 
                -----------------------------  ------------------------- 
Book Value Per 
 Share 
 (BVPS)(1)                 $16.97                       $14.56 
Tangible Book 
 Value Per 
 Share (TBVPS) 
 (1, 2)                    $14.76                       $11.94 
 
 
 
(1)  Attributable to Hippo 
(2)  Indicates non-GAAP financial measure; see "Reconciliation of Non GAAP 
     Financial Measures to Their Most Directly Comparable GAAP Financial 
     Measures" 
 

Fourth Quarter and Full Year 2025 Operating Summary

Net income in Q4 of $6 million, or $0.23 per diluted share, compared to a $44 million net income in Q4 of last year which included a $46 million one-time gain on sale. The drivers of this improvement included growth and the improved underwriting results. For the full year 2025 net income was $58 million, or $2.22 per diluted share, compared to a $41 million net loss in 2024. The drivers of this improvement included improved underwriting results and the gain on the sale of the home builder distribution network.

Adjusted net income of $18 million, or $0.67 per diluted share in Q4, compared to a $15 million adjusted net income Q4 of last year. This quarter's results equate to a 16% annualized adjusted return on average shareholders' equity. For the full year 2025 adjusted net income was $18 million, or $0.68 per diluted share, compared to a $20 million adjusted net loss in 2024. The full year's results equate to a 4% annualized adjusted return on average shareholders' equity.

Total Hippo shareholders' equity of $436 million, or $16.97 per share, at December 31, 2025, was up 20%, from $362 million, or $14.56 per share, at year-end 2024. The increase was primarily driven by the gain on sale of our homebuilder distribution network and improved underwriting, which more than off-set the underwriting loss and the share buyback.

Gross written premium of $288 million grew by 40% compared to the prior year quarter. Growth was driven primarily by Casualty and Commercial Multi-Peril $(CMP)$ lines which were up 169% and 58% over the prior year period, to $88 million and $65 million, respectively. This expansion more than off-set a 5%, or $5 million, reduction in the Homeowners line year over year. For full year 2025, gross written premium expanded by 24% over the prior year to $1.1 billion. This growth was led by Casualty up 92% over the prior year to $264 million, and CMP up 75% over the prior year to $265 million, making CMP the second largest line of business after Homeowners which was down 10% to $379 million for the year. The overall growth strategy is focused on underwriting profitability and reduced volatility, which includes increased portfolio diversification. For the year, Homeowners, the largest line on a gross written premium basis, accounted for 34% of the total, down from 47% in the prior year, while CMP accounted for 24% of GWP in the quarter compared to 17% in 2024.

Net written premium for the quarter of $97 million grew by $18 million or 23% from Q4 of last year. The main driver of this growth was the Renters and CMP lines, which grew by $13 million and $4 million, respectively year over year. Net written premium for the year of $422 million grew by $50 million or 13% over last year. The main driver of this growth was Renters which grew by $76 million and CMP lines which grew by $37 million, more than off-setting the $52 million contraction in Homeowners.

Net loss ratio in the quarter of 46% represented a 12 percentage points improvement over the prior year quarter. This improvement was driven primarily by the lack of meaningful catastrophe $(CAT)$ losses in the quarter compared to Q4 of last year. The net accident year loss ratio excluding CAT losses of 46% was a 9 percentage points improvement over the 54% in Q4 of last year. Net loss ratio of 60% for the full year was a 17 percentage points improvement over the prior year. This improvement was driven by both lower CAT loss and non-CAT losses compared to 2024. The net accident year loss ratio excluding CAT losses of 48% improved by over 10 percentage points over 58% in Q4 of last year.

Combined ratio of 99% for the quarter improved 8 percentage points over the prior year, similarly benefitting from improved underwriting results more than off-setting slightly elevated expenses. This change in expenses primarily resulted from the home builder network sale and one-time CAT allowance chargeback in 4Q24. For full year 2025 a combined ratio of 113% was improved by 25 points compared to 138% in 2024, driven by a 17 percentage point lower loss ratio and a 8 percentage point lower expense ratio.

Net income was $6 million for the fourth quarter compared to $44 million in the prior year quarter which benefited from a $46 million gain on the sale of First Connect. For the full year 2025 net income was $58 million including a $91 million net gain on the sale of the Home Builder Distribution Network compared to a net loss of $41 million in 2024.

2026 Guidance

The following Guidance update is based on current expectations. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under "Forward-looking statements safe harbor" below.

 
                                                                  2026 FY 
                                                   2025 Actual   Guidance(1) 
                                                   -----------  ------------ 
 
Gross Written Premium                                    $1.1B  $1.4 - $1.5B 
Net Written Premium                                      $422M  $500 - $540M 
Combined Ratio                                           113 %   103% - 105% 
CAT Loss Ratio                                            15 %          13 % 
Adjusted Net Income (Loss)                                $18M    $45 - $55M 
Stock-based compensation + Depreciation and 
 Amortization                                             $50M          $41M 
 

Fourth Quarter Earnings Conference Call and Webcast Information

Date: Wednesday Feb 25, 2026

Time: 8:00 a.m. Eastern Time / 5:00 a.m. Pacific Time

Dial In: +1 833 470 1428 / Global Dial-In Numbers

Access: 703997

Webcast: https://events.q4inc.com/attendee/971517166

(MORE TO FOLLOW) Dow Jones Newswires

February 25, 2026 07:00 ET (12:00 GMT)