Hippo Holdings Inc. · NYSE:HIPO
Hippo — Q3 2026 Earnings Presentation
26 slides from Hippo's earnings presentation, Oct 29, 2026
Slide 1: 3rd Quarter 2026 Financial Results
3rd Quarter 2026 Financial Results October 29th, 2026
Slide 2: Disclaimers
Disclaimers Cautionary Note Regarding Forward-Looking Statements Certain statements included in this presentation 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 commun
Slide 3: Hippo at a glance
Hippo-at-a- glance 3rd Quarter Highlights(3) 2026YTD Highlights(3) Technology native, multi-line carrier platform $498M $156M $1,313M $422M GWP Growth Revenue Growth GWP Growth Revenue Growth 50+ Programs as a leader in the 60% vs 3Q25 29% vs 3Q25 60% vs YTD25 21% vs YTD25 growing MGA and program se
Slide 4: Leader in an Expanding MGA Market
Leader in an Expanding MGA Market State National MS Transverse MGA vs Hippo Premium ($bn) AF Group StarStone Fortegra $150 $3 Clearblue Palomar Accelerant Trisura Coaction Sutton National TruStage $100 $2 Spinnaker (Hippo) Obsidian Industry Accredited Hippo Benchmark Incline Coverys Realign $50 $1 H
Slide 5: Homeowners Overview
Homeowners Overview Renewal rate Gross Written Premium ($) in Millions change pacing loss cost trend $125 $112 $107 $100 $101 $100 $87 $91 $87 National Partners driving growth $75 $50 Renewal premium $25 up 14% vs last year $— Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 Q2'26 Q3'26 Owned (HHIP) Partners 3rd Quart
Slide 6: H.O. Growth with National Partners
H.O. Growth with National Partners State expansion New states · 14 Live today · 8 Not yet active 14 New States start quoting existing homes with WA National Distribution Partners OR WI NY 89% FNOL MI PA NJ NV IL OH IN First Notice of Loss "FNOL" success UT CO VA rate with AI claims agent, "Clara" MO
Slide 7: Commercial Multi-Peril Overview
Commercial Multi-Peril Overview GWP +63% Gross Written Premium ($) in Millions 3Q26 vs 3Q25 $150 100% $138 $120 80% Retention expected $108 $96 in the Low 20s for $90 $83 60% the Year1 $66 $65 37% $60 $51 31% 40% 25% 22% Major Lines Include: 21% 18% 19% $30 20% BOP, Commercial Property $— —% Q1’25 Q
Slide 8: Casualty Overview
Casualty Overview Existing Programs Gross Written Premium ($) in Millions GWP Growth +128% 3Q26 vs 3Q25 $200 $188 100% $180 $160 75% Pricing exceeding loss trend $120 $101 $88 50% $80 $76 $65 2026 retention to 20% 25% normalize in $40 $34 13% 11% mid-teens 3% 2% 5% 3% $— —% Q1’25 Q2’25 Q3’25 Q4’25 Q
Slide 9: Disciplined Underwriting
Disciplined Underwriting Combined Ratio Expense Ratio Lower by 10pp $600 166% 158% 159% Underlying Loss Ratio $500 Holding 128% $400 (in millions) 107% Diversification 100% 100% 99% 99% 96% 98% Lowering Volatility $300 CAT Exposure $200 Reduced $100 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1
Slide 10: Long-Term Vision
Long-Term Vision Homeowners 2028 growth targets(1) Disciplined Differentiated Renters approach Diversified to portfolio Distribution >$2.5B carrier CMP optimization and platform risk management GWP $1.1B Casualty 60-65% >$140M 2025 GWP Long-term Adj. net income Tech-Forward Other loss ratio Thinking
Slide 11: Performance drivers: growing & diversifying
Performance drivers: growing & diversifying 3Q26 vs 3Q25 Premium Mix 3Q2026 Driving Factors: $ Million $498.1 GWP: CMP and Casualty $311.2 NWP: Renters, CMP, and Casualty $149.1 $117.9 Continue to Diversify Outside of Homeowners Q3'25 GWP Q3'26 GWP Q3'25 NWP Q3'26 NWP Casualty Commercial Multi- Rent
Slide 12: Improving Consolidated Net Underwriting
Improving Consolidated Net Underwriting Combined Ratio Combined Ratio Q3'26 vs Q3'25 YTD Q3'26 vs YTD Q3'25 3Q2026 Driving Factors: Improved by 1 point Improved by 20 points 118.3% Expense Ratio 99.6% 98.4% 22.1% 97.9% 0.3% 6.5% 6.0% 48.4% 47.3% 49.9% 47.4% Attritional Losses 52.0% 52.7% 45.8% 41.7%
Slide 13: Operating Leverage Drives Expense Ratio
Operating Leverage Drives Expense Ratio Net Expense Ratio Revenue +29% vs Expenses +12% $160 AI Customer Support 72% 71% $140 Higher Commission & 55% (in millions) Fees 49% 53% 53% 52% 53% 51% 45% $120 42% Vendor Consolidation Data Routing $100 Optimization $80 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3
Slide 14: Profitability Performance
Profitability Performance Net Income(1) Adjusted Net Income(1,2) Annualized Adjusted Return on $ Million $ Million Equity(1,2) % of total $98 $58 19% $52 17% 17% $18 $20 $26 $9 $— —% Q3'25 Q3'26 YTD Q3'25 YTD Q3'26 Q3'25 Q3'26 YTD Q3'25 YTD Q3'26 Q3'25 Q3'26 YTD Q3'25 YTD Q3'26 3rd Quarter 2026 Fina
Slide 15: Growing Book Value Per Share
Growing Book Value Per Share BVPS ($) $17.65 $17.62 $469M $16.97 $17.23 stockholders $14.56 equity Book Value Per Share Up 4% from year-end 2025 Q4’24 Q4’25 Q1’26 Q2'26 Q3'26 BVPS BVPS BVPS BVPS BVPS 3rd Quarter 2026 Financial Results 15
Slide 16: 2026 Guidance
2026 Guidance Metric Prior 2026 Guidance(1) 2026 Guidance(1) Update Gross Written Premium $1.65 – $1.7B $1.7 – $1.75B Net Written Premium $565 – $580M $565 – $580M Revenue $580 - $585M $585 - $590M Combined Ratio 99% – 101% 97% – 98% Adjusted Net Income(2) $62 – $70M $77 – $80M CAT Loss Ratio 10% 8%
Slide 17: Q&A
Q&A hippo
Slide 18: Appendix
Appendix hippo
Slide 19: Disclaimers: Non-GAAP Financial Measures
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 20: 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 Q3'26 YTD Q3'25 YTD Q3'26 (in millions, except per share data) Net earned premium $87.3 $94.0 $99.7 $99.1 $98.9 $118.7 $128.3 $281.0 $345.9 Commission income, net 14.4 14.7 10.5 11.7 12.7 15.7 1
Slide 21: 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 Q3'26 YTD Q3'25 YTD Q3'26 Net income (loss) attributable to Hippo $ (47.7) $ 1.3 $ 98.1 $ 6.0 $ 7.1 $ 10.1 $ 8.8 $ 51.7 $ 26.0 Adjustments Depre
Slide 22: 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 Q3'26 YTD Q3'25 YTD Q3'26 Annualized Adjusted net income (loss) $ (140.4) $ 68.0 $ 73.2 $ 70.4 $ 68.8 $ 84.0 $ 80.0 $ 0.3 $ 77.6 Avera
Slide 23: Underwriting
Underwriting (in millions, unaudited) Net Loss, Expense, And Combined Ratio Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 Q2'26 Q3'26 YTD Q3'25 YTD Q3'26 Net Earned Premium $87.3 $94.0 $99.7 $99.1 $98.9 $118.7 $128.3 $281.0 $345.9 Catastrophe losses 53.4 8.0 (0.3) (1.0) 4.3 8.0 8.3 62.1 20.6 Non-catastrophe losses
Slide 24: Underwriting: Gross & Net Loss Ratio
Underwriting (in millions, unaudited) Gross & Net Loss Ratio Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 Q2'26 Q3'26 YTD Q3'25 YTD Q3'26 Gross Losses and LAE $211.8 $87.8 $100.6 $134.8 $147.2 $191.7 $217.2 $400.2 $556.1 Gross Earned Premium 222.8 238.5 253.0 272.6 297.3 356.1 371.2 714.3 1,024.5 Gross Loss Ratio
Slide 25: Underwriting: Premium by Line of Business
Underwriting (in millions, unaudited) Premium by Line of Business Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 Q2'26 Q3'26 YTD Q3'25 YTD Q3'26 Gross Written Premium Homeowners $87.1 $100.0 $101.0 $91.0 $87.3 $106.7 $112.2 $288.2 $306.2 Renters 35.0 44.2 59.3 36.4 40.8 49.6 73.9 138.5 164.3 Commercial Multi-Peril 5
Slide 26: Contact Information
Contact Information Charles Sebaski Head of Investor Relations [email protected]