Hippo reports 20% YoY growth in total generated premium in Q1’24

In their results for the first quarter of 2024, Hippo Holdings Inc. has announced that it’s total generated premium (TGP) grew by 20% year-over-year, reaching $294 million, compared to $244.9 million from the prior year quarter.

At the same time, the company also reported a net loss of $35.7 million, compared to a $69.8 million loss from the prior year.

Total revenues for Q1 sat at $85.1 million, rising 114% year over year from the $39.8 million figure the company recorded in the prior year period.

Moreover, Hippo’s net earned premiums for the quarter sat at $60.5 million, a sharp increase from last year’s $13.8 million.

Additionally, Hippo’s Q1 adjusted EBITDA loss of $19.8 million was a $32.3 million improvement year over year and a $2.5 million improvement quarter over quarter.

As well as this, the company also posted a 59% gross loss ratio, and a 87% net loss ratio, compared to last year’s 76% and 273% figures.

Hippo President and CEO Rick McCathron, commented: “The critical work we began last year to reduce CAT exposure and streamline our operations, without sacrificing growth, continued in the first quarter. Our growth accelerated in Q1, and we expect it to accelerate further later this year as we continue to reopen and expand business where we have a competitive advantage and confidence in expected profitability as we progress toward positive Adjusted EBITDA.”

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