Hagerty Q1 2022 Earnings Report
Key Takeaways
Hagerty reported a strong start to 2022, with total revenue up 30% year-over-year to $167.8 million and written premium up 16% to $154.8 million. The company reached 2.5 million total members and achieved key milestones, including expanding Hagerty Marketplace and partnering with Sony's Gran Turismo 7.
Total revenue increased by 30% year-over-year, reaching $167.8 million.
Written premium grew by 16% year-over-year, totaling $154.8 million.
Total active members increased by 11% year-over-year, reaching 2.5 million.
The company is on track for the fourth quarter launch of its partnership with State Farm.
Hagerty
Hagerty
Hagerty Revenue by Segment
Forward Guidance
Hagerty is on track for a fourth quarter launch of its transformative partnership with State Farm. The company is extremely excited about and focused on its on- going efforts to position the Company for strong and sustainable long-term organic growth and profitability.
Positive Outlook
- Launch Hagerty Marketplace
- Develop a proprietary digital platform to support Marketplace activities
- Expand our peer-to-peer rental platform and to introduce financing options to our members
- Deepen our penetration into services and data analytics in order to support our existing partnership customer base
- Increase conversion of our legacy insurance book to HDC and to integrate our multiple digital platforms
Revenue & Expenses
Visualization of income flow from segment revenue to net income