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Mar 31, 2022
Hagerty Q1 2022 Earnings Report
Hagerty outperformed expectations with a 30% increase in total revenue and strategic expansions.
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
Revenue by Segment
Commission & Fee Revenue
CapyFin.comEarned Premium Revenue
CapyFin.com 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