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Dec 31, 2023
Hagerty Q4 2023 Earnings Report
Hagerty's transformation to a more efficient business model led to improved profitability and growth, supported by strong full-year results.
Key Takeaways
Hagerty reported strong full-year results, driven by a transformation to a more efficient business model. Total revenue grew by 27% on top of the previous year's 27% growth, with written premiums up by 17%. The company is focused on improving customer experience and expanding operating margins.
Hagerty underwent a transformation to improve profitability while maintaining growth.
Full-year revenue grew by 27% for the second consecutive year.
Written premiums increased by 17%.
The company aims to further expand operating margins through customer experience improvements and smart technology investments.
Hagerty
Hagerty
Forward Guidance
Hagerty anticipates a trajectory similar to 2023, expecting another year of double-digit growth by increasing its share of the car enthusiast market and aiming to surpass prior peak margins through continuous improvements and technology investments.
Positive Outlook
- Double-digit compounding growth expected.
- Increase market share among 67 million car enthusiasts.
- Work toward and surpass prior peak margins.
- Improve customer experience.
- Expand operating margins.