Hippo Holdings Q2 2023 Earnings Report
Key Takeaways
Hippo's Q2 2023 results showed strong growth in revenue and total generated premium, but were significantly impacted by catastrophe losses, particularly from hail events in Texas and Colorado. Despite these challenges, the company is taking actions to reduce exposure to these risks and remains on track to achieve positive adjusted EBITDA by the end of 2024.
Core gross loss ratio improved, but was overshadowed by catastrophe losses.
Total generated premium and revenue grew significantly year-over-year.
Operating expense as a percentage of revenue declined, showing operating leverage.
Company remains on track to turn adjusted EBITDA positive by the end of 2024.
Hippo Holdings
Hippo Holdings
Hippo Holdings Revenue by Segment
Forward Guidance
Hippo is increasing its 2023 guidance for TGP and revenue, but now expects adjusted EBITDA loss to be in the range of $208-$218 million. The company reiterates its expectation of turning adjusted EBITDA positive by the end of 2024.