Hippo reports Q4 revenue $102M, consensus $97.83M

“Hippo (HIPO) delivered $8.5 million in positive adjusted EBITDA in Q4 2024, surpassing all expectations,” said Hippo President and CEO Rick McCathron. “A nearly 30-point improvement in our gross loss ratio in 2024 and the further streamlining of our operations contributed to our most successful year to date. We accomplished all of this while nearly doubling our revenue, and our focus is now on turning net income profitable by Q4 2025.” Hippo’s preliminary pre-tax estimate of catastrophe losses from the wildfires in Los Angeles in January, including assessments from the California FAIR Plan and net of subrogation, is approximately $42M, with $30M attributed to the Hippo Home Insurance Program and $12M related to non-Hippo programs supported by Spinnaker. None of the losses were associated with the company’s fastest-growing channel, the Hippo New Homes Program, which offers homebuilders access to insurance products specifically designed for new homes from Hippo and a panel of carrier partners. The channel represents a substantial majority of the new business Hippo has written in California over the past few years.