In Q4 2025, Hippo generated $287.9 million in gross written premium, up 40% year-over-year, and $97.2 million in net written premium, up 23%. Diluted earnings per share were $0.23, while diluted adjusted EPS reached $0.67; net income attributable to Hippo was $6 million, with adjusted net income of $18 million. The net loss ratio improved 12 percentage points to 45.9% and the combined ratio improved 8 points to 99.4%.

For the full year, gross written premium rose 24% to $1.1086 billion and net written premium increased 13% to $422.3 million. Hippo swung to a net income of $57.7 million from a $40.5 million loss in 2024, and recorded adjusted net income of $17.8 million versus a $20.3 million adjusted loss. The annual net loss ratio improved 17 points to 60.1%, and the combined ratio improved 25 points to 113.1%.

Underwriting performance drove results, with Q4 net loss ratio down to 45.9% and full-year ratio to 60.1% on disciplined risk selection. Expense management maintained an expense ratio near 53%, supporting a combined ratio below 100% in the quarter and a 4% annualized adjusted return on average equity. Continued improvements in loss trends and operational leverage bolstered profitability.

Hippo ended 2025 with shareholders’ equity of $436 million, or $16.97 per share, up 20% from year-end 2024. Management reaffirmed targets to exceed $2 billion in gross written premium and $125 million in adjusted net income by 2028, aiming for further diversification and underwriting gains in 2026.