Hippo Holdings (HIPO) Q3 2026 Earnings Call: Premium Growth and Raised Guidance
Source Tradingkey
Key Takeaways
- Q3 2026 gross written premium rose 60% year over year to $498 million, led by 146% growth in casualty and 63% growth in commercial multi-peril.
- Hippo reported its fifth consecutive quarter of underwriting profitability. The net combined ratio improved 1 percentage point to 98.4%, while the year-to-date ratio improved 20 points to 97.9%.
- Net income was $9 million, or $0.33 per diluted share. Adjusted net income increased 9% to $20 million, or $0.74 per diluted share, representing a 17% annualized adjusted return on equity for the quarter.
- The expense ratio declined more than 10 percentage points to 41.7%, reflecting operating leverage, scale, AI deployment and a greater mix of casualty and commercial multi-peril business.
- Management raised full-year guidance for gross written premium, revenue and adjusted net income while lowering its combined-ratio outlook to 97%-98%.
- Hippo maintained its long-term targets of more than $2.5 billion in gross written premium and more than $140 million in adjusted net income, supported by management’s view that existing capital is sufficient for planned organic growth through 2028.
Core Financial Data
| Metric | Q3 2026 | Year-over-year change or context |
|---|---|---|
| Gross written premium | $498 million | Up 60% from $311 million |
| Net written premium | $149 million | Up 26% |
| Revenue | $156 million | Up 29% |
| Commission, service and fee income | $19.7 million | Up 45% |
| Net combined ratio | 98.4% | Improved 1 percentage point |
| Year-to-date net combined ratio | 97.9% | Improved 20 percentage points |
| Net loss ratio | 56.7% | Increased 9 percentage points |
| Accident-year ex-cat loss ratio | 49.9% | Versus 48.4% a year earlier |
| Catastrophe loss ratio | 6.5% | Prior-year quarter had no catastrophe losses |
| Expense ratio | 41.7% | Improved by more than 10 percentage points |
| Net income | $9 million | $0.33 per diluted share |
| Adjusted net income | $20 million | Up 9%; $0.74 per diluted share |
| Stockholders’ equity | $469 million | Up 8% from year-end 2025 |
| Book value per share | $17.62 | Versus $17.65 in the prior quarter |
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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