# EDGAR Filing Document

**Accession Number:** 0001828105
**File Stem:** 0001828105-23-000010
**Filing Date:** 2023-3
**Character Count:** 65495
**Document Hash:** 9e56f3deec2cc70f7a3030578d832286
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001828105-23-000010.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001828105-23-000010

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 62

**CONFORMED PERIOD OF REPORT**: 20230302

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hippo Holdings Inc.
- **CENTRAL INDEX KEY:** 0001828105
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **IRS NUMBER:** 981562010
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39711
- **FILM NUMBER:** 23699060

**BUSINESS ADDRESS:**
- **STREET 1:** 150 FOREST AVENUE
- **CITY:** PALO ALTO
- **STATE:** CA
- **ZIP:** 94301
- **BUSINESS PHONE:** (650) 294-8463

**MAIL ADDRESS:**
- **STREET 1:** 150 FOREST AVENUE
- **CITY:** PALO ALTO
- **STATE:** CA
- **ZIP:** 94301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Reinvent Technology Partners Z
- **DATE OF NAME CHANGE:** 20201029

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Reinvent Technology Partners B
- **DATE OF NAME CHANGE:** 20201013

?xml version="1.0" ? hippo-20230302

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(D)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): March 2, 2023**

**Hippo Holdings Inc.**

**(Exact Name of Registrant as Specified in Its Charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-39711** | **32-0662604** |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(Commission**<br>**File Number)** | **(I.R.S. Employer**<br>**Identification Number)** |

---

**150 Forest Avenue**

**Palo Alto, California 94301**

**650 294-8463**

**(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange**<br>**on which registered** |
| **Common stock, $0.0001 par value per share** | **HIPO** | **New York Stock Exchange** |
| **Warrants to purchase common stock** | **HIPO.WS** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition**

On March 2, 2023, Hippo Holdings Inc. (the "Company") issued a shareholder letter and press release announcing certain financial results for the quarter and year ended December 31, 2022. A copy of the shareholder letter and press release are furnished as Exhibit 99.1 and 99.2 to this report, respectively.

The Company is making reference to non-GAAP financial information in the shareholder letter, the press release and the related conference call. A reconciliation of these non-GAAP financial measures to their nearest GAAP equivalents is provided in the shareholder letter.

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 to this Current Report on Form 8-K, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Section 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 2.02 and in the accompanying Exhibits 99.1 and 99.2 shall not be incorporated by reference into any registration statement or other document filed by the Company with the Securities and Exchange Commission, whether made before or after the date of this Current Report, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference to this Item 2.02 and Exhibit 99.1 or Exhibit 99.2 in such filing.

**Item 7.01 Regulation FD Disclosure**

On March 2, 2023, the Company posted a supplemental slide presentation in the "Investor Relations" portion of its website at https://investors.hippo.com/overview/default.aspx. The Company intends to use the slides in presentations to analysts and investors. A copy of the presentation is included as Exhibit 99.3 to this Current Report on Form 8-K.

The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.3 to this Current Report on Form 8-K, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Section 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 7.01 and in the accompanying Exhibit 99.3 shall not be incorporated by reference into any registration statement or other document filed by the Company with the Securities and Exchange Commission, whether made before or after the date of this Current Report, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference to this Item 7.01 and Exhibit 99.3 in such filing.

**Item 9.01 Financial Statements and Exhibits**

(d) Exhibits.

---

| | |
|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Exhibit Title or Description</u>** |
| <u>[99.1](hippo-shareholdersx2022x.htm)</u> | <u>[Shareholder letter dated March 2, 2023.](hippo-shareholdersx2022x.htm)</u> |
| <u>[99.2](exhibit992hipporeportsq420.htm)</u> | <u>[Press Release Announcing Financial Results for the](exhibit992hipporeportsq420.htm)[Fourth Quarter Ende](exhibit992hipporeportsq420.htm)[d December 31, 2022.](exhibit992hipporeportsq420.htm)</u> |
| <u>[99.3](analystslidesfinalf.htm)</u> | <u>[Analyst Supplement dated March 2, 2023.](analystslidesfinalf.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 2, 2023

---

| | |
|:---|:---|
| **HIPPO HOLDINGS, INC.** | **HIPPO HOLDINGS, INC.** |
| By: | /s/ STEWART ELLIS |
|  | **Stewart Ellis** |
|  | *Chief Financial Officer* |

---

## Exhibit 99.1

![](hippo-shareholdersx2022x001.jpg)

LETTER TO SHAREHOLDERS Q4 2022

------

![](hippo-shareholdersx2022x002.jpg)

Letter to Shareholders \| Q4 2022 2 KEY HIGHLIGHTS FROM Q4 Adjusted EBITDA • GAAP Net Loss of $63.1 million/ Adj. EBITDA negative $47.3 million improved from Q3's Adj. EBITDA negative $54.8 million • On track for positive Adj. EBITDA by late 2024 Q4 TGP Growth of 44% • Strongest rate of growth in 2022 while refocusing on profitability • Nearing $1 Billion of TGP in 2023 Q4 Gross Loss Ratio of 42% • Best quarterly GLR since IPO Positive Operating Leverage • Revenue growth exceeding expense growth • Revenues of $35.8 million in-line with 2022 annual guidance • Revenue projected to exceed 40% growth in 2023 Financial Strength • Cash and Investments at $640 million at year-end • Spinnaker policyholder surplus of $164.9 million Total Generated Premium (TGP) +44% Year-on-Year (YoY) $234M Q4 '22Q4 '21Q4 '20 $163M $106M (1) Includes all Hippo and non-Hippo premium placed by our internal Agency, Producer agents, and other partners. Gross Loss Ratio -47pp YoY 42% Q4'22Q4 '21Q4 '20 89%93% Revenue +11% YoY $36M Q4 '22Q4 '21Q4 '20 $32M $16M Premium Retention1 Flat YoY 92% Q4 '22Q4 '21 92% Total Generated Premium in-Force $813M Q4 '22Q4 '21Q4 '20 $602M $403M +35% YoY

------

![](hippo-shareholdersx2022x003.jpg)

Letter to Shareholders \| Q4 2022 3 Dear Shareholders, Hippo was founded in 2015 with a bold vision: to fundamentally improve the homeowners insurance experience by partnering with our customers to help them better maintain and protect their homes. It takes a long time to build a profitable insurance company. Building a recognized consumer brand, developing best-in-class underwriting, and bringing enough customers together to wring the volatility out of the policy portfolio doesn't happen overnight. The ten largest homeowners insurance carriers in the US are, on average, over 100 years old. With the advantages of time firmly on their side, we believe the incumbent players have become complacent. Rapid technological change and an explosion of data and analytics capabilities over the past decade have not only made it possible for a company like Hippo to exist, but also to build a superior customer experience and national footprint far faster than legacy carriers could have imagined. Consumers today have come to expect high standards of service and Hippo is well positioned to deliver. With Hippo's foundation firmly in place, 2022 was a year of rapid progress constructing the rest of our company. Success in this endeavor comes down to two simple things: 1. Make the experience of being a Hippo customer the best around, so our customers opt to partner with us long term. When unfortunate things happen, we think modern protection is the best protection. Innovations in loss prevention and claims handling can put Hippo at the forefront of customer care. 2. Make the rest of our company as strong as our foundation. By using our technology to rapidly improve our ability to deliver on the fundamentals of insurance, we are now creating a financial future that is built to last. 2022: FOUNDATION FOR OUR FUTURE

------

![](hippo-shareholdersx2022x004.jpg)

Letter to Shareholders \| Q4 2022 4 Here are some of the highlights as we look back on the past 12 months: Enhancing our customer experience • Home Service: Book a Pro pilot launched in Texas which enables Hippo customers to use the Hippo app to order home repair services through a curated network of providers • Multi-line: Ramping up of cross selling of non-Hippo products, both home and auto, as a third-party agency, allowing our customers to satisfy all their insurance needs with Hippo • Home Builders: Added new builders to our network plus the recent launch of Hippo Builder Insurance Agency (HBIA) for small, regional builders, making Hippo's new builder policy and experience available to a much larger group of prospective homeowners Improving our financial profile • 62% points Gross Loss Ratio Improvement full year 2022 over 2021 • 64 rate filings impacting 2022 • Generation Better: Over 75% of new customers fall within our target market • Geographic diversification: now in 40 states covering over 90% of the population • Claims: Use of aerial imagery to rapidly assess damages • TGP growth of 33% in 2022 versus full year 2021 • Successful 2023 reinsurance renewal with improved terms and conditions • Q4 flattening of fixed operating expenses 2022 Hippo Housepower Report\*: • 87% of pandemic period home buyers regret their decision to buy • 59% have experienced unexpected problems with their homes • 65% recognize that their house problems were preventable Hippo Home Care services include home walk-throughs and suggested maintenance check lists to help homeowners take control of home ownership. \*This survey was conducted by Kickstand Communications on behalf of Hippo Insurance Services. Fielded between October 22-28, 2022, the results are based on 1,002 respondents. To qualify, respondents were screened to be residents of the United States, 25 to 75 years of age, and currently own a home. Research was conducted at 95% confidence with +/- 3% margin of error.

------

![](hippo-shareholdersx2022x005.jpg)

Letter to Shareholders \| Q4 2022 5 We have a lot going on at Hippo but as we look out to 2023, there are a few key areas of focus for our company. First, we're developing our agency to ensure that all of our customers have a superior Hippo experience, whether they buy a Hippo Home Insurance policy (underwritten and serviced by Hippo) or one of our third-party offerings. Second, we expect our loss ratio which has already shown much progress will show much more as the actions we've taken and are in the process of implementing work their way into the results. Third, we will be investing in our Hippo Home Care business which we believe will become a key differentiator of our customer experience in the years to come. At the beginning of my first full calendar year as Hippo's CEO, I could not be more excited about our vision and the progress we made toward making it a reality during 2022. And the most exciting part is that for both our customers and our shareholders, the best is yet to come. Thank you for your support and for joining us on this journey. Richard McCathron President & CEO

------

![](hippo-shareholdersx2022x006.jpg)

Letter to Shareholders \| Q4 2022 6 Q4 RESULTS Q4 Highlights Q4 FINANCIALS: KPIS AND NON-GAAP FINANCIALS In the fourth quarter, Hippo took another step forward along our path to our goal of achieving positive adj EBITDA with an adjusted EDITDA negative $47.3 million, improving upon our Q3'22 result. Our growth rates remain strong, and we're beginning to achieve the positive operating leverage that will drive our long-term profitable growth. Total Generated Premium $234M +44% YoY Revenue $36M +11% YoY Gross Loss Ratio 42% -47pp YoY Total Generated Premium in-Force $813M (1) Includes all Hippo and non-Hippo premium placed by our internal Agency, Producer agents, and other partners. Premium Retention1 92% Flat YoY+35% YoY

------

![](hippo-shareholdersx2022x007.jpg)

Letter to Shareholders \| Q4 2022 7 Total Generated Premium Up 44% TGP growth accelerated in Q4, rising to an increase of 44% over the prior year quarter to $234 million, bringing our full year 2022 TGP to $811 million, in line with our original 2022 guidance. Demand for our products and services remains strong, and customer retention has continued to improve, with Hippo blended premium retention across both Hippo policies and agency customers coming in at 92% in the quarter up from 90% in Q3 and 89% in Q2. We saw growth throughout our 40 states as we begin to build a presence in the northeast and mid-Atlantic. In our Services business lines where our economics are predominantly fees and commission income, TGP was driven by strong fiscal year-end home sales for our thriving builders business which is seasonally typical for 4Q. We recently announced the launch of Hippo Builder Insurance Agency, designed for smaller regional home builders. We're taking the embedded product of our fastest growing, most profitable distribution channel and expanding it to include small builders nationwide. Our technology allows us to begin quoting a new partner's leads in as little as two weeks without the builder needing to invest significant resources. With builders outside of the top 10 responsible for over half of homes built in the US, we see this as a material long-term opportunity. Another exciting part of our services business is First Connect Insurance Services, our rapidly growing digital platform designed to support independent agents by providing access to the nation's top carriers across numerous lines of business. This agent-centric platform provides access to over 60 carriers and a variety of products that includes home, auto, cyber, small business, life, specialty lines and more. The recently launched Carrier Store helps agents discover additional carriers and products that can be bundled to increase sales. In Q4, Berkshire Hathaway's biBERK was added to the Carrier Store's roster of insurance providers. Spinnaker's program business added $84 million of non-Hippo TGP in Q4'22, up from $38 million in Q4'21. At Spinnaker, we provide other Managing General Agents (MGAs) access to our balance sheets and insurance licenses in exchange for fronting fees, and often a small percentage of the underwriting results on the premium that they produce. In 2022, we brought several new programs online, offsetting lower volume from programs put into run-off early in the year.

------

![](hippo-shareholdersx2022x008.jpg)

Letter to Shareholders \| Q4 2022 8 In the Hippo Home Insurance program, where our economics are driven by underwriting performance, TGP growth was in the mid-teens. Over the course of 2022, we have executed significant re-underwriting actions including new pricing matrices and claims handling improvements. In what continues to be a challenging economic environment with higher and more volatile inflation rates, we continue to be proactive about re-pricing and re- underwriting actions which we expect to drive significant gross and net loss ratio improvement over the course of 2023. Revenue of $35.8 Million Our revenue in the quarter was $35.8 million, up 11% over the prior year quar- ter, and bringing our full year to $119.7 million. Looking ahead, we expect very strong 2023 revenue growth, above 40%, as our new reinsurance treaty will lead to retention of higher net premiums earned. Gross Loss Ratio of 42% Our Gross Loss Ratio of 42% for the quarter was the best in our company's history since going public. Favorable reserve releases from prior accident years benefitted the GLR by 10 points. We also are reporting 2 points of benefit from PCS-defined cat losses in the quarter because Q4's cat losses of 13.0 points (largely Winter Storm Elliot) were more than offset by current year favorable development from of our initial loss pick from Q3's Hurricane Ian. In our appendix, we are now including the historical table of GLR, cat losses and prior period reserve adjustments. For the full year, our Gross Loss Ratio improved 62% points to 76% from 138% in 2021 and we expect ongoing underlying improvement. We have taken many actions to drive better loss ratio results including re-pricing, re- underwriting, more focused target marketing, growth of our builder channel, increased geographic balance and more efficient claims processes. Achieving Favorable Operating Leverage As we continue to grow our TGP and revenue, we're also beginning to achieve positive operating leverage as our expense line items flatten or decline year over year. We're expecting this improvement to accelerate over the next 18-24 months. Sales and Marketing Our Sales and Marketing costs were $28.1 million in the quarter, up from $25.5 million in the prior year quarter, but outside of increased stock-based

------

![](hippo-shareholdersx2022x009.jpg)

Letter to Shareholders \| Q4 2022 9 compensation, our marketing spend has declined. Looking ahead, our marketing will be more focused on our targeted demographic in desired geographies while also reaping the benefits of our embedded partnerships and the word-of-mouth rewards of strong customer service. Technology and Development Our T&D costs were $11.5 million in the quarter, down from $14.8 million in the prior year quarter, reflecting the right-sizing decisions made in Q3. We are committed to focused investment in our technology platform which we view as a key differentiator and we continue to invest aggressively in our development team in Warsaw. General and Administrative Our G&A expenses were $17.8 million, down from $19.0 million in the prior year quarter, as we begin to see the bottom-line impact of our increased emphasis on cost control. Balance Sheet, Cash & Net Investment Income Unrestricted cash and investments at December 31, 2022 were $640 million. While we remain highly conservative in our asset allocation, we're beginning to see the benefits of our shift into short duration highly rated securities. Net investment income contributed $5.0 million in the quarter, up from less than $1.0 million in the prior year quarter and $2.5 million in Q3'22. At year-end, Spinnaker's policyholder surplus was $164.9 million, up from $132 million at 9/30/2022, driven largely by a $30 million contribution from Hippo Holdings to support future growth. Net Loss and Adjusted EBITDA Net Loss attributable to Hippo was $63.1 million or $2.74 per share for the quarter, compared to a loss of $60.7 million or $2.72 per share in the prior year quarter. Our adjusted EBITDA was negative $47.3 million versus negative $46.0 million in the prior year quarter. Summary Our guidance for full year 2023: • We expect consolidated TGP will near $1.0 billion. • Companywide revenue projected to grow by over 40%. • Expected Adjusted EBITDA of negative $147 million. • We reiterate our expectation of turning adjusted EBITDA positive by late 2024.

------

![](hippo-shareholdersx2022x010.jpg)

Letter to Shareholders \| Q4 2022 10 Details of our upcoming segment disclosures and outlook by business will be available on our website as a supplemental analyst package. Non-GAAP financial measures This letter to shareholders includes the non-GAAP financial measure (including on a forward-looking basis) Adjusted EBITDA. Hippo defines Adjusted EBITDA, a non-GAAP financial measure, as net loss attributable to Hippo excluding interest expense, income tax expense, depreciation, amortization, stock-based compensation, net investment income, restructuring charges, impairment expense, other non-cash fair market value adjustments, and contingent consideration for one of our acquisition and other transactions that we consider to be unique in nature. Hippo excludes these items from Adjusted EBITDA because it does not consider them to be directly attributable to its underlying operating performance. This non-GAAP measure is an addition, and not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP. Reconciliations of non-GAAP measures to their most directly comparable GAAP counterparts are included in the Appendix to this presentation. Hippo believes that these non-GAAP measures of financial results (including on a forward-looking basis) provide useful supplemental information to investors about Hippo. Hippo's management uses forward looking non-GAAP measures to evaluate Hippo's projected financial and operating performance. However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore Hippo's non-GAAP measures may not be directly comparable to similarly titled measures of other companies. This letter to shareholders also includes certain projections of non-GAAP financial measures. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, Hippo is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort.

------

![](hippo-shareholdersx2022x011.jpg)

Letter to Shareholders \| Q4 2022 11 Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward looking non-GAAP financial measures is included. This letter to shareholders also includes key operating and financial metrics including Total Generated Premium ("TGP"), Gross Loss Ratio and net loss ratio. We define TGP as the aggregate written premium placed across all our business platforms for the period presented. We measure TGP as it reflects the volume of our business irrespective of choices related to how we structure our reinsurance treaties, the amount of risk we retain on our own balance sheet or the amount of business written in our capacity as an MGA, agency or as an insurance carrier/reinsurer. We define Total Generated Premium in force as the aggregate annualized premium for all the policies in force as of the period end date. We define Gross Loss Ratio expressed as a percentage, which is the ratio of the gross losses and loss adjustment expenses to the gross earned premium. We define Net Loss Ratio expressed as a percentage, which is the ratio of the net losses and loss adjustment expenses to the net earned premium. Forward-looking statements safe harbor Certain statements included in this letter to shareholders that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial results and other operating and performance metrics, our business strategy, our cost reduction efforts, the quality of our products and services, and the potential growth of our business. These statements are based on the current expectations of Hippo's management and are not predictions of actual performance. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions, and many actual events and circumstances are beyond the control of Hippo. These forward-looking

------

![](hippo-shareholdersx2022x012.jpg)

Letter to Shareholders \| Q4 2022 12 statements are subject to a number of risks and uncertainties, including our ability to achieve or maintain profitability in the future; our ability to retain and expand our customer base and grow our business, including our builder network; our ability to manage growth effectively; risks relating to Hippo's brand and brand reputation; denial of claims or our failure to accurately and timely pay claims; the effects of intense competition in the segments of the insurance industry in which we operate; the availability and adequacy of reinsurance, including at current coverage, limits or pricing; our ability to underwrite risks accurately and charge competitive yet profitable rates to our customers, and the sufficiency of the analytical models we use to assess and predict exposure to catastrophe losses; risks related to our proprietary technology and our digital platform; outages or interruptions or delays in services provided by our third party providers, including our data vendor; risks related to our intellectual property; the seasonal and cyclical nature of our business; the effects of severe weather events and other natural or man-made catastrophes, including the effects of climate change, global pandemics, and terrorism; continued disruptions from the COVID-19 pandemic; any overall decline in economic activity; the effects of existing or new legal or regulatory requirements on our business, including with respect to maintenance of risk-based capital and financial strength ratings, data privacy and cybersecurity, and the insurance industry generally; and other risks set forth in the sections entitled "Risk Factors" in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward- looking statements. There may be additional risks that Hippo does not presently know, or that Hippo currently believes are immaterial, that could also cause actual results to differ from those contained in the forward- looking statements. In addition, forward-looking statements reflect Hippo's expectations, plans, or forecasts of future events and views as of the date of this letter to shareholders. Hippo anticipates that subsequent events and developments will cause Hippo's assessments to change. However, while Hippo may elect to update these forward-looking statements at some point in the future, Hippo specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Hippo's assessments of any date subsequent to the date of this letter to shareholders. Accordingly, undue reliance should not be placed upon the forward-looking statements.

------

![](hippo-shareholdersx2022x013.jpg)

13Letter to Shareholders \| Q4 2022 APPENDIX

------

![](hippo-shareholdersx2022x014.jpg)

Letter to Shareholders \| Q4 2022 14 KEY OPERATING AND FINANCIAL METRICS (in millions, unaudited) CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in millions, unaudited) (1) In September 2022, the Company completed a one-for-twenty-five reverse stock split of its common stock. All share and per share information for all periods is presented after giving effect to the reverse stock split.

------

![](hippo-shareholdersx2022x015.jpg)

Letter to Shareholders \| Q4 2022 15 CONSOLIDATED BALANCE SHEETS (in millions, unaudited)

------

![](hippo-shareholdersx2022x016.jpg)

Letter to Shareholders \| Q4 2022 16 CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions, unaudited)

------

![](hippo-shareholdersx2022x017.jpg)

Letter to Shareholders \| Q4 2022 17 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO THEIR MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (in millions, unaudited) SUPPLEMENTAL FINANCIAL INFORMATION (in millions, unaudited) Total Generated Premium Gross and Net Loss Ratios

------

![](hippo-shareholdersx2022x018.jpg)

Letter to Shareholders \| Q4 2022 18 Gross Loss Ratio Breakdown Consolidated Gross Loss Ratio (GLR) (1) Refers to Losses from named Property Claims Services events. Insurance Related Expenses Breakdown Direct acquisition costs were $15.0 million and $56.5 million for the three and twelve months ended December 31, 2022, of which $10.8 million and $38.7 million were offset by ceding commission income. Direct acquisition costs were $13.9 million and $36.9 million for the three and twelve months ended December 31, 2021, of which $4.9 million and $23.0 million were offset by ceding commission income.

------

![](hippo-shareholdersx2022x019.jpg)

Letter to Shareholders \| Q4 2022 19 TOTAL GENERATED PREMIUM IN-FORCE (in millions, unaudited) $403 $445 $501 $553 $602 $634 $739 $813 $680 Q2'20 Q3'20 Q4'20Q1'20 Q2'21 Q3'21 Q4'21 Q4'22Q3'22Q2'22Q1'22Q1'21 $375 $256$231 46% 46% Q4'20 Q4'22Q4'21 35% GEOGRAPHICAL DIVERSIFICATION (% of new Hippo homeowners premium outside California/Texas) +35% YoY 0PP YoY

------

![](hippo-shareholdersx2022x020.jpg)

------

## Exhibit 99.2

**Hippo Reports Fourth Quarter 2022 Financial Results**<br>

**PALO ALTO, Calif. March 2, 2023 –** Hippo (NYSE: HIPO), the home insurance group focused on proactive home protection, today announced its consolidated financial results for the three months that ended December 31, 2022.

Complete financial results and full year guidance for 2023 can be found in the company's shareholder letter in the Investor Relations section of Hippo's website at https://investors.hippo.com.

"2022 was a year of rapid progress, evidenced by 33% annual growth in total gross premium and a Q4 gross loss ratio of 42%," said Hippo President and CEO Rick McCathron. "We demonstrated our ability to grow while focusing on profitability and delivering a superior customer experience. We'll build on that success in the year ahead by continuing to develop a differentiated consumer insurance agency and further investment in our Hippo Home Care business."

**Fourth Quarter Highlights**

**Net Loss/Adjusted EBITDA**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** GAAP net loss of $63.1 million compared to a net loss of $129.2 million in Q3/Adj. EBITDA of negative $47.3M, improved from Q3's negative $54.8m

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On track for positive Adj. EBITDA by late 2024

**Q4 TGP Growth of 44%** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strongest rate of growth in 2022 while refocusing on profitability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nearing $1 Billion of TGP in 2023

**Q4 Gross Loss Ratio of 42%** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Best quarterly GLR since IPO

**Positive Operating Leverage**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Revenue growth exceeding expense growth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues of $35.8 million in-line with 2022 annual guidance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue to exceed 40% growth in 2023

**Financial Strength** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash and Investments at $640 million at year-end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Spinnaker policyholder surplus of $164.9 million

**Conference Call and Webcast Information** 

Date: Thursday, March 2, 2023

Time: 05:00 p.m. Eastern Time/ 02:00 p.m. Pacific Time

Dial-in: 844 200 6205 (U.S.) / +1 929 526 1599 (International)

Conf ID: 618145

Webcast: https://events.q4inc.com/attendee/170559403

<br>A replay of the webcast will be made available after the call in the investor relations section of the company's website at https://investors.hippo.com/

------

**Information about Key Operating Metrics/Non-GAAP Financial Measures**

We define gross loss ratio expressed as a percentage, as the ratio of the gross losses and loss adjustment expenses, to the gross earned premium. We define TGP as the aggregate written premium placed across all of our business platforms for the period presented. We measure TGP as it reflects the volume of our business irrespective of choices related to how we structure our reinsurance treaties, the amount of risk we retain on our own balance sheet, or the amount of business written in our capacity as an MGA, agency, or as an insurance carrier/reinsurer. We define adjusted EBITDA, a Non-GAAP financial measure, as net loss attributable to Hippo excluding interest expense, income tax expense, depreciation, amortization, stock-based compensation, net investment income, restructuring charges, impairment expense, other non-cash fair market value adjustments, contingent consideration for one of our acquisitions, and other transactions that we consider to be unique in nature. We exclude these items from Adjusted EBITDA because we do not consider them to be directly attributable to our underlying operating performance. This Non-GAAP financial measure is in addition to, and not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP. Reconciliations of this Non-GAAP financial measure to its most directly comparable GAAP counterpart is included in the shareholder letter referenced above. We believe that these non-GAAP measures of financial results provide useful supplemental information to investors about Hippo.

**Forward-looking statements safe harbor**

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial results and other operating and performance metrics, our business strategy, our cost reduction efforts, the quality of our products and services, and the potential growth of our business. These statements are based on the current expectations of Hippo's management and are not predictions of actual performance. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions, and many actual events and circumstances are beyond the control of Hippo. These forward-looking statements are subject to a number of risks and uncertainties, including our ability to achieve or maintain profitability in the future; our ability to retain and expand our customer base and grow our business, including our builder network; our ability to manage growth effectively; risks relating to Hippo's brand and brand reputation; denial of claims or our failure to accurately and timely pay claims; the effects of intense competition in the segments of the insurance industry in which we operate; the availability and adequacy of reinsurance, including at current coverage, limits or pricing; our ability to underwrite risks accurately and charge competitive yet profitable rates to our customers, and the sufficiency of the analytical models we use to assess and predict exposure to catastrophe losses; risks related to our proprietary technology and our digital platform; outages or interruptions or delays in services provided by our third party providers, including our data vendor; risks related to our intellectual property; the seasonal and cyclical nature of our business; the effects of severe weather events and other natural or man-made catastrophes, including the effects of climate change, global pandemics, and terrorism; continued disruptions from the COVID-19 pandemic; any overall decline in economic activity;

------

and the effects of existing or new legal or regulatory requirements on our business, including with respect to maintenance of risk-based capital and financial strength ratings, data privacy and cybersecurity, and the insurance industry generally; and other risks set forth in the sections entitled "Risk Factors" in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Hippo does not presently know, or that Hippo currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Hippo's expectations, plans, or forecasts of future events and views as of the date of this press release. Hippo anticipates that subsequent events and developments will cause Hippo's assessments to change. However, while Hippo may elect to update these forward-looking statements at some point in the future, Hippo specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Hippo's assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

 **About Hippo**

Hippo is protecting the joy of homeownership, helping to safeguard customers' most important financial asset by harnessing the power of real-time data, smart home technology, and a growing suite of home services to deliver proactive home protection.

Hippo Holdings Inc. operating subsidiaries include Hippo Insurance Services, Hippo Home Care, First Connect Insurance Services, Spinnaker Insurance Company, Spinnaker Specialty Insurance Company, and Mainsail Insurance Company. Hippo Insurance Services is a licensed property casualty insurance agent with products underwritten by various affiliated and unaffiliated insurance companies. For more information, including licensing details, visit http://www.hippo.com.

**Contacts**

Investors:

Cliff Gallant

Investors@hippo.com

**Press**

Mark Olson<br>press@hippo.com

## Exhibit 99.3

![](analystslidesfinalf001.jpg)

Analyst Supplement: Guidance 2023 March 2, 2023

------

![](analystslidesfinalf002.jpg)

Executive summary • In 2023, we will begin segment reporting which will align with how we have begun to operate Hippo this year. We believe the additional level of detail will also help investors better understand Hippo's business • Hippo's Services businesses are fee-driven, not exposed to loss ratio volatility, and fast growing. Investments in sales and marketing to fuel growth currently offset profit margins, but we view the attractive economics and high LTV as worthy of aggressive investment. We believe that over time, much of our differentiated consumer experience will be driven by offerings within this business line • Hippo's Insurance as a Service business generates recurring revenue streams that have limited exposure to loss ratio. This business is stable, growing and already expected to report positive adjusted EBITDA in 2023, while adding financial benefits of diversification to our overall reinsurance program • The Hippo Home Insurance Program currently drives the bulk of our negative adjusted EBITDA but is positioned to turn positive over the next 18-24 months as the loss ratio continues to improve, driven primarily by actions that have already been undertaken • We expect Hippo to turn adjusted EBITDA positive by the end of 2024 with cash of at least $400 million at year end 2024

------

![](analystslidesfinalf003.jpg)

Hippo is a proactive partner for homeowners who seek to better maintain and protect their homes

------

![](analystslidesfinalf004.jpg)

2023 Guidance Principles and Business Unit Reporting • Align external reporting with how we are managing the business starting in Q1'23 • Improve public understanding of the components of Hippo's business • Allow the investment community to more easily model the relationship between the drivers of our business and our future financial results • More easily monitor and report on our progress toward our strategic and financial vision

------

![](analystslidesfinalf005.jpg)

Components of Hippo's Business First Connect Home Care Platform to support small and medium-sized independent insurance agents Proactive, tech-enabled services to help homeowners better maintain and protect their homes Hippo Home Insurance Program Insurance as a Service Consumer Agency Modern Home Insurance Platform to support other MGAs Sell both Hippo and 3rd party carrier policies, directly and through partners (like builders)

------

![](analystslidesfinalf006.jpg)

6 • Recurring net earned premium on retained business • Recurring ceding/MGA commission on ceded business • Policy and other fees • Investment income • $100B+ Total Addressable Market, growing at $5+ Billion annually1 • No dominant player • Poor legacy customer experience • Lack of focus on mitigation by legacies Business model Key investment themesHippo differentiators • Embedded partnerships • Platform allows more frequent rate calibration and data integration than legacy tech stacks, improving the quality/speed of quote, bind, and policy administration • IoT based loss prevention strategies • Dedicated tools allow agents to focus on customer needs rather than data entry Hippo Home Insurance Program 1. Conning, Inc. forecast

------

![](analystslidesfinalf007.jpg)

7 • Stable, predominantly fee based, economics • Provides diversification to Hippo businesses and allows the support of adjacent lines that support Homeowners • Scalable platform with low fixed costs that translates to an improved return on equity (compared to mono-line homeowners insurance companies) • Flexible capital base allows us to be responsive to MGA capacity needs (and drives attractive ROE) • Insurtech deal flow and ability to offer capabilities to new start-up MGAs that may not otherwise be available in the market Business model • Monetize underutilized capital and insurance licenses by renting our insurance capacity to third party MGAs • Convert underwriting risk into stable stream of fee income through use of quota share reinsurance • Retaining limited risk on select programs • Target attractive margins on gross written premium and efficient use of capital Key investment themesHippo differentiators Insurance as a Service for other MGAs

------

![](analystslidesfinalf008.jpg)

8 • Earn recurring agency commission on active policies • Cross-sell to increase policies sold per customer • Cross-carrier transitions to improve renewal rate • Predictable, fee-based revenue, not dependent on loss ratio or reinsurance dynamics • Low variable cost for renewal revenue • Differentiated consumer experience built around proactive home care services • Next-generation tools to increase agent productivity and efficiency Business model Key investment themesHippo differentiators Consumer Agency

------

![](analystslidesfinalf009.jpg)

9 • Allow small and medium-sized independent agencies to access carriers and markets that would not otherwise be available • Earn a % of premium collected by independent agencies for policies, new and renewal, on the First Connect Platform • Revenue earned for tools that help agencies manage their business • Stable, fee-based revenue stream with no exposure to underwriting losses • Low variable costs • Combination of market access and technology promotes agency growth and efficiency • Access to over 60 leading tech-enabled carriers (e.g., Blink by Chubb, biBERK by Berkshire) • Leverage's Hippo's top tier talent and tech capabilities to create differentiated service versus stand-alone peers Business model Key investment themesHippo differentiators First Connect – An Insurtech Platform for Independent Agents

------

![](analystslidesfinalf010.jpg)

10 • Support Agency differentiation and customer experience using tech- enabled tools for homeowners • Offer services to both existing and prospective customers (lower Agency CAC over time) • Enhance customer acquisition and retention. No revenue contribution assumed in 2023 guidance • US Home Services TAM of +$650B1 • Makes Agency and Carrier value proposition more compelling • No leader in the space and existing players perceived as low quality • Lower CAC for Agency • Higher LTV for Carrier with high customer retention • Sole destination with an integrated experience for homeowners (hardware, services, intelligence) • Access to data and high intent touchpoints in a customer's lifecycle (e.g., home purchase) • Potential operational synergies with other parts of the business (e.g., Claims) 1. https://www.angi.com/research/reports/market/ Business model Key investment themesHippo differentiators Home Care Services

------

![](analystslidesfinalf011.jpg)

11 Business Models and Reporting Underlying Economics Businesses within Hippo Reportable Businesses Primarily based on underwriting results Recurring, fee-based revenue with no underwriting exposure Agency Services Insurance as a Service First Connect Home Care Insurance as a Service Hippo Home Insurance Program Hippo Home Insurance Program Primarily fee-based revenue with limited underwriting exposure 2023F TGP (before eliminations1) 2023F Revenue (before eliminations2) $459m $44m $364m $50m $380m $100m ($ in millions) 1. Agency and First Connect (in Services) sell Hippo Home Insurance Program Policies directly and through Partners, so a portion of HHIP TGP appears in both 2. Services revenue includes commissions paid from Hippo Home Insurance Program for policies sold by the Agency and First Connect

------

![](analystslidesfinalf012.jpg)

12 Total Generated Premium 2021 2022 2023 31 36 44 2022 20232021 351 459 288 Accelerating Growth in 2023 • Streamlining customer flow, optimizing right product and service for each customer • Adding new builder partners • Increasing focus on cross-selling 3rd party policies • Growing number of agents and existing agent productivity on First Connect Platform • Revenue growing slower than TGP because First Connect (lower monetization rate) is growing faster than the Agency 1. Prior to consolidation eliminations 2. Presented as if organized in business units from 1/1/21 +22% +31%YoY Revenue2 +16% +22%YoY Agency First Connect Services Top Line Guidance1 $ in millions Agency First Connect

------

![](analystslidesfinalf013.jpg)

13 21 37 50 20232021 2022 157 279 364 2021 2022 2023 Insurance as a Service Top Line Guidance1 Expected Growth in 2023 • Increased focus on geographic and product diversification versus single- state and regional property cat exposed programs • Expand volume with existing programs • Increased net investment income due to higher yields $ in millions +78% +30%YoY +76% +35%YoY 1. Prior to consolidation eliminations 2. Presented as if organized in business units from 1/1/21 Total Generated Premium Revenue2

------

![](analystslidesfinalf014.jpg)

14 57 65 100 2021 2022 2023 331 367 380 20232021 2022 Hippo Home Insurance Program Top Line Guidance1 Expected Growth in 2023 • Focus on Generation Better customers (~75% of new business in Q422) • Expand Builder Channel • Continue geographic diversification • Continue rate action offsetting proactive pruning of policies where we are overly concentrated in high-CAT areas (continuation of 2022 efforts) • Revenue growth driven by earned premium increase as policies renew onto 2023 reinsurance treaty • Higher net investment income $ in millions +11% +4%YoY +14% +54%YoY 1. Prior to consolidation eliminations 2. Presented as if organized in business units from 1/1/21 Total Generated Premium Revenue2

------

![](analystslidesfinalf015.jpg)

15 1. Includes Allocated and Unallocated Loss Adjusted Expense 2021 2022 138% 76% 2021 2022 113% 93% -20PP Reported Consolidated Gross Loss Ratio (CY)1 Consolidated Gross Loss Ratio (CY) $91m of 2021 reserves released in 2022 Consolidated Gross Loss Ratio Improved 20pp YoY after excluding impact of reserves released in 2022

------

![](analystslidesfinalf016.jpg)

16 Note: Includes Allocated and Unallocated Loss Adjusted Expense Drivers of 2023 L/R Improvement for Hippo Home Insurance (HHI): • Full impact of 2022 rate action in 2023 • Selective non-renewal of policies • Rate action taken in 2023 • Improved customer segmentation and claims handling ~28% 60-67% 2023 Guidance PCS Core Loss Ratio 88-95% -38PP 2022 93% 107% 71% HHIP Gross Loss Ratio improved 38pp YoY after excluding reserves released in 2022, with more improvement to come in 2023 2021 113% 145% 57% -(12-19)PP Consolidated Hippo Home Insurance Program Insurance as a Service (Non-Hippo) Programs

------

![](analystslidesfinalf017.jpg)

Loss & LAE 17 1. Includes claims processing expense for ceded and retained Putting Net Loss Ratio into context – 2022 Treaty Year 89% Ceded 11% Retained Hippo Home Insurance Program- 2022 Premium 367 Retained vs. Ceded Written Premium Economics of Ceded Premium Commission Income, Net Loss Participation features Policy Fees Loss and LAE ÷ Net Earned Premium = Net Loss Ratio Net Earned Premium Economics of Retained Premium Policy Fees Net Investment Income + - + LLAE - Retained Loss Participation features - ceded - +

------

![](analystslidesfinalf018.jpg)

18 2023 Renewal highlights • Structural shift to retain more of the day-to-day risks our customers face (and where we believe our loss prevention strategies can make a difference) while increasing use of Cat XoL to protect against severe weather exposure – Utilize quota share to manage capital requirements, and XoL to manage weather risk • 2023 Net Loss Ratio will show the changing economics of the 2023 reinsurance treaty – Q1'23 will be similar to 2022 (> 200%) but by Q4'23, it will be closer to the Gross Loss Ratio (< 100%) • We are protected up to a 1 in 250 year level of severity (0.4% probability) • No changes to required capital vs 2022 2023 TY 12% 2022 TY 39% 42% 30% % Retained Premium % Retained Loss + Loss participation TY=Treaty Year 2023 Hippo Homeowners Insurance Program Reinsurance Placement Quota Share Retention

------

![](analystslidesfinalf019.jpg)

19 Elimination Mechanics: 1. Remove duplicate Total Generated Premium: Agency and First Connect (in Services) sell Hippo Home Insurance Program Policies directly and through Partners, so a portion of HHIP TGP appears in both 2. Revenue: Services revenue includes commissions paid from Hippo Home Insurance Program for policies sold by the Agency and First Connect (revenue and cost in respective business units eliminated as part of consolidation) 2023 Guidance 1 2

------

![](analystslidesfinalf020.jpg)

20 Path to Profitability Business-level Detail

------

![](analystslidesfinalf021.jpg)

21 Profitability Considerations • Healthy LTV to CAC ratio (~3x) suggests aggressive investment in growth is optimal • Current investments in sales and marketing to fuel growth more than offset variable contribution • High retention rates and margins on renewal business will absorb a greater percentage of fixed costs as the business scales Path to Profitability – Services

------

![](analystslidesfinalf022.jpg)

22 Path to Profitability – Insurance As a Service Profitability Considerations • Expected to report positive Adjusted EBITDA in 2023. Primary focus going forward is to optimize return on capital and profitability • Focusing on adding non-correlated risk to reduce the cost of Corporate XoL, which will also benefit the Hippo Insurance Program

------

![](analystslidesfinalf023.jpg)

23 Path to Profitability – Hippo Home Insurance Program See Detail on Next Slide Profitability Considerations • Biggest driver of convergence to profitability is continued improvement in loss ratio • Limited need to increase fixed costs as the book of business grows • As premium grows, we should see improvement in both variable margin (loss ratio) and operating leverage 1. Revenue Breakdown for Modeling: – Net Earned Premium: $66m – Service and Fee Income: $14m – Commission Income – Net: $10m – Net Investment Income: $10m 1

------

![](analystslidesfinalf024.jpg)

Summary of Initiatives • 2023A - 73 rate filings across 31 states planned - ~85% of rate plan ($) already filed - Continue non-renewal action - Additional Claims and UW initiatives • 2022 – Proven track record - 64 rate filings across 28 states - Improved customer targeting - Updated segmentation model and re-underwriting - Non-renewal of select policies 24 107% 65% 2023 CY Expected Loss Ratio -(23-30)% Impact of 2023 Initiatives beyond 2023 CY Target Loss Ratio 2023 Impact from 2023 Initiatives -(0-7)% 2023 Impact from 2022 initiatives -12% 2022 Loss Ratio 88-95% Loss Ratio Walk (Calendar Year) Hippo Home Insurance Program – We target a loss ratio of 65% 2022 Initiatives 2023 Initiatives A. As of 3/2/23

------

![](analystslidesfinalf025.jpg)

Key Takeaways • In 2023, we will begin segment reporting which will align with how we have begun to operate Hippo this year. We believe the additional level of detail will also help investors better understand Hippo's business • Hippo's Services businesses are fee-driven, not exposed to loss ratio volatility, and fast growing. Investments in sales and marketing to fuel growth currently offset profit margins, but we view the attractive economics and high LTV as worthy of aggressive investment. We believe that over time, much of our differentiated consumer experience will be driven by offerings within this business line • Hippo's Insurance as a Service business generates recurring revenue streams that have limited exposure to loss ratio. This business is stable, growing and already expected to report positive adjusted EBITDA in 2023, while adding financial benefits of diversification to our overall reinsurance program • The Hippo Home Insurance Program currently drives the bulk of our negative adjusted EBITDA but is positioned to turn positive over the next 18-24 months as the loss ratio continues to improve, driven primarily by actions that have already been undertaken • We expect Hippo to turn adjusted EBITDA positive by the end of 2024 with cash of at least $400 million at year end 2024

------

![](analystslidesfinalf026.jpg)

Disclaimer Forward Looking Statements Certain statements included in this Presentation that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial results and other operating and performance metrics, our business strategy, the quality of our products and services, and the potential growth of our business. These statements are based on various assumptions, whether or not identified in this Presentation, and on the current expectations of Hippo Management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by an investor as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; natural or man-made catastrophes such as hurricanes, typhoons, earthquakes, floods, climate change (including effects on weather patterns; greenhouse gases; sea, land and air temperatures; sea levels; and rain and snow), nuclear accidents, pandemics (including COVID-19), or terrorism; continued impact of COVID-19 and related risks; ability to collect reinsurance recoverable, credit developments of reinsurers, and any delays with respect thereto and changes in the cost, quality, or availability of reinsurance; effects of data privacy or cyber laws or regulation; actual amount of new and renewal business, market acceptance of products, and risks associated with the introduction of new products and services and entering new markets; ability to increase use of data analytics and technology as part of business strategy; ability to attract, retain, and expand customer base; ability to compete effectively in the industry; effects of seasonal trends on results of operations; risks relating to the uncertainty of the projected financial information with respect to Hippo; risks related to the performance of Hippo's business and the timing of expected business or revenue milestones; the effects of competition on Hippo's business; and others risks as set forth in Hippo's forms 10K and 10Q. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Hippo presently knows, or that Hippo currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Hippo's expectations, plans, or forecasts of future events and views as of the date of this Presentation. Hippo anticipate that subsequent events and developments will cause Hippo's assessments to change. However, while Hippo may elect to update these forward-looking statements at some point in the future, Hippo specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Hippo's assessments of any date subsequent to the date of this Presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements. Use of Data The data contained herein is derived from various internal and external sources. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on past performance or modeling contained herein is not an indication as to future performance. Hippo assumes no obligation to update the information in this presentation. Use of Non-GAAP Financial Metrics and Other Key Financial Metrics This Presentation includes the non-GAAP financial measure (including on a forward-looking basis) Adjusted EBITDA. Hippo defines Adjusted EBITDA, a non-GAAP financial measure, as net loss attributable to Hippo excluding interest expense, income tax expense, depreciation, amortization, stock-based compensation, net investment income, other non-cash fair market value adjustments, and contingent consideration for one of our acquisition and other transactions that we consider to be unique in nature. Hippo excludes these items from Adjusted EBITDA because it does not consider them to be directly attributable to its underlying operating performance. These non- GAAP measures are an addition, and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP. Reconciliations of non-GAAP measures to their most directly comparable GAAP counterparts are included in our second quarter 2022 Shareholder Letter, which can be found on our website, Hippo.com. Hippo believes that these non-GAAP measures of financial results (including on a forward-looking basis) provide useful supplemental information to investors about Hippo. Hippo's management uses forward looking non-GAAP measures to evaluate Hippo's projected financial and operating performance. However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently or may use other measures to calculate their financial performance; therefore, Hippo's non-GAAP measures may not be directly comparable to similarly titled measures of other companies. This Presentation also includes certain projections of non-GAAP financial measures. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, Hippo is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included. This Presentation also includes key operating and financial metrics including Total Generated Premium ("TGP"), gross loss ratio, and net loss ratio. We define TGP as the aggregate written premium placed across all our business platforms for the period presented. We measure TGP as it reflects the volume of our business irrespective of choices related to how we structure our reinsurance treaties, the amount of risk we retain on our own balance sheet, or the amount of business written in our capacity as an MGA, agency, or as an insurance carrier/reinsurer. We define Total Generated Premium in Force as the aggregate annualized premium for all the policies in force as of the period end date. We use Gross Loss Ratio as a defined term expressed as a percentage, as the ratio of the gross losses and loss adjustment expenses (including Hippo and non-Hippo retained insurance risk), to the gross earned premium. We define net loss ratio expressed as a percentage, as the ratio of the net losses and loss adjustment expenses, to the net earned premium.

------