Hippo Raises Full Year Growth Outlook for Total Generated Premium; Q2 Results Reflect Strategic Progress to Scale and Diversify
August 16 2021 - 4:10PM
Business Wire
Total generated premium grew 101% to $159
million
Crossed $500 million in total generated premium
in force
Year-one customer retention grew to 88%
Brought two new innovative products to market,
Inspection Protection and Commercial Lines Insurance, expanding
addressable market
Raising full year outlook for total generated
premium from $544 million to $560-570 million
Hippo Holdings Inc. (NYSE: HIPO), the home insurance group that
created a new standard of care and protection for homeowners, today
announced its financial results for the second quarter ended June
30, 2021. Hippo’s second quarter financial results and management
commentary can be found by accessing the inaugural shareholder
letter posted on the Company’s investor relations website at
https://investors.hippo.com/
“We are very proud to report quarterly results for the first
time as a public company,” said Assaf Wand, Co-founder and CEO of
Hippo. “Our strong operational performance demonstrates the power
of the Hippo platform, and is a testament to our team’s passionate
pursuit of our mission to build and scale the industry’s first
vertically integrated home protection platform. Our growth strategy
is firing on all cylinders as we expand into new markets, sign new
strategic partnerships, and launch new products in the home
vertical. Through these efforts, we are primed to continue
transforming and taking share in the $110 billion home insurance
market.”
Webcast and Conference Call
Details
The company will host a conference call
and live webcast for analysts and investors at 5:00 p.m. Eastern
time today.
Date:
Monday, August 16, 2021
Time:
5:00 p.m. Eastern Time / 2:00
p.m. Pacific Time
Dial-in:
844.200.6205 (U.S.) /
226.828.7575 (Canada) / 646.904.5544 (International)
Conf ID:
603891
Webcast:
https://event.on24.com/wcc/r/3358418/24DE5CB3622F760E9325FFC1B6399E9A
A replay of the webcast will be made available for 30 days after
the call on the Investor Relations page of the company’s website at
https://investors.hippo.com/
Forward-looking statement 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 other financial and
performance metrics and projections of market opportunity. These
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of the respective management of Hippo 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. 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 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; 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 neither 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 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 his press release. Accordingly, undue
reliance should not be placed upon the forward-looking
statements.
About Hippo
Hippo’s goal is to make homes safer and better protected so
customers spend less time worrying about the burdens of
homeownership and more time enjoying their homes and the life
within. Harnessing real-time data, smart home technology, and a
growing suite of home services, we are creating the first
integrated home protection platform. Hippo is headquartered in Palo
Alto, California with offices in Austin and Dallas, Texas and
insurance products available to more than 80 percent of U.S.
homeowners in 37 states. Hippo Insurance Services is a licensed
property casualty insurance agent with commercial and personal
lines products underwritten by various insurance companies. For
more information, including licensing information, visit
http://www.hippo.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210816005638/en/
Investors: Chris Mammone, The Blueshirt Group for Hippo
investors@hippo.com Press: Andrea Collins, VP of Marketing
press@hippo.com
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