Hippo Holdings Inc. (HIPO) Earnings
Hippo Holdings Inc. is expected to report next earnings on November 4, 2026 (in NaN days), with a consensus EPS estimate of $0.32. HIPO has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +611.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $-0.17 | $0.79 | +564.7% | $145M | +5.3% |
| Apr 30, 2026 | $0.07 | $0.27 | +285.7% | $122M | -5.5% |
| Feb 25, 2026 | $0.49 | $0.23 | -53.3% | $120M | -3.6% |
| Nov 5, 2025 | $0.04 | $0.70 | +1650.0% | $121M | -0.4% |
| Aug 6, 2025 | $-0.65 | $0.65 | +200.0% | $117M | +1.1% |
| May 7, 2025 | $-1.41 | $-1.91 | -35.5% | $110M | -3.8% |
| Mar 5, 2025 | $-0.15 | $-0.07 | +53.3% | $102M | -4.5% |
| Nov 8, 2024 | $-1.00 | $-0.34 | +66.0% | $96M | -2.4% |
| May 2, 2024 | $-1.41 | $-1.47 | -4.3% | $85M | -3.7% |
| Mar 6, 2024 | $-2.04 | $-1.76 | +13.7% | $65M | -11.7% |
| Nov 2, 2023 | $-2.66 | $-2.24 | +15.8% | $58M | +2.9% |
| Mar 2, 2023 | $-2.74 | $-2.74 | +0.0% | $36M | +10.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · July 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Overall Profitability & Momentum - Hippo achieved its fifth consecutive quarter of profitability on both GAAP and adjusted bases. Q2 2026 GAAP net income was $10 million, an almost eightfold increase year-over-year, while adjusted net income hit $21 million, a 24% YoY increase. - The combined ratio improved 4 percentage points YoY to 95.8%, with a year-to-date combined ratio of 97.5% — a 31 percentage point improvement over the first half of 2025. ### Product & Partnership Strategy - Homeowners growth is led by admitted business via the Progressive and Westwood partnerships, which offsets a pullback from the softening excess and surplus (E&S) market. Mid-to-high single-digit renewal rates are adequate, with management expecting rate trends to moderate while remaining aligned with loss trends. - Growth in casualty and CMP is concentrated in existing, long-tenured, well-understood program partner partnerships, rather than chasing unvetted new growth. Hippo now has over 50 active programs, double the count from Q1 2025, with most growth coming from existing partner expansion. - The Progressive homeowners partnership is currently live in 8 states, with plans to triple the state footprint by the end of 2026. Hippo only provides quotes to Progressive customers that fit its desired underwriting box and geographic footprint. ### Operational & Technology Improvements - Technology investments have streamlined onboarding: a new automated data ingestion process cut new program integration time by 90%. Two new AI tools (Hannah for customer service, Clara for first notice of loss) are now live, enabling premium growth without proportional overhead expansion. An AI software engineer tool (Devon) has been rolled out to the entire 500-person tech team to boost developer productivity. - Reinsurance structuring improvements: Hippo moved to corporate-level catastrophic reinsurance (from program-by-program purchasing), reducing probable maximum losses (PMLs) by over 30% across key return periods, lowering earnings volatility and improving economics. The firm also added its first whole account quota share capability for enterprise-level risk management. - Underwriting discipline: Over the past several years, Hippo has completed over 200 rate filings and achieved over 100% aggregate rate increases for its core homeowners program (HHIP), with dual program manager oversight for all programs (triple oversight for fast-growing casualty programs). ### Long-Term Strategic Milestone Update - The firm previously targeted $2 billion gross written premium by 2028, driven by organic growth, new programs, builder channel scaling, and homeowners expansion outside the builder channel. Strong execution means expected 2027 premium will already exceed $2 billion, hitting the 2028 target one year early.
Guidance
- **Full-year 2026 guidance was revised upward across all key metrics**: Gross written premium target increased from $1.45–$1.525 billion to $1.65–$1.7 billion; net written premium increased from $520–$550 million to $565–$580 million; revenue increased from $560–$570 million to $580–$585 million; adjusted net income increased from $48–$56 million to $62–$70 million. - Full-year 2026 net combined ratio guidance was lowered (improved) from 103–105% to 99–101%, including an expected 10% catastrophe loss ratio (down from 13% in prior guidance). - Long-term 2028 targets were raised: New gross written premium target is over $2.5 billion (up from $2 billion prior), representing a 32% compounded annual growth rate. New adjusted net income target is over $140 million, double the current 2026 guidance.
Segment performance
Hippo Holdings reported Q2 2026 total gross written premium of $482 million, a 61% year-over-year increase, with three core product segments: 1. **Homeowners**: Gross written premium of $107 million, up 7% YoY, accounting for 22% of total gross written premium (down from 33% in Q2 2025). Net written premium was $76 million, representing 42% of total net written premium (down from 59% YoY). 2. **Commercial Multi-Peril (CMP)**: Gross written premium of $138 million, up 65% YoY, accounting for 29% of total gross written premium (up from 28% YoY). Net written premium was $51 million, accounting for 28% of total net written premium (up from 24% YoY). 3. **Casualty**: Gross written premium of $180 million, representing 37% of total gross written premium (up from 22% YoY), making it Hippo's largest gross line. Net written premium was $35 million, up from roughly $2 million in Q2 2025. The quarterly retention increase was driven by program-specific reinsurance changes, with full-year retention expected to settle at mid-teens. Total net written premium for Q2 2026 grew 71% YoY to $183 million, with overall quarterly retention of 38% (up from 36% YoY).
Risks & headwinds
- Forward-looking performance is subject to general market risks, including softening property and casualty market cycles that could pressure rates and profitability, which are detailed in Hippo's SEC filings (Form 10-Q and 10-K Risk Factors sections). - Quarterly retention levels can experience volatility due to the timing of program renewals and reinsurance structure changes, which may not reflect full-year baseline retention levels. - Actual results may differ materially from management forecasts due to unforeseen changes in loss trends, catastrophe activity, competitive dynamics, and reinsurance market conditions.
Analyst Q&A
Q: What will the long-term business mix be, given rapid casualty growth, and how do you approach casualty growth in a broadly soft casualty market? /
A: Hippo's goal is to build a diversified, balanced portfolio that allows it to adjust growth based on market cycles. Homeowners will remain a core, growing business, but casualty and CMP growth will continue to balance the portfolio. Most casualty growth comes from existing, long-tenured well-understood programs; the firm only selectively adds new well-operated programs, and does not chase unprofitable growth.
Q: What is the bottom-line economic profile of the Accelerant partnership program, and how does Hippo approach intensifying property market competition? /
A: Accelerant partnership economics are standard and consistent with Hippo's other program deals, providing access to additional MGA programs that Hippo vets rigorously for profitability. Competition is indeed intensifying and the property market is softening; Hippo manages this by pulling back growth in lines with unfavorable economics, and pulling levers to grow other lines that meet profitability targets, maintaining discipline regardless of market conditions.
Q: Why did Hippo add a whole account quota share, and should we expect changes to homeowners retention? What changes are you seeing in fronting fee competition as more capital enters the MGA space? /
A: The whole account quota share is a strategic capability for future growth, not a large current transaction, that gives Hippo an additional lever to manage enterprise risk tolerance. Homeowners retention will see a small uptick as faster-growing admitted business has higher retention, but no material change is expected. Hippo does not compete on lowering fronting fees; it wins deals by offering additional capabilities (technology, data insights, capital support) beyond just balance sheet access, so it has not seen pressure on fronting fee economics.
Q: Could new product lines launch before 2028, and what is Hippo's game plan for new line entry? /
A: Hippo expects to launch new owned product lines (or extensions to existing personal lines) before 2028, and will share more details in future quarters. For fronting business, Hippo will only enter new lines that improve portfolio diversification and are accretive to the bottom line, with rigorous analysis of every new opportunity.