Home insurer Hippo Holdings Inc. has seen its total amount of generated premium grow 29% year-over-year to $204.1 million for the second quarter of 2022, from $158.7 million from the same period last year.
The insurer noted that the growth was driven primarily by growth across channels in existing states, expansion into new states, expansion of their independent agent network, launch of new strategic partnerships, maintaining solid premium retention levels, achieving planned premium rate increases, and growth of non-Hippo written premium supported by its insurance company – Spinnaker.
Additionally, Hippo’s total amount of generated premium for H122 grew 27% year-over-year to $357.8 million from $281.9 million from H121.
Gross written premium (GWP) for the quarter was $161.8 million, a 33.2% increase from $128.6 million from the same period last year.
Total revenue for the quarter was $28.7 million, a sharp increase of $7.8 million compared to $20.9 million from the second quarter of 2021.
At the same time, total revenue for H122 was $53.2 million, an increase of $15.3 million compared to $37.9 million from H121.
Meanwhile, gross loss ratio for the quarter was 78%, a substantial improvement from last years 161%, however gross loss ratio H122 was 77%, compared to 177% from H121.
“We closed the first half of 2022 in a strong position with continued growth, geographic expansion and Gross Loss Ratio improvement,” said Hippo President and CEO Rick McCathron.
“Our target markets are responding positively to our proactive approach to home protection, and we are proud to improve our full year guidance for Gross Loss Ratio from 100% to below 90% as we work to accelerate our timeline to profitability.”
