Home insurer Hippo has announced total generated premium (TGP) growth of 59% YoY to $245 million in first-quarter of 2023, compared to $154 million a year ago.
At the same time, net earned premium for the quarter was $13.8 million, a shift from $9 million from the prior year’s quarter.
In addition, revenues for Q1’23 were $40 million, a 62% rise from $24 million from Q1’22.
Alongside the rise in premiums and revenue for the quarter, Hippo has reported a bigger net loss of $69.8 million, compared with a net loss of $67.6 million from the prior year quarter.
Hippo also reported a gross loss ratio of 76%, the same as 2022.
The insurer said it’s increasing the TGP guidance to over $1 billion versus the previous statement of “nearing $1 billion”. It expects revenues to be up over 45% year over year, versus prior guidance of “over 40%”.
“2023 is off to an excellent start for Hippo. We’re growing, hitting our goals for operating efficiency, and we continue to have the financial strength to execute on our plans with confidence. We’ve made significant strides toward profitability and remain on track for achieving adjusted EBITDA profitability by the end of 2024,” Richard McCathron President & CEO of Hippo said.
