Hippo, a technology-native insurance group, has announced its financial results for the second quarter of 2026, reporting a net income of $10 million, a gross premium written (GWP) increase of 61.5% and, an improved combined ratio of 95.8%.
Q2 2026 net income compares to $1 million reported in Q2 2025. According to the insurer, this improvement was driven primarily by stronger underwriting performance and the continued benefit of scale.
Adjusted net income stood at $21 million, compared to $17 million in Q2 of last year. This quarter’s results equate to an 18% annualised adjusted return on average stockholders’ equity.
GWP grew to $482 million, up from $299 million in Q2 2025, driven by both the Casualty and Commercial Multi-Peril (CMP) lines which were up 177% and 65% over last year, to $180 million and $138 million, respectively.
Hippo’s overall growth strategy prioritises enhancing underwriting returns and mitigating fluctuations, achieved in part through broader asset allocation.
During the quarter, the distribution of GWP was led by Casualty at 37%, followed by Commercial Multi-Peril (CMP) at 29% and Homeowners at 22%.
Compared to Q2 of last year, net written premium experienced a 71% surge, rising by $76 million to reach $183 million. This growth outpaced that of GWP, fueled by a shift in mix alongside a strategic modification to the program reinsurance structure.
This structural update contributed roughly $21 million in Commercial Multi-Peril (CMP) and $6 million in Casualty net written premium during the quarter.
Furthermore, driven by these program adaptations in both Casualty and CMP, the quarter’s total net retention rate reached 38%, surpassing the full-year projection of approximately 36%.
At $145 million, revenue increased 23% in Q2 2026, from $117 million in Q2 2025. Hippo attributed the increase to higher net earned premiums, which were up 26%, to $119 million, and increases in net investment income, commission income and service and fee income.
Combined ratio of 95.8% improved 4 percentage points over the prior year period, similarly driven continued underwriting performance below full year guidance and the improving expense ratio noted above.
“The power of the Hippo platform was truly on display this quarter, as we delivered significant top and bottom-line growth, with gross written premium up 61% to $482 million, revenue up 23% to $145 million, and net income up eight-fold from last year to $10 million, while simultaneously advancing our AI initiatives and strengthening our business partnerships,” said Rick McCathron, Hippo President and CEO.
He continued, “Most exciting is that this quarter’s results are not a one-time event, but a proof point of the value Hippo brings to both its partners and customers. Our elevated confidence in the ability to execute as a unified, technology-native insurance platform has led us to increase guidance for full year 2026 where we now expect over $1.65 billion of gross written premium with upwards of $70 million of adjusted net income.”
