Hippo Holdings, a technology-native insurance platform, reported net income of $10 mn for the quarter ended June 30, 2026. The result equaled $0.38 per diluted share.
The company also reported adjusted net income of $21 mn, or $0.79 per diluted share.
Gross written premium reached $482 mn in the second quarter, up 61.5% from the same period in 2025. Revenue rose 23.4% to $145 mn, while net income increased from $1 mn a year earlier. Adjusted net income rose 23.5% from Q2 2025.
Hippo also improved its combined ratio by 4 percentage points to 95.8%. Its net loss ratio moved to 50.4%, compared with 47% in Q2 2025. The accident year net loss ratio excluding catastrophe losses improved to 45.8%, down from 46.4% a year earlier.
Book value per share reached $17.65, up 4% from year-end 2025.
Rick McCathron, Hippo president and CEO, said the quarter showed the strength of Hippo’s platform. He pointed to gross written premium growth of 61% to $482 mn, revenue growth of 23% to $145 mn and an eight-fold increase in net income to $10 mn, along with progress in AI initiatives and business partnerships.
McCathron said the results were not a one-time event. He said they showed the value Hippo brings to partners and customers. The company raised its full-year 2026 guidance and now expects more than $1.65 bn in gross written premium and up to $70 mn in adjusted net income.
For the three months ended June 30, 2026, Hippo reported gross written premium of $482.2 mn, compared with $298.6 mn a year earlier. Net written premium rose to $183.2 mn from $106.9 mn. Net retention increased to 38%, compared with 36% in Q2 2025.
Total revenue reached $144.7 mn, compared with $117.3 mn in the prior-year quarter. Net income attributable to Hippo totaled $10.1 mn, up from $1.3 mn. Adjusted net income rose to $21 mn from $17 mn.
Basic earnings per share reached $0.38, compared with $0.05 a year earlier. Diluted earnings per share also reached $0.38, compared with $0.05. Diluted adjusted earnings per share increased to $0.79 from $0.65.
Annualized adjusted return on equity reached 18.4%, compared with 20.8% in Q2 2025. The expense ratio improved to 45.4% from 53.1%. The combined ratio improved to 95.8% from 100.1%.
For the first six months of 2026, Hippo reported gross written premium of $814.6 mn, up from $509.5 mn in the first half of 2025. Net written premium reached $284.6 mn, compared with $207.2 mn a year earlier. Net retention stood at 35%, compared with 41%.
First-half revenue rose to $266.2 mn from $227.6 mn. Net income attributable to Hippo reached $17.2 mn, compared with a net loss of $46.4 mn a year earlier. Adjusted net income reached $38.2 mn, compared with an adjusted net loss of $18.1 mn.
Basic earnings per share reached $0.66 for the first half of 2026, compared with a loss of $1.84 per share a year earlier. Diluted earnings per share reached $0.65, compared with a diluted loss of $1.84. Diluted adjusted earnings per share reached $1.45, compared with an adjusted loss of $0.72.
Hippo’s first-half net loss ratio improved to 49.3% from 75.5%. Its expense ratio improved to 48.2% from 53.2%. The combined ratio fell to 97.5% from 128.7%.
As of June 30, 2026, Hippo reported book value per share of $17.65, compared with $16.97 at Dec. 31, 2025. Tangible book value per share increased to $15.56 from $14.76.
Hippo said second-quarter net income improved mainly because of stronger underwriting performance and scale benefits. Adjusted net income of $21 mn represented an 18% annualized adjusted return on average stockholders’ equity.
Premium growth came from both Casualty and Commercial Multi-Peril lines. Casualty gross written premium increased 177% year over year to $180 mn. Commercial Multi-Peril rose 65% to $138 mn.
The company said its growth strategy focuses on underwriting profitability, lower volatility and more portfolio diversification. Casualty represented 37% of second-quarter gross written premium. Commercial Multi-Peril accounted for 29%, and Homeowners accounted for 22%.
Net written premium increased by $76 mn, or 71%, from Q2 2025. Hippo said net written premium grew faster than gross written premium because of a mix shift and a program reinsurance structure change.
The change added about $21 mn in Commercial Multi-Peril net written premium and $6 mn in Casualty net written premium during the quarter.
The 38% net retention rate exceeded Hippo’s full-year guidance of about 36%. The company attributed the higher retention rate to the Casualty and Commercial Multi-Peril program changes.
Revenue increased to $145 mn from $117 mn a year earlier. Higher net earned premium drove much of the increase, rising 26% to $119 mn. Hippo also recorded higher net investment income, commission income, service income and fee income.
The net loss ratio increased by 3 percentage points from the prior-year quarter. Hippo said Q2 2025 benefited from 7% favorable prior-year development, compared with 2% favorable development this quarter. The accident year loss ratio excluding catastrophe losses improved by 1 percentage point from Q2 2025.
The expense ratio improved by 8 percentage points from the prior-year period. Hippo cited stronger operating leverage and expense discipline.
The combined ratio improved by 4 percentage points from the prior-year quarter, helped by underwriting performance below full-year guidance and a lower expense ratio.
Total Hippo stockholders’ equity reached $466 mn, up 7% from $436 mn at year-end 2025.
Hippo raised its 2026 guidance across several measures. The company now expects gross written premium of $1.65 bn to $1.7 bn, up from prior guidance of $1.45 bn to $1.525 bn.
It now expects net written premium of $565 mn to $580 mn, up from $520 mn to $550 mn. Revenue guidance rose to $580 mn to $585 mn, compared with the previous $560 mn to $570 mn range.
Hippo lowered its combined ratio guidance to 99% to 101%, compared with prior guidance of 103% to 105%. It also lowered its catastrophe loss ratio forecast to 10%, down from 13%.
Adjusted net income guidance increased to $62 mn to $70 mn, compared with the prior range of $48 mn to $56 mn. The company kept expected stock-based compensation, depreciation and amortization at $42 mn.
