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v3.23.3

Segments (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Summary of Segment Reporting Information, by Segment | Financial information for the period ended September 30, 2022 has been revised to conform with the current year presentation.
| Three Months Ended September 30, 2023
| Services |  | Insurance-as-a-Service |  | Hippo Home Insurance Program |  | Intersegment Eliminations(1) |  | Total
Revenue: |  |  |  |  |  |  |  |  |
Net earned premium | $ | — |  |  | $ | 12.2 |  |  | $ | 20.7 |  |  | $ | — |  |  | $ | 32.9 |
Commission income, net | 11.5 |  | 5.4 |  | (0.5) |  | (2.2) |  | 14.2
Service and fee income | 0.1 |  | — |  | 4.8 |  | — |  | 4.9
Net investment income | — |  | 1.8 |  | 3.9 |  | — |  | 5.7
Total Revenue | 11.6 |  | 19.4 |  | 28.9 |  | (2.2) |  | 57.7
Adjusted Operating Expenses: |  |  |  |  |  |  |  |  |
Loss and loss adjustment expense | — |  |  | 5.2 |  |  | 31.0 |  |  | — |  |  | 36.2 |
Insurance related expense | — |  |  | 7.1 |  |  | 9.4 |  |  | (0.7) |  |  | 15.8 |
Sales and marketing | 10.6 |  |  | — |  |  | 4.3 |  |  | (0.9) |  |  | 14.0 |
Technology and development | 4.5 |  |  | 0.2 |  |  | 4.3 |  |  | — |  |  | 9.0 |
General and administrative | 3.3 |  |  | 1.5 |  |  | 7.7 |  |  | — |  |  | 12.5 |
Other expenses | 0.1 |  |  | — |  |  | — |  |  | — |  |  | 0.1 |
Total adjusted operating expenses | 18.5 |  |  | 14.0 |  |  | 56.7 |  |  | (1.6) |  |  | 87.6 |
Less: Net investment income | — |  |  | (1.8) |  |  | (3.9) |  |  | — |  |  | (5.7) |
Less: Noncontrolling interest | (2.8) |  |  | — |  |  | — |  |  | — |  |  | (2.8) |
Adjusted operating income (loss) | (9.7) |  |  | 3.6 |  |  | (31.7) |  |  | (0.6) |  |  | (38.4) |
Net investment income |  |  |  |  |  |  |  |  | 5.7
Depreciation and amortization |  |  |  |  |  |  |  |  | (4.9)
Stock-based compensation |  |  |  |  |  |  |  |  | (14.0)
Fair value adjustments |  |  |  |  |  |  |  |  | 0.2
Contingent consideration charge |  |  |  |  |  |  |  |  | (0.8)
Other one-off transactions |  |  |  |  |  |  |  |  | (1.2)
Income tax benefit |  |  |  |  |  |  |  |  | 0.3
Net loss attributable to Hippo |  |  |  |  |  |  |  |  | $ | (53.1) |
(1)Intersegment eliminations include commissions paid from Hippo Home Insurance Program for policies sold by the Company’s Services segment (revenue, cost, and other adjustments in respective business units eliminated as part of consolidation).
| Three Months Ended September 30, 2022
| Services |  | Insurance-as-a-Service |  | Hippo Home Insurance Program |  | Intersegment Eliminations(1) |  | Total
Revenue: |  |  |  |  |  |  |  |  |
Net earned premium | $ | — |  |  | $ | 6.2 |  |  | $ | 4.5 |  |  | $ | — |  |  | $ | 10.7 |
Commission income, net | 9.4 |  | 3.1 |  | 6.9 |  | (5.1) |  | 14.3
Service and fee income | 0.1 |  | — |  | 3.1 |  | — |  | 3.2
Net investment income | — |  | 0.7 |  | 1.8 |  | — |  | 2.5
Total Revenue | 9.5 |  | 10.0 |  | 16.3 |  | (5.1) |  | 30.7
Adjusted Operating Expenses: |  |  |  |  |  |  |  |  |
Loss and loss adjustment expense | — |  |  | 6.0 |  |  | 17.4 |  |  | — |  |  | 23.4 |
Insurance related expense | — |  |  | 0.2 |  |  | 16.7 |  |  | (5.1) |  |  | 11.8 |
Sales and marketing | 19.8 |  |  | — |  |  | 4.1 |  |  | — |  |  | 23.9 |
Technology and development | 1.8 |  |  | — |  |  | 7.6 |  |  | — |  |  | 9.4 |
General and administrative | 2.2 |  |  | 1.1 |  |  | 9.5 |  |  | — |  |  | 12.8 |
Other expenses | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total adjusted operating expenses | 23.8 |  |  | 7.3 |  |  | 55.3 |  |  | (5.1) |  |  | 81.3 |
Less: Net investment income | — |  |  | (0.7) |  |  | (1.8) |  |  | — |  |  | (2.5) |
Less: Noncontrolling interest | (1.7) |  |  | — |  |  | — |  |  | — |  |  | (1.7) |
Adjusted operating loss | (16.0) |  |  | 2.0 |  |  | (40.8) |  |  | — |  |  | (54.8) |
Net investment income |  |  |  |  |  |  |  |  | 2.5
Depreciation and amortization |  |  |  |  |  |  |  |  | (3.8)
Stock-based compensation |  |  |  |  |  |  |  |  | (17.0)
Fair value adjustments |  |  |  |  |  |  |  |  | 0.2
Contingent consideration charge |  |  |  |  |  |  |  |  | (0.2)
Other one-off transactions |  |  |  |  |  |  |  |  | (0.5)
Income tax expense |  |  |  |  |  |  |  |  | (0.3)
Restructuring charges |  |  |  |  |  |  |  |  | (1.8)
Goodwill impairment charge |  |  |  |  |  |  |  |  | (53.5)
Net loss attributable to Hippo |  |  |  |  |  |  |  |  | $ | (129.2) |
(1)Intersegment eliminations include commissions paid from Hippo Home Insurance Program for policies sold by the Company’s Services segment (revenue, cost, and other adjustments in respective business units eliminated as part of consolidation).
| Nine Months Ended September 30, 2023
| Services |  | Insurance-as-a-Service |  | Hippo Home Insurance Program |  | Intersegment Eliminations(1) |  | Total
Revenue: |  |  |  |  |  |  |  |  |
Net earned premium | $ | — |  |  | $ | 29.7 |  |  | $ | 39.3 |  |  | $ | — |  |  | $ | 69.0 |
Commission income, net | 32.4 |  | 14.1 |  | 8.5 |  | (7.2) |  | 47.8
Service and fee income | 0.4 |  | — |  | 11.5 |  | — |  | 11.9
Net investment income | — |  | 4.8 |  | 11.7 |  | — |  | 16.5
Total Revenue | 32.8 |  | 48.6 |  | 71.0 |  | (7.2) |  | 145.2
Adjusted Operating Expenses: |  |  |  |  |  |  |  |  |
Loss and loss adjustment expense | — |  |  | 11.7 |  |  | 138.2 |  |  | — |  |  | 149.9 |
Insurance related expense | — |  |  | 16.0 |  |  | 27.9 |  |  | (2.3) |  |  | 41.6 |
Sales and marketing | 33.9 |  |  | — |  |  | 14.4 |  |  | (3.3) |  |  | 45.0 |
Technology and development | 12.3 |  |  | 0.5 |  |  | 13.6 |  |  | — |  |  | 26.4 |
General and administrative | 9.3 |  |  | 4.1 |  |  | 23.1 |  |  | — |  |  | 36.5 |
Other expenses | 0.5 |  |  | — |  |  | — |  |  | — |  |  | 0.5 |
Total adjusted operating expenses | 56.0 |  |  | 32.3 |  |  | 217.2 |  |  | (5.6) |  |  | 299.9 |
Less: Net investment income | — |  |  | (4.8) |  |  | (11.7) |  |  | — |  |  | (16.5) |
Less: Noncontrolling interest | (7.1) |  |  | — |  |  | — |  |  | — |  |  | (7.1) |
Adjusted operating income (loss) | (30.3) |  |  | 11.5 |  |  | (157.9) |  |  | (1.6) |  |  | (178.3) |
Net investment income |  |  |  |  |  |  |  |  | 16.5
Depreciation and amortization |  |  |  |  |  |  |  |  | (14.4)
Stock-based compensation |  |  |  |  |  |  |  |  | (46.8)
Fair value adjustments |  |  |  |  |  |  |  |  | 0.2
Contingent consideration charge |  |  |  |  |  |  |  |  | (4.5)
Other one-off transactions |  |  |  |  |  |  |  |  | (3.3)
Income tax expense |  |  |  |  |  |  |  |  | (0.2)
Net loss attributable to Hippo |  |  |  |  |  |  |  |  | $ | (230.8) |
(1)Intersegment eliminations include commissions paid from Hippo Home Insurance Program for policies sold by the Company’s Services segment (revenue, cost, and other adjustments in respective business units eliminated as part of consolidation).
| Nine Months Ended September 30, 2022
| Services |  | Insurance-as-a-Service |  | Hippo Home Insurance Program |  | Intersegment Eliminations(1) |  | Total
Revenue: |  |  |  |  |  |  |  |  |
Net earned premium | $ | — |  |  | $ | 15.6 |  |  | $ | 15.3 |  |  | $ | — |  |  | $ | 30.9 |
Commission income, net | 25.0 |  | 8.1 |  | 18.1 |  | (12.5) |  | 38.7
Service and fee income | 0.8 |  | — |  | 9.5 |  | — |  | 10.3
Net investment income | — |  | 1.3 |  | 2.7 |  | — |  | 4.0
Total Revenue | 25.8 |  | 25.0 |  | 45.6 |  | (12.5) |  | 83.9
Adjusted Operating Expenses: |  |  |  |  |  |  |  |  |
Loss and loss adjustment expense | — |  |  | 9.9 |  |  | 63.9 |  |  | — |  |  | 73.8 |
Insurance related expense | — |  |  | 6.5 |  |  | 41.9 |  |  | (12.5) |  |  | 35.9 |
Sales and marketing | 44.5 |  |  | 0.2 |  |  | 13.8 |  |  | — |  |  | 58.5 |
Technology and development | 5.3 |  |  | — |  |  | 23.1 |  |  | — |  |  | 28.4 |
General and administrative | 6.8 |  |  | 3.3 |  |  | 27.5 |  |  | — |  |  | 37.6 |
Other expenses | 0.5 |  |  | — |  |  | — |  |  | — |  |  | 0.5 |
Total adjusted operating expenses | 57.1 |  |  | 19.9 |  |  | 170.2 |  |  | (12.5) |  |  | 234.7 |
Less: Net investment income | — |  |  | (1.3) |  |  | (2.7) |  |  | — |  |  | (4.0) |
Less: Noncontrolling interest | (4.3) |  |  | — |  |  | — |  |  | — |  |  | (4.3) |
Adjusted operating income (loss) | (35.6) |  |  | 3.8 |  |  | (127.3) |  |  | — |  |  | (159.1) |
Net investment income |  |  |  |  |  |  |  |  | 4.0
Depreciation and amortization |  |  |  |  |  |  |  |  | (11.2)
Stock-based compensation |  |  |  |  |  |  |  |  | (46.3)
Fair value adjustments |  |  |  |  |  |  |  |  | 2.8
Contingent consideration charge |  |  |  |  |  |  |  |  | (2.6)
Other one-off transactions |  |  |  |  |  |  |  |  | (1.8)
Income tax expense |  |  |  |  |  |  |  |  | (0.8)
Restructuring charges |  |  |  |  |  |  |  |  | (1.8)
Goodwill impairment charge |  |  |  |  |  |  |  |  | (53.5)
Net loss attributable to Hippo |  |  |  |  |  |  |  |  | $ | (270.3) |
(1)Intersegment eliminations include commissions paid from Hippo Home Insurance Program for policies sold by the Company’s Services segment (revenue, cost, and other adjustments in respective business units eliminated as part of consolidation).

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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