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v3.24.2.u1

Segments (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Summary of Segment Reporting Information, by Segment | The tables below present segment information reconciled to total Net Loss attributable to Hippo, for the periods indicated (in millions).
| Three Months Ended June 30, 2024
| Services |  | Insurance-as-a-Service |  | Hippo Home Insurance Program |  | Intersegment Eliminations(1) |  | Total
Revenue: |  |  |  |  |  |  |  |  |
Net earned premium | $ | — |  |  | $ | 15.6 |  |  | $ | 48.8 |  |  | $ | — |  |  | $ | 64.4 |
Commission income, net | 12.1 |  | 5.9 |  | 1.2 |  | (3.1) |  | 16.1
Service and fee income | — |  | — |  | 3.0 |  | — |  | 3.0
Net investment income | — |  | 2.9 |  | 3.2 |  | — |  | 6.1
Total revenue | 12.1 |  | 24.4 |  | 56.2 |  | (3.1) |  | 89.6
Adjusted Operating Expenses: |  |  |  |  |  |  |  |  |
Loss and loss adjustment expense | — |  |  | 5.2 |  |  | 54.9 |  |  | — |  |  | 60.1 |
Insurance related expense | — |  |  | 8.8 |  |  | 12.7 |  |  | (2.6) |  |  | 18.9 |
Sales and marketing | 8.1 |  |  | — |  |  | 1.6 |  |  | (0.4) |  |  | 9.3 |
Technology and development | 2.5 |  |  | 0.1 |  |  | 3.2 |  |  | — |  |  | 5.8 |
General and administrative | 2.7 |  |  | 1.7 |  |  | 6.6 |  |  | — |  |  | 11.0 |
Other expenses | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total adjusted operating expenses | 13.3 |  |  | 15.8 |  |  | 79.0 |  |  | (3.0) |  |  | 105.1 |
Less: Net investment income | — |  |  | (2.9) |  |  | (3.2) |  |  | — |  |  | (6.1) |
Less: Noncontrolling interest | (3.3) |  |  | — |  |  | — |  |  | — |  |  | (3.3) |
Adjusted operating income (loss) | (4.5) |  |  | 5.7 |  |  | (26.0) |  |  | (0.1) |  |  | (24.9) |
Net investment income |  |  |  |  |  |  |  |  | 6.1
Depreciation and amortization |  |  |  |  |  |  |  |  | (5.9)
Stock-based compensation |  |  |  |  |  |  |  |  | (11.9)
Fair value adjustments |  |  |  |  |  |  |  |  | (0.4)
Other one-off transactions |  |  |  |  |  |  |  |  | (2.8) |
Income tax expense |  |  |  |  |  |  |  |  | (0.7) |
Net loss attributable to Hippo |  |  |  |  |  |  |  |  | $ | (40.5) |
Income tax expense |  |  |  |  |  |  |  |  | 0.7 |
Noncontrolling interest |  |  |  |  |  |  |  |  | 3.3 |
Loss before income taxes |  |  |  |  |  |  |  |  | $ | (36.5) |
(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 June 30, 2023
| Services |  | Insurance-as-a-Service |  | Hippo Home Insurance Program |  | Intersegment Eliminations(1) |  | Total
Revenue: |  |  |  |  |  |  |  |  |
Net earned premium | $ | — |  |  | $ | 9.9 |  |  | $ | 12.4 |  |  | $ | — |  |  | $ | 22.3 |
Commission income, net | 11.3 |  | 4.8 |  | 2.7 |  | (2.6) |  | 16.2
Service and fee income | 0.2 |  | — |  | 3.6 |  | — |  | 3.8
Net investment income | — |  | 1.5 |  | 3.9 |  | — |  | 5.4
Total revenue | 11.5 |  | 16.2 |  | 22.6 |  | (2.6) |  | 47.7
Adjusted Operating Expenses: |  |  |  |  |  |  |  |  |
Loss and loss adjustment expense | — |  |  | 3.8 |  |  | 72.8 |  |  | — |  |  | 76.6 |
Insurance related expense | — |  |  | 4.7 |  |  | 10.2 |  |  | (0.8) |  |  | 14.1 |
Sales and marketing | 11.1 |  |  | — |  |  | 5.2 |  |  | (1.2) |  |  | 15.1 |
Technology and development | 4.1 |  |  | 0.2 |  |  | 4.8 |  |  | — |  |  | 9.1 |
General and administrative | 3.1 |  |  | 1.3 |  |  | 7.9 |  |  | — |  |  | 12.3 |
Other expenses | 0.2 |  |  | — |  |  | — |  |  | — |  |  | 0.2 |
Total adjusted operating expenses | 18.5 |  |  | 10.0 |  |  | 100.9 |  |  | (2.0) |  |  | 127.4 |
Less: Net investment income | — |  |  | (1.5) |  |  | (3.9) |  |  | — |  |  | (5.4) |
Less: Noncontrolling interest | (2.6) |  |  | — |  |  | — |  |  | — |  |  | (2.6) |
Adjusted operating income (loss) | (9.6) |  |  | 4.7 |  |  | (82.2) |  |  | (0.6) |  |  | (87.7) |
Net investment income |  |  |  |  |  |  |  |  | 5.4
Depreciation and amortization |  |  |  |  |  |  |  |  | (5.2)
Stock-based compensation |  |  |  |  |  |  |  |  | (16.7)
Fair value adjustments |  |  |  |  |  |  |  |  | (2.7)
Other one-off transactions |  |  |  |  |  |  |  |  | (0.7)
Income tax expense |  |  |  |  |  |  |  |  | (0.2)
Net loss attributable to Hippo |  |  |  |  |  |  |  |  | $ | (107.8) |
Income tax expense |  |  |  |  |  |  |  |  | 0.2 |
Noncontrolling interest |  |  |  |  |  |  |  |  | 2.6 |
Loss before income taxes |  |  |  |  |  |  |  |  | $ | (105.0) |
(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).
| Six Months Ended June 30, 2024
| Services |  | Insurance-as-a-Service |  | Hippo Home Insurance Program |  | Intersegment Eliminations(1) |  | Total
Revenue: |  |  |  |  |  |  |  |  |
Net earned premium | $ | — |  |  | $ | 28.0 |  |  | $ | 96.9 |  |  | $ | — |  |  | $ | 124.9 |
Commission income, net | 23.4 |  | 11.4 |  | 2.1 |  | (4.9) |  | 32.0
Service and fee income | 0.1 |  | — |  | 5.7 |  | — |  | 5.8
Net investment income | — |  | 5.4 |  | 6.6 |  | — |  | 12.0
Total revenue | 23.5 |  | 44.8 |  | 111.3 |  | (4.9) |  | 174.7
Adjusted Operating Expenses: |  |  |  |  |  |  |  |  |
Loss and loss adjustment expense | — |  |  | 9.7 |  |  | 102.8 |  |  | — |  |  | 112.5 |
Insurance related expense | — |  |  | 15.7 |  |  | 24.9 |  |  | (5.2) |  |  | 35.4 |
Sales and marketing | 16.5 |  |  | — |  |  | 3.2 |  |  | (0.6) |  |  | 19.1 |
Technology and development | 5.4 |  |  | 0.1 |  |  | 6.9 |  |  | — |  |  | 12.4 |
General and administrative | 5.5 |  |  | 3.5 |  |  | 13.1 |  |  | — |  |  | 22.1 |
Other expenses | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total adjusted operating expenses | 27.4 |  |  | 29.0 |  |  | 150.9 |  |  | (5.8) |  |  | 201.5 |
Less: Net investment income | — |  |  | (5.4) |  |  | (6.6) |  |  | — |  |  | (12.0) |
Less: Noncontrolling interest | (5.9) |  |  | — |  |  | — |  |  | — |  |  | (5.9) |
Adjusted operating income (loss) | (9.8) |  |  | 10.4 |  |  | (46.2) |  |  | 0.9 |  |  | (44.7) |
Net investment income |  |  |  |  |  |  |  |  | 12.0
Depreciation and amortization |  |  |  |  |  |  |  |  | (11.5)
Stock-based compensation |  |  |  |  |  |  |  |  | (20.3)
Fair value adjustments |  |  |  |  |  |  |  |  | (1.9)
Other one-off transactions |  |  |  |  |  |  |  |  | (5.2) |
Income tax expense |  |  |  |  |  |  |  |  | (1.0) |
Impairment and restructuring charges |  |  |  |  |  |  |  |  | (3.6) |
Net loss attributable to Hippo |  |  |  |  |  |  |  |  | $ | (76.2) |
Income tax expense |  |  |  |  |  |  |  |  | 1.0 |
Noncontrolling interest |  |  |  |  |  |  |  |  | 5.9 |
Loss before income taxes |  |  |  |  |  |  |  |  | $ | (69.3) |
(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).
| Six Months Ended June 30, 2023
| Services |  | Insurance-as-a-Service |  | Hippo Home Insurance Program |  | Intersegment Eliminations(1) |  | Total
Revenue: |  |  |  |  |  |  |  |  |
Net earned premium | $ | — |  |  | $ | 17.5 |  |  | $ | 18.6 |  |  | $ | — |  |  | $ | 36.1 |
Commission income, net | 20.9 |  | 8.7 |  | 9.0 |  | (5.0) |  | 33.6
Service and fee income | 0.3 |  | — |  | 6.7 |  | — |  | 7.0
Net investment income | — |  | 3.0 |  | 7.8 |  | — |  | 10.8
Total Revenue | 21.2 |  | 29.2 |  | 42.1 |  | (5.0) |  | 87.5
Adjusted Operating Expenses: |  |  |  |  |  |  |  |  |
Loss and loss adjustment expense | — |  |  | 6.5 |  |  | 107.2 |  |  | — |  |  | 113.7 |
Insurance related expense | — |  |  | 8.9 |  |  | 18.5 |  |  | (1.6) |  |  | 25.8 |
Sales and marketing | 23.3 |  |  | — |  |  | 10.1 |  |  | (2.4) |  |  | 31.0 |
Technology and development | 7.8 |  |  | 0.3 |  |  | 9.3 |  |  | — |  |  | 17.4 |
General and administrative | 6.0 |  |  | 2.6 |  |  | 15.4 |  |  | — |  |  | 24.0 |
Other expenses | 0.4 |  |  | — |  |  | — |  |  | — |  |  | 0.4 |
Total adjusted operating expenses | 37.5 |  |  | 18.3 |  |  | 160.5 |  |  | (4.0) |  |  | 212.3 |
Less: Net investment income | — |  |  | (3.0) |  |  | (7.8) |  |  | — |  |  | (10.8) |
Less: Noncontrolling interest | (4.3) |  |  | — |  |  | — |  |  | — |  |  | (4.3) |
Adjusted operating income (loss) | (20.6) |  |  | 7.9 |  |  | (126.2) |  |  | (1.0) |  |  | (139.9) |
Net investment income |  |  |  |  |  |  |  |  | 10.8
Depreciation and amortization |  |  |  |  |  |  |  |  | (9.5)
Stock-based compensation |  |  |  |  |  |  |  |  | (32.8)
Fair value adjustments |  |  |  |  |  |  |  |  | (3.7)
Other one-off transactions |  |  |  |  |  |  |  |  | (2.1)
Income tax expense |  |  |  |  |  |  |  |  | (0.5)
Net loss attributable to Hippo |  |  |  |  |  |  |  |  | $ | (177.7) |
Income tax expense |  |  |  |  |  |  |  |  | 0.5 |
Noncontrolling interest |  |  |  |  |  |  |  |  | 4.3 |
Loss before income taxes |  |  |  |  |  |  |  |  | $ | (172.9) |
(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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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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