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Segments (Tables)

6 Months Ended

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).

X

- 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

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X

- References

No definition available.

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