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Segments
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segments
16. Segments
The Company has three reportable segments: Services, Insurance-as-a-Service, and Hippo Home Insurance Program. The reportable segments are determined based on several factors including, but not limited to, nature of the business, customers, and sales channel.
The Company’s Services segment earns fees and/or commission income without assuming underwriting risk or need for reinsurance. The Company also partners with home builders, as well as independent agencies, to
source insureds seeking a product for which the Company provides the best carrier for the insured, whether it be of Hippo or a third-party carrier, including other insurance products like auto, rental, etc.
Insurance-as-a-Service is managed through the Company’s subsidiary Spinnaker and is a platform to support MGAs, including Hippo. The Company rents its capital, 50 state licenses and the strong financial rating of Spinnaker (rated “A-” Excellent by A.M. Best) to earn fee-based revenues with the assumption of limited underwriting risk using quota-share reinsurance. The Company also earns a portion of the premiums paid to it for the risk the Company retains as well as generates investment income. The diversification of the Company’s balance sheet allows it to carry less capital than the Company’s MGA clients would be required to on their own.
The Hippo Home Insurance Program is the Company’s Hippo-branded homeowners insurance business. The Company’s main source of revenue is the premiums paid to it by the Company’s homeowner customers. In addition, the Company’s revenues include policy and services fees and investment income. The Company’s strategy is to retain the portion of the underwriting risk where the Company believes its loss prevention strategies are the most effective.
The Company’s Chief Executive Officer, who serves as the chief operating decision maker (“CODM”), evaluates the financial performance of the Company’s segments based upon segment adjusted operating income (or loss) as the profitability measure. Items outside of adjusted operating income (or loss) are not reported by segment, since they are excluded from the single measure of segment profitability reviewed by the CODM. The Company’s CODM does not use segment assets to allocate resources or to assess performance of the segments and, therefore, segment assets have not been reported separately.
The CODM uses adjusted operating income (or loss) in deciding which segment to invest the Company's capital and/or resources. Adjusted operating income (or loss) is used to monitor budget versus actual results. The CODM also uses adjusted operating income (or loss) in competitive analysis by benchmarking to the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing resource allocation.
The tables below present segment information reconciled to total Net Loss attributable to Hippo, for the periods indicated (in millions).
Three Months Ended March 31, 2025
ServicesInsurance-as-a-ServiceHippo Home Insurance ProgramTotal
Revenue from external customers

Net earned premium$— 31.2 56.1 $87.3 
Commission income, net8.3 4.7 1.0 14.0 
Service and fee income0.8 — 2.0 2.8 
Net investment income
— 3.0 2.8 5.8 
Intersegment revenue2.6 — — 2.6 
Segment revenue
11.738.961.9112.5
Reconciliation of Revenue
Eliminations(1)
(2.2)
Total consolidated revenue110.3
Less segment expenses:
Loss and loss adjustment expense— 17.9 74.2 
Insurance related expense— 16.5 11.0 
Sales and marketing6.5 0.1 1.3 
Technology and development2.7 0.1 3.6 
General and administrative3.7 1.8 7.0 
Other expenses— — — 
Less: Net investment income
— (3.0)(2.8)
Less: Noncontrolling interest(2.3)— — 
Segment adjusted operating income (loss)(3.5)(0.5)(38.0)(42.0)
Eliminations(1)
0.9
Consolidated adjusted operating income (loss)(41.1)
Reconciliation of segment adjusted operating income (loss)
Net investment income5.8
Depreciation and amortization(5.6)
Stock-based compensation(7.7)
Fair value adjustments0.5
Other one-off transactions0.2
Noncontrolling interest2.3 
Loss before income taxes$(45.6)
(1)Intersegment eliminations include commissions paid from Hippo Home Insurance Program for policies sold by the Company’s Agency segment (revenue, cost, and other adjustments in respective business units eliminated as part of consolidation).
Three months ended March 31, 2024
ServicesInsurance-as-a-ServiceHippo Home Insurance ProgramTotal
Revenue from external customers

Net earned premium$— 12.4 48.1 $60.5 
Commission income, net8.2 5.5 0.9 14.6 
Service and fee income0.1 — 2.7 2.8 
Net investment income
— 2.5 3.4 5.9 
Intersegment revenue3.1 — — 3.1 
Segment revenue
11.420.455.186.9
Reconciliation of Revenue
Eliminations(1)
(1.8)
Total consolidated revenue85.1
Less segment expenses:
Loss and loss adjustment expense— 4.5 47.9 
Insurance related expense— 6.9 12.2 
Sales and marketing8.4 — 1.6 
Technology and development2.9 — 3.7 
General and administrative2.8 1.8 6.5 
Other expenses— — — 
Less: Net investment income
— (2.5)(3.4)
Less: Noncontrolling interest(2.6)— — 
Segment adjusted operating income (loss)(5.3)4.7 (20.2)(20.8)
Eliminations(1)
1.0
Consolidated adjusted operating income (loss)(19.8)
Reconciliation of segment adjusted operating income (loss)
Net investment income5.9
Depreciation and amortization(5.6)
Stock-based compensation(8.4)
Fair value adjustments(1.5)
Other one-off transactions(2.5)
Impairment and restructuring charges(3.6)
Noncontrolling interest2.6 
Loss before income taxes$(32.9)
(1)Intersegment eliminations include commissions paid from Hippo Home Insurance Program for policies sold by the Company’s Agency segment (revenue, cost, and other adjustments in respective business units eliminated as part of consolidation).