HIPO - Hippo Reports Q4 2023 Financial Results

2024-03-06 09:37:31 ET

DENVER, Colo., Mar 06, 2024 ( 247marketnews.com )- Hippo (NYSE: HIPO ) reported, this morning, its consolidated financial results for the three months that ended December 31, 2023.

HIPO is trading at $16.58, up $2.12 (+21.75%), on 266K shares.

Its 52-week range is $6.645 to $20.39 and this morning’s premarket high is $22.

Hippo stated that its favorable mix-shift is driving top-line growth, as its year-over-year revenue grew by 80%, to $64 million.

Consolidated TGP were 15% higher, YoY, with IaaS and Services representing 77% of its total TGP, while Insurance-as-a-Service (IaaS) and services driving TGP grew by 39% and 20% YoY, respectively in the fourth quarter.

“2023 was a transformational year for Hippo, highlighted by the expanded launch of our consumer agency, the continued growth and success of our Insurance-as-a-Service business, and decisive actions taken to reduce volatility in our Hippo Home Insurance Program,” stated Hippo President and CEO, Rick McCathron. “We enter 2024 poised to go on offense, with streamlined operations ready to serve our core customer segments in our core markets, and with renewed confidence we will generate positive adjusted EBITDA in Q4.”

The complete financial results and full year guidance for 2024 can be found in the company’s shareholder letter in the Investor Relations section of Hippo’s website at https://investors.hippo.com.

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