HIPO - Hippo stock gaps up as Q1 gross loss ratio improves premium growth

Hippo (NYSE:HIPO) shares are soaring around 35% in Friday morning trading, as the insurance broker delivered its "best best quarterly gross loss ratio since our public listing," said CEO and Co-founder Assaf Wand. "Looking ahead, we expect that the actions we’ve already taken-including more advanced pricing and segmentation and better geographic balance-will have increasingly favorable impacts on the loss ratio," Wand said in his letter to shareholders. Meanwhile, Q1 gross loss ratio of 76% improved from 198% in the year-ago period. Total generated premium was $153.7M at March 31, compared with $123.1M at March 31, 2021. Revenue of $24M in Q1 fell short of the average analyst estimate of $28.11M but jumped from $17.0M in Q1 a year ago. Expenses of $90.8M were slashed from $211.8M in Q1 2021. Adjusted EBITDA loss was $48.5M in the first quarter vs. -$35.6M in Q1 of last year. See why SA's Quant Rating in mid-February screened HIPO

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Hippo stock gaps up as Q1 gross loss ratio improves, premium growth