Insurtech Hippo Full-Year Net Income Reverses 2024 Loss

Insurtech Hippo posted fourth-quarter 2025 net income of $6 million, compared with $44 million a year ago during the same period.

San Jose, California-based said last year’s Q4 results included the a gain from it sale of a majority stake in First Connect.

For the full-year 2025, Hippo logged net income of $58 million versus a net loss of $41 million for all of 2024. This year’s results included a gain from its $100 million sale of a home-builder distribution network to The Baldwin Group, and improved underwriting results, said Hippo.

Hippo’s combined ratio for Q4 was 99.4 compared with 106.9 for the same period the prior year. The combined ratio for all of 2025 was 113.1 versus 137.8 in 2024.

There were no meaningful catastrophe losses recorded by Hippo in Q4 2025 compared with $4.8 million in Q4 2024.

Net written premium for Q4 2025 was $97.2 million, up 23% from Q4 2024. Hippo said the main drivers of the improvement were its renters and commercial multiperil lines of business. Net written premium for the year was $422.3 compared with $372.6 million for all of 2024. Growth of $76 million in renters and $37 million in commercial multiperil more than offset a $52 million contraction in homeowners.

“The overall growth strategy is focused on underwriting profitability and reduced volatility, which includes increased portfolio diversification,” Hippo said. Homeowners, Hippo’s largest line, accounted for 34% of gross written premium this year versus 47% the prior year. Commercial multiperil is up 7 points to make up 24% of GWP.