The following is a summary of the Hippo Holdings, Inc. (HIPO) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Q3 2024 total generated premium (TGP) grew by 21% year-over-year to $368 million.

• Revenue increased significantly by 65% year-over-year to $95 million.

• Net loss improved significantly by 84% compared to Q3 2023, resulting in a net loss of $8.5 million.

• Adjusted EBITDA loss saw an improvement of 81% year-over-year, totaling a loss of $7.5 million.

Business Progress:

• Expanded the New Homes program in California, Florida, and Texas, adding new builders like Perry Homes and Van Daele, aiming to cover nearly 50,000 new homes annually.

• Sold a majority stake in First Connect Insurance Services to Centana Growth Partners for approximately $48 million.

• Substantial improvements in operating leverage and efficiency were achieved through strategic investments in past years.

Opportunities:

• The ongoing expansion and strengthening of the New Homes insurance program provide significant growth potential, especially in key states like California, Florida, and Texas.

Risks:

• Despite overall improvements, the company remains susceptible to weather-related events and high-CAT geographies which can impact loss ratios and operational stability.

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