Segments (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Financial information for the period ended June 30, 2022 has been revised to conform with the current year presentation.

	Three Months Ended June 30, 2023
	Services		Insurance-as-a-Service		Hippo Home Insurance Program		Intersegment Eliminations(1)		Total
Revenue:
Net earned premium	$	—	$	9.9	$	12.4	$	—	$	22.3
Commission income, net	11.3		4.8		2.7		(2.6)		16.2
Service and fee income	0.2		—		3.6		—		3.8
Net investment income	—		1.5		3.9		—		5.4
Total Revenue	11.5		16.2		22.6		(2.6)		47.7
Adjusted Operating Expenses:
Loss and loss adjustment expense	—		3.8		72.8		—		76.6
Insurance related expense	—		4.7		10.2		(0.8)		14.1
Sales and marketing	11.1		—		5.2		(1.2)		15.1
Technology and development	4.1		0.2		4.8		—		9.1
General and administrative	3.1		1.3		7.9		—		12.3
Other expenses	0.2		—		—		—		0.2
Total adjusted operating expenses	18.5		10.0		100.9		(2.0)		127.4
Less: Net investment income	—		(1.5)		(3.9)		—		(5.4)
Less: Noncontrolling interest	(2.6)		—		—		—		(2.6)
Adjusted operating income (loss)	(9.6)		4.7		(82.2)		(0.6)		(87.7)
Net investment income									5.4
Depreciation and amortization									(5.2)
Stock-based compensation									(16.7)
Fair value adjustments									0.2
Contingent consideration charge									(2.9)
Other one-off transactions									(0.7)
Income tax expense									(0.2)
Net loss attributable to Hippo									$	(107.8)

(1)Intersegment eliminations include commissions paid from Hippo Home Insurance Program for policies sold by the Company’s Services segment (revenue, cost, and other adjustments in respective business units eliminated as part of consolidation).

	Three Months Ended June 30, 2022
	Services		Insurance-as-a-Service		Hippo Home Insurance Program		Intersegment Eliminations(1)		Total
Revenue:
Net earned premium	$	—	$	5.0	$	6.2	$	—	$	11.2
Commission income, net	8.6		2.6		6.2		(4.5)		12.9
Service and fee income	0.3		—		3.2		—		3.5
Net investment income	—		0.4		0.7		—		1.1
Total Revenue	8.9		8.0		16.3		(4.5)		28.7
Adjusted Operating Expenses:
Loss and loss adjustment expense	—		2.9		25.6		—		28.5
Insurance related expense	—		4.3		14.2		(4.5)		14.0
Sales and marketing	11.5		0.1		4.5		—		16.1
Technology and development	1.5		—		8.6		—		10.1
General and administrative	2.2		1.1		9.5		—		12.8
Other expenses	0.4		—		—		—		0.4
Total adjusted operating expenses	15.6		8.4		62.4		(4.5)		81.9
Less: Net investment income	—		(0.4)		(0.7)		—		(1.1)
Less: Noncontrolling interest	(1.5)		—		—		—		(1.5)
Adjusted operating loss	(8.2)		(0.8)		(46.8)		—		(55.8)
Net investment income									1.1
Depreciation and amortization									(3.5)
Stock-based compensation									(15.9)
Fair value adjustments									1.4
Contingent consideration charge									0.8
Other one-off transactions									(1.3)
Income tax expense									(0.3)
Net loss attributable to Hippo									$	(73.5)

(1)Intersegment eliminations include commissions paid from Hippo Home Insurance Program for policies sold by the Company’s Services segment (revenue, cost, and other adjustments in respective business units eliminated as part of consolidation).

	Six Months Ended June 30, 2023
	Services		Insurance-as-a-Service		Hippo Home Insurance Program		Intersegment Eliminations(1)		Total
Revenue:
Net earned premium	$	—	$	17.5	$	18.6	$	—	$	36.1
Commission income, net	20.9		8.7		9.0		(5.0)		33.6
Service and fee income	0.3		—		6.7		—		7.0
Net investment income	—		3.0		7.8		—		10.8
Total Revenue	21.2		29.2		42.1		(5.0)		87.5
Adjusted Operating Expenses:
Loss and loss adjustment expense	—		6.5		107.2		—		113.7
Insurance related expense	—		8.9		18.5		(1.6)		25.8
Sales and marketing	23.3		—		10.1		(2.4)		31.0
Technology and development	7.8		0.3		9.3		—		17.4
General and administrative	6.0		2.6		15.4		—		24.0
Other expenses	0.4		—		—		—		0.4
Total adjusted operating expenses	37.5		18.3		160.5		(4.0)		212.3
Less: Net investment income	—		(3.0)		(7.8)		—		(10.8)
Less: Noncontrolling interest	(4.3)		—		—		—		(4.3)
Adjusted operating income (loss)	(20.6)		7.9		(126.2)		(1.0)		(139.9)
Net investment income									10.8
Depreciation and amortization									(9.5)
Stock-based compensation									(32.8)
Fair value adjustments									—
Contingent consideration charge									(3.7)
Other one-off transactions									(2.1)
Income tax expense									(0.5)
Net loss attributable to Hippo									$	(177.7)

(1)Intersegment eliminations include commissions paid from Hippo Home Insurance Program for policies sold by the Company’s Services segment (revenue, cost, and other adjustments in respective business units eliminated as part of consolidation).

	Six Months Ended June 30, 2022
	Services		Insurance-as-a-Service		Hippo Home Insurance Program		Intersegment Eliminations(1)		Total
Revenue:
Net earned premium	$	—	$	9.4	$	10.8	$	—	$	20.2
Commission income, net	15.6		5.0		11.2		(7.4)		24.4
Service and fee income	0.7		—		6.4		—		7.1
Net investment income	—		0.6		0.9		—		1.5
Total Revenue	16.3		15.0		29.3		(7.4)		53.2
Adjusted Operating Expenses:
Loss and loss adjustment expense	—		3.9		46.5		—		50.4
Insurance related expense	—		6.3		25.2		(7.4)		24.1
Sales and marketing	24.7		0.2		9.7		—		34.6
Technology and development	3.5		—		15.5		—		19.0
General and administrative	4.6		2.2		18.0		—		24.8
Other expenses	0.5		—		—		—		0.5
Total adjusted operating expenses	33.3		12.6		114.9		(7.4)		153.4
Less: Net investment income	—		(0.6)		(0.9)		—		(1.5)
Less: Noncontrolling interest	(2.6)		—		—		—		(2.6)
Adjusted operating income (loss)	(19.6)		1.8		(86.5)		—		(104.3)
Net investment income									1.5
Depreciation and amortization									(7.4)
Interest expense									—
Stock-based compensation									(29.3)
Fair value adjustments									2.6
Contingent consideration charge									(2.4)
Other one-off transactions									(1.3)
Income tax expense									(0.5)
Net loss attributable to Hippo									$	(141.1)

(1)Intersegment eliminations include commissions paid from Hippo Home Insurance Program for policies sold by the Company’s Services segment (revenue, cost, and other adjustments in respective business units eliminated as part of consolidation).