Hippo Holdings Inc (HIPO) 2025 Q2 法說會逐字稿

Hello, everyone. A warm welcome to the Hippo Q2 2025 earnings call.

大家好。熱烈歡迎參加 Hippo 2025 年第二季財報電話會議。

My name is Emily. I'll be coordinating your call today. (Operator Instructions)

我的名字是艾米莉。我今天將協調您的通話。（操作員指示）

I would now like to turn the call over to Mark Olson, Director of Corporate Communications, to begin. Please go ahead.

現在我想將電話轉給企業傳播總監馬克‧奧爾森 (Mark Olson)。請繼續。

Thank you, operator. Good morning. Thank you for joining Hippo's 2025 second-quarter earnings call.

謝謝您，接線生。早安.感謝您參加 Hippo 2025 年第二季財報電話會議。

Earlier today, Hippo issued a shareholder letter announcing its Q2 2025 results, which is available at investors.hippo.com.

今天早些時候，Hippo 發布了一封股東信，宣布了其 2025 年第二季的業績，可在 investors.hippo.com 上查閱。

Leading today's discussion will be Hippo President and Chief Executive Officer, Rick McCathron; and Chief Financial Officer, Guy Zeltser. Following management's prepared remarks, we will open up the call to questions.

主持今天討論的將是 Hippo 總裁兼執行長 Rick McCathron 和財務長 Guy Ze​​ltser。在管理階層發表完準備好的發言後，我們將開始提問。

Before we begin, we'd like to remind you that our discussion will contain predictions, expectations, forward-looking statements, and other information about our business that are based on management's current expectations as of the date of this presentation. Forward-looking statements include, but are not limited to, Hippo's expectations or predictions of financial and business performance and conditions and competitive and industry outlook.

在開始之前，我們想提醒您，我們的討論將包含預測、期望、前瞻性陳述以及有關我們業務的其他信息，這些信息基於管理層截至本演示文稿發布之日的當前期望。前瞻性陳述包括但不限於 Hippo 對財務和業務表現和狀況以及競爭和行業前景的預期或預測。

Forward-looking statements are subject to risks, uncertainties, and other factors that could cause our actual results to differ materially from our historical results and/or from our forecast, including those set forth in Hippo's Form 10-Q filed today. For more information, please refer to the risks, uncertainties, and other factors discussed in Hippo's SEC filings; in particular, in the section entitled Risk Factors in our Form 10-Q.

前瞻性陳述受風險、不確定性和其他因素的影響，這些因素可能導致我們的實際結果與我們的歷史結果和/或預測有重大差異，包括今天提交的 Hippo 10-Q 表中所述的結果。欲了解更多信息，請參閱 Hippo 提交給美國證券交易委員會的文件中討論的風險、不確定性和其他因素；特別是我們 10-Q 表中題為“風險因素”的部分。

All cautionary statements are applicable to any forward-looking statements we make whenever they appear. You should carefully consider the risks and uncertainties and other factors discussed in Hippo's SEC filings. Do not place undue reliance on forward-looking statements as Hippo is under no obligation and expressly disclaims any responsibility for updating, offering, or otherwise revising any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

所有警示性聲明均適用於我們所做的任何前瞻性陳述。您應該仔細考慮 Hippo 的 SEC 文件中討論的風險、不確定性和其他因素。請勿過度依賴前瞻性陳述，因為 Hippo 沒有義務並且明確表示不承擔更新、提供或以其他方式修改任何前瞻性陳述的責任，無論是由於新資訊、未來事件或其他原因，除非法律要求。

During this conference call, we will also refer to non-GAAP financial measures, such as adjusted net income and adjusted EBITDA. Our GAAP results and description of our non-GAAP financial measures with a full reconciliation to GAAP can be found in the second-quarter 2025 shareholder letter, which has been furnished to the SEC and is available on our website.

在本次電話會議中，我們也將參考非公認會計準則財務指標，例如調整後的淨收入和調整後的 EBITDA。我們的 GAAP 結果和非 GAAP 財務指標的描述以及與 GAAP 的完整對帳可在 2025 年第二季股東信中找到，該信已提供給美國證券交易委員會 (SEC) 並可在我們的網站上查閱。

With that, I will turn the call over to Rick McCathron, our President and CEO.

說完這些，我將把電話轉給我們的總裁兼執行長 Rick McCathron。

Thank you, Mark. Good morning, everyone. Thank you for joining us.

謝謝你，馬克。大家早安。感謝您加入我們。

The second quarter marked a pivotal milestone for Hippo, a proud moment that reflects the dedication, hard work, and steady progress we've made over the past several quarters. We unveiled our exciting long-term strategic plan at our Investor Day in New York City and announced a new transformative partnership that will accelerate our strategy.

第二季是 Hippo 的關鍵里程碑，這是一個值得驕傲的時刻，反映了我們在過去幾季中的奉獻、努力和穩定進步。我們在紐約投資者日上宣布了令人興奮的長期策略計劃，並宣布了將加速我們策略的新的變革性合作關係。

This quarter underscores our ability to deliver significant incremental improvements across the core drivers of value in our business. The strategic plan we presented to investors and analysts is designed to deliver superior returns on capital and is anchored in three powerful pillars:

本季凸顯了我們在業務核心價值驅動力方面實現顯著漸進式改進的能力。我們向投資者和分析師提出的策略計畫旨在實現卓越的資本回報，並以三大支柱為基礎：

Strategic diversification. We are actively diversifying our premium base across both personal and commercial lines, while also broadening our reach across the insurance value chain by leveraging Hippo's hybrid fronting carrier.

戰略多元化。我們正在積極地將個人和商業保險的保費基礎多元化，同時利用 Hippo 的混合前端承運商擴大我們在保險價值鏈中的影響力。

Unlocking market growth. We are poised to capitalize on the robust long-term growth trajectory within the home insurance market through our own managing general agency, Hippo Home Insurance. This program offers a differentiated technology-driven customer experience that sets us apart.

釋放市場成長。我們準備透過自己的管理總代理商 Hippo Home Insurance 利用家庭保險市場強勁的長期成長軌跡。該計劃提供了差異化的技術驅動的客戶體驗，使我們與眾不同。

Optimized risk management. We're leveraging our diverse portfolio and risk management capabilities to intelligently optimize our business across market cycles. This involves iteratively adjusting pricing coverages and the degree and nature of risk participation across different lines of business to maximize returns.

優化風險管理。我們正在利用多樣化的投資組合和風險管理能力來在整個市場週期中智慧地優化我們的業務。這涉及反覆調整定價覆蓋範圍以及不同業務線的風險參與程度和性質，以實現最大回報。

The strategic partnership announced at our Investor Day with the Baldwin Group is set to supercharge the momentum across all three of our strategic pillars.

我們在投資者日上宣布與鮑德溫集團建立策略夥伴關係，這將增強我們三大策略支柱的發展動能。

Program premium growth and diversification. Hippo's hybrid fronting carrier will build upon its decade-long support of Baldwin's MSI renters and MSI homeowners programs, extending capacity to a broader spectrum of Baldwin's MGA programs. This move is set to accelerate premium growth and enable faster diversification across lines of business.

計劃保費增長和多樣化。Hippo 的混合前端營運商將在其對 Baldwin 的 MSI 租戶和 MSI 房主計劃長達十年的支援基礎上，將容量擴展到 Baldwin 更廣泛的 MGA 計劃。此舉旨在加速保費成長並實現業務線的更快多元化。

Tripling market access. We'll now distribute our newly built homeowners product through Baldwin's industry-leading Westwood Insurance Agency, which partners with 20 of the top 25 homebuilders in the US. This collaboration significantly expands our reach, tripling access to new home closings and fueling both premium growth and geographic diversification.

市場准入擴大三倍。我們現在將透過 Baldwin 業界領先的 Westwood 保險代理公司分銷我們的新建房屋業主產品，該公司與美國前 25 家房屋建築商中的 20 家合作。此次合作大大擴展了我們的業務範圍，使我們的新房成交量增加了兩倍，並推動了保費增長和地理多樣化。

Strengthening financial position. We closed the deal to transfer our homebuilder assets to the Baldwin Group for $100 million in Q3. The additional capital will directly fuel our long-term strategy of building a well-balanced portfolio of insurance risks that delivers a superior return on capital.

增強財務狀況。我們在第三季完成了以 1 億美元的價格將我們的房屋建築資產轉讓給鮑德溫集團的交易。額外的資本將直接推動我們的長期策略，即建立一個均衡的保險風險組合，以實現卓越的資本回報。

Beyond these significant corporate developments, our internal teams remain laser-focused on operational efficiency, execution, and excellence throughout the quarter. We welcomed two key MGA partners to our platform, further diversifying our premium within commercial and casualty lines, while also expanding additional lines of business with current partners.

除了這些重要的公司發展之外，我們的內部團隊在整個季度仍然專注於營運效率、執行力和卓越性。我們歡迎兩家主要的 MGA 合作夥伴加入我們的平台，進一步實現商業和意外險保費的多樣化，同時與現有合作夥伴拓展更多業務線。

As we mentioned during Investor Day, our risk participation when launching new programs is low. As we gain more experience with each program, we'll consider increasing our risk participation if doing so enhances our return on equity.

正如我們在投資者日期間提到的，我們在啟動新專案時的風險參與度很低。隨著我們在每個專案中累積更多經驗，如果這樣做可以提高我們的股本回報率，我們會考慮增加風險參與。

Crucially, while expanding our top line remains core to our strategy, we did not compromise on underwriting profitability. Thanks to earlier underwriting and rate actions, along with improved claims operations, we achieved a consolidated net loss ratio of 47% in Q2, supported by favorable reserve developments across multiple lines of business.

至關重要的是，雖然擴大營業收入仍然是我們策略的核心，但我們並沒有在核保獲利能力上妥協。由於早期的承保和利率行動以及理賠業務的改善，在多個業務線的有利準備金發展的支持下，我們在第二季度實現了 47% 的綜合淨損失率。

This quarter also powerfully demonstrated the scalability of our platform. While we grew revenue by more than 30% year over year, fixed expenses decreased by 16% over that same period. Our improved operating leverage is a key driver of value, enabling us to deliver robust revenue growth while maintaining underwriting discipline and controlling expenses.

本季也有力地展示了我們平台的可擴展性。雖然我們的營收年增了 30% 以上，但同期固定支出卻減少了 16%。我們提高的經營槓桿是價值的關鍵驅動力，使我們能夠在保持承保紀律和控制費用的同時實現強勁的收入成長。

Our diligent execution of our strategic go-forward plan in the second quarter led to a substantial improvement in profitability year over year, culminating in a critical milestone: Hippo posted positive net income from operating activities for the very first time.

我們在第二季認真執行策略前進計劃，使獲利能力較去年同期大幅提升，並最終實現一個關鍵里程碑：Hippo 首次實現營業活動淨收入為正。

This truly outstanding quarter for Hippo would not have been possible without the extraordinary hard work, focus, and collaborative spirit of the entire team; and the unwavering support of our valued partners. I'm immensely proud of all we achieved in Q2 and eagerly look forward to building on this powerful momentum throughout the rest of 2025 and well into the future.

如果沒有整個團隊的非凡努力、專注和協作精神，以及我們尊貴的合作夥伴的堅定支持，Hippo 不可能取得這個真正傑出的季度。我為我們在第二季度取得的成就感到無比自豪，並熱切期待在 2025 年剩餘時間以及未來很長一段時間內繼續保持這一強勁勢頭。

Now, I'd like to turn the call over to our Chief Financial Officer, Guy Zeltser, to walk through the highlights of our second-quarter financial results, as well as our expectations for the remainder of 2025.

現在，我想將電話轉給我們的財務長 Guy Ze​​ltser，介紹一下我們第二季財務業績的亮點，以及我們對 2025 年剩餘時間的預期。

Thanks, Rick. Good morning, everyone.

謝謝，里克。大家早安。

In Q2, we continue to implement our long-term strategy, demonstrating strong performance across key financial and operational metrics. Our underwriting discipline remains consistent, supporting solid top-line premium growth and healthy loss ratios. We also made further progress in expense management, positioning us well to capitalize on the operating leverage inherent in our model as we scale.

第二季度，我們持續實施長期策略，在關鍵財務和營運指標上表現優異。我們的核保紀律保持一致，支持穩健的保費成長和健康的損失率。我們還在費用管理方面取得了進一步的進展，使我們能夠在擴大規模的同時充分利用我們模型中固有的營運槓桿。

At our Investor Day in New York City, we outlined our 2028 financial targets, reinforcing our confidence in the long-term trajectory of the business. These targets include: gross written premium, over $2 billion; adjusted net income, over $125 million; adjusted return on equity, over 18%. These targets reflect the continued maturation of our business model and our ability to drive profitable growth over time.

在紐約市舉行的投資者日上，我們概述了 2028 年的財務目標，增強了我們對業務長期發展方向的信心。這些目標包括：總承保保費超過 20 億美元；調整後淨收入超過 1.25 億美元；調整後股本回報率超過 18%。這些目標反映了我們商業模式的不斷成熟以及我們推動獲利成長的能力。

The primary drivers of future adjusted net income growth are already visible in our Q2 results. We are growing top-line premium while maintaining underwriting profitability at expected levels. We're gaining meaningful operating leverage as premium growth continues to outpace the growth of fixed expense.

未來調整後淨收入成長的主要驅動力已在我們的第二季業績中顯現。我們在維持承保獲利能力達到預期水準的同時，也增加了保費收入。隨著保費成長持續超過固定費用的成長，我們正在獲得有意義的營運槓桿。

As we outlined during our Investor Day, there are four key drivers of future gross written premium growth: organic growth from existing hybrid fronting programs, addition of new hybrid fronting programs, scaling our new homes channel within HHIP, and expanding HHIP beyond the new homes channel.

正如我們在投資者日期間概述的那樣，未來總承保保費增長有四個關鍵驅動因素：現有混合前端計劃的有機增長、增加新的混合前端計劃、在 HHIP 內擴展我們的新房渠道以及將 HHIP 擴展到新房渠道之外。

In Q2, we made strong progress on most of these growth drivers. Gross written premium grew 16% year over year to $299 million, up from $258 million in Q2 of last year. This growth was driven by our hybrid fronting programs, with existing programs contributing $24 million in organic growth and new programs adding $23 million.

在第二季度，我們在大多數成長動力方面都取得了重大進展。毛承保保費年增 16% 至 2.99 億美元，高於去年第二季的 2.58 億美元。這一增長是由我們的混合前端計劃推動的，其中現有計劃貢獻了 2400 萬美元的有機增長，新計劃則貢獻了 23​​00 萬美元。

In HHIP, we observed a mixed trend where the growth in our new homes channel was more than offset by the reduction in cat exposure from existing homes, resulting in a 9% year-over-year reduction in gross written premium for HHIP.

在 HHIP 中，我們觀察到一種混合趨勢，即新房屋通路的成長被現有房屋巨災風險的減少所抵消，導致 HHIP 的總承保保費同比下降 9%。

Looking ahead, there are two trends that we expect to bring HHIP back to gross written premium growth. The Baldwin partnership provides us access to approximately 3 times more new homes closings, supporting our continued expansion within the new homes channel. And second, we prefer to expand growth beyond new homes, selling policies to customers with existing homes through select partners and in new states, providing geographical diversification.

展望未來，我們預計有兩種趨勢將使 HHIP 恢復總承保保費成長。與 Baldwin 的合作使我們獲得了大約 3 倍的新房成交量，支持我們在新房渠道的持續擴張。其次，我們更傾向於將成長點拓展到新房屋之外，透過精選合作夥伴和在新州向現有房屋的客戶銷售保單，實現地理多樣化。

In Q2, revenue grew 31% to $117 million, up from $90 million in Q2 of last year. The increase was driven by gross earned premium growth of 12% to $238 million, up from $212 million in Q2 of last year; as well as an increase in premium retention, which grew 9 percentage points to 39%, up from 30% in Q2 of last year.

第二季度，營收成長 31%，達到 1.17 億美元，高於去年第二季的 9,000 萬美元。推動這一成長的因素包括：總保費收入成長 12% 至 2.38 億美元，高於去年第二季度的 2.12 億美元；以及保費留存率的提高，保費留存率從去年第二季度的 30% 增長 9 個百分點至 39%。

The increase in premium retention was driven by two main factors: one, higher risk retention at hybrid fronting programs, where the risk profile and underwriting profits were attractive; and two, a shift away from quota share reinsurance at [SJP].

保費留存率的提高主要由兩個因素推動：一是混合前置保險計劃的風險留存率較高，其風險狀況和承保利潤頗具吸引力；二是​​分保再保險的轉變。[SJP]。

Our premium retention in Q2 is approaching the long-term target range of between 40% and 45% that we recently shared during our Investor Day. As a core part of our strategy, we plan to be opportunistic and respond quickly to market conditions by dialing up or down premium retention, guided by return on equity.

我們第二季的保費保留率正在接近我們最近在投資者日期間分享的 40% 至 45% 之間的長期目標範圍。作為我們策略的核心部分，我們計劃抓住機會，根據股本回報率提高或降低保費保留率，快速回應市場狀況。

In Q2, our consolidated net loss ratio improved 46 percentage points year over year to 47%. This improvement was driven by previous underwriting and rate actions earning through our financials, enhanced claim operations, and favorable reserve development across multiple lines of business. Even when we exclude the benefit of the reserve release from prior accident year, our net loss ratio would have been 55%, well below the long-term target of between 60% and 65% we shared at our Investor Day.

第二季度，我們的合併淨虧損率較去年同期改善了46個百分點，達到47%。這項改善是由我們財務部門先前的核保和利率行動收益、增強的索賠業務以及多個業務線的有利儲備發展所推動的。即使我們不考慮前一年事故準備金釋放帶來的好處，我們的淨損失率也只有 55%，遠低於我們在投資者日上分享的 60% 至 65% 的長期目標。

The net loss ratio for our hybrid fronting programs increased 4 percentage points to 37%. As we nearly doubled net earned premium from our hybrid fronting programs compared with Q2 of last year, we continue to demonstrate our ability to not compromise on underwriting discipline while driving significant growth.

我們的混合前端計畫的淨損失率增加了 4 個百分點，達到 37%。與去年第二季度相比，我們的混合前端計劃的淨保費收入幾乎翻了一番，我們繼續證明了我們在實現顯著增長的同時不妥協承保紀律的能力。

The HHIP net loss ratio improved 58 percentage points year over year to 55%, driven by improvements in gross loss ratio and our prior quota share reinsurance treaties running off, resulting in a better match between net premium and losses. Gross loss ratio of HHIP improved 41 percentage points year over year to 44%.

HHIP 淨損失率年比改善 58 個百分點至 55%，這得益於毛損失率的改善以及我們先前的配額再保險合約的到期，從而使淨保費和損失之間的匹配度更高。HHIP的毛損失率較去年同期改善了41個百分點，達到44%。

Non-PCS loss ratio improved 26 percentage points to 34%, while PCS loss ratio improved 14 percentage points to 11%.

非PCS損失率改善了26個百分點，至34%，而PCS損失率改善了14個百分點，至11%。

Even when excluding the benefit from reserve release from prior accident year, HHIP gross loss ratio improved 44 percentage points to 56%. The improvement in gross loss ratio was driven by improved rate, changes in terms and conditions, better underwriting processes, and enhanced claims operations.

即使不包括上一事故年度準備金釋放帶來的收益，HHIP 的總損失率也提高了 44 個百分點，達到 56%。毛損失率的改善得益於費率的提高、條款和條件的變化、承保流程的改善以及理賠業務的加強。

In Q2, we continue to deliver top-line growth while simultaneously reducing our operating expenses, both as a percentage of revenue and on an absolute dollar basis.

在第二季度，我們繼續實現營收成長，同時降低營運費用（無論是佔收入的百分比還是絕對美元金額）。

In Q2, our combined sales and marketing, technology and development, and general and administrative expenses declined by $6 million compared with the same period last year, representing a 16% decrease. When combined with the increase in our revenue over the same period, these costs fell from 46% of revenue in Q2 of last year to 30% of revenue this quarter. This reduction reflects ongoing efficiency gains across our operations and signals our ability to scale the business more effectively in future quarters.

第二季度，我們的銷售和行銷、技術和開發以及一般和行政費用總額與去年同期相比下降了 600 萬美元，降幅為 16%。與我們同期營收的成長相結合，這些成本從去年第二季營收的 46% 下降到本季營收的 30%。這一減少反映了我們整個營運的效率不斷提高，並標誌著我們有能力在未來幾季更有效地擴大業務規模。

Q2 net income came in at $1 million, a $41 million improvement compared to Q2 of last year. The drivers of this improvement included top-line growth while diversifying the premium base, improving consolidated net loss ratio, better operating leverage, and lower stock-based compensation expense.

第二季淨收入為 100 萬美元，與去年第二季相比增加了 4,100 萬美元。這項改善的驅動因素包括收入成長、保費基礎多樣化、綜合淨虧損率改善、營運槓桿提高以及股票薪酬費用降低。

Q2 adjusted net income came in at $17 million, a $37 million improvement compared to Q2 of last year. The same factors that drove the net income improvement also contributed to the increase in adjusted net income, with the exception of stock-based compensation expense, which does not impact adjusted net income.

第二季調整後淨收入為 1,700 萬美元，與去年第二季相比增加了 3,700 萬美元。推動淨收入改善的相同因素也促進了調整後淨收入的增加，但股票薪酬費用除外，該費用不會影響調整後淨收入。

Q2 ending cash and investments increased quarter over quarter by $76 million to $604 million. This increase was primarily driven by the $50 million surplus note issuance and seasonal working capital changes, including payments received from reinsurers.

第二季末現金和投資季增 7,600 萬美元，達到 6.04 億美元。這一增長主要得益於 5,000 萬美元的盈餘票據發行和季節性營運資本變化，包括從再保險公司收到的付款。

On July 1, 2025, we closed on the sale of our homebuilder distribution network to Westwood Insurance Agency, LLC. The sale consisted of $75 million in upfront cash and $25 million in cash to be paid in the first quarter of 2026. During the third quarter of fiscal year 2025, we expect to record a gain of approximately $90 million in our consolidated financial statements.

2025 年 7 月 1 日，我們完成了將房屋建築商分銷網絡出售給 Westwood Insurance Agency, LLC 的交易。此次出售包括 7,500 萬美元的預付現金和 2,500 萬美元將於 2026 年第一季支付的現金。在 2025 財年第三季度，我們預計合併財務報表將錄得約 9,000 萬美元的收益。

On July 1, 2025, we repurchased approximately 514,000 shares of our common stock beneficially owned by Lennar in a private transaction at a price per share of $28.17 for an aggregate purchase price of $14.5 million. The repurchase of the shares was made under our existing share repurchase program. As of July 1, 2025, after giving effect to the repurchase of the shares, approximately $18 million will remain authorized and available under our share repurchase program.

2025 年 7 月 1 日，我們透過私人交易回購了 Lennar 受益擁有的約 514,000 股普通股，每股價格為 28.17 美元，總購買價為 1,450 萬美元。此次股票回購是根據我們現有的股票回購計畫進行的。截至 2025 年 7 月 1 日，在股票回購生效後，根據我們的股票回購計劃，仍將授權並可用約 1,800 萬美元。

As we look ahead to the rest of the year, we are raising full-year guidance for all the key metrics we highlighted during our Investor Day. While additional details, including quarterly guidance, could be found in our Q2 shareholder letter, the summary of the guidance and expected drivers are as follows:

展望今年剩餘時間，我們將提高投資者日期間強調的所有關鍵指標的全年預期。雖然包括季度指引在內的更多詳細資訊可以在我們的第二季股東信中找到，但指引摘要和預期驅動因素如下：

We are raising the lower end of our guidance for gross written premium for full-year 2025 from between $1.05 billion and $1.1 billion to between $1.07 billion and $1.1 billion, driven by stronger performance of newly launched programs.

由於新推出的項目表現更強勁，我們將 2025 年全年毛承保保費預期下限從 10.5 億美元至 11 億美元上調至 10.7 億美元至 11 億美元。

Similar to the trend experienced in 2024, we expect Q3 and Q4 to record lower gross written premium versus Q2 on an absolute basis but represent an acceleration in year-over-year growth versus Q2.

與 2024 年的趨勢類似，我們預計第三季和第四季的毛承保保費絕對值將低於第二季度，但年增率將比第二季加快。

We expect revenue for full-year 2025 to come in between $460 million and $465 million. We expect the selling of the homebuilder distribution assets to lower revenue in Q3 and Q4 by approximately $5.5 million and $6.5 million, respectively, compared with the guidance provided prior to announcing this transaction.

我們預計 2025 年全年營收將在 4.6 億美元至 4.65 億美元之間。我們預計，與宣布此次交易之前提供的指導相比，出售房屋建築商分銷資產將分別導致第三季和第四季的收入減少約 550 萬美元和 650 萬美元。

We are updating guidance for consolidated net loss ratio for full-year 2025, improving from between 72% and 74% to between 67% and 69%, driven by positive loss trends reflected in our Q2 results.

我們正在更新 2025 年全年合併淨虧損率指引，從 72% 至 74% 改善至 67% 至 69% 之間，這得益於我們第二季業績反映出的正向虧損趨勢。

When neutralizing the impact of prior and current accident year reserve changes in Q2, we expect consolidated net loss ratio to increase slightly in Q3 due to seasonally higher non-PCS losses, followed by an improvement in Q4.

當抵銷第二季度前一年和當前事故年度準備金變化的影響時，我們預計合併淨損失率將在第三季度略有上升，原因是季節性非 PCS 損失增加，隨後在第四季度有所改善。

We are raising guidance for net income for full-year 2025 from between $65 million and $69 million loss to net income positive of between $35 million and $39 million, driven by the improved net loss ratio trends discussed already, as well as the one-time gain on sale from selling the homebuilder distribution assets.

我們將 2025 年全年淨收入預期從虧損 6,500 萬美元至 6,900 萬美元上調至淨收入正值 3,500 萬美元至 3,900 萬美元之間，這得益於上文討論過的淨虧損率趨勢的改善，以及出售房屋建築商資產的一次性銷售收益。

We're also raising guidance for adjusted net income for full-year 2025 from between $10 million and $14 million loss to between $4 million loss and breakeven, driven by improved net loss ratio trends discussed on this call.

我們也將 2025 年全年調整後淨收入預期從虧損 1,000 萬美元至 1,400 萬美元之間上調至虧損 400 萬美元至損益平衡之間，這得益於本次電話會議討論的淨虧損率趨勢的改善。

With that, operator, I would now like to open the floor to questions.

接線員，現在我想開始回答問題。

(Operator Instructions)

（操作員指示）

Andrew Andersen, Jefferies.

安德魯安德森，傑富瑞集團。

If we look at the guide for '25 -- and you touched on it a bit -- could we talk about some of the upside optionality or limitations here? Are you waiting on any more rate approvals for the HHIP product before starting to write more on either the new home programs or the existing? Should we think of the second quarter as perhaps the final quarter of retrenchment in HHIP?

如果我們看一下 25 年的指南 — — 您稍微提到了這一點 — — 我們可以討論一下這裡的一些上行可選性或限制嗎？在開始撰寫有關新房屋計劃或現有計劃的更多內容之前，您是否正在等待 HHIP 產品的更多費率批准？我們是否應該將第二季視為 HHIP 裁員的最後一個季度？

I'll go ahead and take that one, Andrew. A couple of different things.

我會繼續接受這個，安德魯。有幾件不同的事情。

Taking a half a step back, I don't think any effectively managed insurance organization in this environment is ever done taking rate actions. Costs continue to go up. I think if you stay ahead of the curve, you're consistently taking much smaller rate increases than we've done in the past.

退一步來說，我認為在這種環境下，任何管理有效的保險機構都不會停止採取利率行動。成本持續上漲。我認為，如果你保持領先地位，你就會持續採取比過去小得多的利率成長。

But going forward, I think the substantial rate increases to really remediate our portfolio are done. Not all of those premiums have worked themselves into the P&L yet. So I would say the majority of the work is done. Still, there's some tailwind upside benefit. But we will continue to take rate as our expected loss ratios start to deteriorate.

但展望未來，我認為大幅提高利率以真正改善我們的投資組合的措施已經完成。這些溢價尚未全部計入損益。所以我想說大部分工作都已經完成了。儘管如此，還是存在一些順風優勢。但隨著預期損失率開始惡化，我們將繼續採取利率。

Our goal, of course, is to stay in a sweet-spot range of profitability. Those will continue but not nearly to the degree that we've done so in the past.

當然，我們的目標是保持最佳獲利範圍。這些情況將會持續下去，但不會達到我們過去所達到的程度。

And then, just on the net loss ratio guide, for the second half, it was unchanged. But could you remind us or just help us think about the cat loss ratio component in the second half of the year and remind us of the Southeast wind exposures you all have on the fronting side, as well as the HHIP side?

然後，僅就淨損失率指南而言，下半年沒有變化。但您能否提醒我們，或只是幫助我們思考下半年的巨災損失率組成部分，並提醒我們您在正面以及 HHIP 側面所面臨的東南風暴露情況？

Yeah. Guy, why don't you take the first part and I'll take the second part?

是的。蓋伊，為什麼你不拿第一部分，我拿第二部分？

Sure. Andrew, as you mentioned, the guide for the second half remains unchanged.

當然。安德魯，正如您所說，下半場的指南保持不變。

From an HHIP perspective, it is similar to what we shared before. So it is roughly 15 points of cats in Q3 and then another 11 points or so in Q4. And then, there's also some cat load on the fronting programs that the [rainy] season is approaching.

從 HHIP 的角度來看，它與我們之前分享的類似。因此，Q3 中的貓分數大約為 15 分，Q4 中的貓分數又為 11 分左右。此外，隨著雨季的臨近，前置程序也面臨一些負荷。

So yeah, we remain unchanged from that perspective.

是的，從這個角度來看我們保持不變。

Yeah. Andrew, related to the question about our exposure to Southeast hurricane, just as a reminder, on the HHIP program, the only thing we write in Florida, as an example, are newly constructed homes. That portfolio has gone through three hurricanes and has performed very well.

是的。安德魯，關於我們受到東南颶風影響的問題，提醒一下，在 HHIP 計劃中，我們在佛羅裡達州唯一寫的例子是新建的房屋。該投資組合經歷了三次颶風，表現非常出色。

On the fronting side of the business, we do take some exposure with MSI and a few other small commercial providers but we think that we have amply baked our participation in our cat load predictability. And so we feel good about our exposure in that particular area, even going into hurricane season.

在業務的前端，我們確實與 MSI 和其他一些小型商業供應商有一些合作，但我們認為我們已經充分參與了我們的負載可預測性。因此，即使進入颶風季節，我們對在該地區的業務表現感到滿意。

Randy Binner, B. Riley.

蘭迪·賓納、B·萊利。

Just continuing with that line of questioning, do you disclose your per event limit on if you had a large cat in the third quarter of any nature across your book? Do you have a per event limit that you disclose?

繼續這個問題，如果您在書中的第三季度中出現任何性質的大型貓科動物，您是否會披露每次事件的限制？你們是否有揭露每個活動的限制？

Just, could you just walk us through, like, how your reinsurance is structured for that?

您能否向我們簡單介紹一下，您的再保險是如何建構的？

Yeah. We don't disclose that, specifically, Randy. But let me just give you a little bit of information, the way that we think about reinsurance.

是的。具體來說，我們不會透露這一點，蘭迪。但是，請允許我向您提供一點信息，即我們對再保險的看法。

For all intents and purposes on the HHIP program, for any regular or attritional losses, we have very little quota share. We take almost all of that net. We do then buy layers of XOL above that to protect from earnings type events. And then, we also buy corporate cat, not only over the HHIP portfolio but also all of the portfolios in which we take property exposure within Spinnaker.

對於 HHIP 計劃的所有意圖和目的而言，對於任何常規或損耗損失，我們的配額份額都很少。我們幾乎佔據了整個網路。然後，我們確實購買了上面的 XOL 層，以防止收益類型事件的影響。然後，我們也購買企業巨災保險，不僅包括 HHIP 投資組合，還包括 Spinnaker 內所有涉及房地產風險的投資組合。

So we believe we have ample reinsurance protection to see us through any of these individual events.

因此，我們相信，我們有足夠的再保險保障來幫助我們度過任何個別事件。

Also, as a reminder, each of the programs we support, they have their own reinsurance treaties and towers -- typically, quota share with some XOL, if it's property exposed -- and then, of course, that overarching corporate cat that we have.

另外，需要提醒的是，我們支持的每個項目都有自己的再保險條約和塔樓——通常，如果是財產風險，則會與一些 XOL 共享配額——當然，還有我們擁有的整體企業貓。

We only take a fraction of the underlying exposure on most programs. So we don't have a lot of exposure related to that. We think we've got good solid reinsurance support in the event of any large loss.

在大多數專案中，我們只承擔一小部分潛在風險。所以我們對此沒有太多的了解。我們認為，如果發生任何重大損失，我們都會得到良好且穩固的再保險支持。

Okay. Understood. You said you're baking in 15% of cat for 3Q and 11% for 4Q. Did I hear that correctly?

好的。明白了。您說您在 3Q 中烘烤了 15% 的貓，在 4Q 中烘烤了 11% 的貓。我沒聽錯吧？

On HHIP, yeah, 15% in 3Q and about 11% in 4Q. Correct.

關於 HHIP，是的，第三季為 15%，第四季約為 11%。正確的。

Okay. Great. And then, just a higher-level question. Obviously, the gross written was pretty good in the quarter. Can you just give us an update on how homeowners insurance is increasingly expensive in the US?

好的。偉大的。然後，這只是一個更高層次的問題。顯然，本季的總銷售額相當不錯。您能否向我們介紹一下美國房屋保險費用日益上漲的最新情況？

You're more focused on homebuilders. There's a lock-in effect in the homeowners market. Can you just give us, like, a quick overview of where your buyers are; how you're resonating with distribution; and, just, how you're fitting into the overall fragmented and higher-priced homeowners market?

您更關注房屋建築商。房主市場存在鎖定效應。您能否簡單介紹一下您的買家在哪裡；您在分銷方面如何取得共鳴；以及您如何適應整體分散且價格較高的房主市場？

Yeah. It's a challenging market for consumers, for sure. I think insurance organizations are finally reaching layers of or levels of rate adequacy. Frankly, I think that, over time, the industry, consumers, and providers of home repairs are going to have to come up with a better solution.

是的。對消費者來說，這無疑是一個充滿挑戰的市場。我認為保險機構最終達到了費率充足性的層級或等級。坦白說，我認為，隨著時間的推移，行業、消費者和房屋維修提供者都必須想出更好的解決方案。

I don't anticipate weather-related events to decrease. If anything, they're likely to increase.

我預計與天氣有關的事件不會減少。如果有的話，它們可能會增加。

Simply raising deductibles or putting roof schedules on homes are not in the best interest of customers. So it's my belief that, over time, we're going to find these types of weather-related exposures -- for the risk for those -- to be taken outside of a traditional homeowners policy, similar to what happened with earthquake.

簡單地提高免賠額或對房屋設置屋頂時間表並不符合客戶的最佳利益。因此，我相信，隨著時間的推移，我們會發現這些與天氣相關的風險，即這些風險，被排除在傳統的房屋保險範圍之外，就像地震時發生的情況一樣。

I also think we're starting to see more parametric providers pop up to do things like deductible buydown or deductible buyback as it relates to some of these types of things. I think that's going to take time.

我還認為，我們開始看到更多的參數提供者出現，做一些諸如可扣除買斷或可扣除回購之類的事情，因為它與這些類型的事情有關。我認為這需要時間。

What we've really focused on at Hippo is two things. One, where we were exposed in HHIP to weather-related events, we have significantly decreased our exposure in those particular areas. And then, we've also -- as we've said in our strategic three-year forecast, our objective is to build a well-balanced portfolio in which homeowners is only a portion, which creates a couple of things. It creates more revenue predictability and reduced volatility.

我們在 Hippo 真正關注的是兩件事。首先，在 HHIP 中，我們暴露於與天氣有關的事件，而現在，我們已經顯著減少了在這些特定區域的暴露。然後，正如我們在三年策略預測中所說的那樣，我們的目標是建立一個均衡的投資組合，其中房主只是一部分，這會產生一些影響。它提高了收入的可預測性並降低了波動性。

So that's the way we look at it.

這就是我們看待這個問題的方式。

From a consumer perspective, Randy, answering that question, we generally resonate with customers of either, a, new homes; or, b, people that want to keep their homes acting, looking, feeling, sounding like a new home -- so proactive preventative services provided to our customers to help them protect that joy of homeownership.

蘭迪，從消費者的角度來看，回答這個問題時，我們通常會與以下兩種客戶產生共鳴：a，新房客戶；或者，b，那些希望自己的房子保持新樣子、外觀、感覺和聲音的人——因此，我們為客戶提供主動的預防服務，幫助他們保護擁有房屋的快樂。

That's the types of customers we've gone for traditionally and certainly do now. I think the entry into new homeowners with new homes transitions nicely as those homes age, as the homebuilder warranty starts to expire for them to partner with a provider like Hippo that tries to create ongoing value by protecting their home and mitigating exposures through the use of IoT devices, through the use of proactive preventative maintenance, and other aspects that we assist customers on.

這是我們傳統上所追求的客戶類型，現在當然也追求這些類型。我認為，隨著房屋老化，新房主進入新房市場的過程會很順利，因為房屋建築商的保固期開始到期，他們可以與 Hippo 這樣的供應商合作，試圖透過使用物聯網設備、主動預防性維護和我們協助客戶的其他方面來保護他們的房屋並減輕風險，從而創造持續的價值。

Tommy McJoynt, KBW.

湯米·麥克喬伊特，KBW。

It's [Tina], on for Tony.

我是 [Tina]，替 Tony 上場。

My first question is on operating leverage. You mentioned that fixed expenses declined 16% this quarter. Just curious, as you scale towards the $2 billion gross written premium, at what revenue level do you anticipate needing significant fixed cost investments? How will you maintain this operating leverage momentum, going forward?

我的第一個問題是關於經營槓桿。您提到本季固定支出下降了 16%。只是好奇，當您向 20 億美元的毛承保保費目標邁進時，您預計在什麼收入水平下需要大量的固定成本投資？未來您將如何維持這種經營槓桿動能？

I'm sorry. You cut out a little bit there. Could you repeat the question?

對不起。你把那裡剪掉了一點。你能重複一下這個問題嗎？

My question is on operating leverage. You mentioned that your fixed expenses declined 16%. I just wonder, like, as you scale towards the $2 billion gross written premium, at what revenue level do you anticipate needing more fixed cost investments? How will you maintain this operating leverage, going forward?

我的問題是關於經營槓桿。您提到您的固定支出下降了 16%。我只是想知道，當您向 20 億美元的毛承保保費目標邁進時，您預計在什麼收入水平下需要更多的固定成本投資？未來您將如何維持這種經營槓桿？

Yeah. Happy to take this question. This is Guy.

是的。很高興回答這個問題。這是蓋伊。

As we're approaching our Investor Day, our three-year plan that will take us to more than $2 billion of premium and more than $125 million of adjusted net income, what we guided there is that in order for that to happen, we need to grow the written premium over the horizon by a bit more than 20%. What we also said is that we expect the operating leverage to grow slower than that at around 8%.

隨著投資者日的臨近，我們的三年計畫將使我們的保費收入超過 20 億美元，調整後的淨收入超過 1.25 億美元，我們當時的指導是，為了實現這一目標，我們需要將未來的保費收入增長 20% 以上。我們也表示，我們預期經營槓桿的成長速度將低於8%左右。

So as you mentioned, we don't expect the fixed expense to continue to go down. It will start to go up but the entirety of the operating leverage is what's going to allow us to grow them significantly slower and to boost more profit into the bottom line.

正如您所說，我們預計固定支出不會繼續下降。它將開始上升，但整個營運槓桿將使我們能夠以顯著緩慢的速度成長，並將更多的利潤轉化為底線利潤。

Yeah. Just to add to what Guy said, over the last two-and-a-half years, we've made tremendous progress on operational efficiency within the organization across all aspects of our business.

是的。補充一下蓋伊所說的，在過去兩年半的時間裡，我們在組織內部業務各個方面的營運效率方面取得了巨大進步。

Although we've made tremendous progress, I don't think we've made all the progress. I think we have an inherently scalable platform that will allow us to continue to add premium disproportionately to the amount of expense that go along with it.

儘管我們已經取得了巨大的進步，但我認為我們還沒有全部進步。我認為我們擁有一個本質上可擴展的平台，這將使我們能夠繼續以不成比例的方式增加保費，而隨之而來的是費用。

We don't talk a lot about what we're doing in the AI front but there are operational efficiency measures that we have deployed that we believe will continue to help that trend of increasing premiums and revenues without commensurate increases in fixed expenses.

我們並沒有過多談論我們在人工智慧方面所做的工作，但我們已經部署了一些營運效率措施，我們相信這些措施將繼續有助於在不相應增加固定支出的情況下增加保費和收入的趨勢。

So we think we've made good progress but we don't think we've made all of the progress as a percentage of premiums and revenues.

因此，我們認為我們已經取得了良好的進展，但我們不認為我們在保費和收入的百分比方面取得了所有的進展。

The last thing I would add is when we think about the broader portfolio that we have and the scalability of the fronting carrier that we have, this is what is allowing us to continue adding programs.

我要補充的最後一點是，當我們考慮到我們擁有的更廣泛的產品組合以及我們擁有的前端運營商的可擴展性時，這就是使我們能夠繼續添加程序的原因。

We just mentioned this quarter that $23 million of gross written premium came from new launch programs. Usually, when we launch these programs, we don't need to add significant fixed expense. We expect that to continue. It's part of what makes the platform very scalable.

我們剛剛提到，本季有 2,300 萬美元的毛保費來自新推出的項目。通常，當我們啟動這些專案時，我們不需要增加大量的固定開支。我們預計這種情況將會持續下去。這是使平台具有高度可擴展性的部分原因。

Got it. My second question is on the MGA partnership. In your letter, you mentioned you guys added 2 MGA partners with commercial and casualty lines. Just curious on what specific criteria drives your MGA partner selection? How do you evaluate the risk-return profile of new program versus existing?

知道了。我的第二個問題是關於 MGA 合作夥伴關係。在您的信中，您提到您增加了 2 個擁有商業和意外險業務的 MGA 合作夥伴。只是好奇您選擇 MGA 合作夥伴的具體標準是什麼？您如何評估新項目與現有項目的風險回報狀況？

Yeah. Thank you for the question. I appreciate the question. I think it's important as we talk about what differentiates our Spinnaker platform from other avenues in which an entity might be able to take inherent underwriting risk.

是的。謝謝你的提問。我很感謝你提出這個問題。我認為，當我們討論 Spinnaker 平台與其他實體可能承擔固有承保風險的途徑的差異時，這一點很重要。

Typically, when we engage with a new MGA, it's a fully fronted deal. We typically do not take much, if any, underwriting risk. As that program matures and as we have the data to support our conviction that this is a well-managed, well-run program, we then start participating in risk as that program starts to mature. So we never really feel compelled to participate in risk, unless we have strong conviction in a particular program's operating and underwriting capabilities.

通常，當我們與新的 MGA 合作時，這是一項全面交易。我們通常不會承擔太多承保風險（如果有的話）。隨著該計劃的成熟，並且我們有數據來支持我們的信念，即這是一個管理良好、運作良好的計劃，我們便會在該計劃開始成熟時開始參與風險。因此，我們從未真正感到有必要承擔風險，除非我們對某個特定計劃的運作和承保能力有強烈的信心。

We also want to make sure that we have a portfolio in which the various product lines work together to reduce volatility in any particular product line or particular event. So adding more casualty to our portfolio creates ballast against the high property that we currently have in the portfolio.

我們還希望確保我們擁有一個產品組合，其中各種產品線能夠協同工作，以減少任何特定產品線或特定事件的波動。因此，在我們的投資組合中增加更多的意外險可以抵消我們目前投資組合中高額的財產損失。

That's the efforts of our fronting team to make sure that we are going out and we are plugging holes in that desired portfolio with operators and MGAs that we believe will produce positive underwriting results.

這就是我們的前線團隊的努力，以確保我們能夠走出去，並與營運商和 MGA 一起填補理想投資組合中的漏洞，我們相信這將產生積極的承保結果。

Then, they prove that over time; and then, we start participating in risk. So we're well positioned to pick and choose our level of risk participation, based on our view of quality.

然後，他們隨著時間的推移證明了這一點；然後，我們開始參與風險。因此，我們可以根據自己的品質觀點來選擇風險參與程度。

The last thing I'll say in this area is we have also sent programs into run-off ones that do not meet our threshold. Whether we take risk or don't take risk, we send ones into run-off that we believe will not produce a favorable gross loss ratio, not just a net loss ratio for our participation.

在這方面我要說的最後一件事是，我們也將不符合我們門檻的專案送入了決選階段。無論我們承擔風險或不承擔風險，我們都會將那些我們認為不會產生有利的總損失率（而不僅僅是我們參與的淨損失率）的風險送入決勝階段。

So we're highly disciplined in this area. We have more than 10 years of history doing this as Spinnaker. We're going to continue to leverage that on a go-forward basis.

所以我們在這個領域非常嚴謹。Spinnaker 在這方面已有 10 多年的歷史。我們將繼續利用這一點。

(inaudible). Got it. Thank you so much for the color.

（聽不清楚）。知道了。非常感謝你提供的顏色。

You're very welcome.

不用客氣。

At this time, we have no further questions registered.

目前，我們沒有其他問題。

And so I'll hand back to President and CEO, Rick McCathron, for closing remarks.

因此，我將把發言權交還給總裁兼執行長 Rick McCathron，請他做最後一次發言。

Well, first of all, I'd like to thank all of you for joining us this morning. We are immensely pleased with the performance of this quarter. I think this is showing the hard work that the team has done over the last several quarters, really getting our business well positioned for the future.

嗯，首先，我要感謝大家今天早上的參加。我們對本季的表現非常滿意。我認為這體現了團隊在過去幾季所做的努力，確實為我們的業務做好了良好的未來準備。

We think we now have that well-positioned stance. It is our objective to consistently demonstrate positive returns, both on equity and underwriting performance.

我們認為，我們現在已經具備了良好的地位。我們的目標是持續實現股權和承保績效的正回報。

So we look forward to sharing our continued progress next quarter. We, again, thank you for joining us this morning. Have a wonderful day.

因此，我們期待下個季度分享我們的持續進展。我們再次感謝您今天上午加入我們。祝您有美好的一天。

Thank you all for joining us today. This concludes our call. You may now disconnect your lines.

感謝大家今天的參與。我們的通話到此結束。現在您可以斷開線路了。