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Insurtech Hippo posted third quarter 2025 net income of $98 million compared with a net loss of $9 million a year ago during the same period.

San Jose, California-based Hippo’s Q3 combined ratio improved to 100—a 28-point improvement from Q3 2024.

President and CEO Rick McCathron called Q3 a “breakout quarter,” recording a profit for the first time.

“We’re operating as a unified, technology-native platform that’s driving profitable growth, deepening diversification, and positioning us for long-term success,” he said in a statement.

Net income in Q3 was primarily driven by a $91 million net gain on the sale of its homebuilder distribution network , closed in Q3. Hippo also sold its majority stake in First Connect in the fourth quarter 2024.

Net written premium grew 30% to about $118 million. Hippo, the carrier for over 30 MGA programs in the U.S., said the renters insurance line was the main driver, with growth of $18 million year over year. Renters now comprises 22.4% of Hippo’s net premiums, up from 9.6% at this time a year ago. Commercial multiperil also makes up more of Hippo’s book of business, growing in Q3 to account for 11.5% of premiums from 2.5% in Q3 2024.

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Topics InsurTech Profit Loss Tech