Hippo Holdings Inc.

Good afternoon. Thank you for attending today's HIPAA fourth quarter 22 earnings call. My name is Hannah, and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press star 1 on your telephone keypad. I would now like to pass the conference over to our host, Cliff Gallant, Investor Relations. Please go ahead.

Thank you, operator. Good afternoon, everybody. And thank you for joining HIPPO's fourth quarter earnings conference call. Earlier, HIPPO issued a shareholder letter announcing its results, which is available at investors.hippo.com. Leading today's discussions will be HIPPO Chief Executive Officer and President Rick McCatherin and Chief Financial Officer Stuart Ellis. Following management's prepared remarks, we'll open up the call to questions. Before we begin, I'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, pivotal expectations or predictions of financial and business performance and conditions in competitive and industry outlook. Forward-looking statements are subject to risks, uncertainties, and other factors that could cause our actual results to differ materially from historical results and or from our forecasts including those set forth in HIPAA's 8-K file today. For more information, please refer to the risk, uncertainties, and other factors discussed in HIPAA's SEC filings, in particular in the sections entitled Risk Factors. 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 HIPAA's SEC filings. Do not place undue reliance on forward-looking statements, as HIPAA is under no obligation and expressly disclaims any responsibility for updating, altering, or otherwise revising any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. During this conference call, we will also refer to non-GAAP financial measures, such as total generated premium 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 fourth quarter 2002 shareholder letter, which has been furnished to the SEC and available on our website. And with that, I'll turn the call over to Rick McCatherin, our president and CEO.

Good afternoon, everyone. HIPAA was founded in 2015 with a bold vision to fundamentally improve the homeowner's insurance experience by partnering with customers, helping them better maintain and protect their homes. It takes a long time to build a profitable insurance company. Building a recognized consumer brand, developing best-in-class underwriting, and bringing enough customers together while wringing out the volatility of the policy portfolio. None of this happens overnight. The 10 largest homeowners insurance carriers in the U.S., on average, are over 100 years old, and they firmly have the advantages of time on their side. We believe the incumbent players have become complacent. Rapid technological change and the explosion of data and analytics capabilities over the past decade have not only made it possible for a company like Hippo to exist, but also to build a superior customer experience and a national footprint far faster than any legacy carrier could have imagined. Consumers have come to expect high standards of service, and Hippo is well-positioned to deliver. With Hippo's foundation firmly in place, 2022 was a year of rapid progress, advancing other aspects of our company. Success in this endeavor comes down to two simple things. First, make the experience of being a HIPPO customer the best around, so our customers will partner with us over the long term. When unfortunate things happen, we think modern protection is the best protection. Innovations in loss prevention and claims handling can put HIPPO at the forefront of customer care. Second, make the rest of our company as strong as our foundation. By using our technology to rapidly improve our ability to deliver on the fundamentals of insurance, we are now marching towards profitability ahead of schedule and creating a financial future that is built to last. Here are some of the highlights of what we developed for our customers and partners as we look back on the last 12 months. We launched our book, A Pro Pilot, in Texas. which enables HIPPO customers to use the HIPPO app and order home repair services through a curated network of providers. We're ramping up cross-selling of non-HIPPO products, both home and auto, as a third-party agency, allowing our customers to satisfy all of their insurance needs with HIPPO. We've added new builders to our builder network, and we recently launched HIPPO's Builders Insurance Agency for small, regional builders making HIPPO's new builder policy and experience available to a much larger group of prospective homeowners. We've also met and exceeded our KPI targets for the year, including 62 percentage points of gross loss ratio improvement in 2022 versus full year of 2021, improved our targeted marketing, over 75% of new customers fall within our Generation Better target market. Added geographic diversification, we're now in 40 states covering over 90 percent of the population. We've improved our claims experience through the use of aerial imagery to rapidly assess damage after catastrophes. We had TGP growth of 33 percent in 2022 over 2021. We successfully placed our 2023 reinsurance program with improved terms and conditions. And finally, we're getting ahead of costs, as Q4 saw a flattening of fixed operating expenses. We have a lot going on in HIPPO, but as we look out for 2023, there are a few key areas of focus for our company. First, we want to make sure that all of our customers have a superior HIPPO experience. whether they buy a HIPAA home insurance policy or one of our third-party offerings through our agency. Second, our HIPAA home insurance net loss ratio, which has already shown much progress, will show much more as the actions that we've already taken work their way into the results. Third, we are investing in HIPAA home care business which we believe will become a key differentiator of our customer experience in the years to come. As I begin my first full calendar year as HIPPO CEO, I could not be more excited about our vision and the execution we achieved in 2022, turning that vision into reality. The most exciting part is that for both our customers and our shareholders, the best is yet to come. Thanking you for your support and for joining us on this journey. I will now turn it over to Stuart to share a few more details on our financial performance.