Homeowners Insurance Market Opportunity

Our target operating model All shown as a % of Total Earned Premium¹ Normalized² 2020 Projected 2025 Long-Term Gross Loss Ratio³ 83% 62% 60% Adjusted Gross Profit 10% 28% 38% Operating Income4 1. Proforma for Spinnaker and NAAIS acquisition as of 1/1/18 2. Assuming a normalized 2020 Loss Ratio as described on page 35 (22%) 3% 15% 3. Includes Losses and Allocated Loss Adjustment Expenses and assumes steady-state CAT load in 2025; refers to all policies underwritten by Hippo's MGA, whether written on our own carrier or a 3rd party carrier; preliminary estimates, subject to change 4. On a Non-GAAP basis; represents Adjusted EBITDA plus investment income Proprietary and Confidential | 37

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