HGTY Hagerty (HGTY) Q4 FY25 earnings call
Hagerty delivered strong Q4 and full-year FY25 results, marked by significant revenue and profit growth, driven by new member acquisition and marketplace expansion. The company is undergoing a strategic transition with a new Markel fronting arrangement in 2026, which will lead to temporary accounting noise and a reported GAAP net loss, despite underlying profit and cash flow growth. Management emphasizes focusing on adjusted EBITDA for 2026 to reflect the true operational performance.
You’re reading a preview. Opening the full call uses 1 concall credit.
Sign in to use your monthly call allowance.
HGTY operating KPIs by quarter
| KPI | This call Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Policy retention rate | 89%Written premiums grew 19% due to robust new business count helped by ramping State Farm conversions and our 89% retention.Source: earnings call transcript | 89%PIF growth jumped 15% as our retention rate remained steady at an industry-leading 89%.Source: earnings call transcript | 88%Our high rates of PIF growth and industry-leading retention of 88% powers consistent compounding growth and provides us with excellent visibility into future revenue streams, particularly as we unlock our partnership opportunities by deepening existing relationships and adding new ones.Source: earnings call transcript | -1 pt |
| Combined ratio Hagerty Re | — | 87%Hagerty Re's combined ratio was 87%, and we took down our reserves by $6 million in the first quarter.Source: earnings call transcript | 90%Turning to profitability, shown on slides 7 and 8, Hagerty-Ree's combined ratio came in at 90% in the second quarter, despite inflationary pressures.Source: earnings call transcript | +3 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.