Below are the financial statements of Hagerty, including the income statement and balance sheet for the company's latest fiscal year. All figures are accurate, verifiable, and fully traceable to the original annual filing where disclosed.
| All figures in millions of USD | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenue | — | — | — |
| Commission and fee revenue | 423.24a | 365.51a | 307.24a |
| Earned premium | 643.32a | 531.87a | 403.06a |
| Membership, marketplace and other revenue | 133.47a | 102.84a | 77.29a |
| Total revenue | 1,200.04a | 1,000.21a | 787.59a |
| Operating expenses | — | — | — |
| Salaries and benefits | -221.46a | -216.9a | -199.54a |
| Ceding commissions, net | -301.72a | -251.81a | -191.15a |
| Losses and loss adjustment expenses | -298.59a | -220.66a | -182.4a |
| Sales expense | -190.52a | -156.38a | -140.78a |
| General and administrative expenses | -82.5a | -85.43a | -89.07a |
| Depreciation and amortization | -38.91a | -45.81a | -33.89a |
| Restructuring, impairment and related charges, net | 0a | -8.81a | -18.32a |
| Gains, losses, and impairments related to divestitures | -0.09a | 4.01a | 0a |
| Total operating expenses | -1,133.62a | -989.81a | -855.15a |
| Operating income (loss) | 66.42a | 10.41a | -67.57a |
| Gain (loss) related to warrant liabilities, net | -8.54a | 11.54a | 41.9a |
| Revaluation gain on previously held equity method investment | 0a | 0a | 34.74a |
| Interest and other income (expense), net | 35.81a | 22.82a | 2.03a |
| Income before income tax expense | 93.68a | 44.77a | 11.1a |
| Income tax expense | -15.38a | -16.59a | -7.02a |
| Loss from equity method investment, net of tax | 0a | 0a | -1.68a |
| Net income | 78.3a | 28.18a | 2.4a |
| Net (income) loss attributable to non-controlling interest | -61.29a | -7.95a | 29.68a |
| Accretion of series a convertible preferred stock | -7.43a | -3.68a | 0a |
| Net income attributable to class a common stockholders | 9.59a | 16.55a | 32.08a |
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