Hamilton Insurance Group Ltd
For the period ended Dec 31, 2023. Filed Mar 7, 2024.
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FY2023 · Filed Mar 7, 2024
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Key Operating and Financial Metrics
The Company has identified the following metrics as key measures of the Company’s performance:
Book Value per Common Share
Management believes that book value is an important indicator of value provided to common shareholders and aligns the Company’s and most investors’ long term objectives. We calculate book value per common share as total common shareholders’ equity divided by the total number of common shares outstanding at the point in time.
| As at | ||
|---|---|---|
| ($ in thousands, except for share and per share amounts) | December 31, 2023 | December 31, 2022 |
| Closing common shareholders' equity | 2,047,850 | 1,664,183 |
| Closing common shares outstanding | 110,225,103 | 103,087,859 |
| Book value per common share | $18.58 | $16.14 |
Book value per common share was $18.58 at December 31, 2023, a $2.44 or 15.1% increase from the Company’s book value per common share of $16.14 at December 31, 2022. The increase in book value per common share was primarily driven by the Company’s net income attributable to common shareholders.
Tangible Book Value per Common Share
Management believes that tangible book value is an indicator of value provided to common shareholders and aligns the company’s and most investors’ long term objectives. We calculate tangible book value per common share as total common shareholders’ equity less intangible assets, divided by the total number of common shares outstanding at the point in time.
| As at | ||
|---|---|---|
| ($ in thousands, except for share and per share amounts) | December 31, 2023 | December 31, 2022 |
| Closing common shareholders' equity | 2,047,850 | 1,664,183 |
| Intangible assets | 90,996 | 86,958 |
| Closing common shareholders' equity, less intangible assets | 1,956,854 | 1,577,225 |
| Closing common shares outstanding | 110,225,103 | 103,087,859 |
| Tangible book value per common share | $17.75 | $15.30 |
Tangible book value per common share was $17.75 at December 31, 2023, a $2.45 or 16.0% increase from the Company’s tangible book value per common share of $15.30 at December 31, 2022. The increase in tangible book value per common share was primarily driven by the Company’s net income attributable to common shareholders.
Return on Average Common Shareholders' Equity
Management believes that return on average common shareholders’ equity or ("ROACE") is an important indicator of the Company’s profitability and financial efficiency. We calculate it by dividing net income (loss) attributable to common shareholders by average common shareholders' equity for the corresponding period.
| For the Years Ended | |||
|---|---|---|---|
| ($ in thousands) | December 31, 2023 | December 31, 2022 | November 30, 2021 |
| Net income (loss) attributable to common shareholders | 258,727 | (97,999) | 188,179 |
| Average common shareholders' equity for the period | 1,856,017 | 1,708,392 | 1,692,098 |
| Return on average common shareholders' equity | 13.9% | (5.7)% | 11.1% |
ROACE was 13.9% for the year ended December 31, 2023, compared to (5.7)% and 11.1% for the years ended December 31, 2022 and November 30, 2021, respectively. ROACE for the year ended December 31, 2023 was primarily driven by the Company's net income attributable to common shareholders. The change in ROACE for the years ended December 31, 2022 and November 30, 2021 was primarily driven by the Company's net income or loss attributable to common shareholders in the period.
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