Hamilton Insurance Group, Ltd.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Results of Operations
The following is a comparison of selected data for our consolidated results of operations:
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands, except per share amounts) | 2025 | 2024 | 2023 |
| Gross premiums written | $2,923,145 | $2,422,582 | $1,951,038 |
| Net premiums written | $2,287,543 | $1,921,169 | $1,480,438 |
| Net premiums earned | $2,109,776 | $1,734,729 | $1,318,533 |
| Third party fee income(1) | 26,601 | 23,752 | 18,234 |
| Claims and Expenses | |||
| Losses and loss adjustment expenses | 1,258,521 | 1,010,173 | 714,603 |
| Acquisition costs | 507,290 | 388,931 | 309,148 |
| Other underwriting expenses(2) | 221,743 | 210,013 | 183,165 |
| Underwriting income (loss)(3) | 148,823 | 149,364 | 129,851 |
| Net realized and unrealized gains (losses) on investments | 687,111 | 511,407 | 209,610 |
| Net investment income (loss)(4) | 88,021 | 63,267 | 30,456 |
| Total net realized and unrealized gains (losses) on investments and net investment income (loss) | 775,132 | 574,674 | 240,066 |
| Other income (loss), excluding third party fee income(1) | — | — | 397 |
| Net foreign exchange gains (losses) | (5,985) | (3,231) | (6,185) |
| Corporate expenses(2) | 57,167 | 61,111 | 76,691 |
| Amortization of intangible assets | 15,709 | 15,520 | 10,783 |
| Interest expense | 20,189 | 22,616 | 21,434 |
| Income tax expense (benefit) | (15,124) | 8,402 | (25,066) |
| Net income (loss) | 840,029 | 613,158 | 280,287 |
| Net income (loss) attributable to non-controlling interest(5) | 263,359 | 212,729 | 21,560 |
| Net income (loss) attributable to common shareholders | $576,670 | $400,429 | $258,727 |
| Diluted income (loss) per share attributable to common shareholders | $5.55 | $3.67 | $2.44 |
| Key Ratios | |||
| Attritional loss ratio - current year | 54.4% | 53.1% | 52.2% |
| Attritional loss ratio - prior year development | (2.2)% | 0.0% | (0.8)% |
| Catastrophe loss ratio - current year | 8.4% | 6.3% | 3.2% |
| Catastrophe loss ratio - prior year development | (0.9)% | (1.2)% | (0.4)% |
| Loss and loss adjustment expense ratio | 59.7% | 58.2% | 54.2% |
| Acquisition cost ratio | 24.0% | 22.4% | 23.4% |
| Other underwriting expense ratio | 9.2% | 10.7% | 12.5% |
| Combined ratio | 92.9% | 91.3% | 90.1% |
| Return on average common shareholders' equity | 22.4% | 18.3% | 13.9% |
The following table summarizes book value per share and balance sheet data:
| ($ in thousands, except per share amounts) | As at December 31, | ||
|---|---|---|---|
| Book Value | 2025 | 2024 | 2023 |
| Tangible book value per common share | $27.62 | $22.03 | $17.75 |
| Change in tangible book value per common share | 25.4% | 24.1% | 16.0% |
| Book value per common share | $28.50 | $22.95 | $18.58 |
| Change in book value per common share | 24.2% | 23.5% | 15.1% |
| Balance Sheet Data | |||
| Total assets | $9,571,613 | $7,796,033 | $6,671,355 |
| Total shareholders' equity | $2,822,099 | $2,328,709 | $2,047,850 |
(1) Third party fee income is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to other income (loss), the most comparable GAAP financial measure, also included other income (loss), excluding third party fee income of $Nil for each of the years ended December 31, 2025 and 2024 and $0.4 million for the year ended December 31, 2023. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Measures' for further details.
(2) Other underwriting expenses is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to general and administrative expenses, the most directly comparable GAAP financial measure, also included corporate expenses of $57.2 million, $61.1 million, and $76.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures' for further details.
(3) Underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Measures' for further details.
(4) Net investment income (loss) is presented net of investment management fees.
(5) Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations—Consolidated Results of Operations—Corporate and Other' for further details.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.