Hamilton Insurance Group, Ltd.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 25, 2026
HG$38.82+3.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | 2023 |
| Operating activities | |||
| Net income (loss) | $840,029 | $613,158 | $280,287 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 15,931 | 16,466 | 12,410 |
| Share compensation expense | 29,260 | 30,384 | 44,378 |
| Net realized (gains) losses on investments | (517,147) | (468,068) | (84,513) |
| Change in net unrealized (gains) losses on investments | (169,964) | (43,339) | (125,097) |
| Other items | (28,668) | 3,831 | (6,529) |
| Change in: | |||
| Premiums receivable | (168,070) | (113,344) | (135,693) |
| Paid losses recoverable | 40,747 | 10,796 | (54,547) |
| Deferred acquisition costs | (48,218) | (52,090) | (41,748) |
| Prepaid reinsurance | (77,430) | (24,615) | (29,993) |
| Unpaid losses and loss adjustment expenses recoverable | (204,817) | (9,963) | 16,786 |
| Other assets | (57,225) | 1,158 | (42,669) |
| Reserve for losses and loss adjustment expenses | 882,685 | 502,454 | 173,762 |
| Unearned premiums | 255,197 | 211,055 | 193,034 |
| Reinsurance balances payable | 35,125 | (11,035) | 27,990 |
| Accounts payable and accrued expenses and other | 14,915 | 92,455 | 55,297 |
| Net cash provided by (used in) operating activities | 842,350 | 759,303 | 283,155 |
| Investing activities | |||
| Proceeds from redemptions from Two Sigma Funds | 2,653,514 | 2,874,348 | 2,591,705 |
| Contributions to Two Sigma Funds | (2,714,816) | (2,481,159) | (2,554,888) |
| Purchases of fixed maturity investments | (2,485,469) | (1,929,974) | (1,221,576) |
| Proceeds from sales, redemptions and maturity of fixed maturity investments | 1,714,309 | 1,381,128 | 688,978 |
| Purchases of short-term investments | (1,099,689) | (1,831,596) | (1,506,241) |
| Proceeds from sales of short-term investments | 1,416,590 | 1,804,670 | 1,389,409 |
| Change in receivables for investments sold | 15,977 | (31,587) | (42,048) |
| Change in payables for investments purchased | 94,426 | 48,821 | 18,511 |
| Other | (8,929) | (18,811) | (15,938) |
| Net cash provided by (used in) investing activities | (414,087) | (184,160) | (652,088) |
| Financing activities | |||
| Issuance of common shares | 25 | 26 | 73 |
| Repurchases of common shares | (112,539) | (150,350) | (2,435) |
| Contribution of additional paid-in capital | (26) | 370 | 82,924 |
| Term loan, net of issuance costs | (311) | — | — |
| Withdrawal of non-controlling interest | (263,315) | (212,734) | (21,546) |
| Net cash provided by (used in) financing activities | (376,166) | (362,688) | 59,016 |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | 19,141 | (12,463) | 3,574 |
| Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | 71,238 | 199,992 | (306,343) |
| Cash and cash equivalents and restricted cash and cash equivalents, beginning of year | 1,100,852 | 900,860 | 1,207,203 |
| Cash and cash equivalents and restricted cash and cash equivalents, end of year | $1,172,090 | $1,100,852 | $900,860 |
| Net income taxes paid | $16,469 | $10,662 | $4,211 |
| Interest paid | $21,673 | $22,419 | $21,608 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.