Hamilton Insurance Group, Ltd.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
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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 December 31, | ||
|---|---|---|
| ($ in thousands, except per share amounts) | 2025 | 2024 |
| Closing common shareholders' equity | $2,822,099 | $2,328,709 |
| Closing common shares outstanding | 99,029,434 | 101,466,997 |
| Book value per common share | $28.50 | $22.95 |
Book value per common share was $28.50 at December 31, 2025, a $5.55 or 24.2% increase from the Company’s book value per common share of $22.95 at December 31, 2024. The increase was primarily driven by the Company’s net income attributable to common shareholders of $576.7 million and the accretive impact of share repurchases. See Note 11, Share Capital in the accompanying audited consolidated financial statements for further details.
Tangible Book Value per Common Share
Management believes that tangible book value is an important indicator of value provided to common shareholders and aligns the Company’s and most investors’ long term objectives. We calculate tangible book value per common share as total common shareholders’ equity less intangible assets, divided by the total number of common shares outstanding at the point in time.
| As at December 31, | ||
|---|---|---|
| ($ in thousands, except per share amounts) | 2025 | 2024 |
| Closing common shareholders' equity | $2,822,099 | $2,328,709 |
| Intangible assets | 86,624 | 93,121 |
| Closing common shareholders' equity, less intangible assets | $2,735,475 | $2,235,588 |
| Closing common shares outstanding | 99,029,434 | 101,466,997 |
| Tangible book value per common share | $27.62 | $22.03 |
Tangible book value per common share was $27.62 at December 31, 2025, a $5.59 or 25.4% increase from the Company’s tangible book value per common share of $22.03 at December 31, 2024. The increase in tangible book value per common share was primarily driven by the Company’s net income attributable to common shareholders of $576.7 million and the accretive impact of share repurchases. See Note 11, Share Capital in the accompanying audited consolidated financial statements for further details.
Return on Average Common Shareholders' Equity
Management believes that return on average common shareholders’ equity ("ROACE") is an important indicator of the Company’s profitability and financial efficiency. We calculate it by dividing net income (loss) attributable to common shareholders by average common shareholders' equity for the corresponding period.
| For the Years Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | 2023 |
| Net income (loss) attributable to common shareholders | 576,670 | 400,429 | 258,727 |
| Average common shareholders' equity for the period | 2,575,404 | 2,188,280 | 1,856,017 |
| Return on average common shareholders' equity | 22.4% | 18.3% | 13.9% |
ROACE was 22.4% for the year ended December 31, 2025, compared to 18.3% for the year ended December 31, 2024. The increase was primarily driven by the higher net income attributable to common shareholders for the year ended December 31, 2025.
ROACE was 18.3% for the year ended December 31, 2024, compared to 13.9% for the year ended December 31, 2023. The increase was primarily driven by the higher net income attributable to common shareholders for the year ended December 31, 2024.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.