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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Selected Consolidated Financial Data
References to the current year in this document refer to the calendar year ended December 31, 2025. In 2022, the Company changed its fiscal year from November 30 to December 31. The following tables set forth our selected consolidated financial data and other financial information at the end of and for each of the years in the five-year period ended December 31, 2025. The selected consolidated financial data should be read in conjunction with our consolidated audited financial statements and related notes thereto and the other information in this Form 10-K.
Results of Operations
| ($ in thousands, except per share amounts) | For the Years Ended | ||||
|---|---|---|---|---|---|
| December 31, | November 30, | ||||
| 2025 · 2024 · 2023 · 2022 · 2021 | |||||
| Gross premiums written | $2,923,145 | $2,422,582 | $1,951,038 | $1,646,673 | $1,446,551 |
| Net premiums written | 2,287,543 | 1,921,169 | 1,480,438 | 1,221,864 | 1,085,428 |
| Net premiums earned | 2,109,776 | 1,734,729 | 1,318,533 | 1,143,714 | 942,549 |
| Net realized and unrealized gains (losses) on investments | 687,111 | 511,407 | 209,610 | 93,348 | 352,193 |
| Net investment income (loss)(1) | 88,021 | 63,267 | 30,456 | (21,487) | (43,217) |
| Total net realized and unrealized gains (losses) on investments and net investment income (loss) | 775,132 | 574,674 | 240,066 | 71,861 | 308,976 |
| Third party fee income(2) | 26,601 | 23,752 | 18,234 | 11,631 | 21,022 |
| Losses and loss adjustment expenses | 1,258,521 | 1,010,173 | 714,603 | 758,333 | 640,560 |
| Acquisition costs | 507,290 | 388,931 | 309,148 | 271,189 | 229,213 |
| Other underwriting expenses(3) | 221,743 | 210,013 | 183,165 | 157,540 | 149,822 |
| Underwriting income (loss)(4) | 148,823 | 149,364 | 129,851 | (31,717) | (56,024) |
| Net income (loss) | 840,029 | 613,158 | 280,287 | (29,935) | 249,839 |
| Net income (loss) attributable to non-controlling interest (5) | 263,359 | 212,729 | 21,560 | 68,064 | 61,660 |
| Net income (loss) attributable to common shareholders | $576,670 | $400,429 | $258,727 | $(97,999) | $188,179 |
| Diluted income (loss) per share attributable to common shareholders | $5.55 | $3.67 | $2.44 | $(0.95) | $1.82 |
| Combined ratio | 92.9% | 91.3% | 90.1% | 102.8% | 106.0% |
| Return on average common shareholders' equity | 22.4% | 18.3% | 13.9% | (5.7)% | 11.1% |
(1) Net investment income (loss) is presented net of investment management fees.
(2) 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, $Nil, $0.4 million, and $(0.3) million for each of the years ended December 31, 2025, 2024, 2023 and 2022, respectively, and less than $0.1 million for the year ended November 30, 2021. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures' for further details.
(3) 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 comparable GAAP financial measure, also included corporate expenses of $57.2 million, $61.1 million, $76.7 million, $20.1 million and $22.5 million for years ended December 31, 2025, 2024, 2023 and 2022, and November 30, 2021, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures' for further details.
(4) Underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures' for further details.
(5) Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations—Consolidated Results of Operations - Corporate and Other' for further details.
SELECTED CONSOLIDATED FINANCIAL DATA
Balance Sheet Data
| ($ in thousands, except shares and per share amounts) | As At | ||||
|---|---|---|---|---|---|
| December 31, | November 30, | ||||
| 2025 · 2024 · 2023 · 2022 · 2021 | |||||
| Total investments | $5,026,660 | $3,814,353 | $3,111,616 | $2,286,323 | $2,464,622 |
| Cash and cash equivalents | 1,062,359 | 996,493 | 794,509 | 1,076,420 | 797,793 |
| Total investments and cash and cash equivalents | 6,198,750 | 4,810,846 | 3,906,125 | 3,362,743 | 3,262,415 |
| Total assets | 9,571,613 | 7,796,033 | 6,671,355 | 5,818,965 | 5,611,607 |
| Reserve for losses and loss adjustment expenses | 4,415,176 | 3,532,491 | 3,030,037 | 2,856,275 | 2,379,027 |
| Unearned premiums | 1,377,474 | 1,122,277 | 911,222 | 718,188 | 620,994 |
| Term loan, net of issuance costs | 149,743 | 149,945 | 149,830 | 149,715 | 149,875 |
| Total shareholders' equity | $2,822,099 | $2,328,709 | $2,047,850 | $1,664,183 | $1,787,445 |
| Common shares outstanding | 99,029,434 | 101,466,997 | 110,225,103 | 103,087,859 | 102,540,769 |
| Tangible book value per common share | $27.62 | $22.03 | $17.75 | $15.30 | $16.29 |
| Book value per common share | $28.50 | $22.95 | $18.58 | $16.14 | $17.43 |
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