Hamilton Insurance Group, Ltd.

Total net realized and unrealized gains (losses) on investments and net investment income (loss) -TSHF, prior to non-controlling interest, returned income of $403.0 million and $371.4 million for the six months ended June 30, 2026 and 2025, respectively. This includes the fund's returns, net of investment management fees.

Net investment income, net of non-controlling interest - TSHF, returned income of $208.5 million and $190.7 million for the six months ended June 30, 2026 and 2025, respectively. This includes the fund's returns, net of investment management fees and performance incentive allocations. The aggregate incentive allocation to which the investment manager is entitled is included in "Net income (loss) attributable to non-controlling interest" in our GAAP financial statements.

TS Hamilton Fund produced returns, net of investment management fees and performance incentive allocations, of 9.6% and 10.1% for the six months ended June 30, 2026 and 2025, respectively.

For the six months ended June 30, 2026, TS Hamilton Fund experienced gains from single name equities trading within the equity market neutral vehicles STV, ESTV and ATV. Gains from single name equities trading were led by the U.S., followed by China onshore and Europe. TS Hamilton Fund also experienced gains from macro trading within the systematic macro vehicle, FTV, the relative value macro vehicle, HTV, and the scientific discretionary macro vehicle, NTV. Gains from macro trading were led by commodities in FTV and were partially offset by losses within the relative value rates vehicle, KTV.

For the six months ended June 30, 2025, TS Hamilton Fund experienced gains from single name equities trading within the equity market neutral vehicles STV, ESTV and ATV. Gains from single name equities trading were led by the U.S., followed by East Asia. TS Hamilton Fund also experienced gains from macro trading within the scientific discretionary macro vehicle, NTV. Gains in TS Hamilton Fund were partially offset by losses from macro trading within the systematic macro vehicle, FTV, the relative value macro vehicle, HTV, and the relative value rates vehicle, KTV. Losses in macro trading were led by currencies in both HTV and FTV.

Total net realized and unrealized gains (losses) on investments and net investment income (loss) - other, returned income of $26.4 million and $125.4 million for the six months ended June 30, 2026 and 2025, respectively. Income for the six months ended June 30, 2026 was driven by investment income on a larger portfolio of higher yielding assets, partially offset by negative mark-to-market returns. Income for the six months ended June 30, 2025 was primarily driven by investment income and positive mark-to-market returns.

Net Foreign Exchange Gains (Losses)

Our functional currency is the U.S. Dollar. We may conduct routine underwriting operations or invest a portion of our cash and other investable assets in currencies other than U.S. Dollars. Consequently, we may incur foreign exchange gains and losses in our results of operations.

Foreign exchange gains of $1.9 million and losses of $7.0 million for the six months ended June 30, 2026 and 2025, respectively, were primarily driven by the remeasurement of insurance related assets and liabilities denominated in British Pounds, Euro, Japanese Yen, and Australian and Canadian Dollars.

Corporate Expenses

Corporate expenses for the six months ended June 30, 2026 were $24.1 million, compared to $25.8 million for the six months ended June 30, 2025, a decrease of $1.7 million. The decrease was primarily driven by the impact of the Bermuda substance-based tax credits, partially offset by an increase in personnel costs.

Amortization of Intangible Assets

Amortization of intangible assets of $7.7 million and $7.9 million for the six months ended June 30, 2026 and 2025, respectively, relates to internally developed software and intangible assets acquired in a business combination.

Interest Expense

Interest expense of $9.5 million and $10.3 million for the six months ended June 30, 2026 and 2025, respectively, relates to interest payments and certain administrative fees associated with our term loan and letter of credit facilities. The decrease in interest expense is primarily driven by the movement in the Secured Overnight Financing Rate ("SOFR"), which underlies the floating rate associated with the term loan.

Income Tax Expense (Benefit)

Income tax expense for the six months ended June 30, 2026 was $4.8 million on pre-tax income of $476.6 million, compared to income tax expense of $5.9 million on pre-tax income of $454.9 million for the six months ended June 30, 2025, a decrease of $1.1 million. Income tax expense was primarily driven by withholding taxes on investment income from TS Hamilton Fund.