Hamilton Insurance Group, Ltd.

The following significant items impacted the consolidated results of operations for the six months ended June 30, 2026 and 2025:

Gross premiums written Gross premiums written were $1.8 billion and $1.6 billion for the six months ended June 30, 2026 and 2025, respectively. The increase in gross premiums written was primarily driven by our casualty reinsurance and insurance classes and specialty insurance classes as a result of growth in both new and existing business, partially offset by a decrease in our property reinsurance classes primarily as a result of lower reinstatement premiums and rate decreases for the six months ended June 30, 2026.

Underwriting results The combined ratio was 92.5% and 99.1% for the six months ended June 30, 2026 and 2025, respectively. The decrease was primarily driven by a decrease in the catastrophe loss ratio and other underwriting expense ratio, partially offset by an increase in the attritional loss ratio and acquisition cost ratio.

Attritional loss ratio - current year for the six months ended June 30, 2026 was 53.9% compared to 52.5% for the six months ended June 30, 2025, an increase of 1.4 percentage points. The attritional loss ratio - current year for the six months ended June 30, 2026 was primarily driven by a change in business mix, including more casualty reinsurance and specialty insurance business.

Attritional loss ratio - prior year for the six months ended June 30, 2026 was an unfavorable 1.1% compared to a favorable 1.7% for the six months ended June 30, 2025, an increase of 2.8 percentage points. The attritional loss ratio - prior year for the six months ended June 30, 2026 was primarily driven by additional loss information in relation to certain large losses, including the Baltimore Bridge collapse, and unfavorable development in certain Bermuda casualty classes, partially offset by favorable development in International specialty and property classes and Bermuda property classes. The attritional loss ratio - prior year for the six months ended June 30, 2025 was primarily driven by favorable development in both our Bermuda and International specialty and property classes, partially offset by unfavorable development in certain Bermuda casualty classes.

Catastrophe losses - current year and prior year development were $49.9 million and $152.0 million for the six months ended June 30, 2026 and 2025, respectively. Catastrophe losses for the six months ended June 30, 2026 were driven by the Middle East conflict ($45.7 million), in addition to unfavorable prior year development of $4.2 million. Catastrophe losses for the six months ended June 30, 2025 were driven by the California wildfires ($159.7 million) and severe convective storms ($9.9 million), partially offset by favorable prior year development of $17.6 million.

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.