Hamilton Insurance Group, Ltd.
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 4, 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 per common share 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 | ||
|---|---|---|
| ($ in thousands, except per share amounts) | September 30,2026 | December 31,2025 |
| Closing common shareholders' equity | $2,935,874 | $2,822,099 |
| Closing common shares outstanding | 98,522,131 | 99,029,434 |
| Book value per common share | $29.80 | $28.50 |
| Accumulated dividends | $2.00 | $— |
| Book value per common share plus accumulated dividends | $31.80 | $28.50 |
Book value per common share was $29.80 at September 30, 2026, a $1.30 or 4.6% increase from the Company’s book value per common share of$28.50 at December 31, 2025 and a $3.30 or 11.6% increase from $28.50 when incorporating the impact of the special dividend paid to common shareholders in the nine months ended September 30, 2026.
The increase in book value per common share plus accumulated dividends was primarily driven by the Company’s net income attributable to common shareholders of $358.8 million for the nine months ended September 30, 2026. See Note 10, Share Capital in the accompanying unaudited condensed consolidated financial statements for further details.
Tangible Book Value per Common Share
Management believes that tangible book value per common share is an important indicator of value provided to common shareholders and aligns the Company’s and most investors’ long term objectives. We calculate tangible book value per common share as total common shareholders’ equity less intangible assets, divided by the total number of common shares outstanding at the point in time.
| As at | ||
|---|---|---|
| ($ in thousands, except per share amounts) | September 30,2026 | December 31,2025 |
| Closing common shareholders' equity | $2,935,874 | $2,822,099 |
| Intangible assets | 81,821 | 86,624 |
| Closing common shareholders' equity, less intangible assets | $2,854,053 | $2,735,475 |
| Closing common shares outstanding | 98,522,131 | 99,029,434 |
| Tangible book value per common share | $28.97 | $27.62 |
| Accumulated dividends | $2.00 | $— |
| Tangible book value per common share plus accumulated dividends | $30.97 | $27.62 |
Tangible book value per common share was $28.97 at September 30, 2026, a $1.35 or 4.9% increase from the Company’s tangible book value per common share of $27.62 at December 31, 2025 and a $3.35 or 12.1% increase from $27.62 when incorporating the impact of the special dividend paid to common shareholders in the nine months ended September 30, 2026.
The increase in book value per common share plus accumulated dividends was primarily driven by the Company’s net income attributable to common shareholders of $358.8 million for the nine months ended September 30, 2026. See Note 10, Share Capital in the accompanying unaudited condensed consolidated financial statements for further details.
Return on Average Common Shareholders' Equity
Management believes that return on average common shareholders’ equity ("ROACE") is an important indicator of the Company’s profitability and financial efficiency. We calculate ROACE by dividing net income (loss) attributable to common shareholders by average common shareholders' equity for the corresponding period.
| For the Three Months Ended · For the Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| ($ in thousands) | 2026 | 2025 | 2026 | 2025 |
| Net income (loss) attributable to common shareholders | $81,456 | $136,200 | $358,776 | $404,486 |
| Average common shareholders' equity for the period | $2,893,355 | $2,610,292 | $2,878,987 | $2,495,351 |
| Return on average common shareholders' equity | 2.8% | 5.2% | 12.5% | 16.2% |
ROACE was 2.8% for the three months ended September 30, 2026, compared to 5.2% for the three months ended September 30, 2025. The decrease was driven by the higher average common shareholders' equity and lower net income attributable to common shareholders reported as at and for the three months ended September 30, 2026, respectively.
ROACE was 12.5% for the nine months ended September 30, 2026, compared to 16.2% for the nine months ended September 30, 2025. The decrease was driven by the higher average common shareholders' equity and lower net income attributable to common shareholders reported as at and for the nine months ended September 30, 2026, respectively.
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