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 $694.5 million and $465.9 million for the nine months ended September 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 $353.2 million and $244.9 million for the nine months ended September 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 16.3% and 13.0% for the nine months ended September 30, 2026 and 2025, respectively.

For the nine months ended September 30, 2026, TS Hamilton Fund experienced gains from single name equities trading within the equity market neutral vehicles ESTV, STV, and ATV. Gains from single name equities trading were led by the U.S., followed by China and East Asia. TS Hamilton Fund also experienced gains for the period 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 equities in FTV and FX in NTV and were partially offset by losses within the relative value rates vehicle, KTV.

For the nine months ended September 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, the systematic macro vehicle, FTV, and the relative value macro vehicle, HTV. Gains in TS Hamilton Fund were partially offset by losses from macro trading within the relative value rates vehicle, KTV. Losses from macro trading were led by balance sheet trades in KTV.

Total net realized and unrealized gains (losses) on investments and net investment income (loss) - other, returned losses of $29.9 million and income of $168.8 million for the nine months ended September 30, 2026 and 2025, respectively. Losses for the nine months ended September 30, 2026 were driven by negative mark-to-market returns, partially offset by investment income on a larger portfolio of higher yielding assets. Income for the nine months ended September 30, 2025 was primarily driven by both 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 $0.7 million and losses of $4.4 million for the nine months ended September 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 nine months ended September 30, 2026 were $38.2 million, compared to $41.2 million for the nine months ended September 30, 2025, a decrease of $3.0 million. The decrease was primarily driven by the impact of the Bermuda substance-based tax credits and a decrease in professional expenses, partially offset by an increase in personnel costs.

Amortization of Intangible Assets

Amortization of intangible assets of $11.5 million and $11.9 million for the nine months ended September 30, 2026 and 2025, respectively, relates to internally developed software and intangible assets acquired in a business combination.

Interest Expense

Interest expense of $14.3 million and $15.3 million for the nine months ended September 30, 2026 and 2025, respectively, relates to interest payments and certain administrative fees associated with our term loan and letter of credit facilities. Changes in interest expense are 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 for the nine months ended September 30, 2026 was $3.4 million on pre-tax income of $703.4 million, compared to income tax expense of $9.7 million on pre-tax income of $635.2 million for the nine months ended September 30, 2025, a decrease of $6.3 million. The income tax expense for the nine months ended September 30, 2026 was primarily driven by withholding taxes on investment income from the TS Hamilton Fund, partially offset by unrealized losses on investments in taxable jurisdictions.