Hamilton Reports $577 million of Net Income, 24% Growth in Book Value Per Share, and Declares Special Dividend
PEMBROKE, Bermuda--( BUSINESS WIRE)--Hamilton Insurance Group, Ltd. (NYSE: HG; “Hamilton” or the “Company”) today announced financial results for the fourth quarter and full year ended December 31, 2025.
Commenting on the results, Pina Albo, CEO of Hamilton, said:
“Hamilton delivered another record result in 2025, with net income of $577 million, or a 44% increase over net income last year, and a 22% return on average equity. Gross premiums written grew 21% to $2.9 billion, our combined ratio was 92.9%, and book value per share increased 24%. Since our listing in 2023, we have posted excellent underwriting results while growing book value per share 64%. With these exceptional results, the Board of Directors declared a special dividend of $2.00 per common share.
These results underscore the strength and stability of the organization we’ve built and are a direct reflection of the hard work and commitment of our talented team. We’ve entered a transitioning market environment from a position of strength - and we are built to manage the cycle with discipline and confidence.”
Special Dividend
On February 18, 2026, the Company’s Board of Directors declared a special dividend of $2.00 per common share outstanding, which will result in an aggregate payment of approximately $206.0 million. The dividend is payable on March 30, 2026, to common shareholders of record on March 6, 2026.
Consolidated Highlights – Full Year
Consolidated Highlights – Fourth Quarter
Consolidated Results – Fourth Quarter
For the Three Months Ended
($ in thousands, except for per share amounts and percentages)
December 31,
2025
December 31,
2024
Change
Gross premiums written
$
668,968
$
543,937
$
125,031
Net premiums written
548,373
453,326
95,047
Net premiums earned
576,686
481,867
94,819
Underwriting income (loss)
$
75,536
$
22,444
$
53,092
Combined ratio
87.0
%
95.4
%
(8.4 pts)
Net income (loss) attributable to common shareholders
$
172,185
$
33,920
$
138,265
Income (loss) per share attributable to common shareholders - diluted
$
1.69
$
0.32
Book value per common share
$
28.50
$
22.95
Return on average common equity - annualized
25.1
%
5.8
%
For the Three Months Ended
Key Ratios
December 31,
2025
December 31,
2024
Change
Attritional loss ratio - current year
56.5
%
51.2
%
5.3 pts
Attritional loss ratio - prior year
(3.1
%)
(1.3
%)
(1.8 pts)
Catastrophe loss ratio - current year
1.4
%
11.9
%
(10.5 pts)
Catastrophe loss ratio - prior year
(0.2
%)
(1.7
%)
1.5 pts
Loss and loss adjustment expense ratio
54.6
%
60.1
%
(5.5 pts)
Acquisition cost ratio
24.7
%
22.0
%
2.7 pts
Other underwriting expense ratio
7.7
%
13.3
%
(5.6 pts)
Combined ratio
87.0
%
95.4
%
(8.4 pts)
International Segment Underwriting Results – Fourth Quarter
International Segment
For the Three Months Ended
($ in thousands, except for percentages)
December 31,
2025
December 31,
2024
Change
Gross premiums written
$
422,345
$
350,479
$
71,866
Net premiums written
340,588
282,161
58,427
Net premiums earned
309,299
249,234
60,065
Underwriting income (loss)
$
12,444
$
9,263
$
3,181
Key Ratios
Attritional loss ratio - current year
56.3
%
50.8
%
5.5 pts
Attritional loss ratio - prior year
(2.3
%)
(2.1
%)
(0.2 pts)
Catastrophe loss ratio - current year
0.0
%
7.8
%
(7.8 pts)
Catastrophe loss ratio - prior year
0.0
%
(0.8
%)
0.8 pts
Loss and loss adjustment expense ratio
54.0
%
55.7
%
(1.7 pts)
Acquisition cost ratio
26.3
%
22.6
%
3.7 pts
Other underwriting expense ratio
15.7
%
18.0
%
(2.3 pts)
Combined ratio
96.0
%
96.3
%
(0.3 pts)
Bermuda Segment Underwriting Results – Fourth Quarter
Bermuda Segment
For the Three Months Ended
($ in thousands, except for percentages)
December 31,
2025
December 31,
2024
Change
Gross premiums written
$
246,623
$
193,458
$
53,165
Net premiums written
207,785
171,165
36,620
Net premiums earned
267,387
232,633
34,754
Underwriting income (loss)
$
63,092
$
13,181
$
49,911
Key Ratios
Attritional loss ratio - current year
56.7
%
51.7
%
5.0 pts
Attritional loss ratio - prior year
(4.1
%)
(0.4
%)
(3.7 pts)
Catastrophe loss ratio - current year
3.0
%
16.1
%
(13.1 pts)
Catastrophe loss ratio - prior year
(0.4
%)
(2.6
%)
2.2 pts
Loss and loss adjustment expense ratio
55.2
%
64.8
%
(9.6 pts)
Acquisition cost ratio
22.8
%
21.3
%
1.5 pts
Other underwriting expense ratio
(1.6
%)
8.2
%
(9.8 pts)
Combined ratio
76.4
%
94.3
%
(17.9 pts)
Consolidated Underwriting Results – Full Year
For the Years Ended
($ in thousands, except for per share amounts and percentages)
December 31,
2025
December 31,
2024
Change
Gross premiums written
$
2,923,145
$
2,422,582
$
500,563
Net premiums written
2,287,543
1,921,169
366,374
Net premiums earned
2,109,776
1,734,729
375,047
Underwriting income (loss)
$
148,823
$
149,364
$
(541
)
Combined ratio
92.9
%
91.3
%
1.6 pts
Net income (loss) attributable to common shareholders
$
576,670
$
400,429
$
176,241
Income (loss) per share attributable to common shareholders - diluted
$
5.55
$
3.67
Book value per common share
$
28.50
$
22.95
Change in book value per share
24.2
%
23.5
%
Return on average common equity
22.4
%
18.3
%
For the Years Ended
Key Ratios
December 31,
2025
December 31,
2024
Change
Attritional loss ratio - current year
54.4
%
53.1
%
1.3 pts
Attritional loss ratio - prior year
(2.2
%)
0.0
%
(2.2 pts)
Catastrophe loss ratio - current year
8.4
%
6.3
%
2.1 pts
Catastrophe loss ratio - prior year
(0.9
%)
(1.2
%)
0.3 pts
Loss and loss adjustment expense ratio
59.7
%
58.2
%
1.5 pts
Acquisition cost ratio
24.0
%
22.4
%
1.6 pts
Other underwriting expense ratio
9.2
%
10.7
%
(1.5 pts)
Combined ratio
92.9
%
91.3
%
1.6 pts
International Segment Underwriting Results – Full Year
International Segment
For the Years Ended
($ in thousands, except for percentages)
December 31,
2025
December 31,
2024
Change
Gross premiums written
$
1,517,060
$
1,308,460
$
208,600
Net premiums written
1,132,061
969,605
162,456
Net premiums earned
1,055,377
886,934
168,443
Underwriting income (loss)
$
52,209
$
39,433
$
12,776
Key Ratios
Attritional loss ratio - current year
54.0
%
53.5
%
0.5 pts
Attritional loss ratio - prior year
(2.8
%)
(0.4
%)
(2.4 pts)
Catastrophe loss ratio - current year
2.9
%
3.9
%
(1.0 pts)
Catastrophe loss ratio - prior year
0.0
%
(0.8
%)
0.8 pts
Loss and loss adjustment expense ratio
54.1
%
56.2
%
(2.1 pts)
Acquisition cost ratio
26.2
%
24.5
%
1.7 pts
Other underwriting expense ratio
14.7
%
14.9
%
(0.2 pts)
Combined ratio
95.0
%
95.6
%
(0.6 pts)
Bermuda Segment Underwriting Results – Full Year
Bermuda Segment
For the Years Ended
($ in thousands, except for percentages)
December 31,
2025
December 31,
2024
Change
Gross premiums written
$
1,406,085
$
1,114,122
$
291,963
Net premiums written
1,155,482
951,564
203,918
Net premiums earned
1,054,399
847,795
206,604
Underwriting income (loss)
$
96,614
$
109,931
$
(13,317
)
Key Ratios
Attritional loss ratio - current year
54.6
%
52.7
%
1.9 pts
Attritional loss ratio - prior year
(1.6
%)
0.5
%
(2.1 pts)
Catastrophe loss ratio - current year
13.9
%
8.9
%
5.0 pts
Catastrophe loss ratio - prior year
(1.7
%)
(1.7
%)
0.0 pts
Loss and loss adjustment expense ratio
65.2
%
60.4
%
4.8 pts
Acquisition cost ratio
21.9
%
20.3
%
1.6 pts
Other underwriting expense ratio
3.8
%
6.3
%
(2.5 pts)
Combined ratio
90.9
%
87.0
%
3.9 pts
Investments and Shareholders’ Equity as of December 31, 2025
Conference Call Details and Additional Information
Conference Call Information
Hamilton will host a conference call to discuss its financial results on Friday, February 20, 2026, at 9:00 a.m. Eastern Time. A live, audio webcast of the conference call can be accessed through the Investors portal of the Company’s website at investors.hamiltongroup.com where a replay of the call will also be available.
For access to the webcast, please log in a few minutes in advance to complete any necessary registration.
Additional Information
In addition to the information provided in the Company's earnings release, we have also made available supplementary financial information and an investor presentation which may be referred to during the conference call and will be available on the Company’s website at investors.hamiltongroup.com.
About Hamilton Insurance Group, Ltd.
Hamilton is a Bermuda-headquartered specialty insurance and reinsurance company that underwrites risks on a global basis through its wholly owned subsidiaries. Its three underwriting platforms: Hamilton Global Specialty, Hamilton Select and Hamilton Re, each with dedicated and experienced leadership, provide access to diversified and profitable business around the world.
For more information about Hamilton, visit our website at www.hamiltongroup.com or find us on LinkedIn at Hamilton.
Consolidated Balance Sheet
($ in thousands, except share information)
December 31,
2025
December 31,
2024
Assets
Fixed maturity investments, at fair value
(amortized cost 2025: $3,210,940; 2024: $2,422,917)
$
3,238,543
$
2,377,862
Short-term investments, at fair value (amortized cost 2025: $200,052; 2024: $495,630)
200,459
497,110
Investments in Two Sigma Funds, at fair value (cost 2025: $1,355,563; 2024: $805,623)
1,587,658
939,381
Total investments
5,026,660
3,814,353
Cash and cash equivalents
1,062,359
996,493
Restricted cash and cash equivalents
109,731
104,359
Premiums receivable
939,777
771,707
Paid losses recoverable
93,659
134,406
Deferred acquisition costs
257,203
208,985
Unpaid losses and loss adjustment expenses recoverable
1,375,857
1,171,040
Receivables for investments sold
58,029
74,006
Prepaid reinsurance
296,351
218,921
Intangible assets
86,624
93,121
Other assets
265,363
208,642
Total assets
$
9,571,613
$
7,796,033
Liabilities, non-controlling interest, and shareholders' equity
Liabilities
Reserve for losses and loss adjustment expenses
$
4,415,176
$
3,532,491
Unearned premiums
1,377,474
1,122,277
Reinsurance balances payable
296,400
261,275
Payables for investments purchased
209,853
115,427
Term loan, net of issuance costs
149,743
149,945
Accounts payable and accrued expenses
177,320
185,361
Payables to related parties
123,376
100,420
Total liabilities
6,749,342
5,467,196
Non-controlling interest – TS Hamilton Fund
172
128
Shareholders’ equity
Common shares:
Class A, authorized (2025: 26,444,807 and 2024: 26,944,807), par value $0.01;
issued and outstanding (2025: 17,320,078 and 2024: 17,820,078)
173
178
Class B, authorized (2025: 84,677,932 and 2024: 80,205,911), par value $0.01;
issued and outstanding (2025: 66,305,707 and 2024: 64,271,249)
663
643
Class C, authorized (2025: 15,403,649 and 2024: 19,375,670), par value $0.01;
issued and outstanding (2025: 15,403,649 and 2024: 19,375,670)
154
194
Additional paid-in capital
1,134,985
1,163,609
Accumulated other comprehensive loss
(4,441
)
(4,441
)
Retained earnings
1,690,565
1,168,526
Total shareholders' equity
2,822,099
2,328,709
Total liabilities, non-controlling interest, and shareholders' equity
$
9,571,613
$
7,796,033
Consolidated Statement of Operations
Three Months Ended
Years Ended
December 31,
December 31,
($ in thousands, except for per share amounts)
2025
2024
2025
2024
Revenues
Gross premiums written
$
668,968
$
543,937
$
2,923,145
$
2,422,582
Reinsurance premiums ceded
(120,595
)
(90,611
)
(635,602
)
(501,413
)
Net premiums written
548,373
453,326
2,287,543
1,921,169
Net change in unearned premiums
28,313
28,541
(177,767
)
(186,440
)
Net premiums earned
576,686
481,867
2,109,776
1,734,729
Net realized and unrealized gains (losses) on investments
115,148
56,556
687,111
511,407
Net investment income (loss)
25,300
19,600
88,021
63,267
Total net realized and unrealized gains (losses) on investments and net investment income (loss)
140,448
76,156
775,132
574,674
Other income (loss)
12,756
5,818
26,601
23,752
Net foreign exchange gains (losses)
(1,563
)
6,652
(5,985
)
(3,231
)
Total revenues
728,327
570,493
2,905,524
2,329,924
Expenses
Losses and loss adjustment expenses
314,646
289,695
1,258,521
1,010,173
Acquisition costs
142,181
105,872
507,290
388,931
General and administrative expenses
73,078
88,960
278,910
271,124
Amortization of intangible assets
3,815
3,747
15,709
15,520
Interest expense
4,925
5,526
20,189
22,616
Total expenses
538,645
493,800
2,080,619
1,708,364
Income (loss) before income tax
189,682
76,693
824,905
621,560
Income tax expense (benefit)
(24,872
)
2,284
(15,124
)
8,402
Net income (loss)
214,554
74,409
840,029
613,158
Net income (loss) attributable to non-controlling interest
42,369
40,489
263,359
212,729
Net income (loss) and other comprehensive income (loss) attributable to common shareholders
$
172,185
$
33,920
$
576,670
$
400,429
Per share data
Basic income (loss) per share attributable to common shareholders
$
1.74
$
0.33
$
5.75
$
3.81
Diluted income (loss) per share attributable to common shareholders
$
1.69
$
0.32
$
5.55
$
3.67
Non-GAAP Financial Measures Reconciliation
We present our results of operations in a way that we believe will be the most meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements that management uses to assess our operating results are considered non-GAAP financial measures under Regulation G and Item 10(e) of Regulation S-K, each promulgated by the SEC. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with U.S. GAAP. Where appropriate, reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures are included below.
Operating Income (Loss) Attributable to Common Shareholders, Operating Income (Loss) Attributable to Common Shareholders per Common Share - Diluted and Operating Return on Average Common Shareholders' Equity - Annualized
Operating income (loss) attributable to common shareholders, as used herein, differs from net income (loss) and other comprehensive income (loss) attributable to common shareholders, which we believe is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on fixed maturity and short term investments, and net foreign exchange gains and losses. We also use operating income (loss) attributable to common shareholders to calculate operating income (loss) attributable to common shareholders per common share - diluted and operating return on average common shareholders' equity - annualized.
We believe that operating income (loss) attributable to common shareholders, operating income (loss) attributable to common shareholders per common share - diluted and operating return on average common shareholders' equity - annualized are meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance.
The following tables are a reconciliation of: net income (loss) and other comprehensive income (loss) attributable to common shareholders to operating income (loss) attributable to common shareholders; net income (loss) and other comprehensive income (loss) attributable to common shareholders per common share - diluted to operating income (loss) attributable to common shareholders per common share - diluted; and return on average common shareholders' equity - annualized to operating return on average common shareholders' equity - annualized. Comparative information for the prior periods presented have been updated to conform to the current methodology and presentation.
Operating Income (Loss) Attributable to Common Shareholders, Operating Income (Loss) Attributable to Common Shareholders per Common Share - Diluted and Operating Return on Average Common Shareholders' Equity - Annualized (continued)
Three Months Ended
Years Ended
December 31,
December 31,
($ in thousands, except for per share amounts)
2025
2024
2025
2024
Net income (loss) and other comprehensive income (loss) attributable to common shareholders
$
172,185
$
33,920
$
576,670
$
400,429
Adjustment for:
Net realized (gains) losses on investments - Fixed maturity and short-term investments (1)
(3,229
)
441
(7,369
)
2,023
Net unrealized (gains) losses on investments - Fixed maturity and short-term investments (1)
(2,275
)
59,212
(72,771
)
8,908
Net foreign exchange (gains) losses
1,563
(6,652
)
5,985
3,231
Operating income (loss) attributable to common shareholders
$
168,244
$
86,921
$
502,515
$
414,591
Net income (loss) and other comprehensive income (loss) attributable to common shareholders per common share - diluted
$
1.69
$
0.32
$
5.55
$
3.67
Adjustment for:
Net realized (gains) losses on investments - Fixed maturity and short-term investments (1)
(0.03
)
—
(0.07
)
0.02
Net unrealized (gains) losses on investments - Fixed maturity and short-term investments (1)
(0.02
)
0.56
(0.70
)
0.08
Net foreign exchange (gains) losses
0.01
(0.06
)
0.06
0.03
Operating income (loss) attributable to common shareholders per common share - diluted
$
1.65
$
0.82
$
4.84
$
3.80
Return on average common shareholders' equity - annualized
25.1
%
5.8
%
22.4
%
18.3
%
Adjustment for:
Net realized (gains) losses on investments - Fixed maturity and short-term investments (1)
(0.5
)%
0.1
%
(0.3
)%
0.1
%
Net unrealized (gains) losses on investments - Fixed maturity and short-term investments (1)
(0.3
)%
10.2
%
(2.8
)%
0.4
%
Net foreign exchange (gains) losses
0.2
%
(1.1
)%
0.2
%
0.1
%
Operating return on average common shareholders' equity - annualized
24.5
%
15.0
%
19.5
%
18.9
%
(1) Fixed income portfolio managed by our external investment managers only.
Underwriting Income (Loss)
We calculate underwriting income (loss) on a pre-tax basis as net premiums earned less losses and loss adjustment expenses, acquisition costs and other underwriting expenses (net of third party fee income). We believe that this measure of our performance focuses on the core fundamental performance of the Company’s reportable segments in any given period and is not distorted by investment market conditions, corporate expense allocations or income tax effects.
The following table reconciles underwriting income (loss) to net income (loss), the most directly comparable GAAP financial measure:
Three Months Ended
Years Ended
December 31,
December 31,
($ in thousands)
2025
2024
2025
2024
Underwriting income (loss)
$
75,536
$
22,444
$
148,823
$
149,364
Total net realized and unrealized gains (losses) on investments and net investment income (loss)
140,448
76,156
775,132
574,674
Net foreign exchange gains (losses)
(1,563
)
6,652
(5,985
)
(3,231
)
Corporate expenses
(15,999
)
(19,286
)
(57,167
)
(61,111
)
Amortization of intangible assets
(3,815
)
(3,747
)
(15,709
)
(15,520
)
Interest expense
(4,925
)
(5,526
)
(20,189
)
(22,616
)
Income tax (expense) benefit
24,872
(2,284
)
15,124
(8,402
)
Net income (loss), prior to non-controlling interest
$
214,554
$
74,409
$
840,029
$
613,158
Third Party Fee Income
Third party fee income includes income that is incremental and/or directly attributable to our underwriting operations. It is primarily comprised of fees earned by the International Segment for management services provided to third party syndicates and consortia and by the Bermuda Segment for performance based management fees generated by our third party capital manager, Ada Capital Management Limited. We believe that this measure is a relevant component of our underwriting income (loss).
The following table reconciles third party fee income to other income, the most directly comparable GAAP financial measure:
Three Months Ended
Years Ended
December 31,
December 31,
($ in thousands)
2025
2024
2025
2024
Third party fee income
$
12,756
$
5,818
$
26,601
$
23,752
Other income (loss)
$
12,756
$
5,818
$
26,601
$
23,752
Other Underwriting Expenses
Other underwriting expenses include those general and administrative expenses that are incremental and/or directly attributable to our underwriting operations. While this measure is presented in Note 9, Segment Reporting in the audited condensed consolidated financial statements, it is considered a non-GAAP financial measure when presented elsewhere.
Corporate expenses include holding company costs necessary to support our reportable segments. As these costs are not incremental and/or directly attributable to our underwriting operations, these costs are excluded from other underwriting expenses, and therefore, underwriting income (loss). General and administrative expenses, the most comparable GAAP financial measure to other underwriting expenses, also includes corporate expenses.
The following table reconciles other underwriting expenses to general and administrative expenses, the most directly comparable GAAP financial measure:
Three Months Ended
Years Ended
December 31,
December 31,
($ in thousands)
2025
2024
2025
2024
Other underwriting expenses
$
57,079
$
69,674
$
221,743
$
210,013
Corporate expenses
15,999
19,286
57,167
61,111
General and administrative expenses
$
73,078
$
88,960
$
278,910
$
271,124
Other Underwriting Expense Ratio
Other Underwriting Expense Ratio is a measure of the other underwriting expenses (net of third party fee income) incurred by the Company and is expressed as a percentage of net premiums earned.
Loss Ratio
Attritional Loss Ratio – current year is the attritional losses incurred by the company relating to the current year divided by net premiums earned.
Attritional Loss Ratio – prior year development is the attritional losses incurred by the company relating to prior years divided by net premiums earned.
Catastrophe Loss Ratio – current year is the catastrophe losses incurred by the company relating to the current year divided by net premiums earned.
Catastrophe Loss Ratio – prior year development is the catastrophe losses incurred by the company relating to prior years divided by net premiums earned.
Combined Ratio
Combined Ratio is a measure of our underwriting profitability and is expressed as the sum of the loss and loss adjustment expense ratio, acquisition cost ratio and other underwriting expense ratio. A combined ratio under 100% indicates an underwriting profit, while a combined ratio over 100% indicates an underwriting loss.
Special Note Regarding Forward-Looking Statements
This information includes “forward looking statements” pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of terms such as “believes,” “expects,” “may,” “will,” “target,” “should,” “could,” “would,” “seeks,” “intends,” “plans,” “contemplates,” “estimates,” “forecasts,” or “anticipates,” or similar expressions which concern our strategy, plans, projections or intentions. These forward-looking statements appear in a number of places throughout and relate to matters such as our industry, growth strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources, business plans (including syndicate capacity forecasts), and other financial and operating information. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.
There are a number of risks, uncertainties, and other important factors that could cause our actual results to differ materially from the forward-looking statements contained herein. Such risks, uncertainties, and other important factors include, among others, the risks, uncertainties and factors set forth in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “Form 10-K”) and other periodic reports filed with the Securities and Exchange Commission and the following:
There may be other factors that could cause our actual results to differ materially from the forward-looking statements. You should evaluate all forward-looking statements made herein in the context of these risks and uncertainties.
You should read this information completely and with the understanding that actual future results may be materially different from expectations. We caution you that the risks, uncertainties, and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits, or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected. All forward-looking statements contained herein apply only as of the date hereof and are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.