Hamilton Insurance Group (HG) Q2 2025 earnings summary

Executive summary

• Net income for Q2 2025 reached $187.4 million, up 43% year-over-year, with annualized ROAE of 30.2%.

• Gross premiums written rose 18% year-over-year to $712.0 million for Q2 2025, led by 26% growth in Bermuda and strong performance in both International and Bermuda segments.

• Book value per share increased 11.3% year-to-date to $25.55 at June 30, 2025, supported by strong net income and share repurchases.

• Combined ratio for Q2 2025 was 86.8%, up from 84.4% in Q2 2024, reflecting higher loss and acquisition cost ratios.

• Significant management changes announced, including new CEOs for Hamilton Re and Hamilton Global Specialty.

Financial highlights

• Net premiums earned increased 22% year-over-year to $511.2 million for Q2 2025.

• Underwriting income was $67.5 million, with a combined ratio of 86.8%.

• Net investment income in Q2 totaled $149 million, including $87.1 million from the Two Sigma Hamilton Fund.

• Book value per share at June 30, 2025, was $25.55, up from $21.96 a year earlier.

• Total assets reached $8.9 billion, up 14% from year-end 2024.

Outlook and guidance

• Management expects continued double-digit premium growth, particularly in the U.S. E&S market and select reinsurance classes, though at a moderated pace.

• Market conditions in property and some specialty reinsurance are flattening, but pricing remains attractive in most areas.

• Effective tax rate remains in low single digits, with global minimum tax deferred until 2030.