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 growth in both International and Bermuda segments.

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

• Both International and Bermuda segments delivered strong underwriting profits and top-line growth.

• Significant management changes and leadership transitions announced, including new CEO appointments and retirements effective September 2025.

Financial highlights

• Net income of $187.4 million ($1.79 per diluted share) in Q2 2025, up from $131.1 million ($1.20 per share) in Q2 2024.

• 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 $148.7 million, including $87.1 million from the Two Sigma Hamilton Fund.

• Shareholders’ equity stood at $2.6 billion as of June 30, 2025.

Outlook and guidance

• Management expects continued double-digit premium growth, though at a moderated pace, with a focus on sustainable profitability and disciplined underwriting.

• Growth opportunities remain in the U.S. E&S market and select reinsurance classes, but property and some specialty reinsurance markets are flattening.

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

• No near-term plans to pay cash dividends on Class B common shares.

• Forward-looking statements caution on risks from market, competitive, and catastrophic events.