Hamilton Insurance Group (HG) Q2 2026 earnings summary

Executive summary

• Net income for Q2 2026 was $144 million, with annualized ROE of 21% and operating income of $158 million, driven by strong investment income and 16.7% growth in gross premiums written, despite higher catastrophe losses and acquisition costs.

• Maintained disciplined underwriting and selective growth amid competitive insurance and reinsurance markets, leveraging diversification across insurance and reinsurance, and expanding Hamilton Select.

• Book value per share plus accumulated dividends increased 8.5% to $30.91 as of June 30, 2026.

• Leadership stability reinforced by CEO's contract extension through December 2029.

Financial highlights

• Net income reached $144 million ($1.42 per diluted share) in Q2 2026; year-to-date net income was $277 million.

• Combined ratio was 95.0% in Q2 2026 (up from 86.8% in Q2 2025), with $50 million in catastrophe losses, mainly from the Middle East conflict.

• Gross premiums written rose 16.7% year-over-year to $831 million in Q2 2026 and $1.8 billion for 1H 2026.

• Investment income totaled $141 million in Q2 2026, with the Two Sigma Hamilton Fund returning 5.1% for the quarter.

• Book value per share was $28.91, or $30.91 after dividends, up 8.5% from year-end 2025.

Outlook and guidance

• Management expects low double-digit premium growth for full-year 2026, with combined ratio guidance in the low to mid-90s and ROE in the teens.

• Attritional loss ratio guidance unchanged: International at 54.5%, Group at 55%, Bermuda at 56%.

• Focus remains on margin quality, risk selection, and long-term value creation.