Hamilton Insurance Group (HG) Q3 2026 earnings summary

Executive summary

• Q3 net income was $81.5M and adjusted operating income was $179.9M; annualized adjusted operating return on average equity was 24.9%.

• Q3 gross premiums written rose 17.3% to $819.7M, while the combined ratio increased to 97.3% from 87.8%.

• Book value per share was $29.80, or $31.80 including accumulated dividends; book value per share plus accumulated dividends increased 83% since the IPO.

Financial highlights

• Q3 net income was $81.5M, or $0.81 per diluted share, versus $136.2M and $1.32; adjusted operating income was $179.9M, or $1.78 per share, versus $123.1M and $1.20.

• Q3 revenue was $828.0M versus $667.7M; net premiums earned rose 13.1% to $591.3M.

• 9M GPW rose 14.9% to $2.6B and net premiums earned increased 14.0% to $1.7B; underwriting income was $102.2M and the combined ratio was 94.1%.

• 9M net income attributable to common shareholders was $358.8M versus $404.5M; diluted EPS was $3.54 versus $3.88.

• Q3 net investment income was $88M versus $98M; total net investment income and realized and unrealized gains were $235.1M versus $137.9M.

Outlook and guidance

• FY 2026 premium growth is expected to remain in the low double digits; profitable underwriting and risk-adjusted returns take precedence over top-line growth.

• Underlying loss ratio guidance remained 55% overall, 54.5% International and 56% Bermuda; the annual catastrophe loss ratio plan was 6%–7%.

• For Jan. 1, 2027 renewals, property pricing is expected to decline less than at Jan. 1, 2026; rates are expected to remain adequate, with terms and conditions largely intact.

• Growth opportunities include reinsurance key accounts, new specialty lines and Hamilton Select, where risk-adjusted returns are attractive.