Hamilton Insurance Group (HG) Q4 2024 earnings summary

Executive summary

• Net income reached $400 million for 2024, up 55% year-over-year, with an 18.3% return on average equity and book value per share rising 23.5% to $22.95.

• Gross premiums written grew 24% to $2.4 billion, with strong contributions from both International and Bermuda segments.

• Maintained disciplined underwriting, achieving a combined ratio of 91.3% for the year despite significant catastrophe losses.

• Book value per share increased to $22.95, a 23.5% rise from year-end 2023, supported by robust financial flexibility.

• Repurchased $137.6 million in common shares during 2024, including a large block at a discount to book value.

Financial highlights

• Underwriting income reached $149 million for 2024, up from $130 million in 2023.

• Net investment income totaled $362 million, with the Two Sigma Hamilton Fund contributing a 16.3% return.

• Net realized and unrealized investment gains and income reached $574.7 million in 2024.

• Book value per share increased 23.5% to $22.95; total shareholders' equity reached $2.3 billion.

• Total invested assets and cash increased to $4.8 billion from $4.0 billion.

Outlook and guidance

• Anticipates higher demand and rate increases for loss-affected property cat accounts at mid-year renewals.

• Expects continued growth opportunities in specialty insurance and U.S. E&S markets.

• Corporate expenses projected to decrease to $50–$55 million per year.

• Focus remains on sustainable profitability, disciplined underwriting, and leveraging diversified platforms for growth.

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