Hamilton Insurance Group (HG) Q4 2025 earnings summary

Executive summary

• Achieved record net income of $577 million in 2025, up 44% year-over-year, with a return on average equity of 22% and book value per share up 24% to $28.50.

• Gross premiums written grew 21% to $2.9 billion, reflecting strong underwriting and investment performance.

• Maintained strong financial strength ratings: A (Stable) from AM Best, A (Stable) from KBRA, and A- (Stable) from Fitch.

• Special dividend of $2.00 per share declared, totaling $206 million, alongside $93 million in share repurchases.

• Continued investment in AI and technology to drive underwriting efficiency and risk selection.

Financial highlights

• Q4 2025 net income was $172 million ($1.69 per diluted share), annualized ROAE of 25%.

• Operating income for Q4 was $168 million ($1.65 per diluted share), annualized operating ROAE of 25%.

• Combined ratio for 2025 was 92.9%; Q4 combined ratio improved to 87.0% from 95.4% in Q4 2024.

• Net investment income reached $511.8 million for the year, with $300.9 million from the Two Sigma Hamilton Fund.

• Total assets at year-end were $9.6 billion, up 23% year-over-year; shareholders’ equity rose 21% to $2.8 billion.

Outlook and guidance

• Market expected to remain competitive in 2026, with pricing in targeted lines remaining risk adequate.

• Growth expected to be more measured, prioritizing profitability over top-line expansion.

• Attritional loss ratio guidance for 2026 is 55%, reflecting a raised catastrophe threshold.

• Corporate expenses expected between $45 million and $50 million in 2026.

• Positioned for continued profitable growth and cycle management through diversified underwriting platforms and disciplined risk selection.