Hamilton Announces 2025 First Quarter Results
Hamilton Insurance Group announced financial results for the first quarter ended March 31, 2025.
Commenting on the results, Pina Albo, CEO of Hamilton, said, “Hamilton is off to a strong start with $81 million of net income in the first quarter of 2025 despite industry insured catastrophe losses well above the historical average.
“We continue to see good opportunities for profitable growth, with gross premiums written up 17% over the prior year. Our attritional loss ratio was 51.9%, reflecting the increasing diversification and stability of our underlying book of business.
“Investment results were significant, with a total investment return of $167 million.
“The net income result represented a 13.7% annualized return on average equity and 2.8% growth in book value per share for the first quarter.”
Consolidated Highlights – First Quarter
- Net income of $80.9 million, or $0.77 per diluted share and operating income of $49.4 million, or $0.47 per diluted share;
- Annualized return on average equity of 13.7% and annualized operating return on average equity of 8.4%;
- Gross premiums written of $843.3 million, an increase of 16.8% compared to the first quarter of 2024;
- Net premiums earned of $498.9 million, an increase of 29.5% compared to the first quarter of 2024;
- California wildfires losses of $142.8 million, net of reinsurance and $16.9 million of reinstatement premiums;
- Combined ratio of 111.6%;
- Underwriting loss of $58.3 million;
- Net investment income of $167.3 million, comprised of Two Sigma Hamilton Fund returns of $103.6 million, and fixed income, short term and cash and cash equivalents returns of $63.7 million;
- Book value per share of $23.59, an increase of 2.8% compared to December 31, 2024; and
- Repurchased common shares of $10.3 million in the first quarter of 2025.
