Hamilton Announce Second Quarter Results
Hamilton Insurance Group announced financial results for the second quarter ended June 30, 2025.
Commenting on the results, Pina Albo, CEO of Hamilton, said: “Hamilton reported another strong quarter with $187 million of net income, resulting in 8.3% growth in book value per common share and a 30.2% annualized return on average equity.
“Both our underwriting and investment results contributed to net income, with a combined ratio of 86.8% and strong returns from our fixed income portfolio and the Two Sigma Hamilton Fund.
“Each of our reporting segments, International and Bermuda, generated strong bottom line underwriting results and meaningful top line growth, reflecting Hamilton’s diversified and well positioned book of business.”
Consolidated Highlights – Second Quarter
- Net income of $187.4 million, or $1.79 per diluted share and operating income of $161.8 million, or $1.55 per diluted share;
- Annualized return on average equity of 30.2% and annualized operating return on average equity of 26.1%;
- Gross premiums written of $712.0 million, an increase of 18.0% compared to the second quarter of 2024;
- Net premiums earned of $511.2 million, an increase of 22.1% compared to the second quarter of 2024;
- Combined ratio of 86.8%;
- Underwriting income of $67.5 million;
- Net investment income of $148.7 million, comprised of Two Sigma Hamilton Fund returns of $87.1 million, and fixed income, short term and cash and cash equivalents returns of $61.6 million; and
- Repurchased common shares of $35.0 million in the second quarter of 2025.
Consolidated Highlights – Year to Date
- Net income of $268.3 million, or $2.56 per diluted share and operating income of $211.2 million, or $2.01 per diluted share;
- Annualized return on average equity of 22.0% and annualized operating return on average equity of 17.3%;
- Gross premiums written of $1.6 billion, an increase of 17.4% compared to the same period in 2024;
- Net premiums earned of $1.0 billion, an increase of 25.6% compared to the same period in 2024;
- Combined ratio of 99.1%;
- Underwriting income of $9.2 million;
- California wildfires losses of $142.8 million, net of reinsurance and $16.9 million of reinstatement premiums;
- Net investment income of $316.1 million, comprised of Two Sigma Hamilton Fund returns of $190.7 million, and fixed income, short term and cash and cash equivalents returns of $125.4 million;
- Book value per share of $25.55, an increase of 11.3% compared to December 31, 2024; and
- Repurchased common shares of $45.3 million in 2025.
