Hamilton Insurance Group, Ltd. Reports Record FY2025 Results, Declares \$2.00 Special Dividend

PEMBROKE, Bermuda, February 19, 2026 — Hamilton Insurance Group, Ltd. (NYSE: HG; “Hamilton” or the “Company”) has announced robust financial results for the fourth quarter and full year ended December 31, 2025. The Company also declared a significant special dividend, signaling strong capital position and confidence in future prospects.

Key Highlights for Investors

• Net Income and EPS: Hamilton reported net income of \$576.7 million for FY2025, or \$5.55 per diluted share. Operating income reached \$502.5 million, or \$4.84 per diluted share.
• Book Value Growth: Book value per share surged to \$28.50, a 24.2% increase from December 31, 2024.
• Return on Equity: Return on average equity reached 22.4%, with an operating return on average equity of 19.5%.
• Gross Premiums Written: Gross premiums written totaled \$2.9 billion, reflecting year-on-year growth of 20.7%.
• Underwriting Income: Underwriting income for the year was \$148.8 million.
• Investment Income: Net investment income was \$511.8 million, including \$300.9 million from the Two Sigma Hamilton Fund and \$210.9 million from fixed income, short-term, and cash equivalents.
• Special Dividend: The Board has declared a special dividend of \$2.00 per common share, representing an aggregate payment of approximately \$206.0 million. The dividend is payable on March 30, 2026, to shareholders of record as of March 6, 2026.
• Share Repurchases: Hamilton repurchased \$93.4 million of its common shares in 2025, including \$7.7 million in the fourth quarter.

Fourth Quarter 2025 Performance

• Net Income: \$172.2 million, or \$1.69 per diluted share.
• Operating Income: \$168.2 million, or \$1.65 per diluted share.
• Annualized ROE: 25.1%; annualized operating ROE at 24.5%.
• Combined Ratio: 87.0%, demonstrating strong underwriting discipline.
• Underwriting Income: \$75.5 million.
• Net Investment Income: \$98.1 million, with \$56.0 million from Two Sigma Hamilton Fund and \$42.1 million from other investments.
• Share Repurchases: \$7.7 million in the quarter.

Additional Financial and Operational Insights

• Catastrophe Losses: The Company absorbed \$142.8 million in California wildfire losses (net of reinsurance), including \$16.9 million in reinstatement premiums.
• Segment Performance: The International segment contributed positively, with significant growth in underwriting income and improvement in expense ratios.
• Expense Ratios: The acquisition cost ratio increased due to business mix changes and higher profit commission costs, but other underwriting expense ratios improved due to scale and tax credits.
• Investments & Equity: Total cash and invested assets rose to \$5.9 billion (from \$4.8 billion), and shareholders’ equity increased to \$2.8 billion (from \$2.3 billion).

Shareholder-Focused Developments

• Special Dividend: The \$2.00 per share special dividend is a substantial capital return, likely to be viewed positively by shareholders and may affect the stock price upon payment and record date approaches.
• Book Value and Equity Growth: Exceptional book value growth and robust capital position could drive positive investor sentiment.
• Active Capital Management: Continued share repurchases and strong dividend policy reinforce management’s commitment to shareholder returns.
• Conference Call: Hamilton will host a conference call to discuss these results on February 20, 2026, at 9:00 a.m. Eastern Time. The event will be webcast live on the Company’s investor portal.

What May Move the Share Price

• Special Dividend Announcement: The large special dividend is materially positive and could lead to a re-rating of the stock.
• Strong Operating Performance: Double-digit growth in premiums, net income, and book value per share signals robust underlying business momentum.
• Capital Position: Significant increases in invested assets and shareholders’ equity enhance the Company’s financial flexibility.
• Loss Events Managed: Despite substantial catastrophe losses, Hamilton maintained underwriting profitability, which could be seen as a testament to risk management strength.

Outlook

Hamilton’s results reflect a well-capitalized and growing insurance group, with prudent risk management and a shareholder-friendly capital allocation approach. The special dividend, coupled with ongoing share buybacks and growing book value, positions Hamilton as a compelling story for income and value-focused investors.

Disclaimer

This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Investors should conduct their own due diligence and consult with their financial advisors before making any investment decisions. The information is based on publicly available filings and may not reflect all risks or forward-looking statements associated with the company.

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