Hamilton Insurance Group reported a net income of US$400.4 million for the full year 2024, a 55% increase from the previous year.
Earnings per diluted share reached US$3.67, with a return on average equity of 18.3%. Gross premiums written rose 24.2% year over year to US$2.4 billion, while net premiums earned increased 31.6% to US$1.7 billion. The company’s combined ratio for the year stood at 91.3%, contributing to an underwriting income of US$149.4 million.
Hamilton recorded net investment income of US$361.9 million, with US$274.5 million from the Two Sigma Hamilton Fund and US$87.4 million from fixed income, short-term investments, and cash equivalents.
Corporate expenses totaled US$61.1 million, including US$9.2 million in compensation costs related to the Value Appreciation Pool. Book value per share reached US$22.95, a 23.5% increase from Dec. 31, 2023. The company repurchased US$137.6 million in common shares during the year.
For the prior year, Hamilton reported a net income of US$258.7 million, a substantial turnaround from the net loss of $98 million reported in 2022.
In November 2023, Hamilton also successfully launched its IPO at $15 per share. Despite initial fluctuations, the stock experienced a 66% increase, reaching a high of $20.71 by September 2024.
For the fourth quarter of 2024, Hamilton reported net income of US$33.9 million, or US$0.32 per diluted share, with an annualized return on average equity of 5.8%. Gross premiums written totaled US$543.9 million, a 25.4% increase from the same quarter in 2023.
Net premiums earned rose 31.6% to US$481.9 million. The combined ratio for the quarter was 95.4%, with underwriting income reaching US$22.4 million.
Hamilton’s net investment income for the quarter was US$35.7 million, reflecting US$67 million in returns from the Two Sigma Hamilton Fund and a US$31.3 million loss from fixed income, short-term investments, and cash equivalents.
Corporate expenses were reported at US$19.3 million, including US$1.7 million in compensation costs tied to the Value Appreciation Pool. The company repurchased US$18.1 million in common shares during the fourth quarter.
CEO Pina Albo (pictured above) described 2024 as a strong year for the company, marking its first full year as a publicly traded entity. Albo highlighted contributions from both underwriting and investment operations, reflecting overall financial performance.
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