Hamilton Insurance Group (HG) Q1 2026 earnings summary

Executive summary

• Net income reached $134 million in Q1 2026, with operating income of $167 million and annualized ROAE of 19%, reflecting strong profitability and disciplined underwriting amid a competitive and volatile market.

• Gross premiums written rose 11.5% year-over-year to $940.1 million, driven by growth in casualty and specialty lines, with a 19% CAGR since 2021.

• Combined ratio improved to 89.8% from 111.6% year-over-year, supported by lower catastrophe losses and improved underwriting performance.

• Book value per share was $27.42 at quarter-end, with book value plus accumulated dividends up 3.2% to $29.42 and 70% growth since IPO.

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

Financial highlights

• Net income attributable to common shareholders was $133.5 million ($1.31 per diluted share), with operating income of $166.7 million ($1.64 per diluted share).

• Gross premiums written increased to $940.1 million, up 11.5% year-over-year.

• Underwriting income was $58 million, reversing a prior year loss of $58 million.

• Net investment income totaled $94 million, mainly from Two Sigma Hamilton Fund returns, but down from $167 million in Q1 2025.

• Book value per share was $27.42, with tangible book value per share at $26.57.

Outlook and guidance

• Management expects continued growth opportunities in insurance and reinsurance, especially in U.S. E&S and specialty reinsurance, with margins above thresholds.

• Attritional loss ratios are tracking expectations, with full-year guidance of 55% for 2026.

• Capital deployment will prioritize attractive business opportunities, with excess capital returned to shareholders as appropriate.

• Focus remains on sustainable profitability, disciplined underwriting, and navigating market cycles.

• Management emphasized prudent capital deployment amid a complex and competitive market environment.