NYSE : HG
Hamilton Insurance Group, Ltd. — Financial statements
Financials · Insurance - Reinsurance · Bermuda
Last price 34.43 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 3.40B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 2.32B | 2.11B | 1.73B | 1.32B | 1.14B | 1.18B |
| Total Interest & Dividend Income | 102.38M | 88.02M | 63.27M | 30.46M | -21.49M | -38.66M |
| Gain (Loss) on Sale of Investments | 702.61M | 687.11M | 511.41M | 209.61M | 93.35M | -402.31M |
| Other Revenue | 26.22M | 26.60M | 23.75M | 18.63M | 11.32M | 25.57M |
| Total Revenue | 3.16B | 2.91B | 2.33B | 1.58B | 1.23B | 768.17M |
| Policy Benefits | 1.37B | 1.26B | 1.01B | 714.60M | 758.33M | 679.80M |
| Policy Acquisition & Underwriting Costs | 583.08M | 507.29M | 388.93M | 309.15M | 271.19M | 287.90M |
| Amortization of Goodwill & Intangibles | 15.30M | 15.71M | 15.52M | 10.78M | 12.83M | 14.40M |
| Selling, General & Administrative | 276.43M | 278.91M | 271.12M | 259.86M | 177.68M | 188.18M |
| Total Operating Expenses | 2.24B | 2.06B | 1.69B | 1.29B | 1.22B | 1.17B |
| Operating Income | 913.24M | 851.08M | 647.41M | 282.84M | 6.86M | -402.12M |
| Interest Expense | -19.26M | -20.19M | -22.62M | -21.43M | -15.74M | -12.73M |
| Currency Exchange Gain (Loss) | -844.00K | -5.99M | -3.23M | -6.18M | 6.14M | 192.00K |
| EBT Excluding Unusual Items | 893.13M | 824.90M | 621.56M | 255.22M | -2.75M | -414.66M |
| Impairment of Goodwill | -24.08M | |||||
| Pretax Income | 893.13M | 824.90M | 621.56M | 255.22M | -26.83M | -414.66M |
| Income Tax Expense | -21.44M | -15.12M | 8.40M | -25.07M | 3.10M | 16.02M |
| Earnings From Continuing Ops. | 914.57M | 840.03M | 613.16M | 280.29M | -29.93M | -430.68M |
| Minority Interest in Earnings | -383.61M | -263.36M | -212.73M | -21.56M | -68.06M | 36.00K |
| Net Income | 530.96M | 576.67M | 400.43M | 258.73M | -98.00M | -430.64M |
| Net Income to Common | 530.96M | 576.67M | 400.43M | 258.73M | -98.00M | -430.64M |
| Shares Outstanding (Basic) | 99.14M | 100.36M | 105.13M | 104.56M | 103.06M | 102.56M |
| Shares Outstanding (Diluted) | 101.59M | 103.84M | 109.10M | 106.20M | 103.06M | 102.56M |
| EPS (Basic) | 5.36 | 5.75 | 3.81 | 2.47 | -0.95 | -4.20 |
| EPS (Diluted) | 5.22 | 5.55 | 3.67 | 2.44 | -0.95 | -4.20 |
| Operating Margin | 28.94% | 29.23% | 27.75% | 17.93% | 0.56% | -52.35% |
| Profit Margin | 16.83% | 19.81% | 17.16% | 16.40% | -7.99% | -56.06% |
| EBITDA | 928.27M | 867.01M | 663.87M | 295.25M | 21.85M | -390.59M |
| EBITDA Margin | 29.42% | 29.78% | 28.45% | 18.72% | 1.78% | -50.85% |
| D&A For EBITDA | 15.04M | 15.93M | 16.47M | 12.41M | 14.99M | 11.53M |
| EBIT | 913.24M | 851.08M | 647.41M | 282.84M | 6.86M | -402.12M |
| EBIT Margin | 28.94% | 29.23% | 27.75% | 17.93% | 0.56% | -52.35% |
| Effective Tax Rate | 1.35% | |||||
| Revenue as Reported | 3.15B | 2.91B | 2.33B | 1.57B | 1.23B | 768.36M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 3.16B | 3.24B | 2.38B | 1.83B | 1.26B | |
| Other Investments | 2.30B | 1.79B | 1.44B | 1.28B | 1.03B | |
| Total Investments | 5.46B | 5.03B | 3.81B | 3.11B | 2.29B | |
| Cash & Equivalents | 1.18B | 1.06B | 996.49M | 794.51M | 1.08B | |
| Reinsurance Recoverable | 1.47B | 1.38B | 1.17B | 1.16B | 1.18B | |
| Other Receivables | 1.45B | 1.09B | 980.12M | 845.98M | 613.70M | |
| Deferred Policy Acquisition Cost | 297.06M | 257.20M | 208.99M | 156.90M | 115.15M | |
| Property, Plant & Equipment | 6.70M | 9.10M | 6.90M | 7.80M | ||
| Other Intangible Assets | 81.82M | 86.62M | 93.12M | 91.00M | 86.32M | |
| Restricted Cash | 129.30M | 109.73M | 104.36M | 106.35M | 130.78M | |
| Other Current Assets | 452.41M | 296.35M | 218.92M | 194.31M | 164.31M | |
| Other Long-Term Assets | 303.99M | 258.66M | 199.54M | 202.72M | 160.30M | |
| Total Assets | 10.83B | 9.57B | 7.80B | 6.67B | 5.82B | |
| Accounts Payable | 336.52M | 380.03M | 291.59M | 246.79M | 178.34M | |
| Insurance & Annuity Liabilities | 4.99B | 4.42B | 3.53B | 3.03B | 2.86B | |
| Unearned Premiums | 1.69B | 1.38B | 1.12B | 911.22M | 718.19M | |
| Reinsurance Payable | 507.74M | 296.40M | 261.27M | 272.31M | 244.32M | |
| Current Portion of Leases | 3.11M | |||||
| Long-Term Debt | 149.82M | 149.74M | 149.94M | 149.83M | 149.72M | |
| Long-Term Leases | 4.03M | 9.20M | 6.70M | 7.80M | ||
| Other Long-Term Liabilities | 87.42M | 123.38M | 100.42M | 6.48M | 20.00K | |
| Total Liabilities | 7.76B | 6.75B | 5.47B | 4.62B | 4.15B | |
| Common Stock | 985.00K | 990.00K | 1.01M | 1.10M | 1.03M | |
| Additional Paid-In Capital | 1.13B | 1.13B | 1.16B | 1.25B | 1.12B | |
| Retained Earnings | 1.81B | 1.69B | 1.17B | 801.37M | 547.35M | |
| Comprehensive Income & Other | -4.44M | -4.44M | -4.44M | -4.44M | -4.44M | |
| Total Common Equity | 2.94B | 2.82B | 2.33B | 2.05B | 1.66B | |
| Minority Interest | 132.92M | 172.00K | 128.00K | 133.00K | 119.00K | |
| Shareholders' Equity | 3.07B | 2.82B | 2.33B | 2.05B | 1.66B | |
| Total Liabilities & Equity | 10.83B | 9.57B | 7.80B | 6.67B | 5.82B | |
| Filing Date Shares Outstanding | 98.52M | 99.03M | 101.47M | 110.23M | 103.09M | 102.56M |
| Total Common Shares Outstanding | 98.52M | 99.03M | 101.47M | 110.23M | 103.09M | 102.56M |
| Total Debt | 149.82M | 156.88M | 159.15M | 156.53M | 157.51M | |
| Net Cash (Debt) | 1.03B | 905.48M | 837.35M | 637.98M | 918.90M | |
| Net Cash Per Share | 10.18 | 8.72 | 7.67 | 6.01 | 8.92 | |
| Book Value Per Share | 29.80 | 28.50 | 22.95 | 18.58 | 16.14 | |
| Tangible Book Value | 2.85B | 2.74B | 2.24B | 1.96B | 1.58B | |
| Tangible Book Value Per Share | 28.97 | 27.62 | 22.03 | 17.75 | 15.31 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 576.67M | 400.43M | 258.73M | -98.00M | -430.64M | |
| Depreciation & Amortization | 15.93M | 16.47M | 12.41M | 14.99M | 11.53M | |
| Gain (Loss) on Sale of Investments | -687.11M | -511.41M | -209.61M | -93.35M | 402.31M | |
| Stock-Based Compensation | 29.26M | 30.38M | 44.38M | 10.78M | 12.52M | |
| Change in Accounts Receivable | -168.07M | -113.34M | -135.69M | -60.40M | 104.68M | |
| Change in Accounts Payable | 14.91M | 92.45M | 55.30M | -36.08M | -352.43M | |
| Change in Unearned Revenue | 255.20M | 211.06M | 193.03M | 96.73M | 5.53M | |
| Change in Insurance Reserves / Liabilities | 677.87M | 492.49M | 190.55M | 375.46M | 506.33M | |
| Change in Other Net Operating Assets | -93.91M | -12.66M | -127.21M | -65.07M | -302.76M | |
| Other Operating Activities | 234.69M | 216.56M | 15.03M | 80.56M | -1.36M | |
| Operating Cash Flow | 842.35M | 759.30M | 283.15M | 190.93M | -406.96M | |
| Investment in Securities | -515.56M | -182.58M | -612.61M | 134.12M | 1.19B | |
| Other Investing Activities | 101.47M | -1.58M | -39.48M | -1.02M | -672.73M | |
| Investing Cash Flow | -414.09M | -184.16M | -652.09M | 133.10M | 517.06M | |
| Total Debt Repaid | -311.00K | -345.00K | ||||
| Net Debt Issued (Repaid) | -311.00K | -345.00K | ||||
| Issuance of Common Stock | 25.00K | 396.00K | 83.00M | 315.00K | ||
| Repurchases of Common Stock | -112.54M | -150.35M | -2.44M | -1.52M | ||
| Other Financing Activities | -263.34M | -212.73M | -21.55M | -68.07M | -276.00K | |
| Financing Cash Flow | -376.17M | -362.69M | 59.02M | -69.62M | -276.00K | |
| Foreign Exchange Rate Adjustments | 19.14M | -12.46M | 3.57M | -11.34M | 552.00K | |
| Net Cash Flow | 71.24M | 199.99M | -306.34M | 243.08M | 110.38M | |
| Levered Free Cash Flow | 840.95M | 447.21M | 145.81M | |||
| Unlevered Free Cash Flow | 853.57M | 461.34M | 159.21M | |||
| Cash Interest Paid | 21.67M | 22.42M | 21.61M | 15.65M | 5.70M | |
| Cash Income Tax Paid | 16.47M | 10.66M | 4.21M | 9.97M | 2.04M | |
| Change in Working Capital | 672.91M | 606.87M | 162.22M | 251.86M | -401.32M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.53B | 2.74B | 1.93B | 1.64B | ||
| Enterprise Value | 2.50B | 2.02B | 1.18B | 989.66M | ||
| PE Ratio | 6.87 | 4.76 | 4.82 | 6.36 | ||
| PS Ratio | 1.09 | 0.94 | 0.83 | 1.04 | ||
| PB Ratio | 1.18 | 0.97 | 0.83 | 0.80 | ||
| P/OCF Ratio | 4.23 | 3.26 | 2.54 | 5.81 | ||
| EV/Sales Ratio | 0.77 | 0.69 | 0.51 | 0.63 | ||
| EV/EBITDA Ratio | 2.60 | 2.33 | 1.78 | 3.35 | ||
| EV/EBIT Ratio | 2.65 | 2.37 | 1.83 | 3.50 | ||
| Debt / Equity Ratio | 0.05 | 0.06 | 0.07 | 0.08 | 0.10 | |
| Debt / EBITDA Ratio | 0.16 | 0.18 | 0.24 | 0.52 | 6.14 | |
| Net Debt / Equity Ratio | -0.34 | -0.32 | -0.36 | -0.31 | -0.55 | |
| Net Debt / EBITDA Ratio | -1.11 | -1.04 | -1.26 | -2.16 | -42.06 | |
| Quick Ratio | 1.21 | 1.15 | 1.48 | 1.45 | 1.73 | |
| Current Ratio | 2.02 | 2.01 | 2.37 | 2.47 | 3.02 | |
| Asset Turnover | 0.32 | 0.34 | 0.32 | 0.25 | ||
| Return on Equity (ROE) | 31.47% | 32.62% | 28.02% | 15.10% | ||
| Return on Assets (ROA) | 5.70% | 6.12% | 5.59% | 2.83% | ||
| Return on Invested Capital (ROIC) | 29.03% | 31.13% | 27.22% | 14.05% | 0.38% | |
| Earnings Yield | 14.55% | 21.01% | 20.75% | 15.73% | ||
| Buyback Yield / Dilution | 2.94% | 4.82% | -2.73% | -3.05% | -0.49% | -0.01% |