Hamilton Insurance Group, Ltd. (HG) FY2025 10-K Annual Report
Hamilton Insurance Group, Ltd. (HG) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Hamilton Insurance Group, Ltd. FY2025 10-K Analysis
Management Discussion & Analysis
- • Revenue: Gross premiums written $2.92B in 2025, up 20.7% from $2.42B in 2024; net premiums earned $2.11B, up 21.6% from $1.73B
- • Profitability: Net income $840M in 2025, up 37% YoY from $613M; underwriting income $149M flat vs $149M; combined ratio improved to 92.9% from 91.3%
- • Best segment: International loss reserves $2.35B (2025), increased from $1.96B (2024); Worst: Bermuda reserves $2.06B (2025), increased from $1.57B (2024)
- • Cash and capital: Cash and equivalents $1.06B; total investments $5.03B; no buyback or dividend data disclosed; term loan stable at $150M
- • Outlook and risks: Inflation risk noted may increase loss costs; new Bermuda corporate tax effective 2030 with uncertain impact; market conditions flattening in some reinsurance classes
Risk Factors
- • Legal risk: Significant legal and regulatory proceedings including regulatory scrutiny from SEC and rating agency downgrades affecting capital and licensing
- • Geopolitical risk: Exposure to U.S. Mainland Earthquakes in California with modeled 250-Year Occurrence Exceedance Probability losses of $292.3 million
- • Operational risk: Reliance on third-party MGAs and coverholders who may exceed underwriting authority or commit fraud impacting financials
- • Competitive risk: Increasing industry consolidation and technology adoption (AI, advanced analytics) by competitors pressuring pricing and market share
- • Financial risk: Limited financial flexibility due to covenants in credit facilities restricting operational and investment decisions
Hamilton Insurance Group, Ltd. FY2025 Key Financial MetricsXBRL
Revenue
$2.9B
▲ +24.7% YoY
Net Income
$840M
▲ +37.0% YoY
Net Margin
28.9%
▲ +259bp YoY
ROE
29.8%
▲ +344bp YoY
Total Assets
$9.6B
▲ +22.8% YoY
EPS (Diluted)
$5.55
▲ +51.2% YoY
Operating Cash Flow
$842M
▲ +10.9% YoY
Source: XBRL data from Hamilton Insurance Group, Ltd. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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