Short answer
Hamilton Insurance Group, Ltd. (HG) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $2.9B (+24.7% year over year) and net income of $840M.
- Top risk flagged: Legal risk: Significant legal and regulatory proceedings including regulatory scrutiny from SEC and rating agency downgrades affecting capital and licensing
FY2025 key financial metrics · XBRL
- Revenue
- $2.9B
- +24.7% YoY
- Net income
- $840M
- +37.0% YoY
- EPS (diluted)
- $5.55
- +51.2% YoY
- ROE
- 29.8%
- +3.4 pp YoY
- Operating cash flow
- $842M
- +10.9% YoY
Source: XBRL data from the Hamilton Insurance Group, Ltd. (HG) FY2025 10-K on SEC EDGAR. USD.
Hamilton Insurance Group, Ltd. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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