Hamilton Insurance Group reported record fourth‑quarter and full‑year 2025 results on February 19, 2026. Net income rose 44% to $577 million, and adjusted earnings per share of $1.65 beat the consensus estimate of $0.69 by $0.96, a 139% beat. Total revenue reached $728.3 million, up 14% from the $637.3 million forecast. Return on average equity climbed to 22.4%, and gross premiums written increased 20.7% to $2.9 billion. The full‑year combined ratio improved to 92.9% from 95.4% in 2024, while the quarter’s ratio fell to 87.0%. Catastrophe losses of $159 million, largely from California wildfires, were offset by $775.1 million in investment income and $93.4 million in share buybacks.
"Pina Albo, CEO, said, 'Hamilton delivered another record result in 2025, with net income of $577 million, or a 44% increase over net income last year, and a 22% return on average equity. Gross premiums written grew 21% to $2.9 billion, our combined ratio was 92.9%, and book value per share increased 24%.'"
On February 18, 2026, the board declared a special dividend of $2.00 per common share, totaling approximately $206 million, payable on March 30, 2026, underscoring the company’s confidence in its cash position and commitment to shareholder returns.
The results were well received by investors, with the EPS and revenue beats highlighting the company’s disciplined underwriting and strong investment performance. Analysts noted the significant margin expansion and the company’s ability to manage catastrophe losses while maintaining a healthy capital base.
Compared to 2024, Hamilton’s net income grew from $400 million to $577 million, and its gross premiums written rose from $2.4 billion to $2.9 billion, reflecting robust demand in specialty and casualty lines. The improved combined ratio indicates tighter underwriting and cost control, while the investment income surge demonstrates the effectiveness of the company’s investment strategy.
The combination of record profitability, disciplined underwriting, and a sizable capital return positions Hamilton to navigate future market cycles. The special dividend and share buyback program reinforce the company’s focus on returning value to shareholders while maintaining a strong balance sheet for continued growth.
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