Hamilton Insurance Group, Ltd. (HG) financial statements: income statement, balance sheet and cash flow
Hamilton Insurance Group, Ltd.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Hamilton Insurance Group, Ltd. reported revenue of $2.9B (+24.7% year on year) and net income of $840.0M (+37.0% year on year).
Income statement
Hamilton Insurance Group, Ltd. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Gross premiums written
$2.9B
$2.4B
$2.0B
Reinsurance premiums ceded
($635.6M)
($501.4M)
($470.6M)
Net premiums written
$2.3B
$1.9B
$1.5B
Net change in unearned premiums
($177.8M)
($186.4M)
($161.9M)
Net premiums earned
$2.1B
$1.7B
$1.3B
Net realized and unrealized gains (losses) on investments
$687.1M
$511.4M
$209.4M
Net investment income (loss)
$88.0M
$63.3M
$30.5M
Total net realized and unrealized gains (losses) on investments and net investment income (loss)
$775.1M
$574.7M
$239.9M
Other income (loss)
$26.6M
$23.8M
$18.6M
Net foreign exchange gains (losses)
($6.0M)
($3.2M)
($6.2M)
Total revenues
$2.9B
$2.3B
$1.6B
Losses and loss adjustment expenses
$1.3B
$1.0B
$714.6M
Acquisition costs
$507.3M
$388.9M
$309.1M
General and administrative expenses
$278.9M
$271.1M
$259.9M
Amortization of intangible assets
$15.7M
$15.5M
$10.8M
Interest expense
$20.2M
$22.6M
$21.4M
Total expenses
$2.1B
$1.7B
$1.3B
Income (loss) before income tax
$824.9M
$621.6M
$255.2M
Income tax expense (benefit)
($15.1M)
$8.4M
($25.1M)
Net income (loss)
$840.0M
$613.2M
$280.3M
Net income (loss) attributable to non-controlling interest
$263.4M
$212.7M
$21.6M
Net income (loss) and other comprehensive income (loss) attributable to common shareholders
$576.7M
$400.4M
$258.7M
Basic income (loss) per share attributable to common shareholders
$5.75
$3.81
$2.47
Diluted income (loss) per share attributable to common shareholders
$5.55
$3.67
$2.44
Hamilton Insurance Group, Ltd. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Gross premiums written
$831.0M
$940.1M
$698.8M
$712.0M
Reinsurance premiums ceded
($209.3M)
($286.5M)
($119.9M)
($155.7M)
Net premiums written
$621.7M
$653.7M
$579.0M
$556.3M
Net change in unearned premiums
($35.7M)
($83.1M)
($56.0M)
($45.2M)
Net premiums earned
$586.0M
$570.5M
$523.0M
$511.2M
Net realized and unrealized gains (losses) on investments
$227.9M
$151.1M
$115.1M
$208.0M
Net investment income (loss)
$24.4M
$26.0M
$22.7M
$21.1M
Total net realized and unrealized gains (losses) on investments and net investment income (loss)
$252.3M
$177.1M
$137.9M
$229.1M
Other income (loss)
$3.9M
$6.8M
$4.2M
$5.0M
Net foreign exchange gains (losses)
($2.6M)
$4.5M
$2.6M
($4.5M)
Total revenues
$839.6M
$758.9M
$667.6M
$740.8M
Losses and loss adjustment expenses
$361.5M
$324.8M
$278.7M
$269.9M
Acquisition costs
$145.4M
$144.5M
$125.4M
$122.8M
General and administrative expenses
$66.9M
$61.5M
$74.3M
$68.8M
Amortization of intangible assets
$3.7M
$4.0M
$4.0M
$4.0M
Interest expense
$4.8M
$4.8M
$4.9M
$4.7M
Total expenses
$582.3M
$539.6M
$487.4M
$470.3M
Income (loss) before income tax
$257.3M
$219.4M
$180.3M
$270.5M
Income tax expense (benefit)
$2.5M
$2.3M
$3.9M
$2.7M
Net income (loss)
$254.8M
$217.0M
$176.4M
$267.8M
Net income (loss) attributable to non-controlling interest
$111.0M
$83.5M
$40.2M
$80.4M
Net income (loss) and other comprehensive income (loss) attributable to common shareholders
$143.8M
$133.5M
$136.2M
$187.4M
Basic income (loss) per share attributable to common shareholders (in dollars per share)
$1.45
$1.34
$1.37
$1.85
Diluted income (loss) per share attributable to common shareholders (in dollars per share)
$1.42
$1.31
$1.32
$1.79
Balance sheet
Hamilton Insurance Group, Ltd. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Investments, at fair value
$3.4B
$2.9B
$2.3B
Investments in Two Sigma Funds, at fair value (cost 2025: $1,355,563; 2024: $805,623)
$1.6B
$939.4M
$851.5M
Total investments
$5.0B
$3.8B
$3.1B
Cash and cash equivalents
$1.1B
$996.5M
$794.5M
Restricted cash and cash equivalents
$109.7M
$104.4M
$106.4M
Premiums receivable
$939.8M
$771.7M
$658.4M
Paid losses recoverable
$93.7M
$134.4M
$145.2M
Deferred acquisition costs
$257.2M
$209.0M
$156.9M
Unpaid losses and loss adjustment expenses recoverable
$1.4B
$1.2B
$1.2B
Receivables for investments sold
$58.0M
$74.0M
$42.4M
Prepaid reinsurance
$296.4M
$218.9M
$194.3M
Intangible assets
$86.6M
$93.1M
$91.0M
Other assets
$265.4M
$208.6M
$209.6M
Total assets
$9.6B
$7.8B
$6.7B
Reserve for losses and loss adjustment expenses
$4.4B
$3.5B
$3.0B
Unearned premiums
$1.4B
$1.1B
$911.2M
Reinsurance balances payable
$296.4M
$261.3M
$272.3M
Payable for investments purchased
$209.9M
$115.4M
$66.6M
Term loan, net of issuance costs
$149.7M
$149.9M
$149.8M
Accounts payable and accrued expenses
$177.3M
$185.4M
$186.9M
Payables to related parties
$123.4M
$100.4M
$6.5M
Total liabilities
$6.7B
$5.5B
$4.6B
Non-controlling interest – TS Hamilton Fund
$172.0K
$128.0K
$133.0K
Common shares:
990.0K
1.0M
1.1M
Additional paid-in capital
$1.1B
$1.2B
$1.2B
Accumulated other comprehensive loss
($4.4M)
($4.4M)
($4.4M)
Retained earnings
$1.7B
$1.2B
$801.4M
Total shareholders' equity
$2.8B
$2.3B
$2.0B
Total liabilities, non-controlling interest, and shareholders’ equity
$9.6B
$7.8B
$6.7B
Hamilton Insurance Group, Ltd. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Investments, at fair value
$3.5B
$3.5B
$3.3B
$3.0B
Investments in Two Sigma Funds, at fair value (cost 2026: $1,574,091; 2025: $1,355,563)
$1.8B
$1.7B
$1.5B
$1.5B
Total investments
$5.3B
$5.2B
$4.8B
$4.5B
Cash and cash equivalents
$717.3M
$842.5M
$955.1M
$985.6M
Restricted cash and cash equivalents
$111.6M
$113.0M
$110.1M
$85.6M
Premiums receivable
$1.2B
$1.2B
$1.0B
$1.0B
Paid losses recoverable
$99.2M
$100.2M
$115.8M
$131.8M
Deferred acquisition costs
$294.7M
$291.3M
$259.3M
$253.4M
Unpaid losses and loss adjustment expenses recoverable
$1.5B
$1.4B
$1.3B
$1.2B
Receivables for investments sold
$185.1M
$10.0M
$45.2M
$38.3M
Prepaid reinsurance
$454.5M
$419.0M
$334.0M
$360.9M
Intangible assets
$83.2M
$84.3M
$88.8M
$90.1M
Other assets
$299.6M
$283.7M
$217.2M
$222.7M
Total assets
$10.3B
$9.9B
$9.2B
$8.9B
Reserve for losses and loss adjustment expenses
$4.8B
$4.6B
$4.2B
$4.0B
Unearned premiums
$1.7B
$1.6B
$1.4B
$1.4B
Reinsurance balances payable
$491.1M
$460.8M
$372.7M
$417.3M
Payables for investments purchased
$61.1M
$110.2M
$102.0M
$127.5M
Term loan, net of issuance costs
$149.8M
$149.8M
$149.7M
$149.7M
Accounts payable and accrued expenses
$131.9M
$149.2M
$167.9M
$141.8M
Payables to related parties
$67.9M
$62.1M
$28.3M
$50.2M
Total liabilities
$7.3B
$7.1B
$6.5B
$6.3B
Non-controlling interest – TS Hamilton Fund
$73.6M
$30.5M
$81.2M
$69.3M
Common shares:
986.0K
992.0K
983.0K
1.0M
Additional paid-in capital
$1.1B
$1.1B
$1.1B
$1.1B
Accumulated other comprehensive loss
($4.4M)
($4.4M)
($4.4M)
($4.4M)
Retained earnings
$1.7B
$1.6B
$1.5B
$1.4B
Total shareholders’ equity
$2.9B
$2.7B
$2.7B
$2.6B
Total liabilities, non-controlling interest, and shareholders’ equity
$10.3B
$9.9B
$9.2B
$8.9B
Cash flow statement
Hamilton Insurance Group, Ltd. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Net income (loss)
$840.0M
$613.2M
$280.3M
Depreciation and amortization
$15.9M
$16.5M
$12.4M
Share compensation expense
$29.3M
$30.4M
$44.4M
Net realized (gains) losses on investments
($517.1M)
($468.1M)
($84.3M)
Change in net unrealized (gains) losses on investments
($170.0M)
($43.3M)
($125.1M)
Other items
($28.7M)
$3.8M
($6.5M)
Premiums receivable
($168.1M)
($113.3M)
($135.7M)
Paid losses recoverable
$40.7M
$10.8M
($54.5M)
Deferred acquisition costs
($48.2M)
($52.1M)
($41.7M)
Prepaid reinsurance
($77.4M)
($24.6M)
($30.0M)
Unpaid losses and loss adjustment expenses recoverable
($204.8M)
($10.0M)
$16.8M
Other assets
($57.2M)
$1.2M
($42.7M)
Reserve for losses and loss adjustment expenses
$882.7M
$502.5M
$173.8M
Unearned premiums
$255.2M
$211.1M
$193.0M
Reinsurance balances payable
$35.1M
($11.0M)
$28.0M
Accounts payable and accrued expenses and other
$14.9M
$92.5M
$55.3M
Net cash provided by (used in) operating activities
$842.4M
$759.3M
$283.2M
Proceeds from redemptions from Two Sigma Funds
$2.7B
$2.9B
$2.6B
Contributions to Two Sigma Funds
($2.7B)
($2.5B)
($2.6B)
Purchases of fixed maturity investments
($2.5B)
($1.9B)
($1.2B)
Proceeds from sales, redemptions and maturity of fixed maturity investments
$1.7B
$1.4B
$689.0M
Purchases of short-term investments
($1.1B)
($1.8B)
($1.5B)
Proceeds from sales of short-term investments
$1.4B
$1.8B
$1.4B
Change in receivables for investments sold
$16.0M
($31.6M)
($42.0M)
Change in payables for investments purchased
$94.4M
$48.8M
$18.5M
Other
($8.9M)
($18.8M)
($15.9M)
Net cash provided by (used in) investing activities
($414.1M)
($184.2M)
($652.1M)
Issuance of common shares
25.0K
26.0K
73.0K
Repurchases of common shares
-112.5M
-150.3M
-2.4M
Contribution of additional paid-in capital
($26.0K)
$370.0K
$82.9M
Term loan, net of issuance costs
($311.0K)
$0
$0
Withdrawal of non-controlling interest
($263.3M)
($212.7M)
($21.5M)
Net cash provided by (used in) financing activities
($376.2M)
($362.7M)
$59.0M
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents
$19.1M
($12.5M)
$3.6M
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents
$71.2M
$200.0M
($306.3M)
Cash and cash equivalents and restricted cash and cash equivalents, beginning of year
$1.1B
$900.9M
$1.2B
Cash and cash equivalents and restricted cash and cash equivalents, end of year
$1.2B
—
—
Net income taxes paid
$16.5M
$10.7M
$4.2M
Interest paid
$21.7M
$22.4M
$21.6M
Hamilton Insurance Group, Ltd. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income (loss)
$471.8M
$217.0M
$625.5M
$449.1M
Depreciation and amortization
$8.4M
$4.4M
$13.0M
$8.7M
Share compensation expense
$12.4M
$5.7M
$21.1M
$13.5M
Net realized (gains) losses on investments
($387.8M)
($155.6M)
($424.1M)
($314.8M)
Change in net unrealized (gains) losses on investments
$8.8M
$4.5M
($147.8M)
($142.0M)
Other items
$2.6M
$2.1M
($26.7M)
($26.6M)
Premiums receivable
($300.3M)
($214.7M)
($240.3M)
($276.9M)
Paid losses recoverable
($5.6M)
($6.5M)
$18.6M
$2.6M
Deferred acquisition costs
($37.5M)
($34.1M)
($50.3M)
($44.4M)
Prepaid reinsurance
($158.2M)
($122.6M)
($115.1M)
($142.0M)
Unpaid losses and loss adjustment expenses recoverable
($88.1M)
($37.1M)
($132.8M)
($65.6M)
Other assets
($33.3M)
($17.2M)
($8.8M)
($14.3M)
Reserve for losses and loss adjustment expenses
$367.9M
$180.6M
$673.6M
$451.8M
Unearned premiums
$277.0M
$205.8M
$321.2M
$292.1M
Reinsurance balances payable
$194.7M
$164.4M
$111.4M
$156.0M
Accounts payable and accrued expenses and other
($107.1M)
($95.8M)
($89.6M)
($93.7M)
Net cash provided by (used in) operating activities
$226.1M
$100.8M
$548.9M
$253.3M
Proceeds from redemptions from Two Sigma Funds
$2.1B
$842.0M
$2.2B
$1.4B
Contributions to Two Sigma Funds
($2.0B)
($754.1M)
($2.3B)
($1.6B)
Purchases of fixed maturity investments
($2.0B)
($1.2B)
($1.8B)
($1.1B)
Proceeds from sales, redemptions and maturity of fixed maturity investments
$2.1B
$1.3B
$1.2B
$833.0M
Purchases of short-term investments
($729.9M)
($442.2M)
($900.5M)
($658.6M)
Proceeds from sales of short-term investments
$581.9M
$195.1M
$1.2B
$860.4M
Change in receivables for investments sold
($127.1M)
$48.0M
$28.8M
$35.7M
Change in payables for investments purchased
($148.8M)
($99.7M)
($13.4M)
$12.1M
Other
($5.9M)
($3.2M)
($8.5M)
($5.4M)
Net cash provided by (used in) investing activities
($186.8M)
($27.8M)
($371.4M)
($140.8M)
Issuance of common shares
14.0K
13.0K
11.0K
11.0K
Repurchases of common shares
-55.3M
-33.1M
-92.3M
-51.9M
Contribution of additional paid-in capital
($14.0K)
($13.0K)
($12.0K)
($12.0K)
Term loan, net of issuance costs
$0
—
($311.0K)
($311.0K)
Withdrawal of non-controlling interest
($121.1M)
($53.1M)
($139.9M)
($111.6M)
Dividends on common shares paid
-199.5M
-199.4M
—
—
Net cash provided by (used in) financing activities
($375.9M)
($285.6M)
($232.6M)
($163.8M)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents
($6.7M)
($4.0M)
$19.4M
$21.8M
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents
($343.1M)
($216.6M)
($35.6M)
($29.6M)
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period
$1.2B
$1.2B
$1.1B
$1.1B
Cash and cash equivalents and restricted cash and cash equivalents, end of period