A Business at a Glance
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In this Annual Report, references to "Hamilton," "Hamilton Group," the "Group," the "Company," "we," "us" and "our" refer to Hamilton Insurance Group, Ltd., together with its consolidated subsidiaries, unless the context requires otherwise. Certain defined terms used through this Annual Report are included in the "Glossary of Selected Terms" attached hereto and for ease of reading, some defined terms may be used without initial capitalization but retain the meanings set forth in the glossary. Amounts in this Annual Report are presented in U.S. dollars, unless otherwise noted. Certain amounts presented in tables are subject to rounding adjustments and, as a result, the totals in such tables may not sum. Our Company Overview of Our Business We are a global specialty insurance and reinsurance company founded in Bermuda in 2013. We harness multiple drivers to create shareholder value.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|
| Revenue | 2.9B | 2.9B | 2.3B | 1.6B | 1.2B |
| Net Income | 840M | 840M | 613M | 280M | -30M |
| EPS | $5.55 | $5.55 | $3.67 | $2.44 | $-0.95 |
| Free Cash Flow | 842M | 842M | 759M | 283M | 191M |
| ROIC | 30.9% | 30.8% | 24.7% | 12.8% | -1.7% |
| Gross Margin | - | - | - | - | - |
| Debt/Equity | 0.34 | 0.34 | 0.40 | 0.41 | 0.09 |
| Dividends/Share | $0.00 | - | - | - | - |
| Operating Income | 825M | 825M | 622M | 255M | -27M |
| Operating Margin | 28.4% | 28.4% | 26.7% | 16.2% | -2.2% |
| ROE | 29.8% | 32.6% | 26.3% | 13.7% | -1.8% |
| Shares Outstanding | 66M | 66M | 66M | 115M | 32M |
| Metric | 2022 | 2023 | |||
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | 1.2B | 1.6B | 2.3B | 2.9B | 2.9B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A |
| SG&A | 178M | 260M | 271M | 279M | 279M |
| EBIT | -27M | 255M | 622M | 825M | 825M |
| Op. Margin | -2.2% | 16.2% | 26.7% | 28.4% | 28.4% |
| Net Income | -30M | 280M | 613M | 840M | 840M |
| Net Margin | -2.4% | 17.8% | 26.3% | 28.9% | 28.9% |
| Non-Recurring | 24M | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||
| ROIC | -1.7% | 12.8% | 24.7% | 30.8% | 30.9% |
| ROE | -1.8% | 13.7% | 26.3% | 32.6% | 29.8% |
| ROA | -0.5% | 4.2% | 7.9% | 9.7% | 8.8% |
| Cash Flow | |||||
| Op. Cash Flow | 191M | 283M | 759M | 842M | 842M |
| Free Cash Flow | 191M | 283M | 759M | 842M | 842M |
| Owner Earnings | 165M | 226M | 712M | 797M | 797M |
| CapEx | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 15M | 12M | 16M | 16M | 16M |
| Growth CapEx | N/A | N/A | N/A | N/A | 0 |
| D&A | 15M | 12M | 16M | 16M | 16M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 1.5M | 2.4M | 150M | 113M | 113M |
| Buyback Yield | N/A | 0.1% | 12.1% | 6.0% | 5.5% |
| Stock-Based Comp | 11M | 44M | 30M | 29M | 29M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||
| Net Debt | -2.5B | -2.2B | -2.9B | -3.5B | -108M |
| Cash & Equiv. | 1.1B | 795M | 996M | 1.1B | 1.1B |
| Long-Term Debt | 150M | 150M | 150M | 150M | 150M |
| Debt/Equity | 0.09 | 0.41 | 0.40 | 0.34 | 0.34 |
| Interest Coverage | -1.7 | 11.9 | 27.5 | 40.9 | 40.9 |
| Equity | 1.7B | 2.0B | 2.3B | 2.8B | 2.8B |
| Total Assets | 5.8B | 6.7B | 7.8B | 9.6B | 9.6B |
| Total Liabilities | 4.2B | 4.6B | 5.5B | 6.7B | 6.7B |
| Intangibles | 87M | 91M | 93M | 87M | 87M |
| Retained Earnings | 547M | 801M | 1.2B | 1.7B | 1.7B |
| Working Capital | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||
| EPS | -0.95 | 2.44 | 3.67 | 5.55 | 5.55 |
| Owner EPS | 5.24 | 1.97 | 10.73 | 12.00 | 12.00 |
| Book Value | 52.81 | 17.83 | 35.06 | 42.49 | 42.49 |
| Cash Flow/Share | 6.06 | 2.46 | 11.43 | 12.68 | 12.89 |
| Dividends/Share | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 31.5M | 114.9M | 66.4M | 66.4M | 66.4M |
| Valuation | |||||
| P/E Ratio | N/A | 6.1 | 5.1 | 5.1 | 5.5 |
| P/FCF | N/A | 6.0 | 1.6 | 2.2 | 2.4 |
| EV/EBIT | N/A | N/A | N/A | N/A | 2.3 |
| Price/Book | N/A | 0.8 | 0.5 | 0.7 | 0.7 |
| Price/Sales | N/A | 1.1 | 0.5 | 0.5 | 0.7 |
| FCF Yield | N/A | 16.5% | 61.2% | 45.0% | 41.2% |
| Market Cap | N/A | 1.7B | 1.2B | 1.9B | 2.0B |
| Avg. Price | N/A | 15.10 | 16.54 | 22.07 | 30.77 |
| Year-End Price | N/A | 14.91 | 18.68 | 28.18 | 30.77 |
Hamilton Insurance Group, Ltd. passes 6 of 9 quality checks, suggesting mixed fundamentals.
Hamilton Insurance Group, Ltd. trades at 5.5x trailing earnings, compared to its 15-year median P/E of 5.1x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 2.4x vs a median of 2.2x. The company's 5-year average ROIC is 16.7%. Total shareholder yield (buybacks) is 5.5%. At current prices, the estimated annualized return to fair value is +52.4%.
Hamilton Insurance Group, Ltd. (HG) has a current P/E ratio of 5.5, compared to its historical median P/E of 5.1. The stock is currently considered Fair based on its historical valuation range.
Hamilton Insurance Group, Ltd. (HG) has a 5-year average return on invested capital (ROIC) of 16.7%. This indicates strong capital allocation and a potential competitive advantage.
Hamilton Insurance Group, Ltd. (HG) has a market capitalization of $2.0B. It is classified as a mid-cap stock.
Hamilton Insurance Group, Ltd. (HG) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 5.51%.
Based on historical P/E analysis, Hamilton Insurance Group, Ltd. (HG) appears fair. The current P/E of 5.5 is 9% above its historical median of 5.1. The estimated fair value CAGR (P/E method) is 22.7%.
Hamilton Insurance Group, Ltd. (HG) operates in the Fire, Marine & Casualty Insurance industry, within the Financials sector.
Hamilton Insurance Group, Ltd. (HG) reported annual revenue of $2.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
Hamilton Insurance Group, Ltd. (HG) has a net profit margin of 28.9%. This is a strong margin indicating high profitability.
Hamilton Insurance Group, Ltd. (HG) generated $842 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Hamilton Insurance Group, Ltd. (HG) has a debt-to-equity ratio of 0.34. This indicates a conservatively financed balance sheet.
Hamilton Insurance Group, Ltd. (HG) reported earnings per share (EPS) of $5.55 in its most recent fiscal year.
Hamilton Insurance Group, Ltd. (HG) has a return on equity (ROE) of 32.6%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 4 years of financial data for Hamilton Insurance Group, Ltd. (HG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Hamilton Insurance Group, Ltd. (HG) has a book value per share of $42.49, based on its most recent annual SEC filing.