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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hamilton Insurance Group Ltd | NYSE:HG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.24 | -1.40% | 16.89 | 17.24 | 16.79 | 17.11 | 373,081 | 01:00:00 |
Hamilton Insurance Group, Ltd. (NYSE: HG; “Hamilton” or “The Company”) today announced financial results for the fourth quarter ended December 31, 2023.
Consolidated Highlights – Fourth Quarter
Consolidated Highlights – Full Year
Commenting on the financial results, Pina Albo, CEO of Hamilton, said:
“2023 was a year that truly exemplified the transformation of Hamilton’s business. Our talented team demonstrated our ability to deliver strong results and grow at the right time and in the right lines, all while strengthening our relationships with brokers and clients.”
For the Three Months Ended
($ in thousands, except for per share amounts and percentages)
December 31, 2023
December 31, 2022
Change
Gross premiums written
$
433,791
$
341,252
$
92,539
Net premiums written
363,666
283,376
80,290
Net premiums earned
366,135
312,247
53,888
Underwriting income (loss)
$
36,028
$
38,605
$
(2,577
)
Combined ratio
90.2
%
87.6
%
2.6
%
Net income (loss) attributable to common shareholders
$
126,865
$
(59,017
)
$
185,882
Income (loss) per share attributable to common shareholders - diluted
$
1.15
$
(0.57
)
Book value per common share
$
18.58
$
16.14
Change in book value per share
7.1
%
(3.4
%)
Return on average common equity - annualized
26.4
%
(13.9
%)
For the Three Months Ended
Key Ratios
December 31, 2023
December 31, 2022
Change
Attritional loss ratio - current year
53.2
%
57.8
%
(4.6
%)
Attritional loss ratio - prior year
(1.7
%)
(4.7
%)
3.0
%
Catastrophe loss ratio - current year
1.9
%
(0.7
%)
2.6
%
Catastrophe loss ratio - prior year
(0.1
%)
(0.8
%)
0.7
%
Loss and loss adjustment expense ratio
53.3
%
51.6
%
1.7
%
Acquisition cost ratio
24.2
%
24.5
%
(0.3
%)
Other underwriting expense ratio
12.7
%
11.5
%
1.2
%
Combined ratio
90.2
%
87.6
%
2.6
%
For the Years Ended
($ in thousands, except for per share amounts and percentages)
December 31, 2023
December 31, 2022
Change
Gross premiums written
$
1,951,038
$
1,646,673
$
304,365
Net premiums written
1,480,438
1,221,864
258,574
Net premiums earned
1,318,533
1,143,714
174,819
Underwriting income (loss)
$
129,851
$
(31,717
)
$
161,568
Combined ratio
90.1
%
102.8
%
(12.7
%)
Net income (loss) attributable to common shareholders
$
258,727
$
(97,999
)
$
356,726
Income (loss) per share attributable to common shareholders - diluted
$
2.44
$
(0.95
)
Book value per common share
$
18.58
$
16.14
Change in book value per share
15.1
%
(5.6
%)
Return on average common equity
13.9
%
(5.7
%)
For the Years Ended
Key Ratios
December 31, 2023
December 31, 2022
Change
Attritional loss ratio - current year
52.2
%
51.8
%
0.4
%
Attritional loss ratio - prior year
(0.8
%)
(0.3
%)
(0.5
%)
Catastrophe loss ratio - current year
3.2
%
16.3
%
(13.1
%)
Catastrophe loss ratio - prior year
(0.4
%)
(1.5
%)
1.1
%
Loss and loss adjustment expense ratio
54.2
%
66.3
%
(12.1
%)
Acquisition cost ratio
23.4
%
23.7
%
(0.3
%)
Other underwriting expense ratio
12.5
%
12.8
%
(0.3
%)
Combined ratio
90.1
%
102.8
%
(12.7
%)
Segment Underwriting Results – Fourth Quarter
International Segment
For the Three Months Ended
($ in thousands, except for percentages)
December 31, 2023
December 31, 2022
Change
Gross premiums written
$
273,472
$
234,273
$
39,199
Net premiums written
216,712
189,195
27,517
Net premiums earned
198,725
172,846
25,879
Underwriting income (loss)
$
1,867
$
15,650
$
(13,783
)
Key ratios
Attritional loss ratio - current year
54.5
%
60.0
%
(5.5
%)
Attritional loss ratio - prior year
(1.4
%)
(8.1
%)
6.7
%
Catastrophe loss ratio - current year
0.0
%
(1.2
%)
1.2
%
Catastrophe loss ratio - prior year
0.4
%
(1.2
%)
1.6
%
Loss and loss adjustment expense ratio
53.5
%
49.5
%
4.0
%
Acquisition cost ratio
27.7
%
27.8
%
(0.1
%)
Other underwriting expense ratio
17.9
%
13.6
%
4.3
%
Combined ratio
99.1
%
90.9
%
8.2
%
Bermuda Segment
For the Three Months Ended
($ in thousands, except for percentages)
December 31, 2023
December 31, 2022
Change
Gross premiums written
$
160,319
$
106,979
$
53,340
Net premiums written
146,954
94,181
52,773
Net premiums earned
167,410
139,401
28,009
Underwriting income (loss)
$
34,161
$
22,955
$
11,206
Key ratios
Attritional loss ratio - current year
51.8
%
55.1
%
(3.3
%)
Attritional loss ratio - prior year
(2.2
%)
(0.5
%)
(1.7
%)
Catastrophe loss ratio - current year
4.1
%
0.0
%
4.1
%
Catastrophe loss ratio - prior year
(0.7
%)
(0.3
%)
(0.4
%)
Loss and loss adjustment expense ratio
53.0
%
54.3
%
(1.3
%)
Acquisition cost ratio
20.1
%
20.4
%
(0.3
%)
Other underwriting expense ratio
6.5
%
8.9
%
(2.4
%)
Combined ratio
79.6
%
83.6
%
(4.0
%)
Segment Underwriting Results – Full Year
International Segment
For the Years Ended
($ in thousands, except for percentages)
December 31, 2023
December 31, 2022
Change
Gross premiums written
$
1,105,522
$
933,241
$
172,281
Net premiums written
770,399
635,773
134,626
Net premiums earned
703,508
623,047
80,461
Underwriting income (loss)
$
36,956
$
20,183
$
16,773
Key ratios
Attritional loss ratio - current year
53.2
%
50.9
%
2.3
%
Attritional loss ratio - prior year
(3.5
%)
(4.8
%)
1.3
%
Catastrophe loss ratio - current year
1.5
%
7.2
%
(5.7
%)
Catastrophe loss ratio - prior year
0.3
%
0.5
%
(0.2
%)
Loss and loss adjustment expense ratio
51.5
%
53.8
%
(2.3
%)
Acquisition cost ratio
26.5
%
27.4
%
(0.9
%)
Other underwriting expense ratio
16.7
%
15.5
%
1.2
%
Combined ratio
94.7
%
96.7
%
(2.0
%)
Bermuda Segment
For the Years Ended
($ in thousands, except for percentages)
December 31, 2023
December 31, 2022
Change
Gross premiums written
$
845,516
$
713,432
$
132,084
Net premiums written
710,039
586,091
123,948
Net premiums earned
615,025
520,667
94,358
Underwriting income (loss)
$
92,895
$
(51,900
)
$
144,795
Key ratios
Attritional loss ratio - current year
51.1
%
52.9
%
(1.8
%)
Attritional loss ratio - prior year
2.3
%
5.1
%
(2.8
%)
Catastrophe loss ratio - current year
5.1
%
27.1
%
(22.0
%)
Catastrophe loss ratio - prior year
(1.2
%)
(3.9
%)
2.7
%
Loss and loss adjustment expense ratio
57.3
%
81.2
%
(23.9
%)
Acquisition cost ratio
19.9
%
19.3
%
0.6
%
Other underwriting expense ratio
7.7
%
9.4
%
(1.7
%)
Combined ratio
84.9
%
109.9
%
(25.0
%)
Investments and Shareholders’ Equity as of December 31, 2023
Conference Call Details and Additional Information
Conference Call Information
Hamilton will host a conference call to discuss its financial results on Thursday, March 7, 2024, at 10:00 a.m. ET. The conference call can be accessed by dialing 1-855-761-5600 (US toll free), or 1-646-307-1097, and entering the conference ID 6439207.
A live, audio webcast of the conference call will also be available through the Investors portal of the Company’s website at investors.hamiltongroup.com.
A replay of the audio conference call will be available at investors.hamiltongroup.com or by dialing 1-800-770-2030 (U.S. toll free) and entering the conference ID 6439207.
Additional Information
In addition to the information provided in the Company's earnings release, we have also made available supplementary financial information and an investor presentation which may be referred to during the conference call and will be available on the Company’s website at investors.hamiltongroup.com.
About Hamilton Insurance Group, Ltd.
Hamilton is a Bermuda-headquartered company that underwrites specialty insurance and reinsurance risks on a global basis through its wholly owned subsidiaries. Its three underwriting platforms: Hamilton Global Specialty, Hamilton Re and Hamilton Select, each with dedicated and experienced leadership, provide us with access to diversified and profitable markets around the world.
For more information about Hamilton Insurance Group, visit our website at www.hamiltongroup.com or on LinkedIn at Hamilton.
Consolidated Balance Sheet
($ in thousands)
December 31, 2023
December 31, 2022
Assets
Fixed maturity investments, at fair value
(amortized cost 2023: $1,867,499; 2022: $1,348,684)
$
1,831,268
$
1,259,476
Short-term investments, at fair value (amortized cost 2023: $427,437; 2022: $285,130)
428,878
286,111
Investments in Two Sigma Funds, at fair value (cost 2023: $770,191; 2022: $731,100)
851,470
740,736
Total investments
3,111,616
2,286,323
Cash and cash equivalents
794,509
1,076,420
Restricted cash and cash equivalents
106,351
130,783
Premiums receivable
658,363
522,670
Paid losses recoverable
145,202
90,655
Deferred acquisition costs
156,895
115,147
Unpaid losses and loss adjustment expenses recoverable
1,161,077
1,177,863
Receivables for investments sold
42,419
371
Prepaid reinsurance
194,306
164,313
Intangible assets
90,996
86,958
Other assets
209,621
167,462
Total assets
$
6,671,355
$
5,818,965
Liabilities, non-controlling interest, and shareholders' equity
Liabilities
Reserve for losses and loss adjustment expenses
$
3,030,037
$
2,856,275
Unearned premiums
911,222
718,188
Reinsurance balances payable
272,310
244,320
Payables for investments purchased
66,606
48,095
Term loan, net of issuance costs
149,830
149,715
Accounts payable and accrued expenses
186,887
138,050
Payables to related parties
6,480
20
Total liabilities
4,623,372
4,154,663
Non-controlling interest – TS Hamilton Fund
133
119
Shareholders’ equity
Common shares:
Class A, authorized (2023: 28,644,807 and 2022: 53,993,690), par value $0.01;
issued and outstanding (2023: 28,644,807 and 2022: 30,520,078)
286
305
Class B, authorized (2023: 72,337,352 and 2022: 50,480,684), par value $0.01;
issued and outstanding (2023: 56,036,067 and 2022: 42,042,155)
560
420
Class C, authorized (2023: 25,544,229 and 2022: 30,525,626), par value $0.01;
issued and outstanding (2023: 25,544,229 and 2022: 30,525,626)
255
305
Additional paid-in capital
1,249,817
1,120,242
Accumulated other comprehensive loss
(4,441
)
(4,441
)
Retained earnings
801,373
547,352
Total shareholders' equity
2,047,850
1,664,183
Total liabilities, non-controlling interest, and shareholders' equity
$
6,671,355
$
5,818,965
Consolidated Statement of Operations
Three Months Ended December 31,
Years Ended December 31,
($ in thousands, except per share information)
2023
2022
2023
2022
Revenues
Gross premiums written
$
433,791
$
341,252
$
1,951,038
$
1,646,673
Reinsurance premiums ceded
(70,125
)
(57,876
)
(470,600
)
(424,809
)
Net premiums written
363,666
283,376
1,480,438
1,221,864
Net change in unearned premiums
2,469
28,871
(161,905
)
(78,150
)
Net premiums earned
366,135
312,247
1,318,533
1,143,714
Net realized and unrealized gains (losses) on investments
107,517
(60,280
)
209,399
86,357
Net investment income (loss)
12,737
695
30,456
(21,487
)
Total net realized and unrealized gains (losses) on investments and net investment income (loss)
120,254
(59,585
)
239,855
64,870
Net gain on sale of equity method investment
211
6,991
211
6,991
Other income (loss)
10,792
2,199
18,631
11,316
Net foreign exchange gains (losses)
(2,230
)
(9,245
)
(6,185
)
6,137
Total revenues
495,162
252,607
1,571,045
1,233,028
Expenses
Losses and loss adjustment expenses
195,049
161,318
714,603
758,333
Acquisition costs
88,615
76,394
309,148
271,189
General and administrative expenses
101,781
42,392
259,856
177,682
Impairment of goodwill
—
24,082
—
24,082
Amortization of intangible assets
2,914
2,957
10,783
12,832
Interest expense
5,428
4,485
21,434
15,741
Total expenses
393,787
311,628
1,315,824
1,259,859
Income (loss) before income tax
101,375
(59,021
)
255,221
(26,831
)
Income tax expense (benefit)
(31,974
)
1
(25,066
)
3,104
Net income (loss)
133,349
(59,022
)
280,287
(29,935
)
Net income (loss) attributable to non-controlling interest
6,484
(5
)
21,560
68,064
Net income (loss) and other comprehensive income (loss) attributable to common shareholders
$
126,865
$
(59,017
)
$
258,727
$
(97,999
)
Per share data
Basic income (loss) per share attributable to common shareholders
$
1.18
$
(0.57
)
$
2.47
$
(0.95
)
Diluted income (loss) per share attributable to common shareholders
$
1.15
$
(0.57
)
$
2.44
$
(0.95
)
Non-GAAP Financial Measures Reconciliation
We present our results of operations in a way that we believe will be the most meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements are considered non-GAAP financial measures under SEC rules and regulations. In this press release, we present underwriting income (loss), a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. We believe that non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with U.S. GAAP. Where appropriate, reconciliations of our non-GAAP measures to the most comparable GAAP figures are included below.
Underwriting Income (Loss)
We calculate underwriting income (loss) on a pre-tax basis as net premiums earned less losses and loss adjustment expenses, acquisition costs and other underwriting expenses (net of third party fee income). We believe that this measure of our performance focuses on the core fundamental performance of the Company’s reportable segments in any given period and is not distorted by investment market conditions, corporate expense allocations or income tax effects.
The following table reconciles underwriting income (loss) to net income (loss), the most comparable GAAP financial measure:
For the Three Months Ended
For the Years Ended
($ in thousands)
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Underwriting income (loss)
$
36,028
$
38,605
$
129,851
$
(31,717
)
Total net realized and unrealized gains (losses) on investments and net investment income (loss)
120,254
(59,585
)
239,855
64,870
Net gain on sale of equity method investment
211
6,991
211
6,991
Other income (loss), excluding third party fee income
312
(55
)
397
(315
)
Net foreign exchange gains (losses)
(2,230
)
(9,245
)
(6,185
)
6,137
Corporate expenses
(44,858
)
(4,208
)
(76,691
)
(20,142
)
Impairment of goodwill
—
(24,082
)
—
(24,082
)
Amortization of intangible assets
(2,914
)
(2,957
)
(10,783
)
(12,832
)
Interest expense
(5,428
)
(4,485
)
(21,434
)
(15,741
)
Income tax (expense) benefit
31,974
(1
)
25,066
(3,104
)
Net income (loss), prior to non-controlling interest
$
133,349
$
(59,022
)
$
280,287
$
(29,935
)
Third Party Fee Income
Third party fee income includes income that is incremental and/or directly attributable to our underwriting operations. It is primarily comprised of fees earned by the International Segment for management services provided to third party syndicates and consortia and by the Bermuda Segment for performance based management fees generated by our third party capital manager, Ada Capital Management Limited. We believe that this measure is a relevant component of our underwriting income (loss).
The following table reconciles third party fee income to other income, the most comparable GAAP financial measure:
For the Three Months Ended
For the Years Ended
($ in thousands)
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Third party fee income
$
10,480
$
2,254
$
18,234
$
11,631
Other income (loss), excluding third party fee income
312
(55
)
397
(315
)
Other income (loss)
$
10,792
$
2,199
$
18,631
$
11,316
Other Underwriting Expenses
Other underwriting expenses include those general and administrative expenses that are incremental and/or directly attributable to our underwriting operations. While this measure is presented in Note 10, Segment Reporting in the consolidated financial statements, it is considered a non-GAAP financial measure when presented elsewhere.
Corporate expenses include holding company costs necessary to support our reportable segments. As these costs are not incremental and/or directly attributable to our underwriting operations, these costs are excluded from other underwriting expenses, and therefore, underwriting income (loss). General and administrative expenses, the most comparable GAAP financial measure to other underwriting expenses, also includes corporate expenses.
The following table reconciles other underwriting expenses to general and administrative expenses, the most comparable GAAP financial measure:
For the Three Months Ended
For the Years Ended
($ in thousands)
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Other underwriting expenses
$
56,923
$
38,184
$
183,165
$
157,540
Corporate expenses
44,858
4,208
76,691
20,142
General and administrative expenses
$
101,781
$
42,392
$
259,856
$
177,682
Special Note Regarding Forward-Looking Statements
This information may contain forward-looking statements which reflect the Company's current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on management's current expectations and beliefs concerning future developments and their potential effects upon Hamilton. There can be no assurance that future developments affecting Hamilton will be those anticipated by management. Forward-looking statements include, without limitation, all matters that are not historical facts. These forward-looking statements are not a guarantee of future performance and involve risk and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including the following:
View source version on businesswire.com: https://www.businesswire.com/news/home/20240306774801/en/
Jon Levenson & Darian Niforatos Investor.Relations@hamiltongroup.com
Media contact: Kelly Corday Ferris kelly.ferris@hamiltongroup.com
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