Hamilton Insurance Group reported third-quarter 2026 net income of $81.5 million and operating income of $179.9 million, alongside 17.3% growth in gross premiums written. The insurer also reported a 97.3% combined ratio and $88.4 million in net investment income.
For the first nine months of the year, net income was $358.8 million and operating income was $504.9 million. Premiums continued to grow, while the company repurchased $3.1 million of its common shares during the quarter.
Third-quarter results
- Income and returns: Net income was $81.5 million, or $0.81 per diluted share. Operating income was $179.9 million, or $1.78 per diluted share. Annualized returns on average equity were 11.3% based on net income and 24.9% based on operating income.
- Premium growth: Gross premiums written rose 17.3% year over year to $819.7 million. Net premiums earned increased 13.1% to $591.3 million.
- Underwriting: The combined ratio was 97.3%, and underwriting income was $15.5 million. A combined ratio below 100% indicates underwriting profit before investment income.
- Investments: Net investment income was $88.4 million. Hamilton reported $144.7 million of returns from its Two Sigma Hamilton Fund, partly offset by a $56.3 million loss across fixed income, short-term investments, cash and cash equivalents.
- Share repurchases: Hamilton bought back $3.1 million of its common shares during the quarter.
Year-to-date results
- Income and returns: Through September 30, net income was $358.8 million, or $3.54 per diluted share, while operating income was $504.9 million, or $4.98 per diluted share. Annualized returns on average equity were 16.6% and 23.4%, respectively.
- Premiums: Gross premiums written reached $2.6 billion, up 14.9% from the same period in 2025. Net premiums earned were $1.7 billion, up 14.0%.
- Underwriting: The combined ratio for the first nine months was 94.1%, below the third-quarter figure of 97.3%.
The results show growth in premiums and an underwriting profit in both the quarter and year-to-date period. Hamilton’s reported net income and operating income were notably different in the quarter; the company also reported strong returns from its Two Sigma fund alongside losses in other investment categories.