Hamilton Insurance (US:HG)2025-11-05 21:20Financial Performance - Gross premiums written for Q3 2025 reached $698,845,000, a 26.3% increase from $553,401,000 in Q3 2024[22] - Net premiums earned for the nine months ended September 30, 2025, were $1,533,090,000, compared to $1,252,862,000 for the same period in 2024, reflecting a 22.4% growth[22] - Net income attributable to common shareholders for Q3 2025 was $136,200,000, compared to $78,250,000 in Q3 2024, marking a 74.1% increase[22] - Total revenues for the nine months ended September 30, 2025, were $2,177,198,000, up from $1,759,431,000 in the same period of 2024, a growth of 23.7%[22] - Net income for the nine months ended September 30, 2025, was $625,476,000, an increase from $538,749,000 in the same period of 2024, representing a growth of approximately 16.1%[26] - Basic income per share attributable to common shareholders for Q3 2025 was $1.37, compared to $0.77 in Q3 2024, representing a 77.9% increase[22] Assets and Liabilities - Total assets increased to $9,213,370,000 as of September 30, 2025, up from $7,796,033,000 at the end of 2024, representing an 18.2% rise[20] - The company’s total liabilities increased to $6,470,198,000 as of September 30, 2025, compared to $5,467,196,000 at the end of 2024, a rise of 18.4%[20] - Total shareholders' equity as of September 30, 2025, was $2,661,993,000, compared to $2,313,626,000 at the end of September 30, 2024, reflecting an increase of about 15.1%[24] Investment Performance - The company reported net realized and unrealized gains on investments of $571,964,000 for the nine months ended September 30, 2025, compared to $454,851,000 for the same period in 2024, a 25.7% increase[22] - The total net realized and unrealized gains on investments and net investment income for the nine months ended September 30, 2025, was $634.7 million, up from $498.5 million in 2024, reflecting a 27.3% increase[58] - Net investment income for the three months ended September 30, 2025, was $22.7 million, compared to $17.3 million in 2024, indicating a 31.3% increase[58] Cash Flow and Operating Activities - Net cash provided by operating activities for the nine months ended September 30, 2025, was $548,925,000, up from $475,213,000 in 2024, indicating a rise of approximately 15.5%[26] - Total cash and cash equivalents and restricted cash and cash equivalents amounted to $1.1 billion as of September 30, 2025, compared to $1.1 billion at December 31, 2024[65] Acquisition Costs and Expenses - Acquisition costs for Q3 2025 were $125,412,000, up from $102,201,000 in Q3 2024, reflecting a 22.7% increase[22] - Acquisition costs amortized for the nine months ended September 30, 2025, totaled $365.1 million, compared to $283.1 million for the same period in 2024, reflecting an increase of 28.9%[93] Reserves and Losses - The reserve for losses and loss adjustment expenses rose to $4,206,077,000 as of September 30, 2025, compared to $3,532,491,000 at the end of 2024, indicating a 19.0% increase[20] - The net unpaid losses and loss adjustment expenses at the end of the period were $2.9 billion, up from $2.2 billion, representing a rise of about 29.3%[90] - The net reserves for losses related to California wildfires were recorded at $67.9 million as of September 30, 2025, compared to $0 million at December 31, 2024[94] Shareholder Activities - The company repurchased common shares totaling $92,341,000 during the nine months ended September 30, 2025, compared to $123,394,000 in the same period of 2024, showing a decrease of approximately 25.2%[26] - The total issued and outstanding common shares as of September 30, 2025, was 98.361 million, a decrease from 101.467 million as of December 31, 2024[127] - The company authorized a new share repurchase program on November 4, 2025, for an additional $150 million, supplementing the remaining amounts from the prior authorization[137] Debt and Credit Facilities - The company entered into a $150 million term loan credit arrangement on June 10, 2025, to refinance existing debt[113] - Interest expense related to debt and credit facilities for the nine months ended September 30, 2025, was $15.3 million, down from $17.1 million in the previous year[124]