Hamilton Insurance Group (NYSE:HG) Q4 2025 Earnings call February 20, 2026 09:00 AM ET Company ParticipantsCraig Howie - CFO and Chief Investment OfficerDaniel Cohen - Equity Research AssociateDarian Niforatos - VP of Investor Relations and FinanceDavid Samar - Equity Research AssociateJustin Lee - Equity Research AssociatePina Albo - CEOConference Call ParticipantsChristian Getzoff - Senior Equity AnalystMatthew Heimerman - Managing Director and Senior Equity Research AnalystThomas McJoynt - Managing Direc ...

Financial Data and Key Metrics Changes - The company achieved record AUM before Flow Reinsurance of $73.1 billion, up 12% from year-end 2024, and record retained AUM of $57.6 billion, up 7% from year-end 2024 [5][14] - Adjusted net earnings were $123 million, or $0.91 per share in the fourth quarter, and $482 million, or $3.64 per share for the full year [24][25] - The fixed income yield was 4.65% in the fourth quarter, up 6 basis points from the fourth quarter of 2024 [6] Business Line Data and Key Metrics Changes - Gross sales for the full year reached $14.6 billion, with core products generating $9 billion, including indexed annuities, indexed universal life, and pension risk transfer [18][19] - Indexed annuities sales were $6.7 billion for the full year, consistent with 2024, while indexed universal life sales increased by 14% to $190 million [19][20] - Opportunistic sales, including funding agreements and multi-year guaranteed annuities, totaled $5.6 billion for the full year, with funding agreements up nearly 80% to $1.8 billion [21][22] Market Data and Key Metrics Changes - The company reported a strong pipeline for pension risk transfer (PRT) sales, achieving $2.1 billion for the full year, marking the third consecutive year of over $2 billion in PRT sales [20] - The alternative investment portfolio had an annualized return of approximately 7% in the fourth quarter, compared to a long-term expected return of 10% [7] Company Strategy and Development Direction - The company is transitioning to a more fee-based, higher margin, and less capital-intensive business model, focusing on long-term shareholder value [4][16] - The strategy includes leveraging distribution partners to grow the spread-based business while expanding sources of fee-based earnings through flow reinsurance and middle-market life insurance [16][26] - The company aims to increase its share of fee-based earnings to approximately 25% of total earnings by year-end 2028 [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the credit soundness of the investment portfolio, with a stable credit-related impairment rate of 8 basis points in 2025 [6][13] - The company anticipates a potential decrease in surrender fee income in 2026, but is focused on growing AUM and maintaining a disciplined approach to capital allocation [60][61] - Management highlighted the importance of maintaining a strong capital position and flexibility, targeting a debt to capitalization ratio of approximately 25% [34] Other Important Information - The company completed a distribution of approximately 12% of outstanding shares to FNF shareholders, increasing public float from 18% to 30% [15] - A transaction is expected to close in the first quarter with Anchin Financial Holdings LP, which will provide net proceeds of approximately $300 million [32][55] Q&A Session Summary Question: Can you talk about software exposure in the investment portfolio? - Management indicated that software exposure is manageable, less than 5% of the total portfolio, with minimal disruption risk [38][39] Question: Can you discuss your near-term outlook for variable investment income? - Management expects variable investment income to remain stable, with a blended return around 10% [41][42] Question: Can you elaborate on your diversified panel of reinsurance partners? - Management confirmed no concerns regarding existing partnerships and noted a strong interest from potential reinsurance partners [46][47] Question: Can you provide insights on the transaction with Anchin Financial Holdings LP? - Management clarified that the transaction involves recapturing a third of liabilities and expects to use proceeds for general business growth [51][55] Question: What is the outlook for surrender fees and their impact on ROE? - Management anticipates lower surrender fee income in 2026 but expects overall asset growth to offset this [57][58]

F&G Annuities & Life (NYSE:FG) Q4 2025 Earnings call February 20, 2026 09:00 AM ET Company ParticipantsChris Blunt - CEOConor Murphy - President and CFOJohn Barnidge - Managing DirectorLisa Foxworthy-Parker - Senior VP of Investor RelationsConference Call ParticipantsAlex Scott - Equity Research AnalystMark Hughes - Stock AnalystWilma Burdis - Equity Research AnalystOperatorGood morning. Welcome to F&G's fourth quarter and full year 2025 earnings call. During today's presentation, all callers will be placed ...

Financial Data and Key Metrics Changes - In 2025, Hamilton delivered record net income of $577 million, a 44% increase from $400 million in 2024, with a return on average equity of 22%, up from 18% in the prior year [15][16] - The company grew gross premiums written by 21% to a record $2.9 billion, compared to $2.4 billion in 2024 [19][20] - The combined ratio for 2025 was reported at 92.9%, with a tangible book value per share growth of 25% [6][20] Business Line Data and Key Metrics Changes - The Bermuda segment grew 27% in the fourth quarter, driven by casualty reinsurance, while the international segment, including Hamilton Global Specialty and Hamilton Select, saw a 20% increase in gross premiums written [8][9][24] - Hamilton Select, focused on casualty classes, grew 19% in the quarter, driven by excess casualty products and contractors [10][24] Market Data and Key Metrics Changes - The company noted a transitioning market with ample opportunities for underwriters, despite increased competition in certain areas [7][13] - The January 1 renewal season was characterized by strong competition in property catastrophe business, with pricing declining but maintaining consistent terms and conditions [11][12] Company Strategy and Development Direction - Hamilton's strategy emphasizes strong operational and underwriting culture, client relationships, and a robust capital position to support sustainable performance [4][5] - The company plans to maintain disciplined underwriting practices, focusing on profitable opportunities while avoiding chasing top-line growth at the expense of margins [14] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to find attractive opportunities in a competitive market, although growth is expected to be more measured going forward [13][14] - The company anticipates continued robust pricing in casualty lines, supported by clients retaining more of their business [68] Other Important Information - Hamilton announced a special dividend of $2 per common share, totaling approximately $206 million, reflecting the company's strong capital position and record earnings [32][33] - The Bermuda Substance-Based Tax Credit is expected to enhance competitive advantages, with a recorded credit of $20.7 million in 2025 [17][18] Q&A Session Summary Question: Underlying loss ratio guide for 2026 - Management indicated that the increase to 55% is primarily due to the change in the catastrophe threshold from $5 million to $10 million, with expected catastrophe losses around 6%-7% for the year [36][37] Question: Decision to deploy a special dividend - The special dividend was seen as an effective way to return excess capital to shareholders, while the company retains the ability to continue share buybacks [39][40] Question: Competition in the casualty side - Management noted robust pricing in areas of growth, with increased competition primarily observed in professional lines, leading to a reduction in writings in that area [41][42] Question: Optimal premium leverage - The company has maintained a premium leverage of about 80% and is cautious about increasing it blindly in a transitioning market [46][48] Question: Elevated large losses in segments - The fourth quarter saw more large losses than the previous year, with a significant satellite loss impacting both segments [72][73]

Financial Data and Key Metrics Changes - Hamilton Insurance Group reported record net income of $577 million for 2025, a 44% increase from $400 million in 2024, with a return on average equity of 22%, up from 18% in the prior year [13][5] - The company grew tangible book value per share by 25% to a record $28.50 [13] - For Q4 2025, net income was $172 million, equal to $1.69 per diluted share, with an annualized return on average equity of 25% [13][14] - The combined ratio for 2025 was reported at 92.9% [19] Business Line Data and Key Metrics Changes - Gross premiums written increased by 21% to a record $2.9 billion for 2025, with Q4 premiums growing by 23% [5][19] - The Bermuda segment grew by 27% in Q4, driven by casualty reinsurance [6] - Hamilton Global Specialty saw a 21% increase in gross premiums written, while Hamilton Select grew by 19% [7][8] Market Data and Key Metrics Changes - The company noted a transitioning market with ample opportunities for underwriters, despite increased competition in certain areas [5][11] - The renewal season for property catastrophe business was characterized by strong competition and declining pricing, while casualty reinsurance saw more measured competition [9][10] Company Strategy and Development Direction - Hamilton's strategy focuses on maintaining strong relationships with clients and brokers, leveraging a hybrid platform for reinsurance and insurance [4] - The company aims to deploy capital while protecting margins, emphasizing disciplined underwriting practices [11] - Hamilton plans to continue investing in technology and underwriting capabilities, including the use of AI to enhance efficiency [80][81] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to find attractive opportunities in a competitive market, although growth is expected to be more measured going forward [11] - The company anticipates that pricing across targeted lines of business will remain largely risk adequate [11] Other Important Information - Hamilton declared a special dividend of $2 per common share, totaling approximately $206 million, reflecting the company's strong capital position [30] - The Bermuda Substance-Based Tax Credit is expected to provide significant tax benefits, enhancing the company's competitive advantage [16][17] Q&A Session Summary Question: Underlying loss ratio guidance for 2026 - Management indicated that the increase to 55% is primarily due to the change in the catastrophe threshold from $5 million to $10 million, with catastrophe losses expected to be around 6%-7% for the year [34][35] Question: Decision to deploy a special dividend - The special dividend was seen as an effective way to return excess capital to shareholders, while the company retains the ability to continue share buybacks [36][37] Question: Competition on the casualty side - Management noted robust pricing in areas of growth, with increased competition primarily observed in professional lines [39][40] Question: Optimal premium leverage - The company has maintained a retention rate of about 80% and is cautious about increasing premium leverage in a transitioning market [44][45] Question: Elevated large losses in segments - The fourth quarter saw more large losses than the previous year, with a significant loss attributed to a satellite incident impacting both segments [70][71]

F&G Annuities & Life (NYSE:FG) Q4 2025 Earnings call February 20, 2026 09:00 AM ET Speaker6Good morning. Welcome to F&G's fourth quarter and full year 2025 earnings call. During today's presentation, all callers will be placed in listen-only mode. Following management's prepared remarks, the conference will be open for questions with instructions to follow at that time. I would now like to turn the call over to Lisa Foxworthy-Parker, Senior Vice President, Investor & External Relations. Please go ahead.Spea ...

The co-founder of Fermat Capital Management says the market for catastrophe bonds is drawing in new issuers at a rate that’s unlike anything he’s seen before.John Seo, managing director and co-founder of Connecticut-based Fermat — a hedge fund manager specialized in cat bonds — says he’s aware of 16 new issuers coming to market in 2025. That’s as much as eight times the historical average for first-time issuers, Seo said. He expects cat bond sales of about $24 billion this year, testing last year’s record. ...

F&G Investor Update Winter 2025 Generally Accepted Accounting Principles in the U.S. ("GAAP") is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, this document includes non-GAAP financial measures, which the Company believes are useful to help ...

Investor Presentation Hamilton Insurance Group, Ltd. Q4 2025 Special Note Regarding Forward-Looking Statements This presentation includes "forward looking statements" pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of terms such as "believes," "expects," "may," "will," "target," "should," "could," "would," "seeks," "intends," "plans," "contemplates," "estimates," "forecasts," or "anticipates," or sim ...

Market Overview - US equity futures are lower as traders assess the potential market impact of war with Iran and await significant US economic data including GDP and core PCE [1] - The S&P and Nasdaq futures are down 0.1% after trading positively overnight, with the "Magnificent Seven" stocks showing mixed performance [3] - Bond yields have reversed and are lower, while the USD remains flat; commodities show mixed results with base metals declining and precious metals, particularly gold, rallying above $5000 [1][11] Company Earnings and Stock Movements - Akamai Technologies (AKAM) shares fell 11% after a weaker-than-expected earnings outlook [3] - Ardelyx (ARDX) dropped 6% due to a softer sales forecast for its Ibsrela drug [3] - Copart (CPRT) fell 8% after reporting operating income that missed analyst estimates [3] - Floor & Decor (FND) rose 4% after exceeding earnings expectations for the fourth quarter [3] - Grail (GRAL) tumbled 47% after its cancer detection test failed to meet primary endpoints [3] - Harmonic (HLIT) increased by 9% due to strong book-to-bill ratios indicating growth potential [3] - Newmont (NEM) dropped 4% as it expects lower gold production this year [3] - Opendoor Technologies (OPEN) surged 19% after reporting better-than-expected revenue [3] - RingCentral (RNG) rose 10% after beating expectations and providing a positive forecast [3] - Texas Roadhouse (TXRH) increased by 4% as it anticipates positive sales growth [3] - Workiva Inc. (WK) gained 12% after reporting strong fourth-quarter results and optimistic forecasts [3] Economic Data and Inflation - Core personal consumption expenditure (PCE) data is expected to show an increase, which may influence interest rate decisions and the economic outlook [4] - Bloomberg Economics anticipates core inflation to accelerate, with a month-on-month increase of 0.32% in the core PCE deflator for December, raising the annual rate to 2.9% from 2.8% [4] - Wider inflation concerns are heightened by oil prices nearing a six-month high amid geopolitical tensions [5][6] Geopolitical Impact - The US military is deploying forces in the Middle East, with President Trump warning Iran of a limited strike if negotiations do not progress [6][35] - Geopolitical tensions have led to a cautious market sentiment, impacting stock performance and investor behavior [6][39]