Hamilton Insurance Group announced its financial results for the first quarter ended March 31, 2025, reporting net income attributable to common shareholders of $80.87 million. This figure is lower than the $157.17 million reported in the first quarter of 2024, primarily due to significant catastrophe losses. Diluted earnings per share were $0.77, compared to $1.38 in the prior year period.
The company experienced robust gross premiums written, which increased by 17% to $843.3 million from $721.9 million in Q1 2024. However, the consolidated combined ratio rose to 111.6% from 91.5% in Q1 2024, driven by a catastrophe loss ratio of 30.2%, mainly from California wildfires. In contrast, the current year attritional loss ratio improved by 5.3 percentage points to 51.9%.
Investment results provided a strong offset to underwriting losses, with a total investment return of $167 million for the quarter. The annualized return on average common shareholders' equity was 13.7%. Book value per share grew by 2.8% during the first quarter, reaching $23.59.
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