Hamilton Insurance Group announced its financial results for the fourth quarter and full year ended December 31, 2024. For the full year 2024, the company reported net income attributable to common shareholders of $400 million, marking a 55% increase over the prior year. Diluted earnings per share for the full year reached $3.67, up from $2.44 in 2023.
The company's book value per common share increased by 23.5% to $22.95 at year-end 2024, compared to $18.58 in 2023. Gross premiums written for the full year grew by 24% to $2,422.6 million. Hamilton achieved a combined ratio of 91.3% for the full year, demonstrating underwriting discipline despite significant large loss activity.
Investment performance also contributed significantly, with the investment portfolio generating $362 million in total returns, including a 16.3% return from the Two Sigma Hamilton Fund. The annualized return on average common shareholders' equity for 2024 was 18.3%.
For the fourth quarter of 2024, net income attributable to common shareholders was $33.92 million, and diluted EPS was $0.32. Gross premiums written in Q4 increased by 25.4% to $543.9 million. The combined ratio for the fourth quarter was 95.4%, impacted by a catastrophe loss ratio of 11.9%.
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