Hamilton Insurance Group Ltd-B 2025年度报告

AScaledGlobalOperation-ManagingAcrossMarketCycles Ourbusinessisdiversifiedby (re)insurance,mainclassesofbusiness,andsegment. LETTERTOSHAREHOLDERS As we enter ourthird yearasapubliccompany,Iamproudtolookbackonanotheryearofexceptionalperformance at Hamilton. Oursuccessisfoundedinourabilityto execute our strategyof buildingaglobalspecialtyinsurance and reinsurancecompanybyfocusing onfourclearbusiness imperatives: SustainableUnderwritingProfitability:deliveringdurable,risk- adjusted underwriting returns through the cycle by maintaining disciplineonpricing,optimizingportfoliomix,andmanagingexpenses. StrategicGrowth:maximizingprofitablegrowthbyallocatingcapitaltothebestrisk-adjustedopportunities,steppingbackwhenconditionsarelessfavorable,andcomplementing underwriting results with selectivefee income streams. Technology Enablement andOperational Efficiency:using data and Al to make betterdecisions faster,operatemore efficiently,and enhance scalability across the Group. MagnetforTalent: attracting,developing and retainingtoptalent,people whostriveforanddrive exceptional performance,and long-term value creation. Staying anchored to these imperatives has enabledus to deliver strongfinancialresultswhile positioningthe companyforlong-termsuccess. delivereda22%returnonaverageequity,andgrewtangiblebookvaluepershareby25%-markingoursecond consecutiveyearof record performance.Wealsoproduceda company-highs2.9billionand s211 milion from ourfixed income and cash portfolio,furtherenhanced our performance These results reinforce that our strategy is working. Theyunderscore our conviction that disciplinedunderwriting,thoughtful cyclemanagement,and long-term relationships-supported by efficient SustainableUnderwritingProfitability OurachievementsthisyearweredrivenfirstandforemostbytheHamiltonteam.Acrosseveryplatform,ourunderwriters demonstrated the technical expertise and disciplined risk selection thatdefineourcultureandensurewedeliversustainablebottom-lineresults.Maintainingfocusontherisks,clientsand brokerrelationshipsthatcontributetoourbottomlineremains centraltowhatwe StrategicGrowthAcrossaDiversifiedPlatform Hamilton'sdiversifiedplatformspanningbothInsuranceandReinsuranceacrossmultipleclasses ofbusiness-and its steadfast commitment to cyclemanagement enable our secondmodel,allowsustodeploycapitalselectivelytowardthemostattractiverisk-adjustedopportunities as market conditions evolve.This means that we lean into opportunities wherepricing,termsand conditions areattractive and stepback wherethis is not thecase. InourBermuda Segment,wherewepredominantlywritereinsurancebusiness,grosspremiumswritten reached $1.4billion,representing26%growthyearoveryear. Wealso enjoyedgrowth inourInternational Segment,withHamiltonGlobalSpecialtyand HamiltonSelecttogethergrowing16%.HamiltonClobal Specialtygrew14%andHamiltonSelect,ourUsExcess&Surplusplatform,grew35%. TechnologyEnablementandOperational Efficiency Technologyenablementandoperationalefficiencyarecriticaltohowweexecuteourstrategy.We continue to invest in data,analytics,and digital capabilities thatsupportinformeddecision-making,improveefficiency,andenhancescalabilityacrosstheGroup.prudent expense discipline,andallowourteams tofocus on higher-value work. MagnetforTalent Our people arenot onlyourbiggest asset but also a competitive advantage,a beliefwe proactively drive through our Magnet for Talent business imperative. Hamilton'sculture ofcollaboration,accountability,and respect continues to attract and retainhigh-caliber professionals acrossgeographies andfunctions.It also allows us toofferourpeopleinterestingandrewardingdevelopmentopportunities advocacy,and,togetherwithourlowemployeeturnover,indicatethatourcolleaguesfeelconnectedto Hamilton and proudtobepart of the organization. CapitalStrengthandFinancialResilience We endedtheyear withastrong capitalfoundation,lowdebtleverage,prudentreserves,and reaffirmed financial strength ratings.The strength of our balance sheetand underpins our abilityto generate sustainable returns throughthecycle. Wearecommittedtobeinggoodstewardsofcapital. n2025,werepurchased$93millionofsharesanddeclaredourfirstspecialdividendonFebruary18,2026.Wewillcontinuetoevaluatecapitaldeploymentopportunitiesthoughtfully,consistentwithourdisciplinedapproachtovaluecreation LookingAhead As Iwrite this note,wecontinueto experience extreme weather events,inflationary pressuresandheightenedgeopoliticaltensions,allofwhichincreasetheriskswe insureandreinsureDespitethis,weexpectcompetitiveconditions intheyearaheadtopersist incertainareasofthemarket.Our responsewillremain consistent withour imperatives:disciplined underwriting,selectivegrowth,continued investment in technology and improved efficiency,and anunwaveringfocus onourpeople.Inshort,we will not chase top-linegrowth attheexpenseofunderwritingprofitability. Hamilton is well positioned-with adiversified platform,strong relationships,a robust balance sheet,and a values-driven culture-to continue d