Hamilton Insurance Group, Ltd. · NYSE:HG
Hamilton Insurance — Q4 2023 Earnings Presentation
19 slides from Hamilton Insurance's earnings presentation, Mar 6, 2024
Slide 1: Supplementary Financial Information December 31, 2023
Hamilton Insurance Group, Ltd. Supplementary Financial Information December 31, 2023 Investor Contact Investor.Relations@hamiltongroup.com
Slide 2: Table of Contents
Hamilton Insurance Group, Ltd. Table of Contents Page I. Basis of Presentation 1 II. Financial Highlights Financial Highlights 3 Key Operating and Financial Metrics 4 III. Summary Consolidated Results Statements of Operations 5 Consolidated Balance Sheets 6 Reconciliation of Consolidated GAAP Balanc
Slide 3: Basis of Presentation: Cautionary Note Regarding Forward-Looking Statements
Basis of Presentation Cautionary Note Regarding Forward-Looking Statements • our results of operations and financial condition could be adversely affected by unpredictable catastrophic events, global climate change or emerging claim and coverage issues; • our business could be materially adversely a
Slide 4: Cautionary Note Regarding Forward-Looking Statements (continued)
Cautionary Note Regarding Forward-Looking Statements (continued) • our dependence on key executives, including the potential loss of Bermudian personnel as a result of Bermuda employment restrictions, and the inability to attract qualified personnel, particularly in very competitive hiring condition
Slide 5: Financial Highlights
Financial Highlights Three Months Ended December 31, ($ in thousands) 2023 2022 2023 2022 Net income (loss) attributable to common shareholders 126,865$ (59,017)$ 258,727$ (97,999)$ Underwriting income (loss) Gross premiums written 433,791$ 341,252$ 1,951,038$ 1,646,673$ Net premiums written 363,666
Slide 6: Key Operating and Financial Metrics
Financial Highlights Key Operating and Financial Metrics Three Months Ended December 31, Years Ended December 31, ($ in thousands, except per share amounts) 2023 2022 2023 2022 Income (loss) per share attributable to common shareholders - basic 1.18$ (0.57)$ 2.47$ (0.95)$ Income (loss) per share att
Slide 7: Statements of Operations
Summary Consolidated Results Statements of Operations ($ in thousands, except per share amounts) 2023 2022 2023 2022 Revenues Gross premiums written 433,791$ 341,252$ 1,951,038$ 1,646,673$ Reinsurance premiums ceded (70,125) (57,876) (470,600) (424,809) Net premiums written 363,666 283,376 1,480,438
Slide 8: Consolidated Balance Sheets
Summary Consolidated Results Consolidated Balance Sheets December 31, September 30, June 30, March 31, December 31, ($ in thousands) 2023 2023 2023 2023 2022 Assets Fixed maturity investments, at fair value (amortized cost December 31, 2023: $1,867,499) 1,831,268$ 1,631,471$ 1,451,249$ 1,377,937$ 1,
Slide 9: Reconciliation of Consolidated GAAP Balance Sheet to Unconsolidated Balance Sheet
Summary Consolidated Results Reconciliation of Consolidated GAAP Balance Sheet to Unconsolidated Balance Sheet December 31, 2023 ($ in thousands) Assets Fixed maturity investments, at fair value 1,831,268$ -$ 1,831,268$ Short-term investments, at fair value 428,878 (428,878) - Investments in Two Sig
Slide 10: Net Investment Return
Summary Consolidated Results Net Investment Return Three Months Ended December 31, ($ in thousands) 2023 2022 2023 2022 Net realized gains (losses) on investments 51,938$ (15,476)$ 84,302$ 251,662$ Fixed maturities and short-term investments (6,044) (2,130) (16,628) (14,968) TS Hamilton Fund 57,982
Slide 11: Fixed Maturity and Short-Term Investments
Summary Consolidated Results Fixed Maturity and Short-Term Investments December 31, 2023 December 31, 2022 ($ in thousands) Fixed Maturity Trading Portfolio and Short-Term Investments(1) Fair Value % of Total Weighted Average Credit Rating Fair Value % of Total Weighted Average Credit Rating Fixed m
Slide 12: Consolidated Underwriting Results - Three Months
Segment Results Consolidated Underwriting Results Three Months Ended December 31, 2023 Three Months Ended December 31, 2022 ($ in thousands) International Bermuda Total International Bermuda Total Gross premiums written 273,472$ 160,319$ 433,791$ 234,273$ 106,979$ 341,252$ Net premiums written 216,7
Slide 13: Consolidated Underwriting Results - Year Ended
Segment Results Consolidated Underwriting Results Year Ended December 31, 2023 Year Ended December 31, 2022 ($ in thousands) International Bermuda Total International Bermuda Total Gross premiums written 1,105,522$ 845,516$ 1,951,038$ 933,241$ 713,432$ 1,646,673$ Net premiums written 770,399 710,039
Slide 14: 5Q Consolidated Underwriting Results
Segment Results 5Q Consolidated Underwriting Results Years Ended ($ in thousands) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Gross premiums written 433,791$ 474,123$ 504,960$ 538,164$ 341,252$ 1,951,038$ 1,646,673$ Net prem
Slide 15: 5Q Underwriting Results - International
Segment Results 5Q Underwriting Results - International Years Ended ($ in thousands) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Gross premiums written 273,472$ 307,140$ 277,796$ 247,114$ 234,273$ 1,105,522$ 933,241$ Net pre
Slide 16: 5Q Underwriting Results - Bermuda
Segment Results 5Q Underwriting Results - Bermuda Years Ended ($ in thousands) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Gross premiums written 160,319$ 166,983$ 227,164$ 291,050$ 106,979$ 845,516$ 713,432$ Net premiums wr
Slide 17: Modeled Exposure to Catastrophe Losses (PML)
Other Information Modeled Exposure to Catastrophe Losses (PML) Net Probable Maximum Loss ("PML") as of January 1, 2024 ($ in millions) Region Peril Probability of Exceedance Group Net PML ($m)(1) % of Shareholders' Equity Florida U.S. Hurricane 1 in 100 180.6$ 8.8% Northeast U.S. Hurricane 1 in 100
Slide 18: Non-GAAP Measures
Other Information Non-GAAP Measures Three Months Ended December 31, ($ in thousands) 2023 2022 2023 2022 Underwriting income (loss) 36,028$ 38,605$ 129,851$ (31,717)$ Total net realized and unrealized gains (losses) on investments and net investment income (loss) 120,254 (59,585) 239,855 64,870 Net
Slide 19: Non-GAAP Measures (continued)
Other Information Non-GAAP Measures Three Months Ended December 31, ($ in thousands) 2023 2022 2023 2022 Other underwriting expenses 56,923$ 38,184$ 183,165$ 157,540$ Corporate expenses 44,858 4,208 76,691 20,142 General and administrative expenses 101,781$ 42,392$ 259,856$ 177,682$ Other Underwriti
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