Hamilton Insurance Group, Ltd. · NYSE:HG
Hamilton Insurance — Q3 2023 Earnings Presentation
19 slides from Hamilton Insurance's earnings presentation, Dec 5, 2023
Slide 1: Supplementary Financial Information For the period ended September 30, 2023
Hamilton Insurance Group, Ltd. Supplementary Financial Information For the period ended September 30, 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. Consolidated Results Statements of Operations 5 Consolidated Balance Sheets 6 Reconciliation of Consolidated GAAP Balance Sheet
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 inability to attract qualified personnel, in particular in very competitive hiring conditions;
Slide 5: Financial Highlights
Financial Highlights Three Months Ended September 30, Nine Months Ended September 30, Year Ended ($ in thousands) 2023 2022 2023 2022 2022 Net income (loss) attributable to common shareholders 43,583$ (136,117)$ 131,862$ (38,979)$ (97,999)$ Underwriting income (loss) Gross premiums written 474,123$
Slide 6: Key Operating and Financial Metrics
Financial Highlights Key Operating and Financial Metrics Three Months Ended September 30, Nine Months Ended September 30, Year Ended ($ in thousands, except per share amounts) 2023 2022 2023 2022 2022 Income (loss) per share attributable to common shareholders - basic 0.42$ (1.32)$ 1.27$ (0.38)$ (0.
Slide 7: Statements of Operations
Summary Consolidated Results Statements of Operations Three Months Ended September 30, Nine Months Ended September 30, Year Ended ($ in thousands, except per share amounts) 2023 2022 2023 2022 2022 Revenues Gross premiums written 474,123$ 400,811$ 1,517,247$ 1,305,421$ 1,646,673$ Reinsurance premium
Slide 8: Consolidated Balance Sheets
Summary Consolidated Results Consolidated Balance Sheets September 30, June, 30 March 31, December 31, September 30, ($ in thousands) 2023 2023 2023 2022 2022 Assets Fixed maturity investments, at fair value (amortized cost September 30, 2023: $1,730,262) 1,631,471$ 1,451,249$ 1,377,937$ 1,259,476$
Slide 9: Reconciliation of Consolidated GAAP Balance Sheet to Unconsolidated Balance Sheet
Reconciliation of Consolidated GAAP Balance Sheet to Unconsolidated Balance Sheet September 30, 2023 Adjusted Two Sigma Hamilton Fund ($ in thousands) Balances Assets Fixed maturity investments, at fair value 1,631,471$ -$ 1,631,471$ Short-term investments, at fair value 348,968 (347,787) 1,181 Inve
Slide 10: Net Investment Return
Net Investment Return Three Months Ended September 30, Nine Months Ended September 30, Year Ended 2023 2022 2023 2022 2022 Net realized gains (losses) on investments 42,403$ 115,129$ 32,363$ 267,140$ 251,662$ Fixed maturities and short-term investments (7,688) (3,313) (10,796) (13,684) (14,968) TS H
Slide 11: Fixed Maturity and Short-Term Investments
Fixed Maturity and Short-Term Investments September 30, 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 maturities U.S. government tr
Slide 12: Consolidated Underwriting Results (Three Months)
Segment Results Consolidated Underwriting Results Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 ($ in thousands) International Bermuda Total International Bermuda Total Gross premiums written 307,140$ 166,983$ 474,123$ 269,228$ 131,583$ 400,811$ Net premiums written 234
Slide 13: Consolidated Underwriting Results (Nine Months)
Segment Results Consolidated Underwriting Results Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 ($ in thousands) International Bermuda Total International Bermuda Total Gross premiums written 832,049$ 685,198$ 1,517,247$ 698,968$ 606,453$ 1,305,421$ Net premiums written 5
Slide 14: 5Q Consolidated Underwriting Results
Segment Results 5Q Consolidated Underwriting Results Three Months Ended Nine Months Ended Year Ended ($ in thousands) September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 September 30, 2023 September 30, 2022 December 31, 2022 Gross premiums written 474,123$ 504,960$
Slide 15: 5Q Underwriting Results - International
Segment Results 5Q Underwriting Results - International Three Months Ended Nine Months Ended Year Ended ($ in thousands) September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 September 30, 2023 September 30, 2022 December 31, 2022 Gross premiums written 307,140$ 277,79
Slide 16: 5Q Underwriting Results - Bermuda
Segment Results 5Q Underwriting Results - Bermuda Three Months Ended Nine Months Ended Year Ended ($ in thousands) September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 September 30, 2023 September 30, 2022 December 31, 2022 Gross premiums written 166,983$ 227,164$ 291
Slide 17: Modeled Exposure to Catastrophe Losses (PML)
Other Information Modeled Exposure to Catastrophe Losses (PML) Net Probable Maximum Loss (PML) as of September 1, 2023 ($ in millions) Region Peril Probability of Exceedance Group Net PML ($m)(1) % of Shareholders' Equity Florida U.S. Hurricane 1 in 100 154.2$ 8.6% Northeast U.S. Hurricane 1 in 100
Slide 18: Non-GAAP Measures
Other Information Non-GAAP Measures Three Months Ended September 30, ($ in thousands) 2023 2022 2023 2022 Underwriting income (loss) 24,866 (66,075) 93,823 (70,321) Total realized and unrealized gains (losses) on investments and net investment income (loss) 55,412 (72,635) 119,600 124,455 Other inco
Slide 19: Non-GAAP Measures (continued)
Other Information Non-GAAP Measures Three Months Ended September 30, ($ in thousands) 2023 2022 2023 2022 Other underwriting expenses 44,357 40,564 126,242 119,356 Corporate expenses 18,678 5,780 31,833 15,934 General and administrative expenses 63,035 46,344 158,075 135,290 Other Underwriting Expen
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