Bermudian-headquartered Hamilton Insurance Group Ltd has reported net income of $400.4 million in the 2024 fiscal year, an increase of 55 per cent over results in the prior year.

Net income in the fourth quarter of the year was $33.9 million. Hamilton reported gross premiums written of $2.4 billion in 2024, an increase of 24.2 per cent compared with 2023.

Net premiums earned totalled $1.7 billion, an increase of 31.6 per cent compared with 2023.

The company recorded underwriting income of $149.4 million, and net investment income of $361.9 million, comprising Two Sigma Hamilton Fund returns of $274.5 million and fixed-income, short-term, cash and cash equivalents returns of $87.4 million.

The return on average equity was 18.3 per cent.

Gross premiums written in the fourth quarter were $543.9 million, an increase of 25.4 per cent compared with the prior year quarter.

Net premiums earned were $481.9 million, up 31.6 per cent on the fourth quarter of 2023.

The fourth-quarter combined ratio was 95.4 per cent.

Hamilton reported fourth-quarter underwriting income of $22.4 million, and net investment income of $35.7 million, comprising Two Sigma Hamilton Fund returns of $67 million, and a fixed-income, short-term, cash and cash equivalent loss of $31.3 million.

Pina Albo, chief executive of Hamilton, said: “2024 was an exceptional year for Hamilton. In our first full year as a public company, our overall financial results were excellent, with strong contributions from both underwriting and investments.

“Our net income was $400 million, a 55 per cent increase over prior year, and our book value per common share increased 23.5 per cent.

“Hamilton’s combined ratio of 91.3 per cent, in a year with significant large-loss activity, demonstrated the benefits of our business diversification and our sharp focus on underwriting discipline.

“We achieved this result while also increasing our gross premiums written by 24 per cent, leaning into favourable market conditions.

“Our investment portfolio produced $362 million in total returns, including a standout 16.3 per cent return from the Two Sigma Hamilton Fund.

“I am very proud of what we have achieved as a group and excited about our business prospects going forward. The hard work our team has put in over the past few years and our unique culture have positioned Hamilton exceedingly well for the future.”