Hamilton Insurance Group today reported first quarter net income of $133.5 million, or $1.31 per diluted share, a rise of $53 million compared to the same period last year.

The firm reported operating income of $166.7 million, or $1.64 per diluted share, an annualised return on average equity of 19 per cent and operating return on average equity of 24 per cent.

This was supported by a 89.8 per cent combined ratio and strong net investment income of $93.6 million.

Gross premiums written increased 11 per cent year over year to $940.1 million as the company maintained underwriting discipline. Hamilton said it wrote business that met return thresholds and stepped away where that was not the case.

Pina Albo, chief executive of Hamilton, said: “In a more complex and volatile environment and amid competitive market conditions, Hamilton emphasised continued focus on margin quality and prudent capital deployment to support sustainable profitability.”

Net premiums earned were $570.5 million, an increase of 14.3 per cent compared to the same period last year.

Hamilton’s board of directors declared a special dividend of $2 per share, or $205.8 million. The dividend was paid on March 30, to common shareholders of record as of March 6.

•For the full press release see Related Media

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