Specialty insurance company Hamilton Insurance Group (NYSE: HG) reported Q2 CY2026 results topping the market’s revenue expectations, with sales up 13.3% year on year to $839.6 million. Its non-GAAP profit of $1.56 per share was 29% above analysts’ consensus estimates.
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Hamilton Insurance Group (HG) Q2 CY2026 Highlights:
- Net Premiums Earned: $586 million (14.6% year-on-year growth)
- Revenue: $839.6 million vs analyst estimates of $700.3 million (13.3% year-on-year growth, 19.9% beat)
- Combined Ratio: 95% vs analyst estimates of 89.2% (580 basis point miss)
- Adjusted EPS: $1.56 vs analyst estimates of $1.21 (29% beat)
- Book Value per Share: $28.91 (13.2% year-on-year growth)
- Market Capitalization: $3.50 billion
Company Overview
Founded in 2013 and operating through three distinct underwriting platforms across four countries, Hamilton Insurance Group (NYSE: HG) operates global specialty insurance and reinsurance platforms across Lloyd's, Ireland, Bermuda, and the United States.
Revenue Growth
Big picture, insurers generate revenue from three key sources. The first is the core business of underwriting policies. The second source is income from investing the “float” (premiums collected upfront not yet paid out as claims) in assets such as fixed-income assets and equities. The third is fees from various sources such as policy administration, annuities, or other value-added services. Over the last four years, Hamilton Insurance Group grew its revenue at an incredible 21.4% compounded annual growth rate. Its growth beat the average insurance company and shows its offerings resonate with customers.
Long-term growth is the most important, but within financials, a stretched historical view may miss recent interest rate changes and market returns. Hamilton Insurance Group’s annualized revenue growth of 18.3% over the last two years is below its four-year trend, but we still think the results suggest healthy demand. 
Note: Quarters not shown were determined to be outliers because they were impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, Hamilton Insurance Group reported year-on-year revenue growth of 13.3%, and its $839.6 million of revenue exceeded Wall Street’s estimates by 19.9%.
Net premiums earned made up 77.5% of the company’s total revenue during the last five years, meaning insurance operations are Hamilton Insurance Group’s largest source of revenue.
Net premiums earned command greater market attention due to their reliability and consistency, whereas investment and fee income are often seen as more volatile revenue streams that fluctuate with market conditions.
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Book Value Per Share (BVPS)
Insurance companies are balance sheet businesses, collecting premiums upfront and paying out claims over time. The float (premiums collected but not yet paid out) is invested, creating an asset base supported by a liability structure. Book value per share (BVPS) captures this dynamic by measuring these assets (investment portfolio, cash, reinsurance recoverables) less liabilities (claim reserves, debt, future policy benefits). BVPS is essentially the residual value for shareholders.
We therefore consider BVPS very important to track for insurers and a metric that sheds light on business quality because it reflects long-term capital growth and is harder to manipulate than more commonly-used metrics like EPS.
To investors’ benefit, Hamilton Insurance Group’s BVPS grew at a decent 14.7% annual clip over the last two years.
Key Takeaways from Hamilton Insurance Group’s Q2 Results
It was good to see Hamilton Insurance Group beat analysts’ EPS expectations this quarter. We were also excited its revenue outperformed Wall Street’s estimates by a wide margin. Zooming out, we think this was a solid print. The stock remained flat at $35.35 immediately after reporting.
So should you invest in Hamilton Insurance Group right now? If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here (it’s free).
