Specialty insurance company Hamilton Insurance Group (NYSE: HG) reported Q1 CY2026 results beating Wall Street’s revenue expectations, but sales fell by 1.3% year on year to $758.9 million. Its non-GAAP profit of $1.64 per share was 45.4% above analysts’ consensus estimates.
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Hamilton Insurance Group (HG) Q1 CY2026 Highlights:
- Net Premiums Earned: $570.5 million (14.3% year-on-year growth)
- Revenue: $758.9 million vs analyst estimates of $665 million (1.3% year-on-year decline, 14.1% beat)
- Combined Ratio: 89.8% vs analyst estimates of 94.2% (440 basis point beat)
- Adjusted EPS: $1.64 vs analyst estimates of $1.13 (45.4% beat)
- Market Capitalization: $3.18 billion
PEMBROKE, Bermuda--(BUSINESS WIRE)--Hamilton Insurance Group, Ltd. (NYSE: HG; “Hamilton” or the “Company”) today announced financial results for the first quarter ended March 31, 2026.
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
Insurance companies earn revenue from three primary sources: 1) The core insurance business itself, often called underwriting and represented in the income statement as premiums 2) Income from investing the “float” (premiums collected upfront not yet paid out as claims) in assets such as fixed-income assets and equities 3) Fees from various sources such as policy administration, annuities, or other value-added services. Luckily, Hamilton Insurance Group’s revenue grew at an incredible 24.4% compounded annual growth rate over the last three years. Its growth beat the average insurance company and shows its offerings resonate with customers.
We at StockStory place the most emphasis on long-term growth, but within financials, a stretched historical view may miss recent interest rate changes, market returns, and industry trends. Hamilton Insurance Group’s annualized revenue growth of 23.2% over the last two years is below its three-year trend, but we still think the results suggest healthy demand. 
Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, Hamilton Insurance Group’s revenue fell by 1.3% year on year to $758.9 million but beat Wall Street’s estimates by 14.1%.
Net premiums earned made up 78.3% 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 commands greater market attention due to its 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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Net Premiums Earned
When insurers sell policies, they protect themselves from extremely large losses or an outsized accumulation of losses with reinsurance (insurance for insurance companies). Net premiums earned are therefore net of what’s ceded to reinsurers as a risk mitigation and transfer strategy.
Hamilton Insurance Group’s net premiums earned has grown at a 22.3% annualized rate over the last three years, much better than the broader insurance industry but slower than its total revenue.
When analyzing Hamilton Insurance Group’s net premiums earned over the last two years, we can see that growth accelerated to 23.9% annually. This performance was similar to its total revenue.
This quarter, Hamilton Insurance Group’s net premiums earned was $570.5 million, up a hearty 14.3% year on year.
Key Takeaways from Hamilton Insurance Group’s Q1 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 good print with some key areas of upside. The stock traded up 1% to $33.12 immediately after reporting.
Indeed, Hamilton Insurance Group had a rock-solid quarterly earnings result, but is this stock a good investment here? What happened in the latest quarter matters, but not as much as longer-term business quality and valuation, when deciding whether to invest in this stock. We cover that in our actionable full research report which you can read here (it’s free).
