Hamilton Insurance Group announced its third quarter 2024 financial results, reporting net income attributable to common shareholders of $78.25 million, a significant increase from $43.58 million in the third quarter of 2023. Diluted earnings per share also rose to $0.74, up from $0.41 in the prior year period. This performance highlights the company's ability to generate increased profitability.
Gross premiums written grew by 16.7% to $553.4 million, compared to $474.1 million in the third quarter of 2023, demonstrating robust top-line growth. The company's combined ratio was 93.6%, an increase from 92.6% in the prior year, primarily due to a higher catastrophe loss ratio of 11.5% from Hurricane Helene and other large loss events. Despite these catastrophe impacts, the current year attritional loss ratio improved by 1.6 percentage points to 53.2%.
For the nine months ended September 30, 2024, Hamilton reported net income of $366.51 million and diluted EPS of $3.33, compared to $131.86 million and $1.26, respectively, in the same period of 2023. Gross premiums written for the year-to-date period increased by 23.8% to $1,878.6 million. The annualized return on average common shareholders' equity for the quarter was 13.8%, and for the year-to-date period, it reached 22.4%.
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