Specialty insurance company Hamilton Insurance Group (NYSE: HG) beat Wall Street’s revenue expectations in Q4 CY2025, with sales up 27.7% year on year to $728.3 million. Its non-GAAP profit of $1.65 per share was 56.4% above analysts’ consensus estimates.

Is now the time to buy Hamilton Insurance Group? Find out by accessing our full research report, it’s free.

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. Over the last three years, Hamilton Insurance Group grew its revenue at an incredible 27% compounded annual growth rate. 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 36% over the last two years is above its three-year trend, suggesting its demand was strong and recently accelerated. 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 reported robust year-on-year revenue growth of 27.7%, and its $728.3 million of revenue topped Wall Street estimates by 12.9%.

Net premiums earned made up 78.6% of the company’s total revenue during the last four years, meaning insurance operations are Hamilton Insurance Group’s largest source of revenue.

While insurers generate revenue from multiple sources, investors view net premiums earned as the cornerstone - its direct link to core operations stands in sharp contrast to the unpredictability of investment returns and fees.

Microsoft, Alphabet, Coca-Cola, Monster Beverage—all began as under-the-radar growth stories riding a massive trend. We’ve identified the next one: a profitable AI semiconductor play Wall Street is still overlooking. Go here for access to our full report.

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–are 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. While other (and more commonly known) per-share metrics like EPS can sometimes be lumpy due to reserve releases or one-time items and can be managed or skewed while still following accounting rules, BVPS reflects long-term capital growth and is harder to manipulate.

Fortunately for investors, Hamilton Insurance Group’s BVPS grew at an exceptional 23.9% annual clip over the last two years.

Key Takeaways from Hamilton Insurance Group’s Q4 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 traded up 6.2% to $31.15 immediately after reporting.

Indeed, Hamilton Insurance Group had a rock-solid quarterly earnings result, but is this stock a good investment here? We think that the latest quarter is only one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).