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Fidelis Insurance Holdings grows premiums nearly 22%

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Fidelis Insurance Holdings Limited (File photograph)

Fidelis Insurance Holdings Limited has reported a strong start to 2024 as it builds on the 2023 momentum and continue capitalising on attractive market opportunities.

Dan Burrows, group chief executive officer of Fidelis Insurance Group, said: “In line with our expectations, we delivered strong underwriting performance including 21.6 per cent growth in gross premiums written and a combined ratio of 85.8 per cent.

“Additionally, we achieved an annualised operating (return on average equity) of 14.0 per cent and grew our book value per diluted common share to $21.22.

“As we look ahead to the rest of the year, we will continue to leverage our scale, deep relationships, and lead positioning to further grow our business.

“Our fundamentals are excellent, we have a strong pipeline of opportunities, and we are leaning in across attractive lines where we expect to generate increased underwriting profitability.

Dan Burrows, CEO of Fidelis Insurance Group (File photograph)

“Coupled with our proactive and disciplined approach to investment and capital management, we believe we are well positioned to continue delivering compelling returns through the cycle and creating value for our shareholders.”

Consolidated results included net income of $81.2 million (2023 Q1: $1.73 billion); gross premiums of $1.51 billion (2023 Q1: $1.25 billion); net premiums earned of $488 million (2023 Q1: $386 million); investment income of $41 million (2023 Q1: $20.4 million) and a combined ratio of 85.8 per cent (2023 Q1: 79.1 per cent).

Fidelis Insurance Group first quarter 2024 highlights

• Gross premiums written of $1,514.3 million; growth of 21.6 per cent from the first quarter of 2023

• Combined ratio of 85.8 per cent

• Operating ROE of 14.4 per cent

• Operating ROAE of 14.0 per cent

• Net income of $81.2 million ($0.69 per diluted common share)

• Operating net income of $87.3 million ($0.74 per diluted common share)

• Book value per diluted common share was $21.22 at March 31, 2024

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Published May 10, 2024 at 2:36 pm (Updated May 12, 2024 at 4:57 pm)

Fidelis Insurance Holdings grows premiums nearly 22%

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