Fidelis Insurance Announces Q1 2025 Results
Fidelis Insurance Holdings announced their financial results for the first quarter ended March 31, 2025.
Dan Burrows, Group Chief Executive Officer of Fidelis Insurance Group, commented, “During the first quarter, we capitalized on new business opportunities across the portfolio and delivered 14% top-line growth. The strength of our balance sheet also enabled us to repurchase $41.5 million of common shares year-to-date, which at our current valuation, is highly accretive to our book value.
“While our combined ratio and ROAE were impacted by the highest first quarter catastrophe losses in over a decade, the impact of the California wildfires is tracking to the lower end of our expected range. We believe our performance demonstrates the quality of our underlying portfolio and the importance of active exposure management, including the strategic use of outwards reinsurance.
“As we look ahead, we continue to see an attractive trading environment. With our leading position, strong balance sheet, and proactive approach to capital management, we believe we are well-positioned to capitalize on profitable underwriting opportunities, optimize margins, and create long-term value for our shareholders.”
First Quarter 2025 Consolidated Results
- Net loss for the first quarter of 2025 was $42.5 million, or $[0.38] per diluted common share. Operating net loss was $45.3 million, or $[0.41] per diluted common share, which includes losses from the California wildfires of $166.8 million, net of expected recoveries, reinstatement premiums and tax.
- Underwriting loss for the first quarter of 2025 was $94.5 million and the combined ratio was 115.6%, compared to underwriting income of $69.2 million and a combined ratio of 85.8% for the first quarter of 2024.
- Net favorable prior year loss reserve development for the first quarter of 2025 was $40.8 million compared to $67.0 million in the prior year period.
- Catastrophe and large losses for the first quarter of 2025 were $333.3 million compared to $103.0 million in the prior year period, primarily driven by the California wildfires.
- Net investment income for the first quarter of 2025 was $49.5 million compared to $41.0 million in the prior year period. Purchased $368.8 million of fixed income securities at an average yield of 5.0% and sold $642.0 million of fixed maturity securities at an average yield of 4.4%.
- Annualized operating ROAE of [7.6]% in the quarter compared to 14.0% in the prior year period.
- Book value per diluted common share was $21.54 at March 31, 2025 [dilutive shares at March 31, 2025 of 662,463], compared to $21.79 at December 31, 2024.
