Fidelis Insurance Holdings Earnings Call Transcripts
Fiscal Year 2025
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Delivered strong Q4 and full-year results with a 47-point improvement in combined ratio and 7% premium growth, driven by disciplined underwriting, new partnerships, and strategic capital allocation. Share repurchases and a robust capital position supported book value growth.
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Best-ever combined ratio and strong ROAE drove 8% premium growth and higher book value per share. Strategic capital allocation, disciplined underwriting, and expanding partnerships support continued profitable growth in a prevailing hard market.
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Gross written premiums grew 9% year-to-date, with strong performance in insurance and reinsurance segments. The combined ratio was elevated due to Russia-Ukraine litigation, but underlying results and capital position remain robust, supporting expanded share repurchases and dividend increases.
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Q1 2025 saw 14% premium growth, strong investment income, and robust underwriting margins despite $167M in wildfire losses. Capital management included $41.5M in share buybacks and a $0.10 dividend, while Russia-Ukraine litigation exposure was further reduced.
Fiscal Year 2024
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Operating net income reached $137 million in 2024, with 23% premium growth and strong investment income, but results were impacted by $287 million adverse development in Aviation and Aerospace. Catastrophe losses from California wildfires were within expectations, and the outlook targets 10% premium growth and mid to high 80s combined ratio for 2025.
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Gross premiums written grew 25% year-over-year, with strong underwriting profitability and a combined ratio of 87.4%. Capital management remained disciplined, returning $141 million to shareholders, while new partnerships and market expansion support continued growth and stable outlook.
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Gross premiums written grew 24.7% year-over-year, with strong results in specialty, bespoke, and reinsurance segments. Operating net income reached $63 million, and a new $200 million share repurchase program was authorized. Combined ratio was 92.7%, impacted by catastrophe and IP losses.