Fidelis Insurance Group releases first earnings report as a public firm

Fidelis Insurance Group releases first earnings report as a public firm | Insurance Business America

Insurance News

Fidelis Insurance Group releases first earnings report as a public firm

Net income takes massive jump in second quarter and first half

Insurance News

By
Terry Gangcuangco

Fidelis Insurance Group, whose initial public offering completed on the New York Stock Exchange in July, has released its first earnings report as a publicly traded company.

The (re)insurer – with offices in Bermuda, Ireland, and the UK – reported the following interim results:

Metric

Q2 2023

Q2 2022

H1 2023

H1 2022

Net income available to common shareholders

US$83.9 million

US$8.4 million

US$1.8 billion

US$25.4 million

Net investment income

US$27.3 million

US$7.4 million

US$47.7 million

US$12.5 million

Combined ratio

82%

90.5%

80.6%

89%

In terms of underwriting income, all segments – specialty, bespoke, and reinsurance – posted increases in the first half. In the second quarter, only the reinsurance segment saw a decline (by around $900,000) in underwriting income.

Commenting on the numbers, group chief executive Dan Burrows said: “It is an extremely exciting time for Fidelis Insurance Group, and I’m delighted to present to you our first earnings release as a public company.

“Our second quarter results are a testament to the strength of our business model and the continued execution of our strategy and our ability to generate value for our shareholders.

“Our second quarter gross premiums written and combined ratio demonstrate our ability to capitalize on opportunities driven by favorable market conditions while remaining disciplined in our underwriting approach.”

Burrows added that the focus is on profitable growth with reduced volatility.

What do you think about this story? Share your thoughts in the comments below.