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.
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