Re/insurance specialist Fidelis has reported its financial results for the fourth quarter and full year 2024.
For the full year, gross written premiums reached US$4.4 billion, reflecting a 23% increase from 2023. The company reported a combined ratio of 99.7% and an operating return on average common equity (ROAE) of 5.6%.
Net income for the year was US$113.3 million, or US$0.98 per diluted common share, while operating net income totaled US$137 million, or US$1.18 per diluted common share. Book value per diluted common share stood at US$21.79 as of December 31, 2024, up 5.3% from US$20.69 at the end of 2023.
Fidelis returned US$151.7 million to common shareholders in 2024, including US$105.5 million in share repurchases and US$46.2 million in dividends.
In 2023, the company also reported significant financial growth and improved profitability, posting US$3.6 billion in gross premiums written, an 18.6% increase from 2022.
The significant increase in net income for 2023 includes a net gain of US$1.6 billion from the distribution of Fidelis MGU and the establishment of a US$90 million net deferred tax asset related to Bermuda's corporate income tax enactment.
For the fourth quarter, gross written premiums were US$953.7 million, an increase of 21.7% compared to the same period in 2023. The company reported a combined ratio of 128% and an annualized operating ROAE of negative 18.4%.
Net loss for the quarter was US$122.2 million, or US$(1.09) per diluted common share, while the operating net loss was US$117.7 million, or US$(1.05) per diluted common share.
Fidelis Group CEO Dan Burrows (pictured above) said the company executed its underwriting strategy in 2024, achieving 23% gross premium growth across its portfolio, generating strong investment income, and returning US$152 million to common shareholders through dividends and share repurchases.
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