Fidelis Insurance Group has published its financial results for 2023, revealing a nearly 4,000% surge in its attributable net income for the year.
Here’s how the company performed in the three and 12 months ended December 31:
|
Metric |
Q4 2023 |
Q4 2022 |
FY 2023 |
FY 2022 |
|---|---|---|---|---|
|
Net income available to common shareholders |
$228.3 million |
$119.9 million |
$2.1 billion |
$52.6 million |
|
Operating net income |
$135.4 million |
$129.3 million |
$398.9 million |
$89.5 million |
|
Gross written premium |
$783.9 million |
$595.2 million |
$3.6 billion |
$3 billion |
|
Underwriting income |
$94.4 million |
$137.6 million |
$327.3 million |
$120.4 million |
|
Net investment income |
$38.7 million |
$17.1 million |
$119.5 million |
$40.7 million |
|
Combined ratio |
81.4% |
66.2% |
82.1% |
91.9% |
Lifting the lid on the massive jump in net income, Fidelis Insurance Group said the result included a net gain on distribution of Fidelis MGU of $1.6 billion and the establishment of a net deferred tax asset of $90 million related to the enactment of Bermuda’s corporate income tax.
“The fourth quarter was a strong finish to a milestone year for Fidelis in which we became a public company and strengthened our position as a global specialty insurer,” group chief executive Dan Burrows commented.
“Utilizing our nimble yet disciplined approach, we capitalized on attractive opportunities, achieved strong rate increases, and delivered excellent financial performance, including a combined ratio of 81.4% and annualized operating ROAE (return on average common equity) of 23.6% in the fourth quarter, as we continued to execute against all aspects of our strategy.
“We are entering 2024 with strong momentum. Across core lines, we expect hard market conditions to continue, and we remain focused on actively managing our capital to foster sustainable growth and maintain our track record of best-in-class underwriting performance. With our lead market position and balance sheet strength, we are well positioned to continue delivering long-term profitable growth and shareholder value.”
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