Fidelis, a re/insurance specialist, has released its financial results for the fourth quarter and full year of 2024, revealing a year of significant growth offset by a loss in the final quarter.
Full Year 2024 Highlights
For the full year, gross written premiums reached US$4.4 billion, representing a substantial 23% increase compared to 2023. The company’s combined ratio stood at 99.7%, and the operating return on average common equity (ROAE) was 5.6%. Net income for the year totaled US$113.3 million, or US$0.98 per diluted common share, while operating net income was US$137 million, or US$1.18 per diluted common share. Book value per diluted common share rose to US$21.79 as of December 31, 2024, a 5.3% increase from US$20.69 at the end of 2023.
Fidelis demonstrated its commitment to shareholders by returning US$151.7 million in 2024. This included US$105.5 million in share repurchases and US$46.2 million in dividends.
2023 Results
In 2023, Fidelis also showed considerable financial progress. Gross premiums written amounted to US$3.6 billion, marking an 18.6% increase from the US$3.03 billion reported in 2022. The 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.
Q4 2024 Performance
In contrast to the full-year results, the fourth quarter of 2024 saw a slightly different picture. Gross written premiums for the quarter were US$953.7 million, a 21.7% increase year-over-year. However, the company recorded a combined ratio of 128% and an annualized operating ROAE of negative 18.4%. The net loss for the quarter was US$122.2 million, or US$(1.09) per diluted common share, with an operating net loss of US$117.7 million, or US$(1.05) per diluted common share.
Fidelis Group CEO Dan Burrows, commenting on the results, noted the company’s success in executing its underwriting strategy in 2024. They achieved this through a 23% gross premium growth across their portfolio, strong investment income, and a US$152 million return to common shareholders through dividends and share repurchases.
