Fidelis Insurance Group has disclosed a Q3 2024 net income of $100.6 million, up from $87.7 million in the same period of last year, despite catastrophe and large losses increasing to $91.6 million.
Fidelis’ underwriting income in Q3 2024 was $80 million and the combined ratio was 87.4%, compared to an underwriting income of $74.8 million and a combined ratio of 85.4% for the same period of 2023.
Meanwhile, the firm’s net investment income for Q3 2024 was $52.1 million compared to $33.1 million in Q3 2023. Gross premiums written also improved, reaching $741.9 million in Q3 2024, marking growth of 25.2% from the same period of 2023.
At the same time, gross premiums written for the first 9M 2024 were $3.4 billion up 23.4% from 9M 2023.
Underwriting income for the first 9M 2024 was $185.9 million and the combined ratio was 88.6%, compared to underwriting income of $232.9 million and a combined ratio of 82.4% for the first 9M 2023.
Catastrophe and large losses in this period were $375.8 million compared to $187.3 million in the first 9M 2023.
With this in mind, net income for 9M 2024 was $235.5 million and operating net income was $255.3 million, both down compared to 9M 2023 figures.
Looking at Fidelis’ Reinsurance segment, gross premiums written were $157.7 million for Q3 2024 and $830.6 million for 9M 2024, both up compared to the corresponding periods of last year.
Underwriting income for the Reinsurance segment was $84.5 million in Q3 2024, and $180.4 million for 9M 2024.
However, for Q3 2024, the Reinsurance segment’s loss ratio increased by 14.1 points compared to the prior year period, as a result of lower favorable prior year development.
The loss ratio improved by 3.6 points for the first 9M 2024, compared to the prior year period, due to improvements in our attritional and catastrophe and large loss ratios, partially offset by lower favorable prior year development.
Dan Burrows, Group Chief Executive Officer of Fidelis Insurance Group, commented, “The results of the third quarter once again demonstrate the strength of our business, the steps we have taken to optimize our risk-adjusted returns, and our disciplined approach to capital management.
“We delivered 25% growth in gross premiums written, a combined ratio of 87.4% and annualized Operating ROAE of 16.4%. In addition, given the strength of our capital position, we have continued to return excess capital to shareholders, including repurchases of $66.8 million of common shares, demonstrating our commitment to enhancing shareholder value.
“Looking ahead, we remain focused on leveraging our scale and positioning, capitalizing on our ability to identify compelling opportunities and produce superior underwriting results.
“We are pleased with the momentum in our business and continue to pursue attractive growth and value creation for shareholders.”
