Fidelis Insurance Holdings Limited reported earnings of $19.7 million for its second quarter ended June 30, 2025, with a net income of 18 cents per share. Adjusted earnings per share were 12 cents, significantly surpassing analysts’ consensus estimates of a $0.12 loss.
Revenue for the quarter reached $589.3 million, an increase of 9.1% year-over-year, but fell short of market expectations. Gross premiums written for Q2 were $1.2 billion, contributing to a year-to-date total of $2.9 billion, representing a 9% increase over the same period last year.
The combined ratio for Q2 2025 was 103.7%, primarily reflecting the impact of the English High Court judgment on the Russia-Ukraine aviation litigation. Excluding this impact, the company's combined ratio would have been in the mid-70s, demonstrating strong underlying performance.
The attritional loss ratio continued to improve, reaching 24.7% in Q2 2025 and 23.7% for the first half of the year. Net adverse prior year development of $89 million in Q2 was largely attributable to the Russia-Ukraine litigation, while the underlying Insurance portfolio showed favorable reserve development.
Net investment income for Q2 2025 was $45 million, with the fixed income portfolio maintaining an average rating of A+ and a book yield of 5.0% as of June 30, 2025. The company now expects underwriting growth for the full year 2025 to be approximately 6% to 10%, with an effective tax rate around 19%.
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