Fidelis Insurance Holdings Limited reported a loss of $122.2 million for its fourth quarter ended December 31, 2024, resulting in a loss of $1.09 per share. Adjusted losses for the quarter were $1.05 per share.
For the full year 2024, gross premiums written increased by 23% to $4.4 billion, with the Insurance segment growing 20% to $3.5 billion and Reinsurance premiums rising 40% to $865 million. The full-year combined ratio was 99.7%, and operating net income reached $137 million, with an operating ROAE of 5.6%.
The Q4 results include the previously announced net adverse prior year development of $287.2 million in the Aviation and Aerospace line of business, related to the Russia-Ukraine aviation litigation. Net investment income for the year increased 59% to $191 million, driven by higher investable assets and earned yield.
The company ended 2024 with $11.8 billion in total assets and $4.8 billion in cash and invested assets. Book value per diluted common share was $21.79, an increase of 7.2% from the end of 2023, including $0.40 in common share dividends paid.
Fidelis returned $152 million to common shareholders in 2024 through dividends and share repurchases. The company also announced a new strategic partnership with Euclid Mortgage, effective January 1, 2025, and a small quota share of Travelers' cyber book.
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