Fidelis Insurance (FIHL) Q2 2025 earnings summary

Executive summary

• Gross premiums written grew 9% year-to-date to $2.94 billion, driven by strong retention and new business, with Q2 GPW at $1.2 billion.

• Book value per diluted share increased 1.1% to $22.04 at June 30, 2025, including dividends.

• Net investment income rose 8% to $94.1 million YTD, aided by increased investible assets and hedge fund allocations.

• Combined ratio increased to 110.1% for H1 2025, impacted by adverse development from Russia-Ukraine aviation litigation and California wildfires.

• Returned $133 million to shareholders in H1 2025 via $111 million in repurchases and $22 million in dividends.

Financial highlights

• Net income for Q2 2025 was $19.7 million ($0.18 per diluted share); H1 2025 saw a net loss of $22.8 million ($-0.21 per share).

• Operating net loss was $31.6 million YTD Q2 2025, with operating EPS of $(0.29).

• Underwriting loss of $20.6 million in Q2 and $115.1 million in H1 2025.

• Catastrophe and large losses were $74.3 million in Q2 and $407.6 million in H1, up from prior-year periods.

• Book value per diluted share: $22.04 at June 30, 2025.

Outlook and guidance

• Full-year underwriting growth expected at 6%-10%.

• Long-term target combined ratio set in the mid to high 80s%; operating ROAE target of 13–15%.

• Management expects minimal remaining exposure to Russia-Ukraine aviation litigation and targets improved combined ratio and ROAE, excluding litigation impacts.

• Focus remains on balancing underwriting growth with capital returns, leveraging market leadership and pricing adequacy.

• Effective tax rate expected to remain around 19% for the year.