Fidelis Insurance (FIHL) Q4 2025 earnings summary

Executive summary

• Achieved a combined ratio of 80.6% in Q4 2025, a 47-point improvement year-over-year, and annualized operating ROAE of 18.3%.

• Gross premiums written grew 7% for the year to $4.7 billion, driven by new underwriting partnerships and disciplined capital allocation.

• Book value per diluted share rose to $24.61 at year-end 2025, up 15.2%.

• Resolved legacy Russia-Ukraine aviation litigation exposure in H1, enabling robust performance in H2.

• Rebranded as Pelagos Insurance Capital to reflect a focus on capital allocation and partnership, launching in 2026.

Financial highlights

• Q4 operating net income was $110 million ($1.09 per diluted share); full-year operating net income was $205 million ($1.92 per diluted share).

• Full-year net income was $225.5 million ($2.11 per diluted share).

• Book value per diluted share grew to $24.61, up 15.2% including dividends.

• Gross premiums written reached $4.7 billion for the year, up 7% from 2024.

• Net investment income for 2025 was $184 million; Q4 net investment income was $44 million.

Outlook and guidance

• Expect mid-single digit top-line growth in 2026, with net earned premiums in insurance of $450–$500 million and reinsurance of $50–$60 million for Q1.

• Combined ratio expected to remain strong, with overall loss ratio in the mid-40% range for 2026.

• Investment returns projected at 4–4.5% for 2026.

• G&A expenses anticipated at ~$29 million per quarter in 2026 due to strategic investments.

• Board approved an increase in share repurchase authorization to $400 million and declared a $0.15 per share dividend payable March 27, 2026.