Fidelis Insurance Group Reports 2025 Third Quarter Results

Third Quarter 2025 Highlights:

• Gross premiums written (“GPW”) of $797.5 million; growth of 7.5% from the third quarter of 2024
• Combined ratio improved to 79.0%, compared to 87.4% in the third quarter of 2024
• Annualized operating return on average common equity (“Annualized Operating ROAE”) of 21.4%
• Net income of $130.5 million, or $1.24 per diluted common share, and operating net income of $126.8 million, or $1.21 per diluted common share
• Total capital returned to common shareholders in the quarter of $47.3 million, including common share repurchases of $31.9 million and dividends of $15.4 million

Nine Months Ended September 30, 2025 Highlights:

• Gross premiums written of $3.7 billion; growth of 8.4% from nine months ended September 30, 2024
• Combined ratio of 99.5%, including net adverse development as a result of the English High Court judgment as well as the impact of the California wildfires
• Annualized Operating ROAE of 5.2%
• Net income of $107.7 million, or $0.99 per diluted common share, and operating net income of $95.2 million, or $0.88 per diluted common share
• Book value per diluted common share was $23.29 at September 30, 2025, an increase of 6.9% from December 31, 2024, of $21.79
• Total capital returned to common shareholders was $180.1 million, including common share repurchases of $142.7 million and dividends of $37.4 million

PEMBROKE, Bermuda--(BUSINESS WIRE)-- Fidelis Insurance Holdings Limited (“Fidelis” or “FIHL” or “the Group”) (NYSE: FIHL) announced today its financial results for the third quarter ended September 30, 2025.

Dan Burrows, Group Chief Executive Officer of Fidelis Insurance Group, commented: “We delivered outstanding results in the third quarter, with our 79.0% combined ratio representing our best quarterly performance as a publicly traded company and an excellent annualized Operating ROAE of 21.4%.

“We grew gross premiums written by 8%, reinforcing our confidence in our target range of 6-10% for the full-year. In a prevailing hard market, we remain well positioned for growth and value creation given our differentiated positioning and diverse risk access, particularly as we continue to expand our network of underwriting partnerships. Across our portfolio, we are focused on margin and exercising strong discipline with respect to rate, terms and conditions as we see signs of rate pressure in certain pockets.

“Looking ahead, we are focused on providing solutions for our clients in an evolving risk landscape. Our strong capital position enables us to successfully balance growth with returning excess capital to shareholders, and we continue to see share repurchases as a highly accretive use of capital."

Third Quarter 2025 Consolidated Results

• Net income for the third quarter of 2025 was $130.5 million, or $1.24 per diluted common share. Operating net income was $126.8 million, or $1.21 per diluted common share.
• Underwriting income for the third quarter of 2025 was $125.5 million and the combined ratio was 79.0%, compared to underwriting income of $80.0 million and a combined ratio of 87.4% in the third quarter of 2024.
• Net favorable prior year loss reserve development for the third quarter of 2025 was $16.0 million, compared to $10.1 million of favorable prior year loss reserve development in the prior year period.
• Catastrophe and large losses for the third quarter of 2025 were $57.4 million compared to $91.6 million in the prior year period.
• Net investment income for the third quarter of 2025 was $45.9 million compared to $52.1 million in the prior year period.
• Net realized and unrealized investment gains for the third quarter of 2025 were $6.2 million, which included $4.7 million of net unrealized gains on other investments, as result of our strategic deployment of assets into alternative investments, including a hedge fund portfolio, which began in the fourth quarter of 2024.
• Annualized Operating ROAE of 21.4% in the quarter compared to 16.4% in the prior year period.

Nine Months Ended September 30, 2025 Consolidated Results

• Net income for the nine months ended September 30, 2025, was $107.7 million, or $0.99 per diluted common share. Operating net income was $95.2 million, or $0.88 per diluted common share.
• Underwriting income for the nine months ended September 30, 2025, was $10.4 million and the combined ratio was 99.5%, compared to underwriting income of $185.9 million and a combined ratio of 88.6% for the nine months ended September 30, 2024.
• Catastrophe and large losses for the nine months ended September 30, 2025, were $465.0 million compared to $375.8 million in the prior year period.
• Net adverse prior year loss reserve development of $32.4 million compared to net favorable development of $145.7 million in the prior year period.
• Net investment income of $140.0 million compared to $139.1 million in the prior year period. Purchased $1.3 billion of fixed income securities at an average yield of 4.6% and sold $1.6 billion of fixed maturity securities at an average yield of 4.6%. At September 30, 2025, the book yield of the fixed income portfolio was 5.0%.
• Net realized and unrealized investment gains for the nine months ended September 30, 2025 were $18.8 million, which included $10.3 million of net unrealized gains on other investments, as result of our strategic deployment of assets into alternative investments, including a hedge fund portfolio, which began in the fourth quarter of 2024.
• Annualized Operating ROAE of 5.2% in the nine months ended September 30, 2025, compared to 13.3% in the prior year period.
• Book value per diluted common share was $23.29 at September 30, 2025 (dilutive shares at September 30, 2025 of 728,436), compared to $21.79 at December 31, 2024.

The following table details key financial indicators in evaluating our performance for the three and nine months ended September 30, 2025 and 2024:

	Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
	($ in millions, except per share data)
Net income	$	130.5			$	100.6			$	107.7			$	235.5
Operating net income(1)		126.8				105.1				95.2				255.3
Gross premiums written		797.5				741.9				3,739.4				3,449.4
Net premiums earned		599.8				634.5				1,740.8				1,623.6
Catastrophe and large losses		57.4				91.6				465.0				375.8
Net favorable/(adverse) prior year reserve development		16.0				10.1				(32.4	)			145.7
Net investment income		45.9				52.1				140.0				139.1
Net realized and unrealized investment gains/(losses)	$	6.2			$	(0.5	)		$	18.8			$	(16.5	)
Combined ratio		79.0	%			87.4	%			99.5	%			88.6	%
Annualized Operating ROAE(1)		21.4	%			16.4	%			5.2	%			13.3	%
Earnings per diluted common share	$	1.24			$	0.88			$	0.99			$	2.02
Operating EPS(1)	$	1.21			$	0.92			$	0.88			$	2.18
________________
(1) See definition and reconciliation in “Non-GAAP Financial Measures Reconciliation”

Segment Results

Insurance Segment

The following table is a summary of our Insurance segment’s underwriting results:

	Three Months Ended September 30,												Nine Months Ended September 30,
		2025				2024			Change					2025				2024			Change
	($ in millions)
Gross premiums written	$	605.8			$	582.5			$	23.3			$	2,775.1			$	2,616.6			$	158.5
Reinsurance premium ceded		(217.3	)			(189.7	)			(27.6	)			(1,031.5	)			(1,091.2	)			59.7
Net premiums written		388.5				392.8				(4.3	)			1,743.6				1,525.4				218.2
Net premiums earned		456.5				475.9				(19.4	)			1,427.3				1,359.5				67.8
Losses and loss adjustment expenses		(177.0	)			(201.7	)			24.7				(750.2	)			(621.4	)			(128.8	)
Policy acquisition expenses		(137.2	)			(159.5	)			22.3				(434.3	)			(414.1	)			(20.2	)
Underwriting income	$	142.3			$	114.7			$	27.6			$	242.8			$	324.0			$	(81.2	)
Loss ratio		38.8	%			42.4	%		(3.6) pts					52.6	%			45.7	%		6.9 pts
Policy acquisition expense ratio		30.1	%			33.5	%		(3.4) pts					30.4	%			30.5	%		(0.1) pts
Underwriting ratio		68.9	%			75.9	%		(7.0) pts					83.0	%			76.2	%		6.8 pts

For the three months ended September 30, 2025, our GPW increased primarily driven by growth from new business in our Asset Backed Finance & Portfolio Credit line of business, partially offset by timing in our Political Risk, Violence & Terror line of business related to the Lloyd's Syndicate 3123, which commenced writing business in July 2024 compared to being renewed in the first quarter of 2025.

For the nine months ended September 30, 2025, our GPW increased primarily due to new business opportunities, including newly onboarded partnerships in the Asset Backed Finance & Portfolio Credit and Cyber lines of business. These increases were partially offset by a decrease in the Aviation & Aerospace line of business, where certain deals did not meet our underwriting criteria and rating hurdles.

For the three months ended September 30, 2025, our net premiums earned ("NPE") decreased due to business mix as a result of higher gross premiums written on lines of business with longer earnings patterns compared to the prior year period. For the nine months ended September 30, 2025, our NPE increased due to earnings from higher net premiums written in the current and prior year periods.

Our policy acquisition expense ratio for the three months ended September 30, 2025 decreased due to changes in the mix of business written and ceded. Our policy acquisition expense ratio for the nine months ended September 30, 2025 remained consistent with the prior year period.

The following table is a summary of our Insurance segment’s losses and loss adjustment expenses:

	Three Months Ended September 30,												Nine Months Ended September 30,
		2025				2024			Change					2025				2024			Change
	($ in millions)
Attritional losses	$	121.5			$	122.4			$	(0.9	)		$	365.3			$	360.6			$	4.7
Catastrophe and large losses		58.2				76.4				(18.2	)			281.7				357.5				(75.8	)
(Favorable)/adverse prior year development		(2.7	)			2.9				(5.6	)			103.2				(96.7	)			199.9
Losses and loss adjustment expenses	$	177.0			$	201.7			$	(24.7	)		$	750.2			$	621.4			$	128.8
Loss ratio - attritional losses		26.6	%			25.7	%		0.9 pts					25.6	%			26.5	%		(0.9) pts
Loss ratio - catastrophe and large losses		12.8	%			16.1	%		(3.3) pts					19.8	%			26.3	%		(6.5) pts
Loss ratio - prior accident years		(0.6	)%			0.6	%		(1.2) pts					7.2	%			(7.1	)%		14.3 pts
Loss ratio		38.8	%			42.4	%		(3.6) pts					52.6	%			45.7	%		6.9 pts

For the three months ended September 30, 2025, our loss ratio in the Insurance segment improved by 3.6 points compared to the prior year period. For the nine months ended September 30, 2025, our loss ratio in the Insurance segment increased by 6.9 points compared to the prior year period.

The attritional loss ratio for the three and nine months ended September 30, 2025, remained consistent with the prior year periods.

The catastrophe and large losses for the three months ended September 30, 2025, were primarily attributable to two loss events in our Property and Other Insurance lines of business. This compared to the prior period catastrophe and large losses that were primarily attributable to Hurricane Helene and European storm Boris, impacting our Property and Marine lines of business.

The catastrophe and large losses for the nine months ended September 30, 2025 were primarily attributable to the California wildfires in our Property line of business, together with other losses in our Other Insurance, Aviation & Aerospace, and Property lines of business. This compared to the prior period catastrophe and large losses related to intellectual property losses in our Asset Backed Finance & Portfolio Credit line of business, losses from the Baltimore Bridge collapse in our Marine line of business, severe convective storms, Hurricane Helene and European storm Boris in the Property and Marine lines of business, together with other smaller losses in various lines of business.

For the three months ended September 30, 2025, favorable prior year development was driven primarily by better than expected loss emergence in the Property line of business. For the nine months ended September 30, 2025 adverse prior year development was driven primarily by an increase in our Aviation & Aerospace line of business related to the Ukraine Conflict. This increase includes the impact of the settlement of certain aviation litigation related claims during the year, as well as the judgment handed down by the English High Court in June 2025. The increase was partially offset by better than expected loss emergence in our Property and Other Insurance lines of business.

The adverse prior year development for the three months ended September 30, 2024, was driven by increased estimates in our Aviation & Aerospace line of business, partially offset by better than expected loss emergence in our Property line of business. The favorable prior year development for the nine months ended September 30, 2024, was driven primarily by better than expected loss emergence in our Property and Marine lines of business, partially offset by an increase in our Aviation & Aerospace line of business.

Reinsurance Segment

The following table is a summary of our Reinsurance segment’s underwriting results:

	Three Months Ended September 30,												Nine Months Ended September 30,
		2025				2024			Change					2025				2024			Change
	($ in millions)
Gross premiums written	$	191.7			$	159.4			$	32.3			$	964.3			$	832.8			$	131.5
Reinsurance premium ceded		(76.0	)			(84.3	)			8.3				(478.4	)			(442.3	)			(36.1	)
Net premiums written		115.7				75.1				40.6				485.9				390.5				95.4
Net premiums earned		143.3				158.6				(15.3	)			313.5				264.1				49.4
Losses and loss adjustment expenses		(3.7	)			(36.1	)			32.4				(156.4	)			(21.4	)			(135.0	)
Policy acquisition expenses		(42.1	)			(37.2	)			(4.9	)			(81.9	)			(61.1	)			(20.8	)
Underwriting income	$	97.5			$	85.3			$	12.2			$	75.2			$	181.6			$	(106.4	)
Loss ratio		2.6	%			22.8	%		(20.2) pts					49.9	%			8.1	%		41.8 pts
Policy acquisition expense ratio		29.4	%			23.5	%		5.9 pts					26.1	%			23.1	%		3.0 pts
Underwriting ratio		32.0	%			46.3	%		(14.3) pts					76.0	%			31.2	%		44.8 pts

For the three months ended September 30, 2025, GPW increased primarily as result of capitalizing on new business opportunities, including from loss-impacted accounts following the California wildfires, while NPE decreased due to the underlying mix of peril and geographic zones that impact the proportion of premium earned from quarter to quarter.

For the nine months ended September 30, 2025, our GPW increased primarily due to reinstatement premiums related to the California wildfires, as well as growth from new business as a result of capitalizing on opportunities on loss-impacted accounts following the California wildfires, while NPE increased from the acceleration of earnings on contracts with exposure to the California wildfires.

Our policy acquisition expense ratio for the three and nine months ended September 30, 2025 increased primarily due to changes in ceded premium and commissions earned from outwards reinsurance partners.

The following table is a summary of our Reinsurance segment’s losses and loss adjustment expenses:

	Three Months Ended September 30,												Nine Months Ended September 30,
		2025				2024			Change					2025				2024			Change
	($ in millions)
Attritional losses	$	17.8			$	33.9			$	(16.1	)		$	43.9			$	52.1			$	(8.2	)
Catastrophe and large losses		(0.8	)			15.2				(16.0	)			183.3				18.3				165.0
Favorable prior year development		(13.3	)			(13.0	)			(0.3	)			(70.8	)			(49.0	)			(21.8	)
Losses and loss adjustment expenses	$	3.7			$	36.1			$	(32.4	)		$	156.4			$	21.4			$	135.0
Loss ratio - attritional losses		12.5	%			21.4	%		(8.9) pts					14.0	%			19.8	%		(5.8) pts
Loss ratio - catastrophe and large losses		(0.6	)%			9.6	%		(10.2) pts					58.5	%			6.9	%		51.6 pts
Loss ratio - prior accident years		(9.3	)%			(8.2	)%		(1.1) pts					(22.6	)%			(18.6	)%		(4.0) pts
Loss ratio		2.6	%			22.8	%		(20.2) pts					49.9	%			8.1	%		41.8 pts

The attritional loss ratio for the three and nine months ended September 30, 2025, improved by 8.9 points and 5.8 points, respectively, compared to the prior year periods due to the current year having fewer attritional losses.

There were no material catastrophe and large losses for the three months ended September 30, 2025. The catastrophe and large losses for the nine months ended September 30, 2025 were attributable to the California wildfires. The catastrophe and large losses in the three and nine months ended September 30, 2024 were primarily from Hurricane Helene.

For the three and nine months ended September 30, 2025, favorable prior year development was driven by positive development on catastrophe losses and benign prior year attritional experience.

Other Underwriting Expenses

We do not allocate The Fidelis Partnership commissions or general and administrative expenses by segment.

The Fidelis Partnership Commissions

The Fidelis Partnership manages origination, underwriting, underwriting administration, outwards reinsurance and claims handling under delegated authority agreements with the Group. The following table summarizes The Fidelis Partnership commissions earned:

	Three Months Ended September 30,												Nine Months Ended September 30,
		2025				2024			Change					2025				2024			Change
	($ in millions)
Ceding commission expense	$	87.1			$	84.2			$	2.9			$	236.1			$	225.3			$	10.8
Profit commission expense		—				13.1				(13.1	)			—				23.7				(23.7	)
Total commissions	$	87.1			$	97.3			$	(10.2	)		$	236.1			$	249.0			$	(12.9	)
Ceding commission expense ratio		14.5	%			13.2	%		1.3 pts					13.6	%			13.8	%		(0.2) pts
Profit commission expense ratio		—	%			2.1	%		(2.1) pts					—	%			1.5	%		(1.5) pts
The Fidelis Partnership commissions ratio		14.5	%			15.3	%		(0.8) pts					13.6	%			15.3	%		(1.7) pts

For the three and nine months ended September 30, 2025, the decrease in The Fidelis Partnership commissions ratio was driven by no profit commissions being earned in 2025 as the operating profit did not achieve the required hurdle rate of return, as outlined in the Framework Agreement.

General and Administrative Expenses

For the three and nine months ended September 30, 2025, general and administrative expenses were $27.2 million and $71.5 million, respectively (2024: $22.7 million and $70.7 million, respectively). For the three months ended September 30, 2025, the increase was driven primarily by increasing variable compensation as a result of the Group's improved performance in the quarter. For the nine months ended September 30, 2025, general and administrative expenses remained consistent with the prior year period.

Investments

	Three Months Ended September 30,												Nine Months Ended September 30,
		2025				2024			Change					2025				2024			Change
	($ in millions)
Net investment income	$	45.9			$	52.1			$	(6.2	)		$	140.0			$	139.1			$	0.9
Net realized and unrealized investment gains/(losses)		6.2				(0.5	)			6.7				18.8				(16.5	)			35.3
Net investment return	$	52.1			$	51.6			$	0.5			$	158.8			$	122.6			$	36.2
Net investment return - annualized		4.8	%			4.5	%		0.3 pts					4.6	%			3.6	%		1.0 pts

Net Investment Income

Net investment income includes interest and dividend income, net of investment expenses. The decrease in our net investment income for the three months ended September 30, 2025, resulted from lower investable assets compared to the third quarter of 2024 primarily as the result of the payments for settlements and claims in 2025. Our net investment income for the nine months ended September 30, 2025 remained consistent with the prior year period as a result of stable investable assets and investment yields. During the three and nine months ended September 30, 2025, we purchased $437.4 million and $1,293.8 million, respectively, of fixed maturity securities at an average yield of 4.3% and 4.6%, respectively. During the three and nine months ended September 30, 2025, we sold $281.2 million and $1,591.8 million, respectively, of fixed maturity securities at an average yield of 4.5% and 4.6%, respectively.

Net Realized and Unrealized Investment Gains/(Losses)

The net realized and unrealized investment gains for the three months ended September 30, 2025, resulted from unrealized gains on other investments of $4.7 million as a result of our strategic deployment of assets into alternative investments, including a hedge fund portfolio, which began in the fourth quarter of 2024. The net realized and unrealized investment gains for the nine months ended September 30, 2025, resulted from unrealized gains on other investments of $10.3 million as a result of our strategic deployment of assets into alternative investment, including a diversified hedge fund portfolio, and a reduction in provision for current expected credit losses.

Other Items

Share Repurchases

In the three and nine months ended September 30, 2025, we repurchased 1,835,063 and 8,758,179, common shares, respectively, for an aggregate of $31.9 million and $142.7 million, respectively, excluding expenses, at an average price of $17.40 and $16.30 per common share, respectively, pursuant to our share repurchase authorization. Subsequent to September 30, 2025 and through the period ended November 7, 2025, we repurchased 820,316 common shares at an aggregate cost of $15.0 million and an average price of $18.25 per common share. The unutilized amount of the share repurchase authorization at November 7, 2025 was $153.1 million.

Dividend Announcement

On November 3, 2025, we announced that our Board of Directors has approved and declared a dividend of $0.15 per share payable on December 23, 2025, to common shareholders of record on December 10, 2025.

Conference Call

Fidelis will host a teleconference to discuss its financial results on Thursday, November 13, 2025, at 9:00 a.m. Eastern time. The call can be accessed by dialing 1-646-844-6383 (U.S. callers), or 1-833-470-1428 (international callers), and entering the passcode 242634 approximately 10 minutes in advance of the call. A live, listen-only webcast of the call will also be available via the Investors section of the Group’s website at https://investors.fidelisinsurance.com. A recording of the webcast will be available in the Investor Relations section of the Group’s website approximately two hours after the event concludes and will be archived on the site for one year.

About Fidelis Insurance Group

Fidelis Insurance Group is a global specialty insurance and reinsurance company focused on creating value through strategic capital allocation, expert risk selection, and a network of long-term underwriting partnerships.

We have built a strong foundation for scale and profitable growth, underpinned by our disciplined approach to risk selection and our financial strength, which is reflected in our insurer financial strength ratings of A from AM Best, A- from S&P and A3 from Moody’s. Our network of underwriting partners and highly diversified portfolio enables us to execute our strategy of proactively navigating market cycles, offering innovative and tailored solutions, capitalizing on favorable risk-reward opportunities, and producing superior returns for shareholders.

For additional information about Fidelis Insurance Group, our people, and our products please visit our website at www.FidelisInsurance.com.

Non-GAAP Financial Measures

This Press Release includes, and the related conference call will include, certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”) including Operating net income, Operating EPS, Operating ROE and Operating ROAE, attritional loss ratio and catastrophe and large loss ratio, and therefore are non-GAAP financial measures. Reconciliations of such measures to the most comparable U.S. GAAP figures are included in the attached financial information in accordance with Regulation G.

Safe Harbor Regarding Forward-Looking Statements

This press release contains “forward-looking statements” which include all statements that do not relate solely to historical or current facts and which may concern our strategy, plans, targets, projections or intentions and are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “continue,” “grow,” “opportunity,” “create,” “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “target,” “tracking,” “expect,” “evolve,” “achieve,” “remain,” “proactive,” “pursue,” “optimize,” “emerge,” “build,” “looking ahead,” “commit,” “strategy,” “predict,” “potential,” “assumption,” “future,” “likely,” “may,” “should,” “could,” “will” and the negative of these and also similar terms and phrases. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are qualified by these cautionary statements, because they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, targets, projections, anticipated events and trends, the economy and other future conditions, but are subject to significant business, economic, legal and competitive uncertainties, many of which are beyond our control or are subject to change. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

Examples of forward-looking statements may include, among others, statements we make in relation to: targeted operating results such as return on equity, net income and earnings and net earnings per share, underwriting profitability and target combined, loss and expense ratios, growth in gross premiums written and book value per share; our expectations regarding current settlement discussions, court cases and current settlement and litigation strategies; our expectations regarding our business, including the industries we operate in, and capital management strategy and the performance of our business; information regarding our estimates for catastrophes, claims and other loss events; our liquidity and capital resources; and expectations of the effect on our results of operations and financial condition of our loss claims, litigation, climate change impacts, contingent liabilities and governmental and regulatory investigations and proceedings.

Our actual results in the future could differ materially from those anticipated in any forward-looking statements as a result of changes in assumptions, risks, uncertainties and other factors impacting us, many of which are outside our control, including:

• our ability to manage risks associated with macroeconomic conditions including any escalation of the Ukraine Conflict or those in the Middle East, or related sanctions and other geopolitical events globally;
• trends related to premium rate hardening or premium rate softening leading to a cyclical downturn of pricing in the (re)insurance industry;
• the impact of inflation (including social inflation) or deflation in relevant economies in which we operate;
• our ability to evaluate and measure our business, prospects and performance metrics and respond accordingly;
• the failure of our risk management policies and procedures to be adequate to identify, monitor and manage risks, which may leave us exposed to unidentified or unanticipated risks;
• any litigation to which we are party being resolved unfavorably to our prior expectations, whether through court decisions or otherwise through effecting settlements (where such settlements are capable of being achieved), based on emerging information, the actions of other parties or any other failure to resolve such litigation favorably;
• the inherent unpredictability of litigation and any related settlement negotiations which may or may not lead to an agreed settlement of particular matters;
• the outcomes of probabilistic models which are based on historical assumptions and which can differ from actual results or other emerging information as compared to such assumptions;
• the less developed data and parameter inputs for industry catastrophe models for perils such as wildfires and flood;
• the effect of climate change on our business, including the trend towards increasingly frequent and severe catastrophic events;
• the possibility of greater frequency or severity of claims and loss activity than our underwriting, reserving or investment practices have anticipated;
• the development and pattern of earned and written premiums impacting embedded premium value;
• the reliability of pricing, accumulation and estimated loss models;
• the impact of complex causation and coverage issues associated with attribution of losses;
• the actual development of losses and expenses impacting estimates for claims which arose as a result of loss activity, particularly for events where estimates are preliminary until the development of such reserves based on emerging information over time;
• our ability to successfully implement our long-term strategy and compete successfully with more established competitors and increased competition relating to consolidation in the reinsurance and insurance industries;
• any downgrades, potential downgrades or other negative actions by rating agencies relating to us or our industry;
• changes to our strategic relationship with The Fidelis Partnership and our dependence on the Delegated Underwriting Authority Agreements for our underwriting and claims-handling operations;
• our dependence on key executives and ability to attract qualified personnel;
• our dependence on letter of credit facilities that may not be available on commercially acceptable terms;
• our potential inability to pay dividends or distributions in accordance with our current dividend policy, due to changing conditions;
• availability of outwards reinsurance on commercially acceptable terms;
• the recovery of losses and reinstatement premiums from our reinsurance providers;
• our potential need for additional capital in the future and the potential unavailability of such capital to us on favorable terms or at all;
• our dependence on clients’ evaluation of risks associated with such clients’ insurance underwriting;
• the suspension or revocation of our subsidiaries’ insurance licenses;
• our potentially being subject to certain adverse tax or regulatory consequences in the U.S., U.K. or Bermuda;
• risks associated with our investment strategy such as market risk, interest rate risk, currency risk and credit default risk;
• the impact of tax reform and changes in the regulatory environment and the potential for greater regulatory scrutiny of the Group as a result of the outsourcing arrangements;
• heightened risk of cybersecurity incidents and their potential impact on our business;
• risks associated with our use or anticipated use of emerging technologies, such as artificial intelligence technologies, including potential legal, regulatory and operational risks;
• operational failures, including the operational risk associated with outsourcing to The Fidelis Partnership, failure of information systems or failure to protect the confidentiality of customer information, including by service providers, or losses due to defaults, errors or omissions by third parties and affiliates;
• risks relating to our ability to identify and execute opportunities for growth or our ability to complete transactions as planned or realize the anticipated benefits of our acquisitions or other investments;
• the Group’s status as a foreign private issuer means that it will be subject to the reporting obligations under the Securities Exchange Act of 1934, as amended, that, to some extent, are more lenient and less frequent than those of a U.S. domestic public company;
• our ability to maintain the listing of our common shares on NYSE or another national securities exchange; and
• the other risks, uncertainties and other factors disclosed under the section titled ‘Risk Factors’ in our Annual Report on Form 20-F filed with the SEC on March 11, 2025, as well as subsequent current reports and other filings with the SEC available electronically at www.sec.gov.

The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in our filings with the SEC. All forward-looking statements included herein are expressly qualified in their entirety by the cautionary statements contained or referred to therein. The forward-looking statements contained in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond our control and which could cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements, expectations, beliefs and projections made by us in this press release speak only as of the date referenced on such date on which they are made and are expressed in good faith and our management believes that there is reasonable basis for them, based only on information currently available to us. There can be no assurance that management’s expectations, beliefs, and projections will be achieved and actual results may vary materially from what is expressed or indicated by the forward-looking statements. Furthermore, our past performance, and that of our management team and of The Fidelis Partnership, should not be construed as a guarantee of future performance. Except to the extent required by applicable laws and regulations, we undertake no obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future developments or otherwise. In light of these risks and uncertainties, you should keep in mind that any event described in a forward-looking statement might not occur.

FIDELIS INSURANCE HOLDINGS LIMITED Consolidated Balance Sheets At September 30, 2025 (Unaudited) and December 31, 2024 (Expressed in millions of U.S. dollars, except for share and per share amounts)
	September 30, 2025			December 31, 2024
Assets
Fixed maturity securities, available-for-sale, at fair value (amortized cost: $2,658.2, 2024: $3,403.8 (net of allowance for credit losses of $0.3, 2024: $5.9))	$	2,710.5		$	3,411.6
Short-term investments, available-for-sale, at fair value (amortized cost: $187.8, 2024: $221.9 (net of allowance for credit losses of $nil, 2024: $nil))		187.9			222.1
Other investments, at fair value		397.4			201.0
Total investments		3,295.8			3,834.7
Cash and cash equivalents		892.5			743.0
Restricted cash and cash equivalents		196.5			203.6
Accrued investment income		23.9			35.3
Premiums and other receivables (net of allowance for credit losses of $16.3, 2024: $11.8)		3,288.8			2,729.4
Amounts due from The Fidelis Partnership (net of allowance for credit losses of $nil, 2024: $nil)		380.7			208.9
Deferred reinsurance premiums		1,660.7			1,422.2
Reinsurance balances recoverable on paid losses (net of allowance for credit losses of $0.2, 2024: $0.2)		380.1			278.4
Reinsurance balances recoverable on reserves for losses and loss adjustment expenses (net of allowance for credit losses of $0.8, 2024: $0.8)		1,131.8			1,255.6
Deferred policy acquisition costs (includes The Fidelis Partnership deferred commissions of $245.4, 2024: $200.2)		1,064.4			877.9
Other assets		175.4			176.9
Total assets	$	12,490.6		$	11,765.9
Liabilities and shareholders' equity
Liabilities
Reserves for losses and loss adjustment expenses	$	2,321.4		$	3,134.3
Unearned premiums		4,377.9			3,651.5
Reinsurance balances payable		1,856.6			1,540.6
Amounts due to The Fidelis Partnership		544.1			385.8
Long term debt		842.9			448.9
Preference securities ($0.01 par, redemption price and liquidation preference $10,000)		—			58.4
Other liabilities		131.6			98.0
Total liabilities		10,074.5			9,317.5
Commitments and contingencies
Shareholders' equity
Common shares ($0.01 par, issued and outstanding: 103,026,764, 2024: 111,730,209)		1.0			1.2
Common shares held in treasury, at cost (shares held: nil, 2024: 6,570,003)		—			(105.5	)
Additional paid-in capital		1,801.7			2,044.6
Accumulated other comprehensive income		40.1			4.5
Retained earnings		573.3			503.6
Total shareholders' equity		2,416.1			2,448.4
Total liabilities and shareholders' equity	$	12,490.6		$	11,765.9

FIDELIS INSURANCE HOLDINGS LIMITED Consolidated Statements of Income and Comprehensive Income (Unaudited) For the three and nine months ended September 30, 2025 and September 30, 2024 (Expressed in millions of U.S. dollars, except for share and per share amounts)
	Three Months Ended								Nine Months Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Revenues
Gross premiums written	$	797.5			$	741.9			$	3,739.4			$	3,449.4
Reinsurance premiums ceded		(293.3	)			(274.0	)			(1,509.9	)			(1,533.5	)
Net premiums written		504.2				467.9				2,229.5				1,915.9
Change in net unearned premiums		95.6				166.6				(488.7	)			(292.3	)
Net premiums earned		599.8				634.5				1,740.8				1,623.6
Net investment income		45.9				52.1				140.0				139.1
Net realized and unrealized investment gains/(losses)		6.2				(0.5	)			18.8				(16.5	)
Total revenues		651.9				686.1				1,899.6				1,746.2
Expenses
Losses and loss adjustment expenses		180.7				237.8				906.6				642.8
Policy acquisition expenses (includes The Fidelis Partnership commissions of $87.1 and $236.1 (2024: $97.3 and $249.0))		266.4				294.0				752.3				724.2
General and administrative expenses		27.2				22.7				71.5				70.7
Corporate and other expenses		—				—				1.2				1.6
Net foreign exchange losses		1.7				4.8				2.2				4.9
Financing costs		15.1				8.9				33.1				26.1
Total expenses		491.1				568.2				1,766.9				1,470.3
Income before income taxes		160.8				117.9				132.7				275.9
Income tax expense		(30.3	)			(17.3	)			(25.0	)			(40.4	)
Net income	$	130.5			$	100.6			$	107.7			$	235.5
Other comprehensive income
Unrealized gains on available-for-sale investments	$	10.5			$	79.0			$	47.1			$	70.4
Reclassification of net realized losses/(gains) recognized in net income		(1.3	)			6.0				(2.9	)			19.5
Income tax expense, all of which relates to unrealized gains on available-for-sale investments		(1.8	)			(6.6	)			(8.6	)			(6.8	)
Total other comprehensive income		7.4				78.4				35.6				83.1
Comprehensive income	$	137.9			$	179.0			$	143.3			$	318.6
Per share data
Earnings per common share
Earnings per common share	$	1.25			$	0.88			$	1.00			$	2.02
Earnings per diluted common share	$	1.24			$	0.88			$	0.99			$	2.02
Weighted average common shares outstanding		104,370,380				114,445,447				108,156,265				116,390,461
Weighted average diluted common shares outstanding		105,006,130				114,734,526				108,635,908				116,845,991

FIDELIS INSURANCE HOLDINGS LIMITED Consolidated Segment Data (Unaudited) For the three and nine months ended September 30, 2025 and September 30, 2024 (Expressed in millions of U.S. dollars)
	Three Months Ended September 30, 2025
	Insurance				Reinsurance				Other				Total
Gross premiums written	$	605.8			$	191.7			$	—			$	797.5
Net premiums written		388.5				115.7				—				504.2
Net premiums earned		456.5				143.3				—				599.8
Losses and loss adjustment expenses		(177.0	)			(3.7	)			—				(180.7	)
Policy acquisition expenses		(137.2	)			(42.1	)			(87.1	)			(266.4	)
General and administrative expenses		—				—				(27.2	)			(27.2	)
Underwriting income		142.3				97.5								125.5
Net investment income														45.9
Net realized and unrealized investment gains														6.2
Net foreign exchange losses														(1.7	)
Financing costs														(15.1	)
Income before income taxes														160.8
Income tax expense														(30.3	)
Net income													$	130.5
Losses and loss adjustment expenses incurred - current year		(179.7	)			(17.0	)						$	(196.7	)
Losses and loss adjustment expenses incurred - prior accident years		2.7				13.3								16.0
Losses and loss adjustment expenses incurred - total	$	(177.0	)		$	(3.7	)						$	(180.7	)
Underwriting Ratios(1)
Loss ratio - current year		39.4	%			11.9	%							32.8	%
Loss ratio - prior accident years		(0.6	%)			(9.3	%)							(2.7	%)
Loss ratio - total		38.8	%			2.6	%							30.1	%
Policy acquisition expense ratio		30.1	%			29.4	%							29.9	%
Underwriting ratio		68.9	%			32.0	%							60.0	%
The Fidelis Partnership commissions ratio														14.5	%
General and administrative expense ratio														4.5	%
Combined ratio														79.0	%
________________
(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.

	Three Months Ended September 30, 2024
	Insurance				Reinsurance				Other				Total
Gross premiums written	$	582.5			$	159.4			$	—			$	741.9
Net premiums written		392.8				75.1				—				467.9
Net premiums earned		475.9				158.6				—				634.5
Losses and loss adjustment expenses		(201.7	)			(36.1	)			—				(237.8	)
Policy acquisition expenses		(159.5	)			(37.2	)			(97.3	)			(294.0	)
General and administrative expenses		—				—				(22.7	)			(22.7	)
Underwriting income		114.7				85.3								80.0
Net investment income														52.1
Net realized and unrealized investment losses														(0.5	)
Net foreign exchange losses														(4.8	)
Financing costs														(8.9	)
Income before income taxes														117.9
Income tax expense														(17.3	)
Net income													$	100.6
Losses and loss adjustment expenses incurred - current year		(198.8	)			(49.1	)						$	(247.9	)
Losses and loss adjustment expenses incurred - prior accident years		(2.9	)			13.0								10.1
Losses and loss adjustment expenses incurred - total	$	(201.7	)		$	(36.1	)						$	(237.8	)
Underwriting Ratios(1)
Loss ratio - current year		41.8	%			31.0	%							39.1	%
Loss ratio - prior accident years		0.6	%			(8.2	%)							(1.6	%)
Loss ratio - total		42.4	%			22.8	%							37.5	%
Policy acquisition expense ratio		33.5	%			23.5	%							31.0	%
Underwriting ratio		75.9	%			46.3	%							68.5	%
The Fidelis Partnership commissions ratio														15.3	%
General and administrative expense ratio														3.6	%
Combined ratio														87.4	%
________________
(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.

	Nine months ended September 30, 2025
	Insurance				Reinsurance				Other				Total
Gross premiums written	$	2,775.1			$	964.3			$	—			$	3,739.4
Net premiums written		1,743.6				485.9				—				2,229.5
Net premiums earned		1,427.3				313.5				—				1,740.8
Losses and loss adjustment expenses		(750.2	)			(156.4	)			—				(906.6	)
Policy acquisition expenses		(434.3	)			(81.9	)			(236.1	)			(752.3	)
General and administrative expenses		—				—				(71.5	)			(71.5	)
Underwriting income		242.8				75.2								10.4
Net investment income														140.0
Net realized and unrealized investment gains														18.8
Corporate and other expenses														(1.2	)
Net foreign exchange losses														(2.2	)
Financing costs														(33.1	)
Income before income taxes														132.7
Income tax expense														(25.0	)
Net income													$	107.7
Losses and loss adjustment expenses incurred - current year		(647.0	)			(227.2	)						$	(874.2	)
Losses and loss adjustment expenses incurred - prior accident years		(103.2	)			70.8								(32.4	)
Losses and loss adjustment expenses incurred - total	$	(750.2	)		$	(156.4	)						$	(906.6	)
Underwriting Ratios(1)
Loss ratio - current year		45.4	%			72.5	%							50.2	%
Loss ratio - prior accident years		7.2	%			(22.6	%)							1.9	%
Loss ratio - total		52.6	%			49.9	%							52.1	%
Policy acquisition expense ratio		30.4	%			26.1	%							29.7	%
Underwriting ratio		83.0	%			76.0	%							81.8	%
The Fidelis Partnership commissions ratio														13.6	%
General and administrative expense ratio														4.1	%
Combined ratio														99.5	%
________________
(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.

	Nine months ended September 30, 2024
	Insurance				Reinsurance				Other				Total
Gross premiums written	$	2,616.6			$	832.8			$	—			$	3,449.4
Net premiums written		1,525.4				390.5				—				1,915.9
Net premiums earned		1,359.5				264.1				—				1,623.6
Losses and loss adjustment expenses		(621.4	)			(21.4	)			—				(642.8	)
Policy acquisition expenses		(414.1	)			(61.1	)			(249.0	)			(724.2	)
General and administrative expenses		—				—				(70.7	)			(70.7	)
Underwriting income		324.0				181.6								185.9
Net investment income														139.1
Net realized and unrealized investment losses														(16.5	)
Corporate and other expenses														(1.6	)
Net foreign exchange losses														(4.9	)
Financing costs														(26.1	)
Income before income taxes														275.9
Income tax expense														(40.4	)
Net income													$	235.5
Losses and loss adjustment expenses incurred - current year		(718.1	)			(70.4	)						$	(788.5	)
Losses and loss adjustment expenses incurred - prior accident years		96.7				49.0								145.7
Losses and loss adjustment expenses incurred - total	$	(621.4	)		$	(21.4	)						$	(642.8	)
Underwriting Ratios(1)
Loss ratio - current year		52.8	%			26.7	%							48.6	%
Loss ratio - prior accident years		(7.1	%)			(18.6	%)							(9.0	%)
Loss ratio - total		45.7	%			8.1	%							39.6	%
Policy acquisition expense ratio		30.5	%			23.1	%							29.3	%
Underwriting ratio		76.2	%			31.2	%							68.9	%
The Fidelis Partnership commissions ratio														15.3	%
General and administrative expense ratio														4.4	%
Combined ratio														88.6	%
________________
(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned.

FIDELIS INSURANCE HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

Attritional loss ratio and catastrophe and large loss ratio: the attritional loss ratio is a non-GAAP measure of the loss ratio excluding the impact of catastrophe and large losses. Management believes that the attritional loss ratio is a performance measure that is useful to investors as it excludes losses that are not as predictable as to timing and amount. The attritional loss ratio is calculated by dividing the losses and loss adjustment expenses, excluding catastrophe and large losses and prior year development, by NPE. The catastrophe and large loss ratio is a non-GAAP measure that is calculated by dividing the current year catastrophe and large loss expense by NPE. The reconciliation of these non-GAAP measures is included in each segment’s summary of losses and loss adjustment expenses table.

Operating net income: is a non-GAAP financial measure of our performance which does not consider the impact of certain non-recurring and other items that may not properly reflect the ordinary activities of our business, its performance or its future outlook. This measure is calculated as net income excluding net realized and unrealized investment gains/(losses), net foreign exchange losses, corporate and other expenses, and the income tax effect on these items.

Annualized return on average common equity (“ROAE”): represents annualized net income divided by average common shareholders’ equity.

Annualized operating return on average common equity (“Annualized Operating ROAE”): is a non-GAAP financial measure that represents a meaningful comparison between periods of our financial performance expressed as a percentage and is calculated as annualized operating net income divided by average common shareholders’ equity.

Operating earnings per share (“Operating EPS”): is a non-GAAP financial measure that represents a valuable measure of profitability and enables investors, analysts, rating agencies and other users of our financial information to more easily analyze our results in a manner similar to how management analyzes its underlying business performance. It is calculated by dividing operating net income by the weighted average diluted common shares outstanding.

The table below sets out the calculation of our Operating net income, Annualized ROAE, Annualized Operating ROAE and Operating EPS, for the three and nine months ended September 30, 2025, and 2024.

	Three months ended								Nine months ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
	($ in millions)
Net income	$	130.5			$	100.6			$	107.7			$	235.5
Adjustment for net realized and unrealized investment (gains)/losses		(6.2	)			0.5				(18.8	)			16.5
Adjustment for net foreign exchange losses		1.7				4.8				2.2				4.9
Adjustment for corporate and other expenses		—				—				1.2				1.6
Income tax effect of the above items		0.8				(0.8	)			2.9				(3.2	)
Operating net income	$	126.8			$	105.1			$	95.2			$	255.3
Average common shareholders' equity	$	2,369.8			$	2,581.1			$	2,432.3			$	2,541.1
Weighted average common shares outstanding		104,370,380				114,445,447				108,156,265				116,390,461
Share-based compensation plans		635,750				289,079				479,643				455,530
Weighted average diluted common shares outstanding		105,006,130				114,734,526				108,635,908				116,845,991
Annualized ROAE		22.0	%			15.6	%			5.9	%			12.4	%
Annualized Operating ROAE		21.4	%			16.4	%			5.2	%			13.3	%
Earnings per diluted common share	$	1.24			$	0.88			$	0.99			$	2.02
Operating EPS	$	1.21			$	0.92			$	0.88			$	2.18

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20251112679408/en/

Fidelis Insurance Group Investor Contact:

Fidelis Insurance Group

Miranda Hunter

+1 (441) 279 2561

miranda.hunter@fidelisinsurance.com

Fidelis Insurance Group Media Contact:

Rein4ce

Sarah Hills

+44 (0)7718 882011

sarah.hills@rein4ce.co.uk

Source: Fidelis Insurance Holdings Limited