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Sep 30, 2025
Fidelis Q3 2025 Earnings Report
Fidelis reported strong Q3 2025 results with improved underwriting performance and solid profitability.
Key Takeaways
Fidelis delivered its best combined ratio as a public company at 79.0%, with net income of $130.5M and strong growth in premiums. Operating ROAE reached 21.4%, supported by robust underwriting and reduced catastrophe losses.
Net income reached $130.5 million, with EPS of $1.24 and operating EPS of $1.21.
Combined ratio improved significantly to 79.0% from 87.4% a year earlier.
Net investment income totaled $45.9 million in the quarter.
Gross premiums written rose to $797.5 million, reflecting 7.5% YoY growth.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Fidelis expects to maintain its 6-10% full-year growth target in a hard market, supported by disciplined underwriting and new partnership expansion.
Positive Outlook
- Well-positioned for growth with differentiated market positioning.
- Expanding network of underwriting partnerships.
- Strong capital base enables balanced capital deployment.
- Continued confidence in full-year GPW growth target of 6-10%.
- Share repurchases remain a key capital return strategy.
Challenges Ahead
- Emerging signs of rate pressure in certain underwriting lines.
- Decrease in net investment income due to reduced investable assets.
- Reduced realized and unrealized investment gains vs. last quarter.
- Potential exposure to future large losses from catastrophic events.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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