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Dec 31, 2025
Fidelis Q4 2025 Earnings Report
Fidelis Insurance Group reported outstanding fourth quarter 2025 results with significant improvements in underwriting profitability and return on equity.
Key Takeaways
Fidelis delivered a strong Q4 2025, characterized by a combined ratio of 80.6% and an annualized operating ROAE of 18.3%. The company benefited from favorable prior year reserve development and lower catastrophe losses compared to the prior year, while continuing its capital return strategy through $133.6 million in share repurchases and dividends.
Combined ratio improved significantly to 80.6% from 128.0% in the prior year quarter.
Net income reached $117.8 million, or $1.17 per diluted share, compared to a net loss in Q4 2024.
The company returned $133.6 million to shareholders in Q4 through buybacks and dividends.
Fidelis announced a rebranding to Pelagos Insurance Capital Limited expected in 2026.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Fidelis enters 2026 with confidence in identifying profitable underwriting opportunities and executing its capital allocation strategy.
Positive Outlook
- Confidence in identifying profitable underwriting opportunities for 2026.
- Disciplined capital management and strategic use of outwards reinsurance.
- Increased common share repurchase authorization to $400 million.
- Strong foundation for scale and profitable growth.
- Maintained strong financial strength ratings (A from AM Best).
Challenges Ahead
- Potential for premium rate softening in the industry.
- Impact of social and economic inflation on claims.
- Unpredictability of litigation, particularly regarding the Ukraine Conflict.
- Exposure to frequent and severe catastrophic events due to climate change.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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