Fidelis Insurance reports Q1 operating EPS 74c, consensus 62c

Reports Q1 revenues before net gain on distribution of The Fidelis Partnership $520.0M vs. $412.7M last year. Reports gross premiums written of $1.514B, growth of 21.6% from the first quarter of 2023. Reports Q1 combined ratio of 85.8%. Dan Burrows, Group Chief Executive Officer of Fidelis Insurance Group, commented “2024 is off to a very strong start as we build on our momentum from 2023 and continue capitalizing on attractive market opportunities. In line with our expectations, we delivered strong underwriting performance including 21.6% growth in gross premiums written and a combined ratio of 85.8%. Additionally, we achieved an Annualized Operating ROAE of 14.0% and grew our book value per diluted common share to $21.22. As we look ahead to the rest of the year, we will continue to leverage our scale, deep relationships, and lead positioning to further grow our business. Our fundamentals are excellent, we have a strong pipeline of opportunities, and we are leaning in across attractive lines where we expect to generate increased underwriting profitability. Coupled with our proactive and disciplined approach to investment and capital management, we believe we are well positioned to continue delivering compelling returns through the cycle and creating value for our shareholders.” This note corrects a prior version with an incorrect revenue consensus figure.