NYSE$FIHL
Fidelis Insurance Holdings Ltd · Q2 2025 earnings
Q2 2025 earnings · · After market close · Investor relations
Briefing
Fidelis Q2 net income $19.7M as combined ratio hits 103.7% on aviation litigation reserve; GPW grows to $1.2B
Fidelis Insurance Group reported second quarter 2025 results for the period ended June 30, 2025, with gross premiums written of $1.22 billion and net premiums earned of $538.0 million. Net income was $19.7 million ($0.18 diluted EPS) and operating net income was $13.6 million ($0.12 per share). The combined ratio was 103.7%, reflecting $89.2 million of net adverse prior-year development from the Russia-Ukraine aviation litigation following the English High Court judgment. Excluding this impact, management indicated a combined ratio in the mid-70s. Net investment income was $44.6 million. The company returned $99.6 million to shareholders in the quarter through $88.7 million in repurchases and $10.9 million in dividends, and renewed its $200 million share repurchase program.
- Gross premiums written $1.22B, up from $1.19B; net premiums earned $538.0M
- Net income $19.7M (EPS $0.18); operating net income $13.6M (EPS $0.12)
- Combined ratio 103.7% due to $89.2M net adverse prior-year development from aviation litigation
- Excluding litigation, combined ratio would be mid-70s, surpassing through-the-cycle ROAE target
- Returned $99.6M to shareholders; renewed $200M buyback and raised quarterly dividend to $0.15
Headline financials
Revenue & EPS history
Fidelis · Revenue · Quarterly
$538M
Revenue by segment
Fidelis · $569M total across 2 segments · Q1 2026
- Insurance segment$515M—90.6%
- Reinsurance segment$53.6M—9.4%
Forward guidance
Management expects to capitalize on share price dislocation through enhanced capital management including $200M buyback renewal and $0.15 quarterly dividend
Tailwinds
- Aviation litigation exposure now firmly behind with insignificant remaining exposure
- Excluding litigation, combined ratio in mid-70s outperforming through-the-cycle targets
- GPW grew 9% year-to-date in favorable trading environment
Headwinds
- Combined ratio 103.7% in Q2 and 110.1% in H1 including litigation and California wildfires
- Net adverse prior-year development of $89.2M in Q2 from aviation reserve strengthening
- Annualized operating ROAE only 2.3% in the quarter
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 12 quarterly earnings reports · overlaid with Q2 2025
+1.9%
Avg return
Earnings day
+4.4%
Avg return
5 days after
+4.2%
Avg return
30 days after
62%
8 / 13 earnings
Positive
+14.6%
Q4 2023
Best reaction
-6.7%
Q3 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.4% | +16.2% | — | |
| Q4 2026 | -3.9% | -0.6% | +6.6% | |
| Q3 2025 | -2.3% | -1.3% | -0.6% | |
| Q2 2025 | -2.0% | -0.7% | +0.5% | |
| Q1 2025 | +2.2% | +9.8% | +12.4% | |
| Q3 2024 | +6.9% | +5.4% | +3.8% | |
| Q2 2024 | +2.0% | +6.5% | -0.1% | |
| Q1 2023 | +3.3% | +2.7% | +0.6% | |
| Q4 2022 | +3.3% | +2.7% | +0.6% | |
| Q4 2021 | +3.3% | +2.7% | +0.6% | |
| Q4 2023 | +14.6% | +15.2% | +32.1% | |
| Q3 2023 | -6.7% | -10.6% | -14.0% | |
| Q2 2023 | +5.1% | +9.8% | +8.2% | |
| Q3 2022 | — | — | — | |
| Q2 2022 | — | — | — | |
| Q1 2022 | — | — | — |
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