Fidelis Insurance has posted net income available to common shareholders of $87.7m for the third quarter (Q3) of FY2023 as against a net loss of $92.7m in Q3 FY2022.
For the quarter that ended on 30 September 2023, earnings per diluted common share were $0.7 compared with a loss per diluted common share of $3.4 a year ago.
The company earned a net premium of $509.7m as against $433.6m in the year-ago period.
Underwriting income was $74.8m as against an underwriting loss of $89.4m in Q3 FY2022.
Fidelis attributed the rise in its underwriting income to the improvement steered by reduced catastrophe and huge losses.
A 4.4% growth in operating return on average common equity (ROAE) was reported for the quarter from a loss of 4.6% last year, due to a substantial rise in underwriting and investment incomes.
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In the speciality segment of the company, gross premiums written dropped marginally to $326.9m from $327.7m in the year-ago period.
Fidelis’ bespoke and reinsurance segments generated gross written premiums of $161.7m and $104m, respectively, compared with $274.9m and $85.5m in the same quarter last year.
Fidelis Insurance Group CEO Dan Burrows said: “Our results demonstrate our ability to be nimble and opportunistic across our three pillars to react to market conditions and evidence the strength of the alignment with our partners at Fidelis MGU who are able to fully focus on underwriting activities.
“Our market-leading speciality portfolio remains an important driver of growth within the business given strong prevailing market conditions, as evidenced by the strong year-to-date premium growth.
“As we approach the end of the year we remain focused on delivering value for our shareholders, optimising our portfolio and targeting profitable underwriting opportunities in line with the Fidelis view of risk.”