Fidelis Insurance Reports Strong Q4 Earnings

Improved underwriting, expanded partner network, and active share buybacks drive shareholder returns

Published on Feb. 28, 2026

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Fidelis Insurance (NYSE:FIHL) reported a strong fourth quarter, with management highlighting improved underwriting results, continued expansion of its underwriting partner network, and an active share repurchase program as key drivers of shareholder returns in 2025.

Why it matters

Fidelis Insurance's performance demonstrates the company's ability to navigate market challenges, such as the Russia-Ukraine aviation litigation exposure, and deliver solid financial results through disciplined underwriting and capital management. The company's strategic initiatives, including portfolio shifts and brand refresh, position it for continued growth.

The details

In the fourth quarter, Fidelis reported operating net income of $110 million, or $1.09 per diluted common share, producing an annualized operating ROAE of 18.3%. Book value per diluted common share rose to $24.61, and including dividends, book value per share increased 15.2% for the year. For the full year, the company posted operating net income of $205 million, or $1.92 per diluted common share, translating to an operating ROAE of 8.5%. Management reported premium growth alongside a shift in mix driven by selective underwriting decisions, with gross premiums written increasing 3% in the fourth quarter to $978 million and 7% for the year to $4.7 billion.

  • In the fourth quarter, Fidelis reported operating net income of $110 million.
  • For the full year 2025, Fidelis posted operating net income of $205 million.

The players

Fidelis Insurance

A Bermuda-incorporated specialty insurer and reinsurer that underwrites a broad range of liability and property risks.

Dan Burrows

Chief Executive Officer of Fidelis Insurance.

Allan Decleir

Chief Financial Officer of Fidelis Insurance.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

Fidelis Insurance's strong fourth-quarter and full-year performance highlights the company's ability to navigate market challenges, deliver disciplined underwriting, and execute strategic initiatives to drive shareholder value. The company's focus on specialty insurance, reinsurance, and capital management positions it for continued growth in 2026 and beyond.