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FIHL

Fidelis Insurance Holdings Limited

FIHL

Fidelis Insurance Holdings Limited • NYSE
$19.04 ▲ 0.00% (+0.00)
Market Cap $2.08 B
52w High $20.70
52w Low $14.17
Dividend Yield 0.35%
P/E -380.8
Volume 212.52K
Outstanding Shares 109.04M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $650.2M ▲ $42.3M ▲ $130.5M ▲ 20.071% ▲ $1.25 ▲ $175.9M ▲
Q2-2025 $591.3M ▲ $32.8M ▲ $19.7M ▲ 3.332% ▲ $0.18 ▲ $31.5M ▲
Q1-2025 $577.5M ▼ $30.7M ▼ $-42.5M ▲ -7.359% ▲ $-0.38 ▲ $-41.6M ▲
Q4-2024 $680.3M ▼ $819.8M ▲ $-122.2M ▼ -17.963% ▼ $-1.09 ▼ $-131.8M ▼
Q3-2024 $681.3M $31.6M $100.6M 14.766% $0.88 $126.8M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.791B ▼ $12.491B ▼ $10.075B ▼ $2.416B ▲
Q2-2025 $3.806B ▼ $12.993B ▲ $10.669B ▲ $2.323B ▼
Q1-2025 $3.958B ▲ $12.772B ▲ $10.38B ▲ $2.391B ▼
Q4-2024 $1.113B ▼ $11.766B ▲ $9.318B ▲ $2.448B ▼
Q3-2024 $4.475B $11.685B $9.053B $2.632B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $130.5M ▲ $155.2M ▲ $-121.4M ▼ $-47.3M ▼ $-14.5M ▼ $154.6M ▲
Q2-2025 $19.7M ▲ $-359.2M ▲ $294.9M ▼ $233.9M ▲ $175.8M ▲ $-359.3M ▲
Q1-2025 $-42.5M ▲ $-433.1M ▼ $444.7M ▲ $-33.2M ▼ $-18.9M ▲ $-433.4M ▼
Q4-2024 $-122.2M ▼ $126.1M ▼ $-180.2M ▼ $-11.2M ▲ $-72.5M ▼ $125.4M ▼
Q3-2024 $100.6M $318.9M $-85.4M $-79.4M $160M $317.2M

Five-Year Company Overview

Income Statement

Income Statement FIHL’s income statement shows a consistently profitable insurer with one exceptionally strong year. Revenue has grown meaningfully over time, though it pulled back after a very strong spike, suggesting 2023 benefited from unusually favorable market or loss conditions. Earnings have remained positive throughout the period, which is a good sign for an insurer exposed to volatile specialty risks. Profitability in the most recent year looks solid but more “normal” versus the outsized results seen earlier, which investors may want to treat as a high watermark rather than a base case. Overall, the business appears well able to earn money through the cycle, but results can be lumpy year to year, as is typical in specialty insurance and reinsurance.

Balance Sheet

Balance Sheet The balance sheet has expanded steadily, with the asset base growing faster than debt, which points to cautious use of leverage. Equity has held up well over the years, even as the company scaled, suggesting that growth has not come at the expense of solvency. Cash levels are healthy for an insurer, providing flexibility to handle claims volatility and to support underwriting growth. Overall, FIHL appears to run with moderate leverage and a solid capital cushion, which is important in a sector where large losses can emerge suddenly.

Cash Flow

Cash Flow Cash generation looks consistently positive and closely aligned with reported profits, an encouraging sign for the quality of earnings. Operating cash flow has trended upward over time, supporting the idea that the growth in premiums and underwriting activity is backed by real cash. Capital spending is minimal, so most operating cash flow tends to fall through to free cash flow, giving the company room to strengthen its balance sheet, absorb shocks, or pursue growth opportunities. In short, FIHL operates as a cash-generative insurer with relatively low structural cash demands.

Competitive Edge

Competitive Edge FIHL is positioned as a specialist in complex and bespoke insurance and reinsurance rather than as a broad, commodity-like insurer. Its close partnership with The Fidelis Partnership gives it access to seasoned underwriters, proprietary technology, and a steady stream of niche products, which together form a meaningful competitive edge. The focus on tailored solutions in areas like structured credit, political risk, and specialty lines such as aviation, marine, and energy helps differentiate it from larger, more generalist competitors. Platforms like Pine Walk and access to the Lloyd’s market add further reach and product breadth. The main strategic risk is that this model is heavily reliant on maintaining its key partnerships and its reputation for disciplined underwriting in very specialized, hard-to-price risks.

Innovation and R&D

Innovation and R&D Innovation at FIHL is less about traditional R&D spend and more about building and leveraging advanced underwriting and data platforms. Systems like Prequel, Jarvis, Tyche, and FireAnt provide an integrated data and analytics backbone, enabling faster, more informed underwriting decisions and fine‑tuned capital allocation. The daily global underwriting and marketing call institutionalizes this data‑driven, cross‑functional decision process, which is unusual in the industry and difficult to copy. Pine Walk, as an MGA incubator, effectively serves as a product innovation lab, constantly launching and scaling niche underwriting cells. FIHL is already applying this model to emerging areas such as insurance for AI data centers and alternative risk transfer, suggesting an ongoing pipeline of new, specialized offerings.

Summary

FIHL is a specialty and bespoke insurer with a track record of consistent profitability, a growing balance sheet, and solid cash generation. Its results show that earnings can swing with market and loss conditions, but the business has stayed in the black even through more challenging periods. The company’s real strength lies in its partnership‑driven model and technology‑enabled underwriting, which together provide an edge in complex, higher‑margin risk segments. Balance sheet strength and cash flow support this strategy, while innovation platforms like Pine Walk and proprietary systems position FIHL to pursue new niches as global risks evolve. The flip side is reliance on key relationships and expertise, and exposure to inherently volatile lines of business, which means investors should expect performance to remain somewhat uneven from year to year even if the long‑term trajectory is favorable.

NEWS

November 12, 2025 · 4:15 PM UTC

Fidelis Insurance Group Reports 2025 Third Quarter Results

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November 3, 2025 · 5:24 PM UTC

Fidelis Insurance Group Declares Quarterly Dividend

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October 14, 2025 · 4:15 PM UTC

Fidelis Insurance Group Schedules Third Quarter 2025 Financial Results Conference Call

Read more