Fidelis Insurance posts Q2 net income of $19.7 mln

Overview

• Fidelis Q2 GPW rises to $1.2 bln, combined ratio at 103.7% due to adverse development

• Net income for Q2 at $19.7 mln, operating net income at $13.6 mln

• Total capital returned to shareholders $99.6 mln, including $88.7 mln in buybacks

Result Drivers

• AVIATION LITIGATION - Adverse development from Russia-Ukraine aviation litigation impacted combined ratio, per CEO Dan Burrows

• PREMIUM GROWTH - GPW increased due to growth in Asset Backed Finance & Portfolio Credit and Political Risk lines

• CAPITAL MANAGEMENT - Continued focus on capital returns with $99.6 mln returned to shareholders, including share buybacks

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 5 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the property & casualty insurance peer group is "buy."

• Wall Street's median 12-month price target for Fidelis Insurance Holdings Ltd is $18.00, about 5.6% above its August 12 closing price of $16.99

• The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 6 three months ago

Press Release: ID:nBwz5rlKa