Fidelis Insurance reported a decline in net income for Q2 2024, even as gross premiums written surged 24.7% to $1.2 billion. The company’s combined ratio stood at 92.7%. Operating returns on equity were both 10.0%, while favorable prior year loss reserve development reached $68.6 million, up from $2.4 million last year.
Catastrophe and large losses increased to $181.2 million from $85.2 million. Net investment income rose to $46.0 million from $27.3 million. Fidelis invested $677.7 million in fixed-income securities at a 5.2% yield and sold $220.4 million in securities at 1.6%.
The growth in premiums was driven by new business and higher rates, despite a drop in the aviation and aerospace sector. Celebrating its first year as a public company, Fidelis announced a $200 million share repurchase program and remains optimistic about future opportunities.
