Fidelis Insurance reports Q2 operating EPS 12c, consensus (33c)

Dan Burrows, Group Chief Executive Officer of Fidelis Insurance (FIHL) Group, commented: “We have continued to successfully execute on our strategy of balancing the pursuit of profitable underwriting opportunities with returning meaningful capital to shareholders. Year-to-date, we grew gross premiums written by 9%, reflecting our focus on targeted deployment of capacity into areas of higher margin in what remains a favorable trading environment. Our exposure to the Russia-Ukraine lessor policy aviation litigation is now firmly behind us, and with any remaining exposure being insignificant, we can now draw a line under this event. Excluding the impact of this litigation, we would be outperforming our through-the-cycle targets with a combined ratio in the mid-70s for the quarter and significantly surpassing our ROAE target. With our recently announced expansion of our capital management initiatives, including the $200 million renewal of our share repurchase program and increase in our quarterly dividend to $0.15 per share, we have enhanced flexibility to capitalize on the considerable dislocation in our current share price. By coupling our capital management initiatives with our continued ability to take advantage of accretive growth opportunities and optimize reinsurance purchases, we are confident we will continue delivering attractive returns for our shareholders.”