Fidelis Insurance Holdings Ltd. (FIHL)
NYSE:FIHL
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Fidelis Insurance Holdings Ltd.
(NYSE:FIHL)
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Rating:56Neutral
Price Target:
$21.50
▲(2.53% Upside)
Action:ReiteratedDate:03/10/26
Overall score reflects (1) mixed financial performance driven primarily by the 2025 reversal to negative operating/free cash flow and volatility in results, (2) weak near-term technical momentum with price below key short-term averages and RSI below 40, partially offset by (3) favorable valuation (low P/E and a moderate dividend) and (4) a generally positive earnings call emphasizing underwriting improvement, growth, and capital returns.
Positive Factors
Underwriting performance improvement
A combined ratio well below 100% sustained through the quarter indicates durable underwriting profitability and improved loss experience. The 47-point YoY improvement to 80.6% reflects better pricing, risk selection and reserve management, supporting longer-term margin resilience if trends persist.
Negative Factors
Weak cash generation in 2025
The reversal to materially negative operating and free cash flow in 2025 weakens earnings quality and raises durable funding and liquidity risk. If sustained, negative cash conversion constrains capacity to fund claims, buybacks or growth without external capital, pressuring strategic flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Underwriting performance improvement
A combined ratio well below 100% sustained through the quarter indicates durable underwriting profitability and improved loss experience. The 47-point YoY improvement to 80.6% reflects better pricing, risk selection and reserve management, supporting longer-term margin resilience if trends persist.
Read all positive factors
Fidelis Insurance Holdings Ltd. (FIHL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.82B
Dividend Yield2.55%
Average Volume (3M)588.24K
Price to Earnings (P/E)4.2
Beta (1Y)0.58
Revenue Growth2.48%
EPS Growth138.33%
CountryUS
Employees98
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)2.23
Shares Outstanding86,480,150
10 Day Avg. Volume673,397
30 Day Avg. Volume588,238
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)0.87
Price to Sales (P/S)0.83
P/FCF Ratio-5.07
Enterprise Value/Market Cap1.01
Enterprise Value/Revenue0.76
Enterprise Value/Gross Profit2.78
Enterprise Value/Ebitda5.65
Forecast
1Y Price Target
$23.63Price Target Upside12.66% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)3.33
Revenue Forecast (FY)$3.42B
Fidelis Insurance Holdings Ltd. Business Overview & Revenue Model
Company Description
Fidelis Insurance Holdings Limited, together with its subsidiaries, provides insurance and reinsurance products in Bermuda, Ireland, and the United Kingdom. It operates in three segments: Specialty, Reinsurance, and Bespoke segments. The Specialty...
How the Company Makes Money
FIHL primarily makes money through (1) underwriting income and (2) investment income. Underwriting income is generated by collecting premiums on insurance and reinsurance policies and retaining the portion that remains after paying claims, claim-a...
Fidelis Insurance Holdings Ltd. Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call presented multiple strong operational and financial positives—material combined ratio improvement (47 points YoY), robust premium growth (7% full year), high quarterly ROAE (18.3%), expanding high‑quality underwriting partnerships, meaningful share repurchases and strengthened reinsurance protection. Headwinds include legacy Russia‑Ukraine aviation litigation impacts (previous adverse development), a strategic 50% reduction in aviation premium, a 13% decline in quarter net earned premium, and a shift toward longer-duration earning lines that reduce near-term earned premium visibility. On balance, management showed resolution of legacy issues, clear capital discipline, and a pathway for mid-single-digit top-line growth in 2026, so the highlights significantly outweigh the lowlights.Positive Updates
Significant Combined Ratio Improvement
Fourth quarter combined ratio of 80.6%, a 47-point improvement year-over-year, and second consecutive quarter exceeding through-the-cycle targets.
Negative Updates
Russia-Ukraine Aviation Litigation Legacy
Legacy exposure required judicious claim settlements and drove significant prior-year adverse development ($270 million in prior period), though management indicates this was largely addressed in H1 and led to favorable development in later quarters.
Read all updates
Q4-2025 Updates
Positive
Negative
Significant Combined Ratio Improvement
Fourth quarter combined ratio of 80.6%, a 47-point improvement year-over-year, and second consecutive quarter exceeding through-the-cycle targets.
Read all positive updates
Company Guidance
Management's guidance and forward-looking metrics included Q1 2026 net earned premium of $450–$500 million for the Insurance segment and $50–$60 million for Reinsurance; a 2026 top‑line growth target of mid‑single digits; expected portfolio return of ~4.0–4.5% for 2026; a full‑year 2026 effective tax rate of ~16%; quarterly G&A of ~$29 million; and an overall 2026 loss ratio in the mid‑40% range (insurance ~2/3 attritional / 1/3 cat; reinsurance roughly 50/50). They reiterated policy acquisition expense guidance of low‑30s points for insurance and mid‑20s for reinsurance, and highlighted capital flexibility with an increased $400 million repurchase authorization after buying 15.2 million shares in 2025 at an average $17.22 (adding $0.90 to 2025 BVPS) plus a subsequent 967k shares for $18 million at $19.12; operating and portfolio context cited on the call included Q4 operating net income $110M ($1.09/sh), annual operating net income $205M ($1.92/sh), Q4 combined ratio 80.6% (47‑point YoY improvement), Q4 GPW ~$978M and FY2025 GPW $4.7B (+7%), asset‑backed finance now >11% of premium (GPW +$132M YoY), Q4 attritional loss ratio 30.4%, Q4 catastrophe/large losses $51M (9.1 pts), and 1‑in‑250 California EQ and 1‑in‑100 SE Gulf/Caribbean PMLs at mid‑single digit and <10% of shareholders’ equity respectively.Fidelis Insurance Holdings Ltd. Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
66
Positive
Cash Flow
34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.50B | 2.42B | 3.59B | 1.52B | 1.19B |
| Gross Profit | 1.41B | 266.10M | 2.17B | 1.52B | 247.50M |
| EBITDA | 323.30M | 156.20M | 2.08B | 119.50M | 118.60M |
| Net Income | 225.50M | 113.30M | 2.13B | 52.60M | 68.30M |
Balance Sheet | |||||
| Total Assets | 9.37B | 11.77B | 10.03B | 8.31B | 7.05B |
| Cash, Cash Equivalents and Short-Term Investments | 1.25B | 1.11B | 1.32B | 3.53B | 2.83B |
| Total Debt | 843.20M | 448.90M | 448.20M | 476.00M | 478.30M |
| Total Liabilities | 6.97B | 9.32B | 7.58B | 6.33B | 5.03B |
| Stockholders Equity | 2.40B | 2.45B | 2.45B | 1.98B | 2.01B |
Cash Flow | |||||
| Free Cash Flow | -409.50M | 613.60M | 488.80M | 722.60M | 338.70M |
| Operating Cash Flow | -408.30M | 618.20M | 495.20M | 741.40M | 345.80M |
| Investing Cash Flow | 682.70M | -475.80M | -834.90M | 215.90M | -1.09B |
| Financing Cash Flow | 19.80M | -153.90M | -106.90M | -16.20M | -18.20M |
Fidelis Insurance Holdings Ltd. Technical Analysis
Positive
20.97
Price Trends
19.32
Positive
19.05
Positive
18.00
Positive
Market Momentum
0.38
Negative
73.20
Negative
83.32
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FIHL, the sentiment is Positive. The current price of 20.97 is above the 20-day moving average (MA) of 19.52, above the 50-day MA of 19.32, and above the 200-day MA of 18.00, indicating a bullish trend. The MACD of 0.38 indicates Negative momentum. The RSI at 73.20 is Negative, neither overbought nor oversold. The STOCH value of 83.32 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FIHL.
Fidelis Insurance Holdings Ltd. Risk Analysis
Fidelis Insurance Holdings Ltd. disclosed 86 risk factors in its most recent earnings report. Fidelis Insurance Holdings Ltd. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Fidelis Insurance Holdings Ltd. Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | $1.11B | 12.32 | 18.79% | 4.00% | -4.12% | ― | |
78 Outperform | $33.02B | 8.24 | 20.48% | ― | 8.66% | 32.96% | |
71 Outperform | $40.52B | 13.27 | 7.50% | 2.02% | -2.31% | 26.43% | |
71 Outperform | $9.59B | 7.37 | 16.72% | 6.98% | 13.12% | 33.46% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
62 Neutral | $1.50B | 52.94 | -30.35% | ― | 17.56% | -3.08% | |
56 Neutral | $1.82B | 4.16 | 9.46% | 2.55% | 2.48% | 138.33% |
* Financial Sector Average
FIHL
Fidelis Insurance Holdings Ltd.
21.02
4.71
28.90%
AIG
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76.43
-3.59
-4.49%
ACGL
Arch Capital Group
94.52
-0.04
-0.04%
ORI
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39.48
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12.86%
IGIC
International General Insurance Holdings
25.87
4.21
19.42%
GSHD
GooseHead Insurance
42.12
-60.09
-58.79%
Fidelis Insurance Holdings Ltd. Corporate Events
Fidelis Shareholders Approve Pelagos Insurance Capital Rebrand and Governance Changes
Apr 28, 2026
Fidelis Insurance Holdings Limited held its 2026 Annual Meeting of Shareholders in Pembroke, Bermuda, on April 28, 2026, with a quorum representing roughly 84% of its 86.3 million common shares. Shareholders elected three Class III directors—...
Fidelis Insurance Sets AGM, Boosts Buybacks and Prepares Rebrand to Pelagos Insurance Capital
Mar 16, 2026
On March 16, 2026, Fidelis Insurance Holdings Limited released materials for its Annual General Meeting of Shareholders to be held on April 28, 2026, including an information circular and proxy request, while also outlining its 2025 performance an...
Fidelis Insurance Group to Buy Back All Remaining CVC Stake in $163 Million Share Repurchase
Mar 2, 2026
On March 2, 2026, Fidelis Insurance Group announced it had entered into a definitive agreement to repurchase all 8,597,170 remaining common shares held by founding shareholder CVC Falcon Holdings Limited for $19.00 per share, totaling about $163.3...
Fidelis Insurance Posts Strong 2025 Results and Unveils Rebrand to Pelagos Insurance Capital
Feb 25, 2026
Fidelis Insurance Holdings reported sharply improved results for the fourth quarter and full year 2025, highlighting a fourth-quarter combined ratio of 80.6% and annualized operating return on average equity of 18.3%. The group also disclosed reco...
Fidelis Insurance Group Boosts Buyback Authorization to $400 Million and Declares $0.15 Dividend
Feb 20, 2026
On February 20, 2026, Fidelis Insurance Group announced that its board had expanded the company’s common share repurchase authorization to a total of $400 million and declared a quarterly dividend of $0.15 per common share, payable on March ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.