Earnings release
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NEWS RELEASE Fidelis Insurance Group Reports 2025 Third Quarter Results 2025-11-12 Third Quarter 2025 Highlights: Gross premiums written (“GPW”) of $797.5 million; growth of 7.5% from the third quarter of 2024 Combined ratio improved to 79.0%, compared to 87.4% in the third quarter of 2024 Annualized operating return on average common equity (“Annualized Operating ROAE”) of 21.4% Net income of $130.5 million, or $1.24 per diluted common share, and operating net income of $126.8 million, or $1.21 per diluted common share Total capital returned to common shareholders in the quarter of $47.3 million, including common share repurchases of $31.9 million and dividends of $15.4 million Nine Months Ended September 30, 2025 Highlights: Gross premiums written of $3.7 billion; growth of 8.4% from nine months ended September 30, 2024 Combined ratio of 99.5%, including net adverse development as a result of the English High Court judgment as well as the impact of the California wild res Annualized Operating ROAE of 5.2% Net income of $107.7 million, or $0.99 per diluted common share, and operating net income of $95.2 million, or $0.88 per diluted common share Book value per diluted common share was $23.29 at September 30, 2025, an increase of 6.9% from December 31, 2024, of $21.79 1
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Total capital returned to common shareholders was $180.1 million, including common share repurchases of $142.7 million and dividends of $37.4 million PEMBROKE, Bermuda--(BUSINESS WIRE)-- Fidelis Insurance Holdings Limited (“Fidelis” or “FIHL” or “the Group”) (NYSE: FIHL) announced today its nancial results for the third quarter ended September 30, 2025. Dan Burrows, Group Chief Executive O cer of Fidelis Insurance Group, commented: “We delivered outstanding results in the third quarter, with our 79.0% combined ratio representing our best quarterly performance as a publicly traded company and an excellent annualized Operating ROAE of 21.4%. “We grew gross premiums written by 8%, reinforcing our con dence in our target range of 6-10% for the full-year. In a prevailing hard market, we remain well positioned for growth and value creation given our di erentiated positioning and diverse risk access, particularly as we continue to expand our network of underwriting partnerships. Across our portfolio, we are focused on margin and exercising strong discipline with respect to rate, terms and conditions as we see signs of rate pressure in certain pockets. “Looking ahead, we are focused on providing solutions for our clients in an evolving risk landscape. Our strong capital position enables us to successfully balance growth with returning excess capital to shareholders, and we continue to see share repurchases as a highly accretive use of capital." Third Quarter 2025 Consolidated Results Net income for the third quarter of 2025 was $130.5 million, or $1.24 per diluted common share. Operating net income was $126.8 million, or $1.21 per diluted common share. Underwriting income for the third quarter of 2025 was $125.5 million and the combined ratio was 79.0%, compared to underwriting income of $80.0 million and a combined ratio of 87.4% in the third quarter of 2024. Net favorable prior year loss reserve development for the third quarter of 2025 was $16.0 million, compared to $10.1 million of favorable prior year loss reserve development in the prior year period. Catastrophe and large losses for the third quarter of 2025 were $57.4 million compared to $91.6 million in the prior year period. Net investment income for the third quarter of 2025 was $45.9 million compared to $52.1 million in the prior year period. Net realized and unrealized investment gains for the third quarter of 2025 were $6.2 million, which included $4.7 million of net unrealized gains on other investments, as result of our strategic deployment of assets into alternative investments, including a hedge fund portfolio, which began in the fourth quarter of 2024. 2
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Annualized Operating ROAE of 21.4% in the quarter compared to 16.4% in the prior year period. Nine Months Ended September 30, 2025 Consolidated Results Net income for the nine months ended September 30, 2025, was $107.7 million, or $0.99 per diluted common share. Operating net income was $95.2 million, or $0.88 per diluted common share. Underwriting income for the nine months ended September 30, 2025, was $10.4 million and the combined ratio was 99.5%, compared to underwriting income of $185.9 million and a combined ratio of 88.6% for the nine months ended September 30, 2024. Catastrophe and large losses for the nine months ended September 30, 2025, were $465.0 million compared to $375.8 million in the prior year period. Net adverse prior year loss reserve development of $32.4 million compared to net favorable development of $145.7 million in the prior year period. Net investment income of $140.0 million compared to $139.1 million in the prior year period. Purchased $1.3 billion of xed income securities at an average yield of 4.6% and sold $1.6 billion of xed maturity securities at an average yield of 4.6%. At September 30, 2025, the book yield of the xed income portfolio was 5.0%. Net realized and unrealized investment gains for the nine months ended September 30, 2025 were $18.8 million, which included $10.3 million of net unrealized gains on other investments, as result of our strategic deployment of assets into alternative investments, including a hedge fund portfolio, which began in the fourth quarter of 2024. Annualized Operating ROAE of 5.2% in the nine months ended September 30, 2025, compared to 13.3% in the prior year period. Book value per diluted common share was $23.29 at September 30, 2025 (dilutive shares at September 30, 2025 of 728,436), compared to $21.79 at December 31, 2024. The following table details key nancial indicators in evaluating our performance for the three and nine months ended September 30, 2025 and 2024: Three Months Ended September 30,Nine Months Ended September 30, 2025 2024 2025 2024 ($ in millions, except per share data) Net income $ 130.5$ 100.6$ 107.7$ 235.5Operating net income 126.8 105.1 95.2 255.3Gross premiums written 797.5 741.9 3,739.4 3,449.4Net premiums earned 599.8 634.5 1,740.8 1,623.6Catastrophe and large losses57.4 91.6 465.0 375.8Net favorable/(adverse) prior year reserve development16.0 10.1 (32.4) 145.7Net investment income 45.9 52.1 140.0 139.1Nt lid d lidi t t i /(l ) $ 62 $ (05) $ 188 $ (165) (1) 3
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Net realized and unrealized investment gains/(losses)$ 6.2 $ (0.5) $ 18.8 $ (16.5)Combined ratio 79.0% 87.4% 99.5% 88.6%Annualized Operating ROAE21.4% 16.4% 5.2% 13.3%Earnings per diluted common share$ 1.24 $ 0.88 $ 0.99 $ 2.02Operating EPS $ 1.21 $ 0.92 $ 0.88 $ 2.18________________(1) See de nition and reconciliation in “Non-GAAP Financial Measures Reconciliation” Segment Results Insurance Segment The following table is a summary of our Insurance segment’s underwriting results: Three Months Ended September 30,Nine Months Ended September 30, 20252024Change20252024Change ($ in millions) Gross premiums written$ 605.8$ 582.5$ 23.3$2,775.1$2,616.6$ 158.5Reinsurance premium ceded(217.3) (189.7) (27.6) (1,031.5) (1,091.2) 59.7Net premiums written388.5 392.8 (4.3) 1,743.61,525.4218.2Net premiums earned456.5 475.9 (19.4) 1,427.31,359.567.8Losses and loss adjustment expenses(177.0) (201.7) 24.7 (750.2) (621.4) (128.8) Policy acquisition expenses(137.2) (159.5) 22.3 (434.3) (414.1) (20.2) Underwriting income$ 142.3$ 114.7$ 27.6$ 242.8$ 324.0$ (81.2)Loss ratio 38.8% 42.4% (3.6) pts52.6% 45.7% 6.9 pts Policy acquisition expense ratio30.1% 33.5% (3.4) pts30.4% 30.5% (0.1) pts Underwriting ratio 68.9% 75.9% (7.0) pts83.0% 76.2% 6.8 pts For the three months ended September 30, 2025, our GPW increased primarily driven by growth from new business in our Asset Backed Finance & Portfolio Credit line of business, partially o set by timing in our Political Risk, Violence & Terror line of business related to the Lloyd's Syndicate 3123, which commenced writing business in July 2024 compared to being renewed in the rst quarter of 2025. For the nine months ended September 30, 2025, our GPW increased primarily due to new business opportunities, including newly onboarded partnerships in the Asset Backed Finance & Portfolio Credit and Cyber lines of business. These increases were partially o set by a decrease in the Aviation & Aerospace line of business, where certain deals did not meet our underwriting criteria and rating hurdles. For the three months ended September 30, 2025, our net premiums earned ("NPE") decreased due to business mix as a result of higher gross premiums written on lines of business with longer earnings patterns compared to the prior year period. For the nine months ended September 30, 2025, our NPE increased due to earnings from higher net premiums written in the current and prior year periods. Our policy acquisition expense ratio for the three months ended September 30, 2025 decreased due to changes in (1) (1) 4
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the mix of business written and ceded. Our policy acquisition expense ratio for the nine months ended September 30, 2025 remained consistent with the prior year period. The following table is a summary of our Insurance segment’s losses and loss adjustment expenses: Three Months Ended September 30,Nine Months Ended September 30, 20252024Change20252024Change ($ in millions) Attritional losses $ 121.5$ 122.4$ (0.9) $ 365.3$ 360.6$ 4.7Catastrophe and large losses58.2 76.4 (18.2) 281.7 357.5 (75.8) (Favorable)/adverse prior year development(2.7) 2.9 (5.6) 103.2 (96.7) 199.9 Losses and loss adjustment expenses$ 177.0$ 201.7$ (24.7) $ 750.2$ 621.4$ 128.8 Loss ratio - attritional losses26.6% 25.7% 0.9 pts25.6% 26.5% (0.9) ptsLoss ratio - catastrophe and large losses12.8% 16.1% (3.3) pts19.8% 26.3% (6.5) pts Loss ratio - prior accident years(0.6)% 0.6% (1.2) pts7.2% (7.1)% 14.3 pts Loss ratio 38.8% 42.4% (3.6) pts52.6% 45.7% 6.9 pts For the three months ended September 30, 2025, our loss ratio in the Insurance segment improved by 3.6 points compared to the prior year period. For the nine months ended September 30, 2025, our loss ratio in the Insurance segment increased by 6.9 points compared to the prior year period. The attritional loss ratio for the three and nine months ended September 30, 2025, remained consistent with the prior year periods. The catastrophe and large losses for the three months ended September 30, 2025, were primarily attributable to two loss events in our Property and Other Insurance lines of business. This compared to the prior period catastrophe and large losses that were primarily attributable to Hurricane Helene and European storm Boris, impacting our Property and Marine lines of business. The catastrophe and large losses for the nine months ended September 30, 2025 were primarily attributable to the California wild res in our Property line of business, together with other losses in our Other Insurance, Aviation & Aerospace, and Property lines of business. This compared to the prior period catastrophe and large losses related to intellectual property losses in our Asset Backed Finance & Portfolio Credit line of business, losses from the Baltimore Bridge collapse in our Marine line of business, severe convective storms, Hurricane Helene and European storm Boris in the Property and Marine lines of business, together with other smaller losses in various lines of business. For the three months ended September 30, 2025, favorable prior year development was driven primarily by better than expected loss emergence in the Property line of business. For the nine months ended September 30, 2025 adverse prior year development was driven primarily by an increase in our Aviation & Aerospace line of business 5
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related to the Ukraine Con ict. This increase includes the impact of the settlement of certain aviation litigation related claims during the year, as well as the judgment handed down by the English High Court in June 2025. The increase was partially o set by better than expected loss emergence in our Property and Other Insurance lines of business. The adverse prior year development for the three months ended September 30, 2024, was driven by increased estimates in our Aviation & Aerospace line of business, partially o set by better than expected loss emergence in our Property line of business. The favorable prior year development for the nine months ended September 30, 2024, was driven primarily by better than expected loss emergence in our Property and Marine lines of business, partially o set by an increase in our Aviation & Aerospace line of business. Reinsurance Segment The following table is a summary of our Reinsurance segment’s underwriting results: Three Months Ended September 30,Nine Months Ended September 30, 20252024Change20252024Change ($ in millions) Gross premiums written$ 191.7$ 159.4$ 32.3$ 964.3$ 832.8$ 131.5Reinsurance premium ceded(76.0) (84.3) 8.3 (478.4) (442.3) (36.1)Net premiums written115.7 75.1 40.6 485.9 390.5 95.4Net premiums earned143.3 158.6 (15.3) 313.5 264.1 49.4Losses and loss adjustment expenses(3.7) (36.1) 32.4 (156.4) (21.4) (135.0) Policy acquisition expenses(42.1) (37.2) (4.9) (81.9) (61.1) (20.8) Underwriting income$ 97.5$ 85.3$ 12.2$ 75.2$ 181.6$ (106.4)Loss ratio 2.6% 22.8% (20.2) pts49.9% 8.1% 41.8 pts Policy acquisition expense ratio29.4% 23.5% 5.9 pts26.1% 23.1% 3.0 pts Underwriting ratio 32.0% 46.3% (14.3) pts76.0% 31.2% 44.8 pts For the three months ended September 30, 2025, GPW increased primarily as result of capitalizing on new business opportunities, including from loss-impacted accounts following the California wild res, while NPE decreased due to the underlying mix of peril and geographic zones that impact the proportion of premium earned from quarter to quarter. For the nine months ended September 30, 2025, our GPW increased primarily due to reinstatement premiums related to the California wild res, as well as growth from new business as a result of capitalizing on opportunities on loss-impacted accounts following the California wild res, while NPE increased from the acceleration of earnings on contracts with exposure to the California wild res. Our policy acquisition expense ratio for the three and nine months ended September 30, 2025 increased primarily due to changes in ceded premium and commissions earned from outwards reinsurance partners. 6
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The following table is a summary of our Reinsurance segment’s losses and loss adjustment expenses: Three Months Ended September 30,Nine Months Ended September 30, 20252024Change20252024Change ($ in millions) Attritional losses $ 17.8$ 33.9$ (16.1) $ 43.9$ 52.1$ (8.2)Catastrophe and large losses(0.8) 15.2 (16.0) 183.3 18.3 165.0 Favorable prior year development(13.3) (13.0) (0.3) (70.8) (49.0) (21.8) Losses and loss adjustment expenses$ 3.7 $ 36.1$ (32.4) $ 156.4$ 21.4$ 135.0Loss ratio - attritional losses12.5% 21.4% (8.9) pts14.0% 19.8% (5.8) ptsLoss ratio - catastrophe and large losses(0.6)% 9.6% (10.2) pts58.5% 6.9% 51.6 pts Loss ratio - prior accident years(9.3)% (8.2)% (1.1) pts(22.6)% (18.6)% (4.0) pts Loss ratio 2.6% 22.8% (20.2) pts49.9% 8.1% 41.8 pts The attritional loss ratio for the three and nine months ended September 30, 2025, improved by 8.9 points and 5.8 points, respectively, compared to the prior year periods due to the current year having fewer attritional losses. There were no material catastrophe and large losses for the three months ended September 30, 2025. The catastrophe and large losses for the nine months ended September 30, 2025 were attributable to the California wild res. The catastrophe and large losses in the three and nine months ended September 30, 2024 were primarily from Hurricane Helene. For the three and nine months ended September 30, 2025, favorable prior year development was driven by positive development on catastrophe losses and benign prior year attritional experience. Other Underwriting Expenses We do not allocate The Fidelis Partnership commissions or general and administrative expenses by segment. The Fidelis Partnership Commissions The Fidelis Partnership manages origination, underwriting, underwriting administration, outwards reinsurance and claims handling under delegated authority agreements with the Group. The following table summarizes The Fidelis Partnership commissions earned: Three Months Ended September 30,Nine Months Ended September 30, 20252024Change20252024Change ($i illi) 7
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($ in millions) Ceding commission expense$ 87.1$ 84.2$ 2.9 $ 236.1$ 225.3$ 10.8 Pro t commission expense— 13.1 (13.1) — 23.7 (23.7) Total commissions$87.1$97.3$(10.2) $236.1$249.0$(12.9) Ceding commission expense ratio14.5% 13.2% 1.3 pts13.6% 13.8% (0.2) pts Pro t commission expense ratio—% 2.1% (2.1) pts—% 1.5% (1.5) pts The Fidelis Partnership commissionsratio 14.5% 15.3% (0.8) pts13.6% 15.3% (1.7) pts For the three and nine months ended September 30, 2025, the decrease in The Fidelis Partnership commissions ratio was driven by no pro t commissions being earned in 2025 as the operating pro t did not achieve the required hurdle rate of return, as outlined in the Framework Agreement. General and Administrative Expenses For the three and nine months ended September 30, 2025, general and administrative expenses were $27.2 million and $71.5 million, respectively (2024: $22.7 million and $70.7 million, respectively). For the three months ended September 30, 2025, the increase was driven primarily by increasing variable compensation as a result of the Group's improved performance in the quarter. For the nine months ended September 30, 2025, general and administrative expenses remained consistent with the prior year period. Investments Three Months Ended September 30,Nine Months Ended September 30, 20252024Change20252024Change ($ in millions) Net investment income$ 45.9$ 52.1$ (6.2) $ 140.0$ 139.1$ 0.9Net realized and unrealized investmentgains/(losses) 6.2 (0.5) 6.7 18.8 (16.5) 35.3 Net investment return$52.1$51.6$ 0.5$158.8$122.6$ 36.2Net investment return - annualized4.8% 4.5% 0.3 pts4.6% 3.6% 1.0 pts Net Investment Income Net investment income includes interest and dividend income, net of investment expenses. The decrease in our net investment income for the three months ended September 30, 2025, resulted from lower investable assets compared to the third quarter of 2024 primarily as the result of the payments for settlements and claims in 2025. Our net investment income for the nine months ended September 30, 2025 remained consistent with the prior year period as a result of stable investable assets and investment yields. During the three and nine months ended September 30, 2025, we purchased $437.4 million and $1,293.8 million, respectively, of xed maturity securities at an average yield of 4.3% and 4.6%, respectively. During the three and nine months ended September 30, 2025, we 8
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sold $281.2 million and $1,591.8 million, respectively, of xed maturity securities at an average yield of 4.5% and 4.6%, respectively. Net Realized and Unrealized Investment Gains/(Losses) The net realized and unrealized investment gains for the three months ended September 30, 2025, resulted from unrealized gains on other investments of $4.7 million as a result of our strategic deployment of assets into alternative investments, including a hedge fund portfolio, which began in the fourth quarter of 2024. The net realized and unrealized investment gains for the nine months ended September 30, 2025, resulted from unrealized gains on other investments of $10.3 million as a result of our strategic deployment of assets into alternative investment, including a diversi ed hedge fund portfolio, and a reduction in provision for current expected credit losses. Other Items Share Repurchases In the three and nine months ended September 30, 2025, we repurchased 1,835,063 and 8,758,179, common shares, respectively, for an aggregate of $31.9 million and $142.7 million, respectively, excluding expenses, at an average price of $17.40 and $16.30 per common share, respectively, pursuant to our share repurchase authorization. Subsequent to September 30, 2025 and through the period ended November 7, 2025, we repurchased 820,316 common shares at an aggregate cost of $15.0 million and an average price of $18.25 per common share. The unutilized amount of the share repurchase authorization at November 7, 2025 was $153.1 million. Dividend Announcement On November 3, 2025, we announced that our Board of Directors has approved and declared a dividend of $0.15 per share payable on December 23, 2025, to common shareholders of record on December 10, 2025. Conference Call Fidelis will host a teleconference to discuss its nancial results on Thursday, November 13, 2025, at 9:00 a.m. Eastern time. The call can be accessed by dialing 1-646-844-6383 (U.S. callers), or 1-833-470-1428 (international callers), and entering the passcode 242634 approximately 10 minutes in advance of the call. A live, listen-only 9
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webcast of the call will also be available via the Investors section of the Group’s website at https://investors. delisinsurance.com. A recording of the webcast will be available in the Investor Relations section of the Group’s website approximately two hours after the event concludes and will be archived on the site for one year. About Fidelis Insurance Group Fidelis Insurance Group is a global specialty insurance and reinsurance company focused on creating value through strategic capital allocation, expert risk selection, and a network of long-term underwriting partnerships. We have built a strong foundation for scale and pro table growth, underpinned by our disciplined approach to risk selection and our nancial strength, which is re ected in our insurer nancial strength ratings of A from AM Best, A- from S&P and A3 from Moody’s. Our network of underwriting partners and highly diversi ed portfolio enables us to execute our strategy of proactively navigating market cycles, o ering innovative and tailored solutions, capitalizing on favorable risk-reward opportunities, and producing superior returns for shareholders. For additional information about Fidelis Insurance Group, our people, and our products please visit our website at www.FidelisInsurance.com. Non-GAAP Financial Measures This Press Release includes, and the related conference call will include, certain nancial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”) including Operating net income, Operating EPS, Operating ROE and Operating ROAE, attritional loss ratio and catastrophe and large loss ratio, and therefore are non-GAAP nancial measures. Reconciliations of such measures to the most comparable U.S. GAAP gures are included in the attached nancial information in accordance with Regulation G. Safe Harbor Regarding Forward-Looking Statements This press release contains “forward-looking statements” which include all statements that do not relate solely to historical or current facts and which may concern our strategy, plans, targets, projections or intentions and are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward- looking statements can be identi ed by words such as: “continue,” “grow,” “opportunity,” “create,” “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “target,” “tracking,” “expect,” “evolve,” “achieve,” “remain,” “proactive,” “pursue,” “optimize,” “emerge,” “build,” “looking ahead,” “commit,” “strategy,” “predict,” “potential,” “assumption,” “future,” “likely,” “may,” “should,” “could,” “will” and the negative of these and also similar terms and phrases. Forward-looking statements are neither historical facts nor assurances of future performance. 10
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Instead, they are quali ed by these cautionary statements, because they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, targets, projections, anticipated events and trends, the economy and other future conditions, but are subject to signi cant business, economic, legal and competitive uncertainties, many of which are beyond our control or are subject to change. Our actual results and nancial condition may di er materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Examples of forward-looking statements may include, among others, statements we make in relation to: targeted operating results such as return on equity, net income and earnings and net earnings per share, underwriting pro tability and target combined, loss and expense ratios, growth in gross premiums written and book value per share; our expectations regarding current settlement discussions, court cases and current settlement and litigation strategies; our expectations regarding our business, including the industries we operate in, and capital management strategy and the performance of our business; information regarding our estimates for catastrophes, claims and other loss events; our liquidity and capital resources; and expectations of the e ect on our results of operations and nancial condition of our loss claims, litigation, climate change impacts, contingent liabilities and governmental and regulatory investigations and proceedings. Our actual results in the future could di er materially from those anticipated in any forward-looking statements as a result of changes in assumptions, risks, uncertainties and other factors impacting us, many of which are outside our control, including: our ability to manage risks associated with macroeconomic conditions including any escalation of the Ukraine Con ict or those in the Middle East, or related sanctions and other geopolitical events globally; trends related to premium rate hardening or premium rate softening leading to a cyclical downturn of pricing in the (re)insurance industry; the impact of in ation (including social in ation) or de ation in relevant economies in which we operate; our ability to evaluate and measure our business, prospects and performance metrics and respond accordingly; the failure of our risk management policies and procedures to be adequate to identify, monitor and manage risks, which may leave us exposed to unidenti ed or unanticipated risks; any litigation to which we are party being resolved unfavorably to our prior expectations, whether through court decisions or otherwise through e ecting settlements (where such settlements are capable of being achieved), based on emerging information, the actions of other parties or any other failure to resolve such litigation favorably; the inherent unpredictability of litigation and any related settlement negotiations which may or may not lead to an agreed settlement of particular matters; 11
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the outcomes of probabilistic models which are based on historical assumptions and which can di er from actual results or other emerging information as compared to such assumptions; the less developed data and parameter inputs for industry catastrophe models for perils such as wild res and ood; the e ect of climate change on our business, including the trend towards increasingly frequent and severe catastrophic events; the possibility of greater frequency or severity of claims and loss activity than our underwriting, reserving or investment practices have anticipated; the development and pattern of earned and written premiums impacting embedded premium value; the reliability of pricing, accumulation and estimated loss models; the impact of complex causation and coverage issues associated with attribution of losses; the actual development of losses and expenses impacting estimates for claims which arose as a result of loss activity, particularly for events where estimates are preliminary until the development of such reserves based on emerging information over time; our ability to successfully implement our long-term strategy and compete successfully with more established competitors and increased competition relating to consolidation in the reinsurance and insurance industries; any downgrades, potential downgrades or other negative actions by rating agencies relating to us or our industry; changes to our strategic relationship with The Fidelis Partnership and our dependence on the Delegated Underwriting Authority Agreements for our underwriting and claims-handling operations; our dependence on key executives and ability to attract quali ed personnel; our dependence on letter of credit facilities that may not be available on commercially acceptable terms; our potential inability to pay dividends or distributions in accordance with our current dividend policy, due to changing conditions; availability of outwards reinsurance on commercially acceptable terms; the recovery of losses and reinstatement premiums from our reinsurance providers; our potential need for additional capital in the future and the potential unavailability of such capital to us on favorable terms or at all; our dependence on clients’ evaluation of risks associated with such clients’ insurance underwriting; the suspension or revocation of our subsidiaries’ insurance licenses; our potentially being subject to certain adverse tax or regulatory consequences in the U.S., U.K. or Bermuda; risks associated with our investment strategy such as market risk, interest rate risk, currency risk and credit default risk; the impact of tax reform and changes in the regulatory environment and the potential for greater regulatory scrutiny of the Group as a result of the outsourcing arrangements; heightened risk of cybersecurity incidents and their potential impact on our business; 12
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risks associated with our use or anticipated use of emerging technologies, such as arti cial intelligence technologies, including potential legal, regulatory and operational risks; operational failures, including the operational risk associated with outsourcing to The Fidelis Partnership, failure of information systems or failure to protect the con dentiality of customer information, including by service providers, or losses due to defaults, errors or omissions by third parties and a liates; risks relating to our ability to identify and execute opportunities for growth or our ability to complete transactions as planned or realize the anticipated bene ts of our acquisitions or other investments; the Group’s status as a foreign private issuer means that it will be subject to the reporting obligations under the Securities Exchange Act of 1934, as amended, that, to some extent, are more lenient and less frequent than those of a U.S. domestic public company; our ability to maintain the listing of our common shares on NYSE or another national securities exchange; and the other risks, uncertainties and other factors disclosed under the section titled ‘Risk Factors’ in our Annual Report on Form 20-F led with the SEC on March 11, 2025, as well as subsequent current reports and other lings with the SEC available electronically at www.sec.gov. The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in our lings with the SEC. All forward-looking statements included herein are expressly quali ed in their entirety by the cautionary statements contained or referred to therein. The forward-looking statements contained in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond our control and which could cause actual results, performance or achievements to di er materially from those expressed or implied by these forward-looking statements. Any forward-looking statements, expectations, beliefs and projections made by us in this press release speak only as of the date referenced on such date on which they are made and are expressed in good faith and our management believes that there is reasonable basis for them, based only on information currently available to us. There can be no assurance that management’s expectations, beliefs, and projections will be achieved and actual results may vary materially from what is expressed or indicated by the forward-looking statements. Furthermore, our past performance, and that of our management team and of The Fidelis Partnership, should not be construed as a guarantee of future performance. Except to the extent required by applicable laws and regulations, we undertake no obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future developments or otherwise. In light of these risks and uncertainties, you should keep in mind that any event described in a forward-looking statement might not occur. FIDELIS INSURANCE HOLDINGS LIMITED Consolidated Balance Sheets AtSt b302025(Uditd)dD b312024 13
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At September 30, 2025 (Unaudited) and December 31, 2024 (Expressed in millions of U.S. dollars, except for share and per share amounts)September 30,2025December 31,2024Assets Fixed maturity securities, available-for-sale, at fair value(amortized cost: $2,658.2, 2024: $3,403.8 (net of allowance for credit losses of $0.3, 2024: $5.9))$ 2,710.5$ 3,411.6Short-term investments, available-for-sale, at fair value(amortized cost: $187.8, 2024: $221.9 (net of allowance for credit losses of $nil, 2024: $nil))187.9 222.1 Other investments, at fair value 397.4 201.0 Total investments 3,295.83,834.7 Cash and cash equivalents 892.5 743.0Restricted cash and cash equivalents 196.5 203.6Accrued investment income 23.9 35.3Premiums and other receivables (net of allowance for credit losses of $16.3, 2024: $11.8)3,288.82,729.4Amounts due from The Fidelis Partnership (net of allowance for credit losses of $nil, 2024: $nil)380.7 208.9Deferred reinsurance premiums 1,660.71,422.2Reinsurance balances recoverable on paid losses(net of allowance for credit losses of $0.2, 2024: $0.2)380.1 278.4Reinsurance balances recoverable on reserves for losses and loss adjustment expenses(net of allowance for credit losses of $0.8, 2024: $0.8)1,131.81,255.6Deferred policy acquisition costs(includes The Fidelis Partnership deferred commissions of $245.4, 2024: $200.2)1,064.4877.9 Other assets 175.4 176.9 Total assets $ 12,490.6$11,765.9 Liabilities and shareholders' equityLiabilities Reserves for losses and loss adjustment expenses$ 2,321.4$ 3,134.3Unearned premiums 4,377.93,651.5Reinsurance balances payable 1,856.61,540.6Amounts due to The Fidelis Partnership 544.1 385.8Long term debt 842.9 448.9Preference securities ($0.01 par, redemption price and liquidation preference $10,000)— 58.4 Other liabilities 131.6 98.0 Total liabilities 10,074.59,317.5 Commitments and contingenciesShareholders' equity Common shares ($0.01 par, issued and outstanding: 103,026,764, 2024: 111,730,209)1.0 1.2Common shares held in treasury, at cost (shares held: nil, 2024: 6,570,003)— (105.5)Additional paid-in capital 1,801.72,044.6Accumulated other comprehensive income 40.1 4.5 Retained earnings 573.3 503.6 Total shareholders' equity 2,416.12,448.4 Total liabilities and shareholders' equity$ 12,490.6$11,765.9 FIDELIS INSURANCE HOLDINGS LIMITED Consolidated Statements of Income and Comprehensive Income (Unaudited) For the three and nine months ended September 30, 2025 and September 30, 2024 (Expressed in millions of U.S. dollars, except for share and per share amounts)Three Months EndedNine Months Ended September 30,2025September 30,2024September 30,2025September 30,2024Revenues Gross premiums written $ 797.5$ 741.9$ 3,739.4$ 3,449.4 Reinsurance premiums ceded(293.3) (274.0) (1,509.9) (1,533.5) Net premiums written 504.2 467.9 2,229.51,915.9 Change in net unearned premiums95.6 166.6 (488.7) (292.3) Net premiums earned 599.8 634.5 1,740.81,623.6Net investment income 45.9 52.1 140.0 139.1 Net realized and unrealized investment gains/(losses)6.2 (0.5) 18.8 (16.5) Total revenues 651.9686.11,899.61,746.2 Expenses Losses and loss adjustment expenses180.7 237.8 906.6 642.8Policy acquisition expenses (includes The Fidelis Partnershipcommissions of $87.1 and $236.1 (2024: $97.3 and $249.0))266.4 294.0 752.3 724.2G l ddiitti 272 227 715 707 14
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General and administrative expenses27.2 22.7 71.5 70.7Corporate and other expenses — — 1.2 1.6Net foreign exchange losses 1.7 4.8 2.2 4.9 Financing costs 15.1 8.9 33.1 26.1 Total expenses 491.1568.21,766.91,470.3 Income before income taxes160.8117.9132.7275.9 Income tax expense (30.3) (17.3) (25.0) (40.4) Net income $ 130.5$ 100.6$ 107.7$ 235.5 Other comprehensive income Unrealized gains on available-for-sale investments$ 10.5$ 79.0$ 47.1$ 70.4Reclassi cation of net realized losses/(gains) recognized in net income(1.3) 6.0 (2.9) 19.5Income tax expense, all of which relates to unrealized gains onavailable-for-sale investments (1.8) (6.6) (8.6) (6.8) Total other comprehensive income7.4 78.4 35.6 83.1 Comprehensive income$ 137.9$ 179.0$ 143.3$ 318.6 Per share dataEarnings per common share Earnings per common share$ 1.25$ 0.88$ 1.00$ 2.02Earnings per diluted common share$ 1.24$ 0.88$ 0.99$ 2.02Weighted average common shares outstanding104,370,380114,445,447108,156,265116,390,461Weighted average diluted common shares outstanding105,006,130114,734,526108,635,908116,845,991 FIDELIS INSURANCE HOLDINGS LIMITED Consolidated Segment Data (Unaudited) For the three and nine months ended September 30, 2025 and September 30, 2024 (Expressed in millions of U.S. dollars)Three Months Ended September 30, 2025 InsuranceReinsuranceOtherTotal Gross premiums written $ 605.8$ 191.7$ — $ 797.5Net premiums written 388.5 115.7 — 504.2Net premiums earned 456.5 143.3 — 599.8Losses and loss adjustment expenses(177.0) (3.7) — (180.7)Policy acquisition expenses (137.2) (42.1) (87.1) (266.4) General and administrative expenses— — (27.2) (27.2) Underwriting income 142.3 97.5 125.5Net investment income 45.9Net realized and unrealized investment gains 6.2Net foreign exchange losses (1.7) Financing costs (15.1) Income before income taxes 160.8 Income tax expense (30.3) Net income $ 130.5 Losses and loss adjustment expenses incurred - current year(179.7) (17.0) $ (196.7) Losses and loss adjustment expenses incurred - prior accident years2.7 13.3 16.0 Losses and loss adjustment expenses incurred - total$ (177.0) $ (3.7) $ (180.7) Underwriting Ratios Loss ratio - current year 39.4% 11.9% 32.8% Loss ratio - prior accident years(0.6%) (9.3%) (2.7%) Loss ratio - total 38.8% 2.6% 30.1% Policy acquisition expense ratio30.1% 29.4% 29.9% Underwriting ratio 68.9% 32.0% 60.0%The Fidelis Partnership commissions ratio 14.5% General and administrative expense ratio 4.5% Combined ratio 79.0% ________________(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. (1) 15
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Three Months Ended September 30, 2024 InsuranceReinsuranceOtherTotal Gross premiums written $ 582.5$ 159.4$ — $ 741.9Net premiums written 392.8 75.1 — 467.9Net premiums earned 475.9 158.6 — 634.5Losses and loss adjustment expenses(201.7) (36.1) — (237.8)Policy acquisition expenses (159.5) (37.2) (97.3) (294.0) General and administrative expenses— — (22.7) (22.7) Underwriting income 114.7 85.3 80.0Net investment income 52.1Net realized and unrealized investment losses (0.5)Net foreign exchange losses (4.8) Financing costs (8.9) Income before income taxes 117.9 Income tax expense (17.3) Net income $ 100.6 Losses and loss adjustment expenses incurred - current year(198.8) (49.1) $ (247.9) Losses and loss adjustment expenses incurred - prior accident years(2.9) 13.0 10.1 Losses and loss adjustment expenses incurred - total$ (201.7) $ (36.1) $ (237.8) Underwriting Ratios Loss ratio - current year 41.8% 31.0% 39.1% Loss ratio - prior accident years0.6% (8.2%) (1.6%) Loss ratio - total 42.4% 22.8% 37.5% Policy acquisition expense ratio33.5% 23.5% 31.0% Underwriting ratio 75.9% 46.3% 68.5%The Fidelis Partnership commissions ratio 15.3% General and administrative expense ratio 3.6% Combined ratio 87.4% ________________(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. Nine months ended September 30, 2025 InsuranceReinsuranceOtherTotal Gross premiums written $ 2,775.1$ 964.3$ — $ 3,739.4Net premiums written 1,743.6 485.9 — 2,229.5Net premiums earned 1,427.3 313.5 — 1,740.8Losses and loss adjustment expenses(750.2) (156.4) — (906.6)Policy acquisition expenses (434.3) (81.9) (236.1) (752.3) General and administrative expenses— — (71.5) (71.5) Underwriting income 242.8 75.2 10.4Net investment income 140.0Net realized and unrealized investment gains 18.8Corporate and other expenses (1.2)Net foreign exchange losses (2.2) Financing costs (33.1) Income before income taxes 132.7 Income tax expense (25.0) Net income $ 107.7 Losses and loss adjustment expenses incurred - current year(647.0) (227.2) $ (874.2) Losses and loss adjustment expenses incurred - prior accident years(103.2) 70.8 (32.4) Losses and loss adjustment expenses incurred - total$ (750.2) $ (156.4) $ (906.6) Underwriting Ratios Loss ratio - current year 45.4% 72.5% 50.2% Loss ratio - prior accident years7.2% (22.6%) 1.9% Loss ratio - total 52.6% 49.9% 52.1% Policy acquisition expense ratio30.4% 26.1% 29.7% Underwriting ratio 83.0% 76.0% 81.8%The Fidelis Partnership commissions ratio 13.6% General and administrative expense ratio 4.1% Combined ratio 99.5% ________________(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. (1) (1) 16
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Nine months ended September 30, 2024 InsuranceReinsuranceOtherTotal Gross premiums written $ 2,616.6$ 832.8$ — $ 3,449.4Net premiums written 1,525.4 390.5 — 1,915.9Net premiums earned 1,359.5 264.1 — 1,623.6Losses and loss adjustment expenses(621.4) (21.4) — (642.8)Policy acquisition expenses (414.1) (61.1) (249.0) (724.2) General and administrative expenses— — (70.7) (70.7) Underwriting income 324.0 181.6 185.9Net investment income 139.1Net realized and unrealized investment losses (16.5)Corporate and other expenses (1.6)Net foreign exchange losses (4.9) Financing costs (26.1) Income before income taxes 275.9 Income tax expense (40.4) Net income $ 235.5 Losses and loss adjustment expenses incurred - current year(718.1) (70.4) $ (788.5) Losses and loss adjustment expenses incurred - prior accident years96.7 49.0 145.7 Losses and loss adjustment expenses incurred - total$ (621.4) $ (21.4) $ (642.8) Underwriting Ratios Loss ratio - current year 52.8% 26.7% 48.6% Loss ratio - prior accident years(7.1%) (18.6%) (9.0%) Loss ratio - total 45.7% 8.1% 39.6% Policy acquisition expense ratio30.5% 23.1% 29.3% Underwriting ratio 76.2% 31.2% 68.9%The Fidelis Partnership commissions ratio 15.3% General and administrative expense ratio 4.4% Combined ratio 88.6% ________________(1) Underwriting ratios are calculated by dividing the related expense by net premiums earned. FIDELIS INSURANCE HOLDINGS LIMITED NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED) Attritional loss ratio and catastrophe and large loss ratio: the attritional loss ratio is a non-GAAP measure of the loss ratio excluding the impact of catastrophe and large losses. Management believes that the attritional loss ratio is a performance measure that is useful to investors as it excludes losses that are not as predictable as to timing and amount. The attritional loss ratio is calculated by dividing the losses and loss adjustment expenses, excluding catastrophe and large losses and prior year development, by NPE. The catastrophe and large loss ratio is a non-GAAP measure that is calculated by dividing the current year catastrophe and large loss expense by NPE. The reconciliation of these non-GAAP measures is included in each segment’s summary of losses and loss adjustment expenses table. Operating net income: is a non-GAAP nancial measure of our performance which does not consider the impact of certain non-recurring and other items that may not properly re ect the ordinary activities of our business, its performance or its future outlook. This measure is calculated as net income excluding net realized and unrealized investment gains/(losses), net foreign exchange losses, corporate and other expenses, and the income tax e ect on these items. (1) 17
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Annualized return on average common equity (“ROAE”): represents annualized net income divided by average common shareholders’ equity. Annualized operating return on average common equity (“Annualized Operating ROAE”): is a non-GAAP nancial measure that represents a meaningful comparison between periods of our nancial performance expressed as a percentage and is calculated as annualized operating net income divided by average common shareholders’ equity. Operating earnings per share (“Operating EPS”): is a non-GAAP nancial measure that represents a valuable measure of pro tability and enables investors, analysts, rating agencies and other users of our nancial information to more easily analyze our results in a manner similar to how management analyzes its underlying business performance. It is calculated by dividing operating net income by the weighted average diluted common shares outstanding. The table below sets out the calculation of our Operating net income, Annualized ROAE, Annualized Operating ROAE and Operating EPS, for the three and nine months ended September 30, 2025, and 2024. Three months endedNine months ended September 30,2025September 30,2024September 30,2025September 30,2024 ($ in millions)Net income $ 130.5$ 100.6$ 107.7$ 235.5 Adjustment for net realized and unrealized investment(gains)/losses (6.2) 0.5 (18.8) 16.5Adjustment for net foreign exchange losses1.7 4.8 2.2 4.9Adjustment for corporate and other expenses— — 1.2 1.6 Income tax e ect of the above items0.8 (0.8) 2.9 (3.2) Operating net income$ 126.8$ 105.1$ 95.2$ 255.3 Average common shareholders' equity$ 2,369.8$ 2,581.1$ 2,432.3$ 2,541.1Weighted average common sharesoutstanding 104,370,380114,445,447108,156,265116,390,461 Share-based compensation plans635,750 289,079 479,643 455,530 Weighted average diluted common sharesoutstanding 105,006,130114,734,526108,635,908116,845,991 Annualized ROAE 22.0% 15.6% 5.9% 12.4%Annualized Operating ROAE21.4% 16.4% 5.2% 13.3%Earnings per diluted common share$ 1.24$ 0.88$ 0.99$ 2.02Operating EPS $ 1.21$ 0.92$ 0.88$ 2.18 Fidelis Insurance Group Investor Contact: Fidelis Insurance Group Miranda Hunter 18
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+1 (441) 279 2561 miranda.hunter@ delisinsurance.com Fidelis Insurance Group Media Contact: Rein4ce Sarah Hills +44 (0)7718 882011 sarah.hills@rein4ce.co.uk Source: Fidelis Insurance Holdings Limited 19