Fidelis Insurance jumps after Q3 profit beats expectation

Pelagos Insurance Capital

13/11/2024 16:23

** Shares of specialty insurer Fidelis Insurance  FIHL.N 
jump as much as 15.5%, last up 5.7% at $19.51
    ** FIHL on Tuesday posted Q3 profit of 88 cents/shr, beating
Wall Street expectations of 72 cents/shr - LSEG data
    ** Q3 net investment income jumped to $52.1 mln from $33.1
mln a year earlier, thanks to higher returns on its fixed income
portfolio
    ** Net premiums earned jumped 24.5% to $634.5 mln in the
quarter, driven by strong growth in its specialty segment
    ** Q3 combined ratio was 87.4% compared to 85.4% a year
earlier
    ** A ratio below 100% means the insurer earned more in
premiums than it paid out in claims
    ** As of last close, FIHL shares up 45.7% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))