Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

15.          Income Taxes

The Group’s income tax expense for the three and nine months ended September 30, 2025, resulted in an effective tax rate of 18.8% and 18.8%, respectively, (2024: 14.7% and 14.6%). The income tax expense for the three and nine months ended September 30, 2025 was $30.3 million and $25.0 million, respectively, (2024: $17.3 million and $40.4 million).

Due to FIHL being a U.K. tax resident company, in 2024 a U.K. top-up tax of 15% was payable on the taxable net income of FIBL. This resulted from the Pillar II requirements that became effective from January 1, 2024 in the U.K. In 2025, FIBL is instead subject to the Bermuda Corporate Income Tax regime that was enacted in 2023, effective from January 1, 2025.

The Group’s income tax expense may fluctuate from period to period based on the relative mix of income or loss reported by jurisdiction and the varying tax rates in each jurisdiction.