XML 43 R4.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues        
Gross premiums written $ 1,193.2 $ 957.2 $ 2,707.5 $ 2,202.5
Reinsurance premiums ceded (523.3) (342.1) (1,259.5) (927.7)
Net premiums written 669.9 615.1 1,448.0 1,274.8
Change in net unearned premiums (168.8) (186.0) (458.9) (459.7)
Net premiums earned 501.1 429.1 989.1 815.1
Net realized and unrealized investment gains/(losses) (7.0) 0.1 (16.0) 2.9
Net investment income 46.0 27.3 87.0 47.7
Other income/(loss) 0.0 (3.3) 0.0 0.2
Total revenues before net gain on distribution of The Fidelis Partnership 540.1 453.2 1,060.1 865.9
Net gain on distribution of The Fidelis Partnership 0.0 0.0 0.0 1,639.1
Total revenues 540.1 453.2 1,060.1 2,505.0
Expenses        
Losses and loss adjustment expenses 222.7 158.3 405.0 317.9
Policy acquisition expenses (includes The Fidelis Partnership commissions of $75.0 and $151.7 (2023: $52.6 and $76.8)) 217.3 174.7 430.2 303.9
General and administrative expenses 24.4 18.6 48.0 35.2
Corporate and other expenses 1.6 1.5 1.6 3.0
Net foreign exchange losses 2.6 0.1 0.1 1.6
Financing costs 8.6 9.0 17.2 17.6
Total expenses 477.2 362.2 902.1 679.2
Income before income taxes 62.9 91.0 158.0 1,825.8
Income tax expense (9.2) (7.1) (23.1) (9.3)
Net income 53.7 83.9 134.9 1,816.5
Other comprehensive income/(loss)        
Unrealized gains/(losses) on available-for-sale investments (0.4) (9.9) (8.6) 15.0
Reclassification of net realized losses recognized in net income 6.1 0.4 13.5 0.4
Income tax (expense)/benefit, all of which relates to unrealized gains/(losses) on available-for-sale investments (0.8) 0.4 (0.2) (1.6)
Total other comprehensive income/(loss) 4.9 (9.1) 4.7 13.8
Comprehensive income $ 58.6 $ 74.8 $ 139.6 $ 1,830.3
Per share data earnings per common share        
Earnings per common share (in dollars per share) $ 0.46 $ 0.76 $ 1.15 $ 16.40
Earnings per diluted common share (in dollars per share) $ 0.46 $ 0.76 $ 1.14 $ 16.39
Weighted average basic common shares outstanding (in shares) 117,089,293 110,771,897 117,373,655 110,771,897
Weighted average diluted common shares outstanding (in shares) 117,625,022 110,825,698 117,860,982 110,807,764