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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Gross premiums written $ 741.9 $ 592.6 $ 3,449.4 $ 2,795.1
Reinsurance premiums ceded (274.0) (280.0) (1,533.5) (1,207.7)
Net premiums written 467.9 312.6 1,915.9 1,587.4
Change in net unearned premiums 166.6 197.1 (292.3) (262.6)
Net premiums earned 634.5 509.7 1,623.6 1,324.8
Net investment income 52.1 33.1 139.1 80.8
Net realized and unrealized investment losses (0.5) (5.3) (16.5) (2.4)
Other income 0.0 0.0 0.0 0.2
Total revenues before net gain on distribution of The Fidelis Partnership 686.1 537.5 1,746.2 1,403.4
Net gain on distribution of The Fidelis Partnership 0.0 0.0 0.0 1,639.1
Total revenues 686.1 537.5 1,746.2 3,042.5
Expenses        
Losses and loss adjustment expenses 237.8 191.7 642.8 509.6
Policy acquisition expenses (includes The Fidelis Partnership commissions of $97.3 and $249.0 (2023: $70.6 and $147.4)) 294.0 221.4 724.2 525.3
General and administrative expenses 22.7 21.8 70.7 57.0
Corporate and other expenses 0.0 0.4 1.6 3.4
Net foreign exchange (gains)/losses 4.8 (2.4) 4.9 (0.8)
Financing costs 8.9 9.0 26.1 26.6
Total expenses 568.2 441.9 1,470.3 1,121.1
Income before income taxes 117.9 95.6 275.9 1,921.4
Income tax expense (17.3) (7.9) (40.4) (17.2)
Net income 100.6 87.7 235.5 1,904.2
Other comprehensive income        
Unrealized gains/(losses) on available-for-sale investments 79.0 (0.1) 70.4 14.9
Reclassification of net realized losses recognized in net income 6.0 0.2 19.5 0.6
Income tax (expense)/benefit, all of which relates to unrealized gains/(losses) on available-for-sale investments (6.6) 0.2 (6.8) (1.4)
Total other comprehensive income 78.4 0.3 83.1 14.1
Comprehensive income $ 179.0 $ 88.0 $ 318.6 $ 1,918.3
Per share data earnings per common share        
Earnings per common share (in dollars per share) $ 0.88 $ 0.75 $ 2.02 $ 16.84
Earnings per diluted common share (in dollars per share) $ 0.88 $ 0.74 $ 2.02 $ 16.82
Weighted average basic common shares outstanding (in shares) 114,445,447 117,681,835 116,390,461 113,100,521
Weighted average diluted common shares outstanding (in shares) 114,734,526 117,975,099 116,845,991 113,232,930