The company maintains a stable financial foundation with $2.4 billion in total equity and a conservative debt-to-equity ratio of 0.35, providing a necessary buffer against its volatile loss reserve requirements.
Fidelis Insurance Holdings Limited (FIHL) balance sheet — 6-year assets, liabilities & shareholders' equity history
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Total Assets | 9.37B | 11.77B | 10.03B | 8.31B | 7.05B | 5.32B |
| Asset Growth % | -20.38% | 17.33% | 20.64% | 17.86% | 32.56% | - |
| Total Investment Assets | 3.24B | 3.83B | 3.34B | 2.42B | 2.78B | 1.75B |
| Long-Term Investments | 2.66B | 3.63B | 3.29B | 2.31B | 2.53B | 1.64B |
| Short-Term Investments | 576.3M | 369.7M | 604.9M | 2.31B | 2.5B | 1.55B |
| Total Current Assets | 4.74B | 0 | 0 | 0 | 0 | 0 |
| Cash & Equivalents | 1.25B | 743M | 712.4M | 1.22B | 325.1M | 967.2M |
| Receivables | 3.5B | 4.47B | 3.67B | 3B | 2.61B | 1.58B |
| Other Current Assets | -1.64B | -7.01B | -6.05B | -7.35B | -6.11B | -4.52B |
| Goodwill & Intangibles | 1.08B | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.08B | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 26.8M | 29.9M | 9.8M |
| Other Assets | 877.3M | -3.63B | -3.29B | -2.33B | -2.56B | -1.65B |
| Total Liabilities | 6.97B | 9.32B | 7.58B | 6.33B | 5.03B | 3.34B |
| Total Debt | 843.2M | 448.9M | 448.2M | 476M | 478.3M | 456.5M |
| Net Debt | -404.4M | -294.1M | -264.2M | -746M | 153.2M | -510.7M |
| Long-Term Debt | 843.2M | 448.9M | 448.2M | 447.5M | 446.9M | 446M |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | 1.66B | 1.54B | 1.07B | 1.06B | 947.8M | 507.9M |
| Deferred Revenue | 4.38B | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | -6.5B | -1.93B | -1.41B | -1.06B | -947.8M | -507.9M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 6.13B | -448.9M | -448.2M | -476M | -478.3M | -456.5M |
| Total Equity | 2.4B | 2.45B | 2.45B | 1.99B | 2.02B | 1.98B |
| Equity Growth % | -1.99% | -0.06% | 23.29% | -1.58% | 2.17% | - |
| Shareholders Equity | 2.4B | 2.45B | 2.45B | 1.98B | 2.01B | 1.98B |
| Minority Interest | 0 | 0 | 0 | 10.3M | 5.2M | 0 |
| Retained Earnings | 675.9M | 503.6M | 436.6M | 500K | -52.1M | -120.4M |
| Common Stock | 1M | 1.2M | 1.2M | 1.9M | 1.9M | 2.1M |
| Accumulated OCI | 37.1M | 4.5M | -27M | -100.8M | -11.3M | 22.6M |
| Return on Equity (ROE) | 9.3% | 4.63% | 96.13% | 2.63% | 3.42% | 6.4% |
| Return on Assets (ROA) | 2.13% | 1.04% | 23.25% | 0.68% | 1.1% | 2.38% |
| Equity / Assets | 25.61% | 20.81% | 24.43% | 23.9% | 28.63% | 37.14% |
| Debt / Equity | 0.35x | 0.18x | 0.18x | 0.24x | 0.24x | 0.23x |
| Book Value per Share | 22.48 | 21.17 | 21.43 | 9.97 | 10.08 | 10.58 |
| Tangible BV per Share | 12.32 | 21.17 | 21.43 | 9.97 | 10.08 | 10.58 |
Quick answers to the most common questions about buying FIHL stock.
As of 2025, Fidelis Insurance Holdings Limited (FIHL) had total assets of $9.37B including $4.74B in current assets.
Fidelis Insurance Holdings Limited (FIHL) carries total debt of $843.2M, offset by $1.45B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Fidelis Insurance Holdings Limited (FIHL) has total shareholders' equity (book value) of $2.40B ($22.48 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Key Metrics
Top Statement Risk
MGU fee structure volatility
Capital Base Stability Amid Volatility
As reported in recent financial statements, Fidelis Insurance Holdings Limited maintained a consistent equity base of approximately $2.4 billion throughout 2025, suggesting that despite significant quarterly fluctuations in underwriting results and net income, the company has successfully preserved its core capital position against external market pressures.
The stability of the equity base indicates that management is effectively managing capital retention to offset the volatility inherent in its specialty and reinsurance lines. Investors should monitor whether this capital preservation continues if the combined ratio experiences further periods of stress similar to the 108.7% observed in 2025Q1.
Reserve Volatility Reflects Underwriting Exposure
Based on the provided quarterly data, loss reserves exhibited significant variance, peaking at $597.1 million in 2025Q1 before moderating to $183.2 million by 2025Q4, which highlights the company's exposure to lumpy loss settlement cycles within its specialty and reinsurance segments.
The sharp decline in loss reserves toward the end of 2025 may suggest either a period of favorable loss development or a reduction in the volume of new risk being written. Analysts should investigate whether this trend reflects a strategic shift in risk appetite or simply the timing of large-scale claim settlements.
Conservative Leverage Supports Solvency Profile
According to regulatory filings, the company maintains a very low debt-to-equity ratio of 0.35%, which provides a robust buffer for its insurance operations and suggests that the balance sheet is well-positioned to absorb potential shocks without the immediate need for external financing.
This conservative capital structure appears designed to maintain high credit ratings, which is essential for a Bermuda-based reinsurer. The lack of significant debt suggests that the company's financial flexibility is primarily driven by its retained earnings and the efficiency of its MGU-led underwriting model.
Structural Complexity Risks Margin Compression
Data from recent filings indicates that the company's operating margin is heavily influenced by service fees paid to the MGU, creating a potential conflict where premium volume growth may not translate into proportional shareholder value if commission structures are renegotiated or if underwriting quality deteriorates.
The bifurcated model creates a unique dependency where the balance sheet company lacks direct control over the underwriting talent, potentially leading to misaligned incentives. Investors should remain cautious regarding the long-term sustainability of margins if the MGU continues to prioritize premium volume over the underwriting profitability required to support the balance sheet.