First Quarter 2025 Investor Deck

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Fidelis Insurance Group: At a Glance

A leading global specialty insurer, leveraging strategic partnerships to offer innovative and tailored insurance solutions

Highlights

Issuer Financial Strength Rating

Note:

1. Results as of March 31, 2025, and gross premiums written for the trailing twelve months ("TTM") ended March 31, 2025.

2. Book value diluted common share growth as of the Separation Transactions on January 3, 2023, and includes accumulated dividends to common shareholders of $0.40.

3. As of May 9, 2025. The financial strength ratings included in this presentation are provided by third-party rating agencies and are subject to adjustment at the sole discretion of those agencies. The presentation does not constitute an endorsement of the ratings by the presenter or any other party.

   Product Mix

   Mature and well positioned portfolio with over 100 products across our 10 major lines of business

   Account 1%

   Property Reinsurance 21%

   Property 28%

   Cyber 3%

   Energy 4%

   Political Risk, Violence C Terror 5%

   Other Insurance 5%

   $4.6

   Billion

   Marine 18%

   Aviation C

   AerospaceAsset Backed

   4%

   Finance C Portfolio Credit 11%

   INSURANCE

Gross Premiums Written (for the trailing twelve months ("TTM") ended March 31, 2025)

REINSURANCE

$GG3m (22%)

Retro C Whole

$3,61Gm (78%)

• Our Insurance segment provides us with access to capital-efficient business and facilitates diversification of our exposures.

• In addition to major specialty lines of business, this segment includes highly tailored products, where the buying motivation is often driven by regulatory capital relief, capital efficiency or transaction facilitation.

• Benefits from quota share, excess of loss cover and industry loss warranties, which help to reduce volatility.

Underwriting Platform Facilitates Access to Attractive Risk

1

Cornerstone partnership with The Fidelis Partnership creates significant benefits

Rolling 10-year agreement ensures long-term continuity and access to underwriting by The Fidelis Partnership

2

Additional underwriting partnerships

Underwriting through strategic partnerships
	Strategic partnerships with best in class underwriting outfits
	Applying Fidelis Insurance Group market knowledge, relationships and underwriting expertise to assess partnerships and manage portfolio

2018 - 2024 CAGR: 3C.1%

Building on a Strong Foundation for Scale and Profitable Growth

$4.4

$4.6

$3.6

$2.8

$3.0

$1.6

$0.7

$0.8

2018 201G 2020 2021 2022 2023 2024 TTM Ǫ1 2025

2018 - 2024 Fidelis Avg: 87.7%

115.6%

G3.0%

G1.G%

GG.7%

80.7%

86.4%

80.4%

82.1%

2018 201G 2020 2021 2022 2023 2024(2) Ǫ1 2025 (3)

Note:

1. Calculated as the sum of losses and loss adjustment expenses, policy acquisition expenses and general and administrative expenses as a percentage of NPE in all periods except 2018.

2. 2024 inclusive of net adverse development driven primarily by an increase in our Aviation and Aerospace line of business related to the Ukraine Conflict, partially offset by better than expected loss emergence and by benign prior year attritional experience in several other lines of business.

3. Ǫ1 2025 inclusive of catastrophe and large losses of $333 million primarily driven by the California wildfires.

	Ǫ1 2024	Ǫ1 2025
Gross Premiums Written	$1,514M	$1,723M
Net Premiums Earned	$488M	$603M
Combined Ratio	85.8%	115.6%
Annualized Operating ROAE(1)	14.0%	(7.6%)
Operating Net Income/(Loss)(1)	$87M	$(45)M
Net Investment Income	$41M	$50M
Operating EPS(1)	$0.74	$(0.41)
Diluted Book Value Per Share	$21.22	$21.54
Total Assets	$11.3B	$12.8B
Total Shareholders' Equity	$2.5B	$2.4B

2025 First Ǫuarter Highlights

Note:

1. See Appendix for definitions and reconciliations of non-GAAP financial measures

   Key Takeaways

   • Combined ratio of 115.6% and an annualized operating ROAE of (7.6%). These results are inclusive of catastrophe and large losses of

     $333 million, primarily driven by the California wildfires.

   • Top line growth of 14% from the first quarter of 2024 driven by strong retention levels and new business opportunities across the portfolio, income from new partnerships and reinstatement premiums in our reinsurance portfolio.

   • Net Investment income increase of 21% from the first quarter of 2024 driven by active steps taken to improve portfolio book yield over the past twelve months and reinvesting into a higher yield environment.

   • Returned $33 million of capital to common shareholders in the three months ended March 31, 2025, including common share repurchases of $22 million and dividends of $11 million.

2022 - 2024 CAGR: 21.1%

Insurance Overview

2022 - 2024 Avg: 73.0%

8G.7%

77.3%

70.0%

2022

2023

2024

Gross Premiums Written
$ in millions
			$3,53G
		$2,G60
	$2,413
	2022	2023	2024

Note:

1. The Fidelis Partnership commissions are not allocated to the segment level and policy acquisition costs as presented in the underwriting ratio are third party acquisition costs.

Reinsurance Overview

$ in millions

2022 - 2024 CAGR: 13.C%

2022 - 2024 Avg: 57.C%

$865

G7.4%

$605

$61G

36.5%

38.G%

2024

2023

2022

2022(2)

15.3%

2023 2024

• Strategic Underwriting of Catastrophe Events: The segment emphasizes underwriting excess of loss reinsurance products with attachment points primarily exposed to true catastrophe events, ensuring a focused and strategic approach to risk management.

• Comprehensive Risk Mitigation: We employ various risk mitigation strategies, including quota share, excess of loss retrocessional cover, as well as catastrophe bond cover and industry loss warranties, to minimize potential net losses.

• Portfolio Management:By pursuing closely controlled aggregates and concentrating on residential portfolios, the Reinsurance segment aims to take advantage of increased demand for coverage without increasing portfolio exposures or compromising our view of risk.

Note:

1. The Fidelis Partnership commissions are not allocated to the segment level and policy acquisition costs as presented in the underwriting ratio are third party acquisition costs.

2. The catastrophe and large losses for the year ended December 31, 2022, related to Hurricane Ian, Australian floods and European storms.

Diversified Investment Portfolio

21%

Cash(3)

45%

Corporates(1)

5%

Other Investments(4)

7%

Other ABS(5)

16%

U.S. Treasuries

6%

Agency MBS(2)

As of March 31, 2025

As of March 31, 2025

15%

BBB

3G%

A

2%

Below BBB G%

AAA

35%

AA

Note:

1. Includes Ǫuasi Government and Non U.S.-Government securities.

2. Includes agency residential mortgage-backed and an immaterial amount of commercial mortgage-backed fixed maturity investments.

3. Includes cash and cash equivalents and restricted cash and cash equivalents.

4. Consist of a portfolio of hedge funds that is valued at fair value using net asset value per share as a practical expedient.

5. Consist of investment grade bonds backed by pools of loans with underlying collateral.

As of March 31, 2025 ($ in millions)

$44G.1

$2,8G8.G

$2,3G1.4

$58.4

Common Equity

Preferred Equity

Long-Term Debt

Total Capital

Robust Capital Position and Disciplined Approach to Capital Allocation

Note:

1. Annual yield is the annualized Ǫ1 2025 dividend divided by $17.02, the closing share price as of May 9, 2025.

2. As of May 9, 2025. The ratings included in this presentation are provided by third-party rating agencies and are subject to adjustment at the sole discretion of those agencies. The presentation does not constitute an endorsement of the ratings by the presenter or any other party.

   Reserving Philosophy

   We employ a robust reserving methodology with a consistent approach to reserving over time

   Reserving Framework

Philosophy

Cumulative favorable prior period development of $136 million since inception

$49

$38

$63

$41

$3

$24

$10

$10

$22

2016

2017

2018

2019

2020

2021

2022

2023

$(125) (1)

2024

Ǫ1-25

Note:

1. Net adverse development for the year ended December 31, 2024 was driven primarily by an increase in our Aviation and Aerospace line of business related to the Ukraine Conflict, partially offset by better than expected loss emergence and by benign prior year attritional experience in several other lines of business.

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Framework Agreement with The Fidelis Partnership

Strongly incentivized to provide sophisticated underwriting with a fee structure that rewards both profitability and strong growth, all consistent with arm's length market pricing

A long-term relationship with aligned economic and strategic interest, designed to capture the core competencies of FIHL and The Fidelis Partnership ("TFP")

	Fee type	Services	Fees
	1 Ceding Commission (charged on NPW)	Underwriting Actuarial Pricing Claims handling Wordings	TFP directly originated business: 11.5% Pine Walk: ~10%(1) Third party originated: 3%
	Portfolio 2 Management Fee (charged on NPW)	Performed In collaboration with Fidelis IG Outwards RI Portfolio optimization Exposure management Cycle management	Portfolio management fee: 3% of NPW Any run-off fees to be agreed
	Profit Commission 3 (annual performance related)	Economic alignment Performance management	20% of Binder Operating ROE(2)above 5% annual hurdle
	4 Fee income on quota shares	Risk selection and placement Sourcing additional scale	ǪS ceding commissions paid to TFP (Fidelis IG retains 1% of ǪS premium)
Outsourcing Agreement	Service Fee (billed quarterly)	Credit control and technical accounting IT support services	Provided on a cost / cost plus basis Third party suppliers and contracts procured at cost

Framework Agreement

Note:

1. Pine Walk agreements are separate from binder and calculated based on GPW. Commission % based on TFP commissions from Pine Walk divided by total Pine Walk cells' GPW; Pine Walk cells are The Fidelis Partnership HoldCo's operating subsidiaries focused on underwriter talent incubation in specialized practice areas.

2. Broadly defined as Fidelis IG's net underwriting margin less certain expenses and debt interest divided by TFP's proportion of opening shareholders' equity adjusted for dividends and equity raises. Binder Operating ROE excludes investment returns and includes deficit account for losses which carryforward 3 years.

Non-GAAP Financial Measures Reconciliation

	Three months ended
($ in millions)	March 31, 2025	March 31, 2024
Net income/(loss)	$ (42.5)	$ 81.2
Adjustment for net realized and unrealized investment (gains)/losses	(5.9)	9.0
Adjustment for net foreign exchange (gains)/losses	2.5	(2.5)
Income tax effect of the above items	0.6	(0.4)
Operating net income/(loss)	$ (45.3)	$ 87.3
Average common shareholders' equity	$ 2,41G.G	$ 2,483.5
Weighted average common shares outstanding	111,543,154	117,658,016
Share-based compensation plans	-	690,368
Weighted average diluted common shares outstanding	111,543,154	118,348,384
Annualized ROAE	(7.2)%	13.2 %
Annualized Operating ROAE	(7.6)%	14.0 %
Earnings/(loss) per diluted common share	$ (0.38)	$ 0.6G
Operating EPS	$ (0.41)	$ 0.74

Non-GAAP Financial Measures Reconciliation

This Presentation includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. ("U.S. GAAP") including operating net income, operating EPS, operating retuon average common equity, and therefore are non-GAAP financial measures. Reconciliations of such measures to the most comparable GAAP figures are included in the attached financial information in accordance with Regulation G.

Operating net income/(loss) is a non-GAAP financial measure of our performance which does not consider the impact of certain non-recurring and other items that may not properly reflect the ordinary activities of our business, its performance or its future outlook. This measure is calculated as net income/(loss) excluding net realized and unrealized investment gains/(losses), net foreign exchange gains/(losses), corporate and other expenses, and the income tax effect on these items.

Annualized operating retuon average common equity ("Operating ROAE") is a non-GAAP financial measure that represents a meaningful comparison between periods of our financial performance expressed as a percentage and is calculated as operating net income divided by average common shareholders' equity.

Operating earnings per share ("Operating EPS") is a non-GAAP financial measure that represents a valuable measure of profitability and enables investors, analysts, rating agencies and other users of Fidelis Insurance Group's financial information to more easily analyze Fidelis Insurance Group's results in a manner similar to how management analyzes Fidelis Insurance Group's underlying business performance. It is calculated by dividing operating net income/(loss) by the weighted average diluted common shares outstanding.

Basis of Presentation

Business Descriptions

Insurance Segment: The Insurance segment comprises a portfolio of specialty risks. In addition to major specialty lines of business, this segment includes highly tailored products, where the buying motivation is often driven by regulatory capital relief, capital efficiency or transaction facilitation. The Insurance segment benefits from quota share, excess of loss cover and industry loss warranties, which help to reduce volatility. Our Insurance segment provides us with access to capital-efficient business and facilitates diversification of our exposures. The following are the lines of business in our Insurance segment:

Property: provides cover for all risks of direct physical loss or damage, business interruption and natural catastrophe perils. The portfolio covers a wide range of occupancies from real estate portfolios, municipalities, infrastructure, schools, commercial and manufacturing accounts and construction risks. We write a mix of global, North American and individual international territory risks.

Marine: provides cover for a range of exposures on a global basis including marine hull, marine cargo, construction and marine war.

Asset Backed Finance G Portfolio Credit:includes asset-backed nonpayment, economically linked risk (e-cat), mortgage indemnity, structured credit, and surety. Drivers for specific risk transfer for these products are often different from traditional insurance procurement and include regulatory capital relief, capital efficiency and transaction facilitation.

Aviation G Aerospace: provides a range of cover for owners and financiers of aircraft including airline hull and liability 'all-risks', contingent aviation, AV52 war liability and hull war as well as product liability for the world's leading manufacturers. We also cover pre-launch, transit and launch risk for satellite manufacturers and operators in our Aerospace book.

Energy: provides cover for a range of exposures across the energy spectrum. This includes construction and operational renewable energy projects globally, operational downstream energy/power C utilities, and construction and operational upstream energy.

Political Risk Violence G Terror:provides insurance products for clients such as banks, commodity traders, corporations and multilateral and export credit agencies through political risk and contract frustration/non-payment coverages and both damage and non-damage cover from perils including terrorism, civil unrest, strikes, riots, civil commotion and sabotage through political violence and terror covers.

Cyber: products reimburse damages and financial losses arising from accidental or malicious incidents affecting a business's computer networks, software and data, both on a first and third party basis. We write a diverse mix of business from SME to large corporate, across a number of geographies predominantly on a reinsurance basis.

Other Insurance: includes contingency providing coverage for event cancellation, non-appearance and other contingencies, title insurance, warranty insurance and other specialty risks.

Reinsurance Segment: Our Reinsurance segment consists of an actively managed, property reinsurance book, providing reinsurance and a limited amount of retrocession coverage worldwide on a proportional or excess of loss basis. The portfolio is global, with a significant concentration in North America. Additionally, it includes smaller exposures in other regions around the world, particularly in Japan, Europe, and Australasia.

The Reinsurance segment benefits from quota share, excess of loss retrocessional cover, catastrophe bond cover and industry loss warranties, which helps to minimize the potential net losses in the business written. We believe our strategy of pursuing closely controlled aggregates and focusing on residential portfolios in the Reinsurance segment helps keep volatility lower than a typical catastrophe book.

Renewal Price Index Measure

Renewal price index (RPI) is a measure that Fidelis Insurance Holdings Limited ("Fidelis Insurance Group", "Fidelis", "FIHL", or the "Company")has used to assess an approximate index of rate increases on a particular set of contracts, using the base of 100% for the rates for the relevant prior year. Although management considers RPI to be an appropriate statistical measure, it is not a financial measure that directly relates to the Fidelis consolidated financial results. Management's calculation of RPI involves a degree of judgment in relation to comparability of contracts and the relative impacts of changes in price, exposure, retention levels, as well as any other changing terms and conditions on the RPI calculation. Consideration is given to potential renewals of a comparable nature so it does not reflect every contract in Fidelis' portfolio. The future profitability and performance of a portfolio of contracts expressed within the RPI is dependent upon many factors besides the trends in premium rates, including policy terms, conditions and wording.

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Disclaimer

Fidelis Insurance Holdings Ltd. published this content on May 15, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 15, 2025 at 21:19 UTC.