The broader finance sector has had its ups and downs just lately, to place the scenario mildly. One of many brighter spots was the quarterly earnings report dropped late Thursday by Fidelis Insurance coverage Group (FIHL 13.04%). Because of strong beats on each the highest and backside strains, buyers flocked to the shares the next day, sending their worth 13% greater. And that was on a superb day for the broader inventory market, with the S&P 500 index rising by almost 1%.

Fourth-quarter income and premiums rose at double-digit charges

Fidelis closed out 2023 with a fourth quarter that noticed it earn just below $554 million in income, fairly the development from the lower than $429 million in the identical interval of 2022. That was on the again of a 32% year-over-year improve in gross premiums written, to almost $784 million.

The insurance coverage firm’s web working earnings, a non-GAAP profitability measure, did not see fairly the identical raise however rose however. That line merchandise improved by 5% over the one-year stretch to greater than $135 million, or $1.15 per share.

The 2 main headline outcomes far exceeded analyst expectations. On common, pundits monitoring Fidelis inventory estimated the corporate’s income would complete barely over $526 million, and its per-share web working earnings would land at solely $0.72.

Strong efficiency from a brand new arrival to the market

In Fidelis’ earnings launch, the corporate quoted CEO Dan Burrows as saying that “The fourth quarter was a robust end to a milestone yr for Fidelis during which we grew to become a public firm and strengthened our place as a world specialty insurer. Using our nimble but disciplined strategy, we capitalized on engaging alternatives, achieved robust price will increase, and delivered wonderful monetary efficiency.”