Pelagos Insurance Capital Limited · NYSE:PLGO
Pelagos Insurance Capital — Fidelis Insurance Holdings — Q4 2025 Earnings Presentation
14 slides from Pelagos Insurance Capital's earnings presentation, Feb 26, 2026
Slide 1: Q4 2025 Earnings Presentation
Q4 2025 Earnings Presentation February 25, 2026
Slide 2: Basis of Presentation
Basis of Presentation Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking statements” which include all statements that do not relate solely to historical or current facts and which may concern our strategy, plans, targets, projections or intentions and a
Slide 3: Fidelis Insurance Group: At a Glance
Fidelis Insurance Group: At a Glance A strategic capital allocator and expert risk selector in specialty insurance and reinsurance, committed to long-term partnerships Highlights Gross Premiums Written(1) Retro & Whole INSURANCE Account 1% 1% REINSURANCE $2.4 bn $12.4 bn $3,756m (80%) $961m (20%) Sh
Slide 4: 2025 Fourth Quarter Key Takeaways
2025 Fourth Quarter Key Takeaways Gross Premiums Written • We delivered outstanding results and we are driving consistently higher diluted book $ in billions value per share. This performance demonstrates the strength of our portfolio and the CAGR: +16% success of our underwriting strategy. Our Comb
Slide 5: Fourth Quarter Highlights
Fourth Quarter Highlights 2024 QTD 2025 QTD Key Quarterly Highlights Gross Premiums Written $954M $978M • Gross premiums written growth of $25 million or 3% from the fourth quarter of 2024, driven by new business opportunities across the portfolio. Net Premiums Earned $635M $553M • Combined ratio of
Slide 6: 2025 Full Year Highlights
2025 Full Year Highlights 2024 2025 Key Year-to-Date Highlights Gross Premiums Written $4,403M $4,718M • Gross premiums written growth of $315 million or 7% from 2024 driven by strong retention levels and new business opportunities across the portfolio, Net Premiums Earned $2,258M $2,294M including
Slide 7: Insurance
Insurance Gross Premiums Written Underwriting Ratio(2) $ in millions $3,756 $3,539 89.7% $2,960 81.9% 77.3% $2,413 70.0% 31.8% 26.3% 29.4% 27.2% 51.0% 57.9% 52.5% 42.8% 2022 2023 2024 2025 2022 2023 2024 2025 Segment Highlights • Gross premiums written increased by 6% primarily driven by growth from
Slide 8: Reinsurance
Reinsurance Gross Premiums Written Underwriting Ratio(2) $ in millions 97.4% $961 $865 22.4% $605 $619 50.0% 36.5% 38.9% 75.0% 26.3% 27.2% 23.6% 23.7% 9.3% 15.3% (3) 2022 2023 2024 2025 2022 2023 2024 2025 Segment Highlights • Gross premiums written increased by 11% primarily due to reinstatement pr
Slide 9: High Quality and Diversified Investment Portfolio
High Quality and Diversified Investment Portfolio Asset Allocation Net Investment Income & Unrealized Gains on Other Investments As of December 31, 2025 $191.2 $196.9 6% 5% Agency MBS Hedge Funds 5% 4% <1% Fixed Income Funds Other ABS $50.6 $50.6 Private Credit Funds $49.1 $46.5 13% U.S. Treasuries
Slide 10: Strong Capital Position and Disciplined Approach to Capital Allocation
Strong Capital Position and Disciplined Approach to Capital Allocation Capital Strength and Balance Sheet Scale Capital Management Inception to Date Capital Management Highlights As of December 31, 2025 ($ in millions) As of December 31, 2025 ($ in millions) • Committed to a strategic and discipline
Slide 11: Why Invest in Fidelis Insurance Group
Why Invest in Fidelis Insurance Group Leader in verticalized specialty insurance and reinsurance market, driving differentiated positioning and preferential rates, terms and conditions Strategic partnerships with experienced underwriters provide reliable access to attractive risks and support ongoin
Slide 12: Appendix
Appendix fidelisinsurance.com 12
Slide 13: Non-GAAP Financial Measures Reconciliation
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 return on average common equity, and
Slide 14: Fidelis Insurance Group
FIDELIS | INSURANCE GROUP fidelisinsurance.com +1441 279 2590 Wellesley House South 4th Floor, 90 Pitts Bay Road, Pembroke HM 08 Bermuda
Fidelis Insurance Holdings — Q4 2025 Earnings Presentation on 6ix