Fidelis Insurance Holdings Ltd has reported sharp declines in both net income and operating net income year-over-year in the second quarter of 2024.

Net income fell 36 per cent year-on-year to $53.7 million from $83.9 million in the second quarter of 2023, while operating net income dropped by 26 per cent to $63 million from the 2023 total of $85.3 million.

Catastrophe and large losses were $181.2 million compared with $85.2 million in the prior year period.

Gross premiums written in the quarter were $1.2 billion, growth of 24.7 per cent from the second quarter of 2023.

Underwriting income for the quarter was $36.7 million and the combined ratio was 92.7 per cent, compared with underwriting income of $77.5 million and a combined ratio of 82 per cent for the second quarter of 2023.

Net favourable prior-year loss reserve development for the quarter was $68.6 million compared with $2.4 million in the prior year.

Net investment income was $46 million compared with $27.3 million in the prior year.

Dan Burrows, group chief executive officer of Fidelis Insurance Group, said: “As we mark our first anniversary as a public company, we are proud to have built a strong team, who are focused on realising the value of our business. Our position as a market leader focused on short-tail specialty lines is enabling us to deliver attractive growth and create value for our shareholders.

“We are well positioned to quickly respond to market conditions and continue to leverage our lead positioning to capitalise on attractive rates, terms and conditions. In tandem with underwriting, active capital management remains a cornerstone of our strategy and to that end, we are pleased to announce our board has approved a new share repurchase programme of $200 million.

“In what remains one of the best markets we have seen in recent history, I am excited for the opportunities we see ahead.”