Why Fidelis Insurance Stock Blasted 13% Higher on Friday
The broader finance sector has had its ups and downs recently, to put the situation mildly. One of the brighter spots was the quarterly earnings report dropped late Thursday by Fidelis Insurance Group (NYSE: FIHL). Thanks to solid beats on both the top and bottom lines, investors flocked to the shares the following day, sending their price 13% higher. And that was on a good day for the wider stock market, with the S 500 index rising by nearly 1%.
Fidelis closed out 2023 with a fourth quarter that saw it earn just under $554 million in revenue, quite the improvement from the less than $429 million in the same period of 2022. That was on the back of a 32% year-over-year increase in gross premiums written, to nearly $784 million.
The insurance company's net operating income, a non-GAAP profitability measure, didn't see quite the same lift but rose nevertheless. That line item improved by 5% over the one-year stretch to more than $135 million, or $1.15 per share.
Source Fool.com
