Pelagos Insurance Capital Ltd's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Pelagos Insurance Capital Ltd reported revenue of $2.5B (+3.3% year on year) and net income of $225.5M (+99.0% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY |
|---|---|---|---|
| Gross premiums written | $4.7B | $4.4B | $3.6B |
| Reinsurance premiums ceded | ($1.7B) | ($2.0B) | ($1.4B) |
| Net premiums written | $3.0B | $2.4B | $2.1B |
| Change in net unearned premiums | ($714.9M) | ($136.5M) | ($304.0M) |
| Net premiums earned | $2.3B | $2.3B | $1.8B |
| Net investment income | $184.0M | $190.5M | $119.5M |
| Net realized and unrealized investment gains/(losses) | $22.8M | ($28.6M) | $4.9M |
| Other income | $0 | $0 | $100.0K |
| Total revenues before net gain on distribution of The Fidelis Partnership | $2.5B | $2.4B | $2.0B |
| Net gain on distribution of The Fidelis Partnership | $0 | $0 | $1.6B |
| Total revenues | $2.5B | $2.4B | $3.6B |
| Losses and loss adjustment expenses | $1.1B | $1.2B | $698.8M |
| Policy acquisition expenses (includes The Fidelis Partnership commissions of $328.8 (2024: $311.1 and 2023: $225.3)) | $990.1M | $999.7M | $723.8M |
| General and administrative expenses | $96.6M | $94.3M | $82.7M |
| Corporate and other expenses | $1.2M | $1.6M | $4.1M |
| Net foreign exchange (gains)/losses | ($500.0K) | ($1.6M) | ($4.1M) |
| Financing costs | $47.7M | $33.8M | $35.5M |
| Total expenses | $2.2B | $2.3B | $1.5B |
| Income before income taxes | $275.6M | $136.4M | $2.0B |
| Income tax (expense)/benefit | ($50.1M) | ($23.1M) | $85.3M |
| Net income | $225.5M | $113.3M | $2.1B |
| Unrealized gains on available-for-sale investments | $46.4M | $9.6M | $82.4M |
| Reclassification of net realized losses/(gains) recognized in net income | ($4.6M) | $24.7M | — |
| Income tax expense, all of which relates to unrealized gains on available-for-sale investments | ($9.2M) | ($2.8M) | ($9.7M) |
| Total other comprehensive income | $32.6M | $31.5M | $72.7M |
| Comprehensive income attributable to common shareholders | $258.1M | $144.8M | $2.2B |
| Earnings per common share (in dollars per share) | $2.12 | $0.98 | $18.65 |
| Earnings per diluted common share (in dollars per share) | $2.11 | $0.98 | $18.65 |
| Weighted average basic common shares outstanding (in shares) | 106.2M | 115.2M | 114.3M |
| Weighted average diluted common shares outstanding (in shares) | 106.7M | 115.6M | 114.3M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Gross premiums written | $3.1B | $1.8B | $3.7B | $2.9B |
| Reinsurance premiums ceded | ($1.2B) | ($660.1M) | ($1.5B) | ($1.2B) |
| Net premiums written | $1.9B | $1.2B | $2.2B | $1.7B |
| Change in net unearned premiums | ($799.9M) | ($611.8M) | ($488.7M) | ($584.3M) |
| Net premiums earned | $1.1B | $568.5M | $1.7B | $1.1B |
| Net investment income | $87.7M | $43.7M | $140.0M | $94.1M |
| Net realized and unrealized investment gains | $23.3M | ($1.6M) | $18.8M | $12.6M |
| Total revenues | $1.3B | $610.6M | $1.9B | $1.2B |
| Losses and loss adjustment expenses | $516.4M | $223.8M | $906.6M | $725.9M |
| Policy acquisition expenses (includes The Fidelis Partnership commissions of $70.5 and $157.3 (2025: $70.6 and $149.0)) | $495.7M | $239.3M | $752.3M | $485.9M |
| General and administrative expenses | $58.5M | $29.2M | $71.5M | $44.3M |
| Corporate and other expenses | $2.7M | $400.0K | $1.2M | $1.2M |
| Net foreign exchange (gains)/losses | $4.0M | $100.0K | $2.2M | $500.0K |
| Financing costs | $27.3M | $14.7M | $33.1M | $18.0M |
| Total expenses | $1.1B | $507.5M | $1.8B | $1.3B |
| Income/(loss) before income taxes | $156.0M | $103.1M | $132.7M | ($28.1M) |
| Income tax (expense)/benefit | ($3.6M) | $4.9M | ($25.0M) | $5.3M |
| Net income/(loss) | $152.4M | $108.0M | $107.7M | ($22.8M) |
| Unrealized gains/(losses) on available-for-sale investments | ($37.5M) | ($26.5M) | $47.1M | $36.6M |
| Reclassification of net realized losses/(gains) recognized in net income | $700.0K | $0 | ($2.9M) | ($1.6M) |
| Income tax (expense)/benefit, all of which relates to unrealized gains/(losses) on available-for-sale investments | $7.0M | $5.0M | ($8.6M) | ($6.8M) |
| Total other comprehensive income/(loss) | ($29.8M) | ($21.5M) | $35.6M | $28.2M |
| Comprehensive income | $122.6M | $86.5M | $143.3M | $5.4M |
| Earnings/(loss) per common share (in dollars per share) | $1.72 | $1.16 | $1.00 | -$0.21 |
| Earnings/(loss) per diluted common share (in dollars per share) | $1.71 | $1.15 | $0.99 | -$0.21 |
| Weighted average common shares outstanding (in shares) | 88.7M | 93.0M | 108.2M | 110.1M |
| Weighted average diluted common shares outstanding (in shares) | 89.3M | 93.6M | 108.6M | 110.1M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY |
|---|---|---|---|
| Debt securities available-for-sale excluding accrued interest | $2.8B | $3.6B | $3.3B |
| Other investments, at fair value | $485.7M | $201.0M | $47.5M |
| Total investments | $3.2B | $3.8B | $3.3B |
| Cash and cash equivalents | $873.0M | $743.0M | $712.4M |
| Restricted cash and cash equivalents | $374.6M | $203.6M | $251.7M |
| Accrued investment income | $28.3M | $35.3M | $27.2M |
| Premiums and other receivables (net of allowance for credit losses of $15.8, 2024: $11.8) | $3.3B | $2.7B | $2.2B |
| Amounts due from The Fidelis Partnership (net of allowance for credit losses of $nil, 2024: $nil) | $174.8M | $208.9M | $173.3M |
| Deferred reinsurance premiums | $1.4B | $1.4B | $1.1B |
| Reinsurance balances recoverable on paid losses (net of allowance for credit losses of $0.3, 2024: $0.2) | $438.7M | $278.4M | $182.7M |
| Reinsurance balances recoverable on reserves for losses and loss adjustment expenses (net of allowance for credit losses of $0.9, 2024: $0.8) | $1.2B | $1.3B | $1.1B |
| Deferred policy acquisition costs (includes The Fidelis Partnership deferred commissions of $243.4, 2024: $200.2) | $1.1B | $877.9M | $786.6M |
| Other assets | $272.7M | $176.9M | $173.5M |
| Total assets | $12.4B | $11.8B | $10.0B |
| Reserves for losses and loss adjustment expenses | $2.6B | $3.1B | $2.4B |
| Unearned premiums | $4.4B | $3.7B | $3.1B |
| Reinsurance balances payable | $1.7B | $1.5B | $1.1B |
| Amounts due to The Fidelis Partnership | $457.7M | $385.8M | $334.5M |
| Long term debt | $843.2M | $448.9M | $448.2M |
| Preference securities | $0 | $58.4M | $58.4M |
| Other liabilities | $91.8M | $98.0M | $67.3M |
| Total liabilities | $10.0B | $9.3B | $7.6B |
| Common shares ($0.01 par, issued and outstanding: 96,651,534, 2024: 111,730,209) | 1.0M | 1.2M | 1.2M |
| Common shares held in treasury, at cost (shares held: nil, 2024: 6,570,003) | 0 | -105.5M | — |
| Additional paid-in capital | $1.7B | $2.0B | $2.0B |
| Accumulated other comprehensive income | $37.1M | $4.5M | ($27.0M) |
| Retained earnings | $675.9M | $503.6M | $436.6M |
| Total shareholders' equity | $2.4B | $2.4B | $2.4B |
| Total liabilities and shareholders' equity | $12.4B | $11.8B | $10.0B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Debt securities available-for-sale excluding accrued interest | $2.9B | $2.7B | $2.7B | $2.7B |
| Other investments, at fair value | $661.7M | $607.5M | $397.4M | $267.7M |
| Total investments | $3.8B | $3.4B | $3.3B | $3.2B |
| Cash and cash equivalents | $444.3M | $895.4M | $892.5M | $919.4M |
| Restricted cash and cash equivalents | $72.8M | $166.5M | $196.5M | $184.1M |
| Accrued investment income | $29.4M | $23.5M | $23.9M | $28.7M |
| Premiums and other receivables (net of allowance for credit losses of $14.5, 2025: $15.8) | $4.3B | $4.0B | $3.3B | $3.6B |
| Amounts due from The Fidelis Partnership (net of allowance for credit losses of $nil, 2025: $nil) | $239.6M | $207.1M | $380.7M | $282.6M |
| Deferred reinsurance premiums | $1.9B | $1.8B | $1.7B | $1.9B |
| Reinsurance balances recoverable on paid losses (net of allowance for credit losses of $0.3, 2025: $0.3) | $286.6M | $419.9M | $380.1M | $321.5M |
| Reinsurance balances recoverable on reserves for losses and loss adjustment expenses (net of allowance for credit losses of $0.9, 2025: $0.9) | $1.3B | $1.2B | $1.1B | $1.2B |
| Deferred policy acquisition costs (includes The Fidelis Partnership deferred commissions of $307.6, 2025: $243.4) | $1.5B | $1.4B | $1.1B | $1.2B |
| Other assets | $149.4M | $164.8M | $175.4M | $217.2M |
| Total assets | $14.0B | $13.7B | $12.5B | $13.0B |
| Reserves for losses and loss adjustment expenses | $2.9B | $2.7B | $2.3B | $2.5B |
| Unearned premiums | $5.6B | $5.3B | $4.4B | $4.7B |
| Reinsurance balances payable | $1.8B | $1.9B | $1.9B | $2.0B |
| Amounts due to The Fidelis Partnership | $640.1M | $551.1M | $544.1M | $502.5M |
| Long term debt | $720.5M | $843.5M | $842.9M | $842.6M |
| Other liabilities | $110.8M | $88.8M | $131.6M | $115.1M |
| Total liabilities | $11.8B | $11.5B | $10.1B | $10.7B |
| Common shares ($0.01 par, issued and outstanding: 82,728,333, 2025: 96,651,534) | 800.0K | 900.0K | 1.0M | 1.0M |
| Additional paid-in capital | $1.4B | $1.5B | $1.8B | $1.8B |
| Accumulated other comprehensive income | $7.3M | $15.6M | $40.1M | $32.7M |
| Retained earnings | $802.5M | $770.8M | $573.3M | $458.5M |
| Total shareholders' equity | $2.2B | $2.3B | $2.4B | $2.3B |
| Total liabilities and shareholders' equity | $14.0B | $13.7B | $12.5B | $13.0B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY |
|---|---|---|---|
| Net income before equity in net income of subsidiaries | $225.5M | $113.3M | $2.1B |
| Revaluation of The Fidelis Partnership | $0 | $0 | ($1.7B) |
| Share compensation expense | $7.9M | $7.8M | $27.6M |
| Accretion, amortization and depreciation | ($19.2M) | ($14.0M) | — |
| Net realized and unrealized (gain)/loss on investments | ($22.8M) | $28.6M | — |
| Deferred tax expense/(benefit) | $8.9M | $9.8M | ($86.5M) |
| Accrued investment income | $7.0M | ($8.1M) | ($16.3M) |
| Premiums and other receivables | ($495.6M) | ($572.7M) | ($321.3M) |
| Amounts due from The Fidelis Partnership | $38.6M | ($37.6M) | ($176.2M) |
| Deferred reinsurance premiums | ($19.3M) | ($360.8M) | ($237.7M) |
| Reinsurance balances recoverable on paid losses | ($146.6M) | ($103.1M) | ($22.5M) |
| Reinsurance balances recoverable on reserves for losses and loss adjustment expenses | $85.7M | ($168.5M) | ($125.5M) |
| Deferred policy acquisition costs | ($207.1M) | ($91.3M) | ($270.6M) |
| Other assets | ($103.6M) | ($10.9M) | $34.6M |
| Reserves for losses and loss adjustment expenses | ($582.5M) | $728.0M | $383.9M |
| Unearned premiums | $733.3M | $502.0M | $530.9M |
| Reinsurance balances payable | $45.5M | $507.8M | $7.1M |
| Amounts due to The Fidelis Partnership | $59.7M | $56.8M | $334.0M |
| Other liabilities | ($23.7M) | $31.1M | $16.6M |
| Net cash provided by/(used in) operating activities | ($408.3M) | $618.2M | $495.2M |
| Purchase of available-for-sale securities | ($1.8B) | ($2.3B) | ($2.2B) |
| Proceeds from maturities of available-for-sale securities | $697.3M | $796.5M | — |
| Proceeds from sales of available-for-sale securities | $2.0B | $1.2B | — |
| Purchase of other investments | ($272.0M) | ($200.0M) | $0 |
| Proceeds from sale of other investments | $0 | $47.3M | $75.2M |
| Purchase of fixed assets | ($1.2M) | ($4.6M) | ($6.4M) |
| Net cash provided by/(used in) investing activities | $682.7M | ($475.8M) | ($834.9M) |
| Dividends on common shares | -52.3M | -46.2M | 0 |
| Repurchase of common shares | -261.4M | -105.5M | 0 |
| Tax paid on withholding shares | -200.0K | -2.2M | -50.6M |
| Proceeds from issuance of debt, net of issuance costs | $393.3M | — | — |
| Repurchase of preferred securities | ($59.6M) | — | — |
| Proceeds from issuance of common shares, net of issuance costs | 0 | 0 | 89.4M |
| Non-controlling interest share transactions | $0 | $0 | ($6.1M) |
| Net cash used in disposal of subsidiary | $0 | $0 | ($105.5M) |
| Cumulative dividends on warrants | $0 | $0 | ($34.1M) |
| Net cash provided by/(used in) financing activities | $19.8M | ($153.9M) | ($106.9M) |
| Effect of exchange rate changes on foreign currency cash | $6.8M | ($6.0M) | $2.8M |
| Net increase/(decrease) in cash, restricted cash, and cash equivalents | $301.0M | ($17.5M) | ($443.8M) |
| Cash, restricted cash, and cash equivalents, beginning of year | $946.6M | $964.1M | $1.4B |
| Cash, restricted cash, and cash equivalents, end of year | $1.2B | $946.6M | $964.1M |
| Cash paid during the year for interest | $42.6M | $29.6M | $29.7M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income/(loss) | $152.4M | $108.0M | — | ($22.8M) |
| Share compensation expense | $5.2M | $1.7M | $5.3M | $2.9M |
| Accretion, amortization and depreciation | ($5.6M) | ($3.5M) | ($15.3M) | ($10.6M) |
| Net realized and unrealized gain on investments | ($23.3M) | $1.6M | ($18.8M) | ($12.6M) |
| Deferred tax expense/(benefit) | $6.6M | $2.6M | $200.0K | ($18.0M) |
| Accrued investment income | ($1.1M) | $4.8M | $11.4M | $6.6M |
| Premiums and other receivables | ($1.0B) | ($710.7M) | ($467.5M) | ($764.3M) |
| Amounts due from The Fidelis Partnership | ($66.0M) | ($32.9M) | ($166.8M) | ($68.3M) |
| Deferred reinsurance premiums | ($448.7M) | ($319.5M) | ($238.5M) | ($457.3M) |
| Reinsurance balances recoverable on paid losses | $147.0M | $17.2M | ($88.4M) | ($29.5M) |
| Reinsurance balances recoverable on reserves for losses and loss adjustment expenses | ($162.7M) | ($51.7M) | $147.8M | $36.3M |
| Deferred policy acquisition costs | ($378.7M) | ($287.1M) | ($186.5M) | ($295.1M) |
| Other assets | $116.4M | $105.1M | $2.5M | ($20.6M) |
| Reserves for losses and loss adjustment expenses | $288.8M | $149.0M | ($866.0M) | ($655.0M) |
| Unearned premiums | $1.2B | $930.2M | $726.4M | $1.0B |
| Reinsurance balances payable | $162.7M | $261.2M | $245.9M | $371.1M |
| Amounts due to The Fidelis Partnership | $187.6M | $95.2M | $146.1M | $103.8M |
| Other liabilities | $27.0M | $2.8M | $17.4M | $2.8M |
| Net cash provided by/(used in) operating activities | $247.5M | $274.0M | ($637.1M) | ($792.3M) |
| Purchase of available-for-sale securities | ($1.7B) | ($626.1M) | ($1.3B) | ($856.4M) |
| Proceeds from maturities of available-for-sale securities | $337.4M | $124.0M | $506.7M | $346.9M |
| Proceeds from sales of available-for-sale securities | $992.1M | $399.2M | $1.6B | $1.3B |
| Proceeds from sale of other investments | $5.5M | $5.5M | $0 | — |
| Purchase of other investments | ($154.5M) | $126.9M | ($185.5M) | ($61.1M) |
| Purchase of fixed assets | ($600.0K) | ($400.0K) | ($1.0M) | ($400.0K) |
| Net cash provided by/(used in) investing activities | ($543.0M) | ($224.7M) | $618.2M | $739.6M |
| Proceeds from issuance of debt, net of issuance costs | $0 | — | $393.3M | $393.3M |
| Dividends on common shares | -25.8M | -13.3M | -37.4M | -22.0M |
| Repurchase of common shares | -279.5M | -219.4M | -142.7M | -110.8M |
| Tax paid on withholding shares | -1.6M | -1.4M | -200.0K | -200.0K |
| Redemption of junior notes | ($125.0M) | — | — | — |
| Repurchase of preferred securities | $0 | — | ($59.6M) | ($59.6M) |
| Net cash provided by/(used in) financing activities | ($431.9M) | ($234.1M) | $153.4M | $200.7M |
| Effect of exchange rate changes on foreign currency cash | ($3.1M) | ($900.0K) | $7.9M | $8.9M |
| Net increase/(decrease) in cash, restricted cash, and cash equivalents | ($730.5M) | ($185.7M) | $142.4M | $156.9M |
| Cash, restricted cash, and cash equivalents, beginning of period | $1.2B | $1.2B | $946.6M | $946.6M |
| Cash, restricted cash, and cash equivalents, end of period | $517.1M | $1.1B | $1.1B | $1.1B |
| Cash and cash equivalents | $444.3M | $895.4M | $892.5M | $919.4M |
| Restricted cash and cash equivalents | $72.8M | $166.5M | $196.5M | $184.1M |
| Total cash, cash equivalents and restricted cash | $517.1M | $1.1B | $1.1B | $1.1B |
Pelagos Insurance Capital Ltd score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.