Key Financial Highlights

(In $ millions, except for per share data and ratios)	For the year ended 31st December 2019	For the year ended 31st December 2018	For the year ended 31st December 2017
Gross written premium	811.3	691.1	545.9
Net earned premium	324.0	289.0	219.1
Reported combined ratio (1)	83.2%	74.3%	85.1%
Steady state combined ratio (1,2)	78.7%	67.5%	76.8%
Comprehensive income attributable to Fidelis	90.9	79.5	30.8
Total investment return	4.0%	1.1%	-
Return on Equity (3)	8.3%	6.2%	0.4%
Steady state return on equity (2,3,4)	13.1%	11.9%	5.4%
Preferred equity	242.2	242.2	280.0
Common equity	1,117.5	965.6	1,025.5
Total Shareholders' equity attributable to Fidelis common shareholders	1,359.7	1,207.8	1,305.5

Reported combined ratio is calculated as the sum of net losses, net acquisition costs and administrative expenses divided by net earned premiums. Reported combined ratio excludes the impact of non-recurring items and stock compensation. The reported combined ratio for 2018 includes the impact of a derivative that was included within the investment return in the Income Statement.
Steady state is when the ratio of net earned premium to net written premium is equal to approximately 90% (on a 12-month rolling year basis), which we expect to achieve in 2022.
ROE is calculated as the change in diluted book value per share over the opening diluted book value per share adjusted for common dividends and excludes the impact of all unusual items, including the impact of any extraordinary capital management transactions, including the premium paid associated with preference share repurchases and payments to minority shareholders.
Steady state return on equity assumes that the forecast loss ratio and acquisition cost ratio applies to additional premium earned on a steady state basis.

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