Companies define performance in a variety of ways. At FSL, performance is determined by consistently and reliably meeting the needs of our partners, policyholders, and associates, which translates into financial success.

Financial Highlights

FSL enjoyed another strong year in 2019. Total Premium (direct and assumed) showed healthy growth, and underwriting profits were strong, resulting in Net Income Before Taxes that was the third-highest in Company history. This allowed FSL to grow its Capital & Surplus account by 10%.

Capital & Surplus +10.0% +75.6%
Assets -5.1% +13.7%
Direct & Assumed Premium +9.6% +45.9%
Net Income Before Tax -20.5% +8.7%
Fiscal 2019 Results
Graph of Capital & Surplus, 2014 to 2019

Capital & Surplus

FSL recorded another robust gain in 2019. This key measure of financial strength rose to $266.6 million, up $24.3 million, or 10%, from 2018. This is the 19th consecutive year of growth in Capital & Surplus, which has risen nearly five-fold since 2004. Overall, FSL has recorded gains in 49 out of 51 years of its existence.

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Graph of Assets, 2014 to 2019


Assets have been essentially flat for three years, reflecting the product mix of our business. The slight decrease was primarily caused by the timing of larger settlements in 2019 for balances owed to and received from reinsurance partners during 2018, impacting both current assets and liabilities. Such a variance is not unexpected on a recurring basis.

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Graph of Direct and Assumed Premium, 2014 to 2019


This financial measurement continued to show strong momentum with an increase in 2019 of $100 million, or about 10%. Direct & Assumed Premium has shown a steady growth pattern for several years, having risen by 46% since 2013.

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Graph of Net Income Before Taxes, 2014 to 2019

Net Income Before Taxes

Net income of $33.8 million was a decrease from the prior year, but remained in line with FSL's long-term profitability trends. Lower net investment income—a result of prevailing low interest rates—and the elimination of reinsurance recoveries related to the Affordable Care Act were key factors in the reduction.

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Graph of Book Value Comparison, 2014-2019

Book Value Comparison

Compared to the average public company or the average insurance company, FSL has achieved enviable growth in the last dozen years. FSL’s book value per share has outperformed the S&P 500 average share price by 53% since 2007 and the S&P Insurance Index average share price by 87%.

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Annual Report

For more insight into Fidelity's 2019 achievements, request our Annual Report.


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