Performance

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.

Balance Sheet

The numbers tell the story of a highly capitalized company that's been built over 50+ years on solid, conservative values.

Income Statement

Another solid year for FSL, thanks to healthy growth in premium income and strong underwriting results.

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%.

Category	ONE YEAR	FIVE YEARS
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}

Dollars in Millions
2014	$152
2015	$169
2016	$187
2017	$204
2018	$242
2019	$267

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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.

Dollars in Millions
2014	$862
2015	$894
2016	$904
2017	$981
2018	$1,033
2019	$980

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Assets

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.

Dollars in Millions
2014	$772
2015	$801
2016	$890
2017	$936
2018	$1,027
2019	$1,126

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Direct & Assumed Premium

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.

Dollars in Millions
2014	$31.0
2015	$31.2
2016	$33.1
2017	$35.9
2018	$42.5
2019	$33.8

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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.

Annual Report

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

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