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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.


Financial Highlights

FSL enjoyed another strong year in 2020. Total Premium (direct and assumed) showed healthy growth, and underwriting profits were strong, resulting in Net Income Before Taxes that was the second-highest in Company history. This allowed FSL to grow its Capital & Surplus account by another 10%.

Category ONE YEAR FIVE YEARS
Capital & Surplus +10.1% +73.7%
Assets +0.2% +9.8%
Direct & Assumed Premium +7.0% +50.4%
Net Income Before Tax +11.6% +20.5%
Fiscal 2020 Results
Dollars in Millions
2015

$169

2016

$187

2017

$204

2018

$242

2019

$267

2020

$293

$300

$250

$200

$150

$100

$50

$0

Capital & Surplus

A stretch of powerful earnings has allowed FSL to bolster its Capital & Surplus by $124 million, or 73.7%, since 2015. This metric rose $26.9 million, or 10.1%, in 2020, which marked the Company's twentieth consecutive year of growth in Capital & Surplus. Overall, FSL has recorded gains in 50 out of 52 years of its existence.

Dollars in Millions
2015

$894

2016

$904

2017

$981

2018

$1,033

2019

$980

2020

$982

$1050

$1000

$950

$900

$850

$800

$750

$700

Assets

Assets have hovered near the $980 million level since 2017, after consistent growth that more than doubled this metric over the prior 10 years. The spike in assets for 2018 was primarily caused by the timing of settlements for balances owed to and received from reinsurance partners. Such variances are not unexpected on a recurring basis.

Dollars in Millions
2015

$801

2016

$881

2017

$936

2018

$1,027

2019

$1,126

2020

$1,205

$1,150

$1,100

$1,050

$1,000

$950

$900

$850

$800

$750

Direct & Assumed Premium

Direct & Assumed Premium continued to grow at a healthy clip for 2020, rising 7.0% to $1.2 billion. Over the last five years, this calculation of FLS's total premium generation has expanded by $404 million, or 50.4%.

Dollars in Millions
2015

$31.2

2016

$33.1

2017

$35.9

2018

$42.5

2019

$33.8

2020

$37.7

$50

$40

$30

$20

$10

$0

Net Income Before Taxes

FSL recorded the second-highest Net Income Before Taxes in its history in 2020 at $37.7 million, which was an 11.6% increase over 2019. The Company has achieved seven consecutive years with Net Income exceeding $30 million.

Annual Report

For more insight into Fidelity's 2020 achievements, request our Annual Report.

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