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 52 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 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

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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

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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

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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

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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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