Fidelis Insurance : Underwriting Limited 2023 s.172 Statement

FIDELIS UNDERWRITING LIMITED

Annual report and financial statements

For the year ended 31 December 2023

Section 172 statement

The directors have considered and applied their statutory duty to promote the success of the Company under S172 of the Companies Act 2006, and in so doing, have regarded the issues, factors and stakeholders relevant to each of the following:

The likely consequences of any decision in the long term

As part of the business planning process, which is reviewed twice a year, the possible consequences of decisions made including those in the longer term, are considered. These decisions are also considered on an ongoing basis within the Own Risk and Solvency Assessment ("ORSA") report, looking three years forward. Additionally, the Company will undertake an ORSA if there is a material change to the risk profile of the organisation. All strategic decisions, including changes to FUL's capital, corporate and Board structures, dividend declarations and changes to accounting and outsourcing policies, are approved by the Board as per the Board Terms of Reference and Matters Reserved for the Board.

The interests of the Company's employees

A set of legally compliant, culturally appropriate and best practice human resources policies underpins the interests of the Company's employees. The human resources function delivers an annual performance management and compensation review which includes the benchmarking of employees' salaries against market data and a calibration of fairness and consistency across multiple variables including function, gender and ethnicity. The performance management system in particular takes a balanced scorecard approach which includes assessment against the Fidelis ethos; a key element of the working culture. Ownership for professional development sits with employees and is supported by managers and by the human resources infrastructure which includes a learning and development portal housed on Fidelis Insurance Group's intranet. The Company has a vision for diversity and inclusion, "Bring Your Whole Self to Work". This vision, and the associated diversity and inclusion strategy and annual plan is intended to establish a culture whereby all employees can thrive and share in the rewards of a successful business.

The need to foster the Company's business relationships with suppliers, customers and others

Statistics regarding our adherence to supplier payment terms are regularly reviewed and published. We track the speed of claims payments to our customers and review this on a monthly basis. As a regulated financial services company, FUL is obliged to treat its customers fairly at all times.

The impact of the Company's operations on the community and the environment

FUL recognises its commitment to the community and the environment. Fidelis Insurance Group is a member of ClimateWise, a growing global network of leading insurance industry organisations that helps align insurance expertise to directly support society as it responds to the risks and opportunities of climate change. The Company has complied with the reporting requirements of section 414 of the Companies Act 2006 by preparing climate-related financial disclosures and reporting in a separate Non-Financial and Sustainability Information Statement below.

The desirability of the Company maintaining a reputation for high standards of business conduct

FUL has a compliance function which seeks to be a trusted advisor to the business, driving and supporting innovation whilst partnering with the business and regulators to ensure regulatory obligations are met. The compliance function seeks to ensure that FUL's culture and behaviours put clients' interests at the heart of its business activities and that FUL acts with integrity in the market.

The need to act fairly between members of the Company

All interactions with other Group entities are carried out at arm's length and are governed by service level agreements.

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