SiriusPoint reports eighth consecutive quarter of underwriting profits and seventh consecutive quarter of positive net income
SiriusPoint reported its Q3 2024 results with net income of $5 million and underlying net income of $89 million, up 69% year-over-year. The company achieved a combined ratio of 88.5% for Core business, representing a 4-point improvement versus prior year. Gross premiums written grew 10% for continuing lines business, contributing to 7% growth year-to-date. Book value per diluted common share reached $14.73, increasing 3% in the quarter and 10% since year-end 2023. The company completed a strategic transaction with CMIG, including the purchase and retirement of $125m of common shares. Q3 BSCR estimate stands at 265%, demonstrating balance sheet strength.
SiriusPoint ha riportato i risultati del terzo trimestre 2024 con un utile netto di 5 milioni di dollari e un utile netto sottostante di 89 milioni di dollari, in aumento del 69% rispetto all'anno precedente. L'azienda ha realizzato un rapporto combinato dell'88,5% per il business principale, rappresentando un miglioramento di 4 punti rispetto all'anno scorso. I premi lordi scritti sono cresciuti del 10% per il business delle linee continuative, contribuendo a una crescita del 7% da inizio anno. Il valore contabile per azione ordinaria diluita ha raggiunto i 14,73 dollari, aumentando del 3% nel trimestre e del 10% rispetto alla fine del 2023. L'azienda ha completato una transazione strategica con CMIG, inclusi l'acquisto e il ritiro di 125 milioni di dollari di azioni ordinarie. La stima del BSCR per il terzo trimestre si attesta al 265%, dimostrando la solidità del bilancio.
SiriusPoint reportó sus resultados del tercer trimestre de 2024 con un ingreso neto de 5 millones de dólares y un ingreso neto subyacente de 89 millones de dólares, un aumento del 69% en comparación con el año anterior. La compañía logró un índice combinado del 88,5% para el negocio principal, lo que representa una mejora de 4 puntos con respecto al año anterior. Las primas brutas escritas crecieron un 10% para el negocio de líneas continuas, contribuyendo a un crecimiento del 7% en lo que va del año. El valor contable por acción ordinaria diluida alcanzó los 14,73 dólares, aumentando un 3% en el trimestre y un 10% desde finales de 2023. La empresa completó una transacción estratégica con CMIG, que incluye la compra y retiro de 125 millones de dólares en acciones ordinarias. La estimación del BSCR del tercer trimestre se sitúa en el 265%, demostrando la solidez del balance.
SiriusPoint는 2024년 3분기 실적을 발표했으며, 순이익은 500만 달러, 기본 순이익은 8900만 달러로 전년 대비 69% 증가했습니다. 회사는 주요 사업에서 88.5%의 결합 비율을 달성하여 전년 대비 4포인트 개선되었습니다. 지속적인 라인의 사업에서 서면된 총 보험료는 10% 증가하여 연초 대비 7% 성장에 기여했습니다. 희석된 보통주당 장부가치는 14.73달러에 도달하여 분기 동안 3% 증가하고 2023년 연말 대비 10% 증가했습니다. 회사는 CMIG와의 전략적 거래를 완료했으며, 여기에는 1억 2500만 달러의 보통주 매입 및 퇴직이 포함됩니다. 3분기 BSCR 추정치는 265%로, 재무 건전성을 입증합니다.
SiriusPoint a annoncé ses résultats du 3ème trimestre 2024 avec et un bénéfice net sous-jacent de 89 millions de dollars, en hausse de 69 % par rapport à l'année précédente. L'entreprise a atteint un taux combiné de 88,5 % pour son activité principale, représentant une amélioration de 4 points par rapport à l'année précédente. Les primes brutes souscrites ont augmenté de 10 % pour les lignes d'affaires continues, contribuant à une croissance de 7 % depuis le début de l'année. La valeur comptable par action ordinaire diluée a atteint 14,73 dollars, augmentant de 3 % au cours du trimestre et de 10 % depuis la fin de 2023. L'entreprise a terminé une transaction stratégique avec CMIG, y compris l'achat et le retrait de 125 millions de dollars d'actions ordinaires. L'estimation du BSCR pour le 3ème trimestre s'élève à 265 %, démontrant la solidité du bilan.
SiriusPoint berichtete über seine Ergebnisse des 3. Quartals 2024 mit einem Nettogewinn von 5 Millionen Dollar und einem zugrunde liegenden Nettogewinn von 89 Millionen Dollar, was einem Anstieg von 69 % im Jahresvergleich entspricht. Das Unternehmen erreichte einen kombinierten Satz von 88,5% für das Kerngeschäft, was eine Verbesserung um 4 Punkte im Vergleich zum Vorjahr darstellt. Die brutto geschriebenen Prämien wuchsen um 10 % im Geschäft mit fortlaufenden Linien, was zu einem Wachstum von 7 % seit Jahresbeginn beitrug. Der Buchwert pro verwässerter Stammaktie erreichte 14,73 Dollar und stieg im Quartal um 3 % und seit Ende 2023 um 10 %. Das Unternehmen schloss eine strategische Transaktion mit CMIG ab, einschließlich des Kaufs und der Rückführung von 125 Millionen Dollar an Stammaktien. Die Schätzung des BSCR für das 3. Quartal steht bei 265 %, was die Stärke der Bilanz zeigt.
- Net income grew 69% year-over-year to $89 million
- Combined ratio improved by 4 points to 88.5%
- Gross premiums written increased 10% in continuing lines
- Book value per share grew 10% since year-end 2023
- Strong investment income of $77.7 million in Q3
- Eight consecutive quarters of positive underwriting income
- Net income decreased to $5 million in Q3 due to CMIG transaction
- Gross premiums written decreased 4.8% to $690.5 million
- Hurricane Milton losses estimated at $30-40 million
- Net premiums earned decreased by 5% to $546.3 million
Insights
SiriusPoint delivered strong Q3 2024 results with notable metrics including:
Key positives include eight consecutive quarters of underwriting profits, improved book value per share up
However, net income of
HAMILTON, Bermuda, Oct. 31, 2024 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT) today announced results for its third quarter ended September 30, 2024
- Third quarter net income of
$5 million , impacted by completion of the previously announced CMIG shareholder transaction. Underlying net income1 of$89 million , up69% versus prior year driven by higher underwriting and investment income - Combined ratio of
88.5% in the third quarter for Core business, representing a 4 point improvement versus prior year, resulting in a year to date core combined ratio of91.1% and core underwriting income of$144 million - Growth in the quarter of
10% on gross premiums written for continuing lines business (excluding 2023 exited programs), contributing to7% growth year to date - Book value per diluted common share of
$14.73 , an increase of3% in the quarter and10% since year-end 2023. Balance sheet remains strong with Q3’24 BSCR estimate at265% - Pre-tax estimate of Hurricane Milton losses, net of reinsurance and reinstatement premiums, of approximately
$30 million to$40 million
Scott Egan, Chief Executive Officer, said: “It has been another strong quarter of delivery for SiriusPoint, marking our eighth consecutive quarter of positive underwriting income. We have delivered a 4.0 point improvement in the combined ratio to
Our strategic partnerships are a powerful tool to help us deliver our growth and underwriting ambitions. We added six new distribution partnerships in the quarter through our MGA Centre of Excellence, which is earning a reputation in the market as an attractive and leading platform for program administrators and MGAs. Fee income from our two consolidated A&H MGAs grew
We completed on an important two-part strategic transaction with CMIG in the quarter, deploying capital for the purchase and retirement of
This quarter marks my second full year at SiriusPoint, and I am incredibly proud of the scale and pace of transformation we have achieved so far. This company is and always will be about our people and I am incredibly grateful to them for their relentless dedication and determination to make the company better. Together, we will drive further value through strategic, targeted improvement as we build a sustainable, best-in-class business for the future.”
Third Quarter 2024 Highlights
- Net income available to SiriusPoint common shareholders of
$4.5 million , or$0.03 per diluted common share - Core income of
$69.5 million , including underwriting income of$62.5 million , Core combined ratio of88.5% - Core net services fee income of
$6.8 million , with service margin of14.1% - Net investment income of
$77.7 million and total investment result of$92.5 million - Book value per diluted common share increased
$0.42 per share, or2.9% , from June 30, 2024 to$14.73 - Annualized return on average common equity of
0.7%
Nine Months Ended September 30, 2024 Highlights
- Net income available to SiriusPoint common shareholders of
$205.2 million , or$1.11 per diluted common share - Core income of
$177.9 million , including underwriting income of$143.7 million , Core combined ratio of91.1% - Core net services fee income of
$36.3 million , with service margin of21.2% - Net investment income of
$234.7 million and total investment result of$195.6 million - Book value per diluted common share increased
$1.38 per share, or10.3% , from December 31, 2023 to$14.73 - Annualized return on average common equity of
11.4% - Debt to capital ratio down to
19.7% compared to23.8% as of December 31, 2023
________________________
1 See definition in “Non-GAAP Financial Measures and Other Financial Metrics” on page 6.
Key Financial Metrics
The following table shows certain key financial metrics for the three and nine months ended September 30, 2024 and 2023:
| Three months ended | Nine months ended | ||||||||||||||
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||
| ($ in millions, except for per share data and ratios) | |||||||||||||||
| Combined ratio | 84.4 | % | 88.0 | % | 86.1 | % | 81.6 | % | |||||||
| Core underwriting income (1) | $ | 62.5 | $ | 42.5 | $ | 143.7 | $ | 213.2 | |||||||
| Core net services income (1) | $ | 7.0 | $ | 7.5 | $ | 34.2 | $ | 31.9 | |||||||
| Core income (1) | $ | 69.5 | $ | 50.0 | $ | 177.9 | $ | 245.1 | |||||||
| Core combined ratio (1) | 88.5 | % | 92.5 | % | 91.1 | % | 87.6 | % | |||||||
| Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders | 0.7 | % | 11.3 | % | 11.4 | % | 16.7 | % | |||||||
| Book value per common share (2) | $ | 15.41 | $ | 13.76 | $ | 15.41 | $ | 13.76 | |||||||
| Book value per diluted common share (2) | $ | 14.73 | $ | 13.35 | $ | 14.73 | $ | 13.35 | |||||||
| Tangible book value per diluted common share (1) (2) | $ | 13.88 | $ | 12.47 | $ | 13.88 | $ | 12.47 | |||||||
| (1) | Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See definitions in “Non-GAAP Financial Measures” and reconciliations in “Segment Reporting.” Tangible book value per diluted common share is a non-GAAP financial measure. See definition and reconciliation in “Non-GAAP Financial Measures.” |
| (2) | Prior year comparatives represent amounts as of December 31, 2023. |
Third Quarter 2024 Summary
Consolidated underwriting income for the three months ended September 30, 2024 was
Consolidated underwriting income for the nine months ended September 30, 2024 was
Reportable Segments
The determination of our reportable segments is based on the manner in which management monitors the performance of our operations, which consist of two reportable segments - Reinsurance and Insurance & Services.
Collectively, the sum of our two segments, Reinsurance and Insurance & Services, constitute our “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See reconciliations in “Segment Reporting”. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.
Core Premium Volume
Three months ended September 30, 2024 and 2023
Gross premiums written decreased by
Nine months ended September 30, 2024 and 2023
Gross premiums written decreased by
Core Results
Three months ended September 30, 2024 and 2023
Core results for the three months ended September 30, 2024 included income of
Losses incurred included
Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended September 30, 2024, were
Nine months ended September 30, 2024 and 2023
Core results for the nine months ended September 30, 2024 included income of
Excluding the favorable development linked to the 2023 LPT, net underwriting income increased by
Reinsurance Segment
Three months ended September 30, 2024 and 2023
Reinsurance gross premiums written were
Reinsurance generated underwriting income of
Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended September 30, 2024, were
Nine months ended September 30, 2024 and 2023
Reinsurance gross premiums written were
Reinsurance generated underwriting income of
Insurance & Services Segment
Three months ended September 30, 2024 and 2023
Insurance & Services gross premiums written were
Insurance & Services generated segment income of
Nine months ended September 30, 2024 and 2023
Insurance & Services gross premiums written were
Insurance & Services generated segment income of
Investments
Three months ended September 30, 2024 and 2023
Total net investment income and realized and unrealized investment gains for the three months ended September 30, 2024 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of
Total net investment income and realized and unrealized investment gains (losses) for the three months ended September 30, 2023 was primarily attributable to investment results from our debt and short-term investment portfolio of
Nine months ended September 30, 2024 and 2023
Total net investment income and realized and unrealized investment gains (losses) for the nine months ended September 30, 2024 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of
Total net investment income and realized and unrealized investment gains for the nine months ended September 30, 2023 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of
Webcast Details
The Company will hold a webcast to discuss its third quarter 2024 results at 8:30 a.m. Eastern Time on November 1, 2024. The webcast of the conference call will be available over the Internet from the Company’s website at www.siriuspt.com under the “Investor Relations” section. Participants should follow the instructions provided on the website to download and install any necessary audio applications. The conference call will be available by dialing 1-877-451-6152 (domestic) or 1-201-389-0879 (international). Participants should ask for the SiriusPoint Ltd. third quarter 2024 earnings call.
The online replay will be available on the Company's website immediately following the call at www.siriuspt.com under the “Investor Relations” section.
Safe Harbor Statement Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “guidance,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases. Specific forward-looking statements in this press release include, but are not limited to, statements regarding the trend of our performance as compared to the previous guidance, the success of our strategic transaction with CMIG International Holding Pte. Ltd., the current insurtech market trends, our ability to generate shareholder value and whether we will continue to have momentum in our business in the future. Actual events, results and outcomes may differ materially from the Company’s expectations due to a variety of known and unknown risks, uncertainties and other factors. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: our ability to execute on our strategic transformation, including re-underwriting to reduce volatility and improving underwriting performance, de-risking our investment portfolio, and transforming our business; the impact of unpredictable catastrophic events such as uncertainties with respect to COVID-19 losses across many classes of insurance business and the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs, changing interest rates and equity market volatility; inadequacy of loss and loss adjustment expense reserves, the lack of available capital, and periods characterized by excess underwriting capacity and unfavorable premium rates; the performance of financial markets, impact of inflation and interest rates, and foreign currency fluctuations; our ability to compete successfully in the insurance and reinsurance market and the effect of consolidation in the insurance and reinsurance industry; technology breaches or failures, including those resulting from a malicious cyber-attack on us, our business partners or service providers; the effects of global climate change, including increased severity and frequency of weather-related natural disasters and catastrophes and increased coastal flooding in many geographic areas; geopolitical uncertainty, including the impact of the U.S. November 2024 presidential and congressional elections, and ongoing conflicts in Europe and the Middle East; our ability to retain key senior management and key employees; a downgrade or withdrawal of our financial ratings; fluctuations in our results of operations; legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint; the outcome of legal and regulatory proceedings and regulatory constraints on our business; reduced returns or losses in SiriusPoint’s investment portfolio; our exposure or potential exposure to corporate income tax in Bermuda and the E.U., U.S. federal income and withholding taxes and our significant deferred tax assets, which could become devalued if we do not generate future taxable income or applicable corporate tax rates are reduced; risks associated with delegating authority to third party managing general agents, managing general underwriters and/or program administrators; future strategic transactions such as acquisitions, dispositions, investments, mergers or joint ventures; SiriusPoint’s response to any acquisition proposal that may be received from any party, including any actions that may be considered by the Company’s Board of Directors or any committee thereof; and other risks and factors listed under "Risk Factors" in the Company's most recent Annual Report on Form 10-K and other subsequent periodic reports filed with the Securities and Exchange Commission.
All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures and Other Financial Metrics
In presenting SiriusPoint’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). SiriusPoint’s management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of SiriusPoint’s financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. Core underwriting income, Core net services income, Core income, and Core combined ratio are non-GAAP financial measures. Management believes it is useful to review Core results as it better reflects how management views the business and reflects the Company’s decision to exit the runoff business. Tangible book value per diluted common share is also a non-GAAP financial measure and the most directly comparable U.S. GAAP measure is book value per common share. Tangible book value per diluted common share excludes intangible assets. Management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Tangible book value per diluted common share is useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets. Underlying net income and underlying annualized return on equity on average common shareholders’ equity ("ROE") are non-GAAP financial measures. Underlying net income excludes gains (losses) on strategic investments and liability-classified capital instruments, income (expense) related to loss portfolio transfers and development on COVID-19 reserves. Underlying ROE is calculated by dividing annualized underlying net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity, excluding accumulated other comprehensive income (loss) ("AOCI"). Management believes it is useful to review underlying net income as it better reflects how it views the business and exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP figures are included in the attached financial information in accordance with Regulation G and Item 10(e) of Regulation S-K, as applicable.
About the Company
SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators. With over
Contacts
Investor Relations
Liam Blackledge - Senior Associate, Investor Relations and Strategy
Liam.Blackledge@siriuspt.com
+ 44 203 772 3082
Media
Natalie King - Global Head of Marketing and External Communications
Natalie.King@siriuspt.com
+ 44 20 3772 3102
| SIRIUSPOINT LTD. CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of September 30, 2024 and December 31, 2023 (expressed in millions of U.S. dollars, except per share and share amounts) | |||||||
| September 30, 2024 | December 31, 2023 | ||||||
| Assets | |||||||
| Debt securities, available for sale, at fair value, net of allowance for credit losses of | $ | 5,411.8 | $ | 4,755.4 | |||
| Debt securities, trading, at fair value (cost - | 233.1 | 534.9 | |||||
| Short-term investments, at fair value (cost - | 52.4 | 371.6 | |||||
| Investments in related party investment funds, at fair value | 114.5 | 105.6 | |||||
| Other long-term investments, at fair value (cost - | 236.1 | 310.1 | |||||
| Total investments | 6,047.9 | 6,077.6 | |||||
| Cash and cash equivalents | 640.7 | 969.2 | |||||
| Restricted cash and cash equivalents | 174.5 | 132.1 | |||||
| Redemption receivable from related party investment fund | — | 3.0 | |||||
| Due from brokers | 13.9 | 5.6 | |||||
| Interest and dividends receivable | 49.4 | 42.3 | |||||
| Insurance and reinsurance balances receivable, net | 2,069.1 | 1,966.3 | |||||
| Deferred acquisition costs, net | 330.0 | 308.9 | |||||
| Unearned premiums ceded | 467.2 | 449.2 | |||||
| Loss and loss adjustment expenses recoverable, net | 2,198.7 | 2,295.1 | |||||
| Deferred tax asset | 249.2 | 293.6 | |||||
| Intangible assets | 143.8 | 152.7 | |||||
| Other assets | 298.1 | 175.9 | |||||
| Total assets | $ | 12,682.5 | $ | 12,871.5 | |||
| Liabilities | |||||||
| Loss and loss adjustment expense reserves | $ | 5,702.1 | $ | 5,608.1 | |||
| Unearned premium reserves | 1,684.0 | 1,627.3 | |||||
| Reinsurance balances payable | 1,509.6 | 1,736.7 | |||||
| Deposit liabilities | 20.2 | 134.4 | |||||
| Deferred gain on retroactive reinsurance | 21.7 | 27.9 | |||||
| Debt | 660.5 | 786.2 | |||||
| Due to brokers | 23.1 | 6.2 | |||||
| Deferred tax liability | 38.9 | 68.7 | |||||
| Liability-classified capital instruments | 58.4 | 67.3 | |||||
| Accounts payable, accrued expenses and other liabilities | 267.5 | 278.1 | |||||
| Total liabilities | 9,986.0 | 10,340.9 | |||||
| Commitments and contingent liabilities | |||||||
| Shareholders’ equity | |||||||
| Series B preference shares (par value | 200.0 | 200.0 | |||||
| Common shares (issued and outstanding: 161,866,867; 2023 - 168,120,022) | 16.2 | 16.8 | |||||
| Additional paid-in capital | 1,591.0 | 1,693.0 | |||||
| Retained earnings | 806.2 | 601.0 | |||||
| Accumulated other comprehensive income, net of tax | 81.5 | 3.1 | |||||
| Shareholders’ equity attributable to SiriusPoint shareholders | 2,694.9 | 2,513.9 | |||||
| Noncontrolling interests | 1.6 | 16.7 | |||||
| Total shareholders’ equity | 2,696.5 | 2,530.6 | |||||
| Total liabilities, noncontrolling interests and shareholders’ equity | $ | 12,682.5 | $ | 12,871.5 | |||
| SIRIUSPOINT LTD. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) For the three and nine months ended September 30, 2024 and 2023 (expressed in millions of U.S. dollars, except per share and share amounts) | |||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||
| Revenues | |||||||||||||||
| Net premiums earned | $ | 568.9 | $ | 613.0 | $ | 1,753.2 | $ | 1,848.2 | |||||||
| Net investment income | 77.7 | 75.1 | 234.7 | 205.3 | |||||||||||
| Net realized and unrealized investment gains (losses) | 6.9 | (7.1 | ) | (48.0 | ) | 2.4 | |||||||||
| Net realized and unrealized investment gains from related party investment funds | 7.9 | 0.1 | 8.9 | — | |||||||||||
| Net investment income and net realized and unrealized investment gains (losses) | 92.5 | 68.1 | 195.6 | 207.7 | |||||||||||
| Other revenues | 18.1 | 21.8 | 164.8 | 80.0 | |||||||||||
| Loss on settlement and change in fair value of liability-classified capital instruments | (117.3 | ) | (0.3 | ) | (122.6 | ) | (44.4 | ) | |||||||
| Total revenues | 562.2 | 702.6 | 1,991.0 | 2,091.5 | |||||||||||
| Expenses | |||||||||||||||
| Loss and loss adjustment expenses incurred, net | 317.5 | 373.1 | 999.4 | 1,015.9 | |||||||||||
| Acquisition costs, net | 117.5 | 129.5 | 382.3 | 361.0 | |||||||||||
| Other underwriting expenses | 44.9 | 36.6 | 127.8 | 132.1 | |||||||||||
| Net corporate and other expenses | 51.4 | 63.4 | 174.0 | 193.7 | |||||||||||
| Intangible asset amortization | 3.0 | 2.9 | 8.9 | 8.2 | |||||||||||
| Interest expense | 13.8 | 19.8 | 50.0 | 44.3 | |||||||||||
| Foreign exchange (gains) losses | 3.0 | (1.8 | ) | 2.9 | 15.7 | ||||||||||
| Total expenses | 551.1 | 623.5 | 1,745.3 | 1,770.9 | |||||||||||
| Income before income tax expense | 11.1 | 79.1 | 245.7 | 320.6 | |||||||||||
| Income tax expense | (2.4 | ) | (15.3 | ) | (26.3 | ) | (56.6 | ) | |||||||
| Net income | 8.7 | 63.8 | 219.4 | 264.0 | |||||||||||
| Net income attributable to noncontrolling interests | (0.2 | ) | (2.3 | ) | (2.2 | ) | (6.7 | ) | |||||||
| Net income available to SiriusPoint | 8.5 | 61.5 | 217.2 | 257.3 | |||||||||||
| Dividends on Series B preference shares | (4.0 | ) | (4.0 | ) | (12.0 | ) | (12.0 | ) | |||||||
| Net income available to SiriusPoint common shareholders | $ | 4.5 | $ | 57.5 | $ | 205.2 | $ | 245.3 | |||||||
| Earnings per share available to SiriusPoint common shareholders | |||||||||||||||
| Basic earnings per share available to SiriusPoint common shareholders | $ | 0.03 | $ | 0.33 | $ | 1.15 | $ | 1.40 | |||||||
| Diluted earnings per share available to SiriusPoint common shareholders | $ | 0.03 | $ | 0.32 | $ | 1.11 | $ | 1.36 | |||||||
| Weighted average number of common shares used in the determination of earnings per share | |||||||||||||||
| Basic | 165,659,401 | 163,738,528 | 168,275,970 | 162,233,695 | |||||||||||
| Diluted | 172,803,298 | 168,516,508 | 174,261,326 | 166,920,744 | |||||||||||
| SIRIUSPOINT LTD. SEGMENT REPORTING | |||||||||||||||||||||||||||
| Three months ended September 30, 2024 | |||||||||||||||||||||||||||
| Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total | |||||||||||||||||||||
| Gross premiums written | $ | 314.5 | $ | 376.0 | $ | 690.5 | $ | — | $ | 23.5 | $ | — | $ | 714.0 | |||||||||||||
| Net premiums written | 268.3 | 235.3 | 503.6 | — | 0.6 | — | 504.2 | ||||||||||||||||||||
| Net premiums earned | 269.4 | 276.9 | 546.3 | — | 22.6 | — | 568.9 | ||||||||||||||||||||
| Loss and loss adjustment expenses incurred, net | 137.6 | 170.1 | 307.7 | (1.4 | ) | 11.2 | — | 317.5 | |||||||||||||||||||
| Acquisition costs, net | 69.8 | 65.9 | 135.7 | (24.1 | ) | 5.9 | — | 117.5 | |||||||||||||||||||
| Other underwriting expenses | 20.4 | 20.0 | 40.4 | — | 4.5 | — | 44.9 | ||||||||||||||||||||
| Underwriting income | 41.6 | 20.9 | 62.5 | 25.5 | 1.0 | — | 89.0 | ||||||||||||||||||||
| Services revenues | — | 48.1 | 48.1 | (29.9 | ) | — | (18.2 | ) | — | ||||||||||||||||||
| Services expenses | — | 41.3 | 41.3 | — | — | (41.3 | ) | — | |||||||||||||||||||
| Net services fee income | — | 6.8 | 6.8 | (29.9 | ) | — | 23.1 | — | |||||||||||||||||||
| Services noncontrolling loss | — | 0.2 | 0.2 | — | — | (0.2 | ) | — | |||||||||||||||||||
| Net services income | — | 7.0 | 7.0 | (29.9 | ) | — | 22.9 | — | |||||||||||||||||||
| Segment income | 41.6 | 27.9 | 69.5 | (4.4 | ) | 1.0 | 22.9 | 89.0 | |||||||||||||||||||
| Net investment income | 77.7 | — | 77.7 | ||||||||||||||||||||||||
| Net realized and unrealized investment gains | 6.9 | — | 6.9 | ||||||||||||||||||||||||
| Net realized and unrealized investment gains from related party investment funds | 7.9 | — | 7.9 | ||||||||||||||||||||||||
| Other revenues | (0.1 | ) | 18.2 | 18.1 | |||||||||||||||||||||||
| Loss on settlement and change in fair value of liability-classified capital instruments | (117.3 | ) | — | (117.3 | ) | ||||||||||||||||||||||
| Net corporate and other expenses | (10.1 | ) | (41.3 | ) | (51.4 | ) | |||||||||||||||||||||
| Intangible asset amortization | (3.0 | ) | — | (3.0 | ) | ||||||||||||||||||||||
| Interest expense | (13.8 | ) | — | (13.8 | ) | ||||||||||||||||||||||
| Foreign exchange losses | (3.0 | ) | — | (3.0 | ) | ||||||||||||||||||||||
| Income (loss) before income tax expense | $ | 41.6 | $ | 27.9 | 69.5 | (4.4 | ) | (53.8 | ) | (0.2 | ) | 11.1 | |||||||||||||||
| Income tax expense | — | — | (2.4 | ) | — | (2.4 | ) | ||||||||||||||||||||
| Net income (loss) | 69.5 | (4.4 | ) | (56.2 | ) | (0.2 | ) | 8.7 | |||||||||||||||||||
| Net (income) loss attributable to noncontrolling interest | — | — | (0.4 | ) | 0.2 | (0.2 | ) | ||||||||||||||||||||
| Net income (loss) available to SiriusPoint | $ | 69.5 | $ | (4.4 | ) | $ | (56.6 | ) | $ | — | $ | 8.5 | |||||||||||||||
| Underwriting Ratios: (1) | |||||||||||||||||||||||||||
| Loss ratio | 51.1 | % | 61.4 | % | 56.3 | % | 55.8 | % | |||||||||||||||||||
| Acquisition cost ratio | 25.9 | % | 23.8 | % | 24.8 | % | 20.7 | % | |||||||||||||||||||
| Other underwriting expenses ratio | 7.6 | % | 7.2 | % | 7.4 | % | 7.9 | % | |||||||||||||||||||
| Combined ratio | 84.6 | % | 92.4 | % | 88.5 | % | 84.4 | % | |||||||||||||||||||
| (1) | Underwriting ratios are calculated by dividing the related expense by net premiums earned. |
| (2) | Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards. |
| Three months ended September 30, 2023 | |||||||||||||||||||||||||||
| Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total | |||||||||||||||||||||
| Gross premiums written | $ | 265.4 | $ | 460.1 | $ | 725.5 | $ | — | $ | 33.3 | $ | — | $ | 758.8 | |||||||||||||
| Net premiums written | 243.2 | 290.4 | 533.6 | — | 32.4 | — | 566.0 | ||||||||||||||||||||
| Net premiums earned | 256.9 | 318.4 | 575.3 | — | 37.7 | — | 613.0 | ||||||||||||||||||||
| Loss and loss adjustment expenses incurred, net | 136.2 | 219.6 | 355.8 | (1.2 | ) | 18.5 | — | 373.1 | |||||||||||||||||||
| Acquisition costs, net | 69.4 | 76.3 | 145.7 | (37.2 | ) | 21.0 | — | 129.5 | |||||||||||||||||||
| Other underwriting expenses | 14.4 | 16.9 | 31.3 | — | 5.3 | — | 36.6 | ||||||||||||||||||||
| Underwriting income (loss) | 36.9 | 5.6 | 42.5 | 38.4 | (7.1 | ) | — | 73.8 | |||||||||||||||||||
| Services revenues | (0.2 | ) | 58.8 | 58.6 | (38.3 | ) | — | (20.3 | ) | — | |||||||||||||||||
| Services expenses | — | 48.7 | 48.7 | — | — | (48.7 | ) | — | |||||||||||||||||||
| Net services fee income (loss) | (0.2 | ) | 10.1 | 9.9 | (38.3 | ) | — | 28.4 | — | ||||||||||||||||||
| Services noncontrolling income | — | (2.4 | ) | (2.4 | ) | — | — | 2.4 | — | ||||||||||||||||||
| Net services income (loss) | (0.2 | ) | 7.7 | 7.5 | (38.3 | ) | — | 30.8 | — | ||||||||||||||||||
| Segment income (loss) | 36.7 | 13.3 | 50.0 | 0.1 | (7.1 | ) | 30.8 | 73.8 | |||||||||||||||||||
| Net investment income | 75.1 | — | 75.1 | ||||||||||||||||||||||||
| Net realized and unrealized investment losses | (7.1 | ) | — | (7.1 | ) | ||||||||||||||||||||||
| Net realized and unrealized investment gains from related party investment funds | 0.1 | — | 0.1 | ||||||||||||||||||||||||
| Other revenues | 1.5 | 20.3 | 21.8 | ||||||||||||||||||||||||
| Loss on settlement and change in fair value of liability-classified capital instruments | (0.3 | ) | — | (0.3 | ) | ||||||||||||||||||||||
| Net corporate and other expenses | (14.7 | ) | (48.7 | ) | (63.4 | ) | |||||||||||||||||||||
| Intangible asset amortization | (2.9 | ) | — | (2.9 | ) | ||||||||||||||||||||||
| Interest expense | (19.8 | ) | — | (19.8 | ) | ||||||||||||||||||||||
| Foreign exchange gains | 1.8 | — | 1.8 | ||||||||||||||||||||||||
| Income before income tax expense | $ | 36.7 | $ | 13.3 | 50.0 | 0.1 | 26.6 | 2.4 | 79.1 | ||||||||||||||||||
| Income tax expense | — | — | (15.3 | ) | — | (15.3 | ) | ||||||||||||||||||||
| Net income | 50.0 | 0.1 | 11.3 | 2.4 | 63.8 | ||||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interest | — | — | 0.1 | (2.4 | ) | (2.3 | ) | ||||||||||||||||||||
| Net income available to SiriusPoint | $ | 50.0 | $ | 0.1 | $ | 11.4 | $ | — | $ | 61.5 | |||||||||||||||||
| Underwriting Ratios: (1) | |||||||||||||||||||||||||||
| Loss ratio | 53.0 | % | 69.0 | % | 61.8 | % | 60.9 | % | |||||||||||||||||||
| Acquisition cost ratio | 27.0 | % | 24.0 | % | 25.3 | % | 21.1 | % | |||||||||||||||||||
| Other underwriting expenses ratio | 5.6 | % | 5.3 | % | 5.4 | % | 6.0 | % | |||||||||||||||||||
| Combined ratio | 85.6 | % | 98.3 | % | 92.5 | % | 88.0 | % | |||||||||||||||||||
| (1) | Underwriting ratios are calculated by dividing the related expense by net premiums earned. |
| (2) | Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards. |
| Nine months ended September 30, 2024 | |||||||||||||||||||||||||||
| Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total | |||||||||||||||||||||
| Gross premiums written | $ | 1,023.4 | $ | 1,390.5 | $ | 2,413.9 | $ | — | $ | 71.2 | $ | — | $ | 2,485.1 | |||||||||||||
| Net premiums written | 867.2 | 913.5 | 1,780.7 | — | 6.4 | — | 1,787.1 | ||||||||||||||||||||
| Net premiums earned | 779.2 | 838.3 | 1,617.5 | — | 135.7 | — | 1,753.2 | ||||||||||||||||||||
| Loss and loss adjustment expenses incurred, net | 406.0 | 538.8 | 944.8 | (4.1 | ) | 58.7 | — | 999.4 | |||||||||||||||||||
| Acquisition costs, net | 206.8 | 206.9 | 413.7 | (93.8 | ) | 62.4 | — | 382.3 | |||||||||||||||||||
| Other underwriting expenses | 59.9 | 55.4 | 115.3 | — | 12.5 | — | 127.8 | ||||||||||||||||||||
| Underwriting income | 106.5 | 37.2 | 143.7 | 97.9 | 2.1 | — | 243.7 | ||||||||||||||||||||
| Services revenues | — | 171.3 | 171.3 | (101.4 | ) | — | (69.9 | ) | — | ||||||||||||||||||
| Services expenses | — | 135.0 | 135.0 | — | — | (135.0 | ) | — | |||||||||||||||||||
| Net services fee income | — | 36.3 | 36.3 | (101.4 | ) | — | 65.1 | — | |||||||||||||||||||
| Services noncontrolling income | — | (2.1 | ) | (2.1 | ) | — | — | 2.1 | — | ||||||||||||||||||
| Net services income | — | 34.2 | 34.2 | (101.4 | ) | — | 67.2 | — | |||||||||||||||||||
| Segment income | 106.5 | 71.4 | 177.9 | (3.5 | ) | 2.1 | 67.2 | 243.7 | |||||||||||||||||||
| Net investment income | 234.7 | — | 234.7 | ||||||||||||||||||||||||
| Net realized and unrealized investment losses | (48.0 | ) | — | (48.0 | ) | ||||||||||||||||||||||
| Net realized and unrealized investment gains from related party investment funds | 8.9 | — | 8.9 | ||||||||||||||||||||||||
| Other revenues | 94.9 | 69.9 | 164.8 | ||||||||||||||||||||||||
| Loss on settlement and change in fair value of liability-classified capital instruments | (122.6 | ) | — | (122.6 | ) | ||||||||||||||||||||||
| Net corporate and other expenses | (39.0 | ) | (135.0 | ) | (174.0 | ) | |||||||||||||||||||||
| Intangible asset amortization | (8.9 | ) | — | (8.9 | ) | ||||||||||||||||||||||
| Interest expense | (50.0 | ) | — | (50.0 | ) | ||||||||||||||||||||||
| Foreign exchange losses | (2.9 | ) | — | (2.9 | ) | ||||||||||||||||||||||
| Income before income tax expense | $ | 106.5 | $ | 71.4 | 177.9 | (3.5 | ) | 69.2 | 2.1 | 245.7 | |||||||||||||||||
| Income tax expense | — | — | (26.3 | ) | — | (26.3 | ) | ||||||||||||||||||||
| Net income | 177.9 | (3.5 | ) | 42.9 | 2.1 | 219.4 | |||||||||||||||||||||
| Net income attributable to noncontrolling interests | — | — | (0.1 | ) | (2.1 | ) | (2.2 | ) | |||||||||||||||||||
| Net income available to SiriusPoint | $ | 177.9 | $ | (3.5 | ) | $ | 42.8 | $ | — | $ | 217.2 | ||||||||||||||||
| Underwriting Ratios: (1) | |||||||||||||||||||||||||||
| Loss ratio | 52.1 | % | 64.3 | % | 58.4 | % | 57.0 | % | |||||||||||||||||||
| Acquisition cost ratio | 26.5 | % | 24.7 | % | 25.6 | % | 21.8 | % | |||||||||||||||||||
| Other underwriting expenses ratio | 7.7 | % | 6.6 | % | 7.1 | % | 7.3 | % | |||||||||||||||||||
| Combined ratio | 86.3 | % | 95.6 | % | 91.1 | % | 86.1 | % | |||||||||||||||||||
| (1) | Underwriting ratios are calculated by dividing the related expense by net premiums earned. |
| (2) | Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards. |
| Nine months ended September 30, 2023 | |||||||||||||||||||||||||||
| Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total | |||||||||||||||||||||
| Gross premiums written | $ | 1,019.3 | $ | 1,571.6 | $ | 2,590.9 | $ | — | $ | 120.9 | $ | — | $ | 2,711.8 | |||||||||||||
| Net premiums written | 866.1 | 1,019.4 | 1,885.5 | — | 97.8 | — | 1,983.3 | ||||||||||||||||||||
| Net premiums earned | 788.2 | 934.0 | 1,722.2 | — | 126.0 | — | 1,848.2 | ||||||||||||||||||||
| Loss and loss adjustment expenses incurred, net | 368.5 | 608.8 | 977.3 | (4.0 | ) | 42.6 | — | 1,015.9 | |||||||||||||||||||
| Acquisition costs, net | 186.7 | 228.7 | 415.4 | (105.6 | ) | 51.2 | — | 361.0 | |||||||||||||||||||
| Other underwriting expenses | 54.6 | 61.7 | 116.3 | — | 15.8 | — | 132.1 | ||||||||||||||||||||
| Underwriting income | 178.4 | 34.8 | 213.2 | 109.6 | 16.4 | — | 339.2 | ||||||||||||||||||||
| Services revenues | (2.8 | ) | 184.6 | 181.8 | (109.6 | ) | — | (72.2 | ) | — | |||||||||||||||||
| Services expenses | — | 144.2 | 144.2 | — | — | (144.2 | ) | — | |||||||||||||||||||
| Net services fee income (loss) | (2.8 | ) | 40.4 | 37.6 | (109.6 | ) | — | 72.0 | — | ||||||||||||||||||
| Services noncontrolling income | — | (5.7 | ) | (5.7 | ) | — | — | 5.7 | — | ||||||||||||||||||
| Net services income (loss) | (2.8 | ) | 34.7 | 31.9 | (109.6 | ) | — | 77.7 | — | ||||||||||||||||||
| Segment income | 175.6 | 69.5 | 245.1 | — | 16.4 | 77.7 | 339.2 | ||||||||||||||||||||
| Net investment income | 205.3 | — | 205.3 | ||||||||||||||||||||||||
| Net realized and unrealized investment gains | 2.4 | — | 2.4 | ||||||||||||||||||||||||
| Other revenues | 7.8 | 72.2 | 80.0 | ||||||||||||||||||||||||
| Loss on settlement and change in fair value of liability-classified capital instruments | (44.4 | ) | — | (44.4 | ) | ||||||||||||||||||||||
| Net corporate and other expenses | (49.5 | ) | (144.2 | ) | (193.7 | ) | |||||||||||||||||||||
| Intangible asset amortization | (8.2 | ) | — | (8.2 | ) | ||||||||||||||||||||||
| Interest expense | (44.3 | ) | — | (44.3 | ) | ||||||||||||||||||||||
| Foreign exchange losses | (15.7 | ) | — | (15.7 | ) | ||||||||||||||||||||||
| Income before income tax expense | $ | 175.6 | $ | 69.5 | 245.1 | — | 69.8 | 5.7 | 320.6 | ||||||||||||||||||
| Income tax expense | — | — | (56.6 | ) | — | (56.6 | ) | ||||||||||||||||||||
| Net income | 245.1 | — | 13.2 | 5.7 | 264.0 | ||||||||||||||||||||||
| Net income attributable to noncontrolling interests | — | — | (1.0 | ) | (5.7 | ) | (6.7 | ) | |||||||||||||||||||
| Net income available to SiriusPoint | $ | 245.1 | $ | — | $ | 12.2 | $ | — | $ | 257.3 | |||||||||||||||||
| Underwriting Ratios: (1) | |||||||||||||||||||||||||||
| Loss ratio | 46.8 | % | 65.2 | % | 56.7 | % | 55.0 | % | |||||||||||||||||||
| Acquisition cost ratio | 23.7 | % | 24.5 | % | 24.1 | % | 19.5 | % | |||||||||||||||||||
| Other underwriting expenses ratio | 6.9 | % | 6.6 | % | 6.8 | % | 7.1 | % | |||||||||||||||||||
| Combined ratio | 77.4 | % | 96.3 | % | 87.6 | % | 81.6 | % | |||||||||||||||||||
| (1) | Underwriting ratios are calculated by dividing the related expense by net premiums earned. |
| (2) | Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards. |
| SIRIUSPOINT LTD. NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS & OTHER FINANCIAL MEASURES | |
Non-GAAP Financial Measures
Core Results
Collectively, the sum of the Company's two segments, Reinsurance and Insurance & Services, constitute "Core" results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.
Core underwriting income - calculated by subtracting loss and loss adjustment expenses incurred, net, acquisition costs, net, and other underwriting expenses from net premiums earned.
Core net services income - consists of services revenues which include commissions, brokerage and fee income related to consolidated MGAs, and other revenues, and services expenses which include direct expenses related to consolidated MGAs, services noncontrolling income which represent minority ownership interests in consolidated MGAs. Net services income is a key indicator of the profitability of the Company's services provided.
Core income - consists of two components, core underwriting income and core net services income. Core income is a key measure of our segment performance.
Core combined ratio - calculated by dividing the sum of Core loss and loss adjustment expenses incurred, net, acquisition costs, net and other underwriting expenses by Core net premiums earned. Accident year loss ratio and accident year combined ratio are calculated by excluding prior year loss reserve development to present the impact of current accident year net loss and loss adjustment expenses on the Core loss ratio and Core combined ratio, respectively. Attritional loss ratio excludes catastrophe losses from the accident year loss ratio as they are not predictable as to timing and amount. These ratios are useful indicators of our underwriting profitability.
Tangible Book Value Per Diluted Common Share
Tangible book value per diluted common share, as presented, is a non-GAAP financial measure and the most directly comparable U.S. GAAP measure is book value per common share. Tangible book value per diluted common share excludes intangible assets. Management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Tangible book value per diluted common share is useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets.
The following table sets forth the computation of book value per common share, book value per diluted common share and tangible book value per diluted common share as of September 30, 2024 and December 31, 2023:
| September 30, 2024 | December 31, 2023 | ||||||
| ($ in millions, except share and per share amounts) | |||||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders | $ | 2,494.9 | $ | 2,313.9 | |||
| Intangible assets | (143.8 | ) | (152.7 | ) | |||
| Tangible common shareholders' equity attributable to SiriusPoint common shareholders | $ | 2,351.1 | $ | 2,161.2 | |||
| Common shares outstanding | 161,866,867 | 168,120,022 | |||||
| Effect of dilutive stock options, restricted share units and warrants | 7,547,229 | 5,193,920 | |||||
| Book value per diluted common share denominator | 169,414,096 | 173,313,942 | |||||
| Book value per common share | $ | 15.41 | $ | 13.76 | |||
| Book value per diluted common share | $ | 14.73 | $ | 13.35 | |||
| Tangible book value per diluted common share | $ | 13.88 | $ | 12.47 | |||
Other Financial Measures
Annualized Return on Average Common Shareholders’ Equity Attributable to SiriusPoint Common Shareholders
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders is calculated by dividing annualized net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the three and nine months ended September 30, 2024 and 2023 was calculated as follows:
| Three months ended | Nine months ended | ||||||||||||||
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||
| ($ in millions) | |||||||||||||||
| Net income available to SiriusPoint common shareholders | $ | 4.5 | $ | 57.5 | $ | 205.2 | $ | 245.3 | |||||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders - beginning of period | 2,504.1 | 2,036.0 | 2,313.9 | 1,874.7 | |||||||||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders - end of period | 2,494.9 | 2,050.0 | 2,494.9 | 2,050.0 | |||||||||||
| Average common shareholders’ equity attributable to SiriusPoint common shareholders | $ | 2,499.5 | $ | 2,043.0 | $ | 2,404.4 | $ | 1,962.4 | |||||||
| Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders | 0.7 | % | 11.3 | % | 11.4 | % | 16.7 | % | |||||||
FAQ
What was SiriusPoint's (SPNT) net income in Q3 2024?
What was SiriusPoint's (SPNT) combined ratio in Q3 2024?
How much did SiriusPoint's (SPNT) book value per share increase in Q3 2024?
What was the impact of Hurricane Milton on SiriusPoint (SPNT) in Q3 2024?
