SiriusPoint reports ninth consecutive quarter of underwriting profits with FY Core combined ratio of 91.0%
SiriusPoint (NYSE:SPNT) reported its fourth quarter and full-year 2024 results, marking its ninth consecutive quarter of underwriting profits. The company achieved a Core combined ratio of 90.2% in Q4, a 3.2-point improvement from the previous year, resulting in a full-year Core combined ratio of 91.0% and Core underwriting income of $200 million.
The company experienced 21% growth in gross premiums written for continuing lines business in Q4, contributing to 10% annual growth. However, Q4 saw a net loss of $21 million, impacted by the CM Bermuda repurchase transaction, Enstar LPT transaction closure, and a single MGA investment write-down. The underlying net income was $44 million in Q4, contributing to $304 million for the full year, up 14% versus prior year.
The company's return on equity for 2024 was 9.1%, or 14.6% on an underlying basis. Book value per diluted common share (ex. AOCI) reached $14.64, up 9.8% from December 31, 2023. The company permanently retired 45.7 million common shares from CM Bermuda, driving over 20% earnings per share accretion.
SiriusPoint (NYSE:SPNT) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, segnando il nono trimestre consecutivo di profitti da sottoscrizione. L'azienda ha raggiunto un rapporto combinato core del 90,2% nel Q4, con un miglioramento di 3,2 punti rispetto all'anno precedente, portando a un rapporto combinato core dell'91,0% e un reddito da sottoscrizione core di 200 milioni di dollari.
L'azienda ha registrato una crescita del 21% nei premi lordi scritti per le linee di business continuative nel Q4, contribuendo a una crescita annuale del 10%. Tuttavia, nel Q4 si è registrata una perdita netta di 21 milioni di dollari, influenzata dalla transazione di riacquisto di CM Bermuda, dalla chiusura della transazione Enstar LPT e da una svalutazione di un singolo investimento MGA. Il reddito netto sottostante è stato di 44 milioni di dollari nel Q4, contribuendo a 304 milioni di dollari per l'intero anno, in aumento del 14% rispetto all'anno precedente.
Il ritorno sul capitale dell'azienda per il 2024 è stato del 9,1%, o del 14,6% su base sottostante. Il valore contabile per azione comune diluita (escluso AOCI) ha raggiunto 14,64 dollari, in aumento del 9,8% rispetto al 31 dicembre 2023. L'azienda ha ritirato permanentemente 45,7 milioni di azioni comuni da CM Bermuda, portando a un'accresciuta di oltre il 20% degli utili per azione.
SiriusPoint (NYSE:SPNT) reportó sus resultados del cuarto trimestre y del año completo 2024, marcando su noveno trimestre consecutivo de ganancias por suscripción. La compañía logró un ratio combinado core del 90,2% en el Q4, una mejora de 3,2 puntos respecto al año anterior, resultando en un ratio combinado core del 91,0% y un ingreso por suscripción core de 200 millones de dólares.
La compañía experimentó un crecimiento del 21% en las primas brutas escritas para líneas de negocio continuas en el Q4, contribuyendo a un crecimiento anual del 10%. Sin embargo, el Q4 vio una pérdida neta de 21 millones de dólares, impactada por la transacción de recompra de CM Bermuda, el cierre de la transacción Enstar LPT y una depreciación de una sola inversión MGA. El ingreso neto subyacente fue de 44 millones de dólares en el Q4, contribuyendo a 304 millones para el año completo, un aumento del 14% en comparación con el año anterior.
El retorno sobre el capital de la compañía para 2024 fue del 9,1%, o del 14,6% en base subyacente. El valor contable por acción común diluida (excluyendo AOCI) alcanzó los 14,64 dólares, un aumento del 9,8% desde el 31 de diciembre de 2023. La compañía retiró permanentemente 45,7 millones de acciones comunes de CM Bermuda, generando una acumulación de más del 20% en las ganancias por acción.
SiriusPoint (NYSE:SPNT)는 2024년 4분기 및 연간 실적을 발표하며 아홉 번째 연속 인수 이익을 기록했습니다. 회사는 4분기 코어 결합 비율 90.2%를 달성했으며, 이는 전년 대비 3.2포인트 개선된 수치로, 연간 코어 결합 비율은 91.0%에 달하고 코어 인수 소득은 2억 달러에 이릅니다.
회사는 4분기 지속 사업에 대한 총 서면 보험료에서 21% 성장률을 기록했으며, 이는 연간 10% 성장에 기여했습니다. 그러나 4분기에는 CM 버뮤다 재매입 거래, 엔스타 LPT 거래 종료, 단일 MGA 투자 손상으로 인해 2100만 달러의 순손실이 발생했습니다. 4분기 기본 순이익은 4400만 달러로, 연간 총 3억 400만 달러에 기여하며, 이는 전년 대비 14% 증가한 수치입니다.
회사의 2024년 자기자본 수익률은 9.1%로, 기본 기준으로는 14.6%입니다. 희석된 보통주당 장부 가치는 14.64달러로, 2023년 12월 31일 대비 9.8% 증가했습니다. 회사는 CM 버뮤다에서 4570만 주의 보통주를 영구적으로 매입하여 주당 20% 이상의 수익 증가를 이끌어냈습니다.
SiriusPoint (NYSE:SPNT) a annoncé ses résultats du quatrième trimestre et de l'année complète 2024, marquant son neuvième trimestre consécutif de bénéfices d'assurance. L'entreprise a atteint un taux combiné core de 90,2% au T4, soit une amélioration de 3,2 points par rapport à l'année précédente, ce qui a conduit à un taux combiné core de 91,0% et un revenu d'assurance core de 200 millions de dollars.
L'entreprise a connu une croissance de 21% des primes brutes souscrites pour les lignes d'affaires continues au T4, contribuant à une croissance annuelle de 10%. Cependant, le T4 a enregistré une perte nette de 21 millions de dollars, impactée par la transaction de rachat de CM Bermuda, la clôture de la transaction Enstar LPT et une dépréciation d'un investissement MGA unique. Le résultat net sous-jacent était de 44 millions de dollars au T4, contribuant à 304 millions de dollars pour l'année complète, en hausse de 14% par rapport à l'année précédente.
Le retour sur capitaux propres de l'entreprise pour 2024 était de 9,1%, ou 14,6% sur une base sous-jacente. La valeur comptable par action ordinaire diluée (hors AOCI) a atteint 14,64 dollars, en hausse de 9,8% par rapport au 31 décembre 2023. L'entreprise a définitivement retiré 45,7 millions d'actions ordinaires de CM Bermuda, entraînant une augmentation de plus de 20% du bénéfice par action.
SiriusPoint (NYSE:SPNT) hat seine Ergebnisse für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht und damit das neunte aufeinanderfolgende Quartal mit Underwriting-Gewinnen markiert. Das Unternehmen erzielte im Q4 ein Core Combined Ratio von 90,2%, was eine Verbesserung um 3,2 Punkte im Vergleich zum Vorjahr darstellt, was zu einem Core Combined Ratio von 91,0% und einem Core Underwriting-Einkommen von 200 Millionen Dollar für das Gesamtjahr führte.
Das Unternehmen verzeichnete im Q4 ein Wachstum von 21% bei den brutto geschriebenen Prämien für fortlaufende Geschäftsbereiche, was zu einem jährlichen Wachstum von 10% beitrug. Im Q4 gab es jedoch einen Nettoverlust von 21 Millionen Dollar, der durch die Rückkauftransaktion von CM Bermuda, den Abschluss der Enstar LPT-Transaktion und eine Abschreibung einer einzelnen MGA-Investition beeinflusst wurde. Das zugrunde liegende Nettoergebnis betrug im Q4 44 Millionen Dollar und trug zu 304 Millionen Dollar für das Gesamtjahr bei, was einem Anstieg von 14% im Vergleich zum Vorjahr entspricht.
Die Eigenkapitalrendite des Unternehmens für 2024 betrug 9,1% oder 14,6% auf Basis des zugrunde liegenden Ergebnisses. Der Buchwert pro verwässerter Stammaktie (ohne AOCI) erreichte 14,64 Dollar, was einem Anstieg von 9,8% seit dem 31. Dezember 2023 entspricht. Das Unternehmen hat 45,7 Millionen Stammaktien von CM Bermuda dauerhaft zurückgezogen, was zu einer Steigerung des Gewinns pro Aktie um über 20% führte.
- Nine consecutive quarters of underwriting profits with Core combined ratio improvement to 90.2% in Q4
- 21% growth in gross premiums written for Q4 and 10% for full year in continuing lines
- Underlying net income up 14% to $304 million for full year
- 14.6% underlying return on equity, at upper end of 12-15% target range
- Book value per diluted share up 9.8% year-over-year
- Over $1 billion returned to investors during 2024
- Q4 net loss of $21 million due to restructuring costs
- Higher catastrophe losses of $38.6 million in Q4 2024 vs minimal losses in Q4 2023
- Debt to capital ratio increased to 24.8% from 23.8% year-over-year
Insights
SiriusPoint's Q4 results reveal a company emerging stronger from its strategic transformation, with several key metrics indicating sustainable improvement in core operations. The 91.0% full-year Core combined ratio demonstrates superior underwriting discipline, particularly notable given the increased catastrophe activity in 2024.
The 4.2 point improvement in attritional loss ratio is especially significant as it reflects fundamental improvements in risk selection and pricing - core drivers of long-term profitability in insurance. This improvement, combined with the 21% growth in continuing lines, suggests the company has successfully balanced growth with risk management.
The permanent retirement of 45.7 million shares through the CM Bermuda transaction represents a significant strategic move with multiple benefits: it streamlines the shareholder structure, provides over 20% earnings per share accretion, and optimizes capital deployment. The maintenance of a 214% BSCR ratio post-transaction indicates prudent balance sheet management despite significant capital returns.
The company's catastrophe loss exposure appears well-managed, with $54.8 million in cat losses for 2024 remaining within expected ranges despite increased industry-wide activity. This reflects successful de-risking efforts over the past two years while maintaining profitable growth in other areas.
The 14.6% underlying ROE positions SiriusPoint at the top end of its peer group, particularly impressive given the current market conditions and the company's extensive repositioning efforts. With the major restructuring now complete, the focus on organic growth and performance enhancement suggests potential for further margin expansion in 2025.
HAMILTON, Bermuda, Feb. 18, 2025 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT) today announced results for its fourth quarter ended December 31, 2024
- Combined ratio of
90.2% in the fourth quarter for Core business, representing a 3.2 point improvement versus prior year, resulting in a full year 2024 Core combined ratio of91.0% and Core underwriting income of$200 million - Growth in the quarter of
21% on gross premiums written for continuing lines business (excluding 2023 exited programs), contributing to10% growth for the full year - Fourth quarter net loss of
$21 million , materially impacted by three significant items linked to our efforts to reposition the Company, including the CM Bermuda repurchase transaction, closure of previously announced LPT transaction with Enstar, and the write-down of a single MGA investment. This marks the end of the significant reshaping of the Company - Underlying net income of
$44 million in the fourth quarter contributing to$304 million for the full year, up14% versus prior year - Return on equity for 2024 of
9.1% , or14.6% on an underlying basis and at the upper end of the target range of 12-15% - Book value per diluted common share (ex. AOCI) of
$14.64 , up2.7% in the quarter and up9.8% from December 31, 2023. Balance sheet remains strong post CM Bermuda transaction with Q4’24 BSCR estimate at214% - Permanent retirement of the 45.7 million common shares repurchased from CM Bermuda on closure of the transaction, driving greater than
20% earnings per share accretion
Scott Egan, Chief Executive Officer, said: “2024 has been a remarkable year of delivery for SiriusPoint. Despite increased catastrophe activity, our Core combined ratio has improved meaningfully from last year to
Our underlying return on equity of
We have strengthened our underlying business performance year-over-year, providing a strong basis for 2025. While this quarter our net income was impacted by several one-off items, we see 2024 as the end of the repositioning and reshaping of the Company. Our efforts are now fully focused on both growing the business and continuing to enhance performance.
I take great pride in the accomplishments of the SiriusPoint team, who have worked with commitment and dedication to produce improvements in our underlying results, quarter after quarter. I am immensely grateful for all that they do every day for our customers, partners and shareholders.”
Fourth Quarter 2024 Highlights
- Net loss attributable to SiriusPoint common shareholders of
$21.3 million , or$0.13 per diluted common share - Core income of
$66.7 million , including underwriting income of$56.3 million , Core combined ratio of90.2% - Core net services fee income of
$10.4 million , with service margin of20.2% - Net investment income of
$68.9 million and total investment result of$29.0 million - Book value per diluted common share decreased
$0.13 per share, or0.9% , from September 30, 2024 to$14.60 - Annualized return on average common equity of (4.0)%
Year Ended December 31, 2024
- Net income available to SiriusPoint common shareholders of
$183.9 million , or$1.04 per diluted common share - Core income of
$244.6 million , including underwriting income of$200.0 million , Core combined ratio of91.0% - Core net services fee income of
$46.7 million , with service margin of21.0% - Net investment income of
$303.6 million and total investment result of$224.6 million - Book value per diluted common share increased
$1.25 per share, or9.4% , from December 31, 2023 to$14.60 - Return on average common equity of
9.1% - Debt to capital ratio increased to
24.8% compared to23.8% as of December 31, 2023
Key Financial Metrics
The following table shows certain key financial metrics for the three and twelve months ended December 31, 2024 and 2023:
| Three months ended | Twelve months ended | ||||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||
| ($ in millions, except for per share data and ratios) | |||||||||||||||
| Combined ratio | 94.4 | % | 93.6 | % | 88.3 | % | 84.5 | % | |||||||
| Core underwriting income (1) | $ | 56.3 | $ | 37.0 | $ | 200.0 | $ | 250.2 | |||||||
| Core net services income (1) | $ | 10.4 | $ | 9.3 | $ | 44.6 | $ | 41.2 | |||||||
| Core income (1) | $ | 66.7 | $ | 46.3 | $ | 244.6 | $ | 291.4 | |||||||
| Core combined ratio (1) | 90.2 | % | 93.4 | % | 91.0 | % | 89.1 | % | |||||||
| Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders | (4.0 | )% | 17.1 | % | 9.1 | % | 16.2 | % | |||||||
| Book value per common share | $ | 14.92 | $ | 13.76 | $ | 14.92 | $ | 13.76 | |||||||
| Book value per diluted common share | $ | 14.60 | $ | 13.35 | $ | 14.60 | $ | 13.35 | |||||||
| Book value per diluted common share ex. AOCI (1) | $ | 14.64 | $ | 13.33 | $ | 14.64 | $ | 13.33 | |||||||
| Tangible book value per diluted common share (1) | $ | 13.42 | $ | 12.47 | $ | 13.42 | $ | 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.” Book value per diluted common share ex. AOCI and tangible book value per diluted common share are non-GAAP financial measures. See definition and reconciliation in “Non-GAAP Financial Measures.” |
Fourth Quarter 2024 Summary
Consolidated underwriting income for the three months ended December 31, 2024 was
Consolidated underwriting income for the year ended December 31, 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.
Three months ended December 31, 2024 and 2023
Core Premium Volume
Gross premiums written increased by
Core Results
Core results for the three months ended December 31, 2024 included income of
Losses incurred included
Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended December 31, 2024, were
Year ended December 31, 2024 and 2023
Core Premium Volume
Gross premiums written decreased by
Core Results
Core results for the year ended December 31, 2024 included income of
Excluding the favorable development linked to the 2023 LPT, net underwriting income increased by
For the year ended December 31, 2024 catastrophe losses, net of reinsurance and reinstatement premiums, were
Reinsurance Segment
Three months ended December 31, 2024 and 2023
Reinsurance gross premiums written were
Reinsurance generated underwriting income of
Year ended December 31, 2024 and 2023
Reinsurance gross premiums written were
Reinsurance generated underwriting income of
For the year ended December 31, 2024, catastrophe losses, net of reinsurance and reinstatement premiums, were
Insurance & Services Segment
Three months ended December 31, 2024 and 2023
Insurance & Services gross premiums written were
Insurance & Services generated segment income of
Year ended December 31, 2024 and 2023
Insurance & Services gross premiums written were
Insurance & Services generated segment income of
As of December 31, 2024, we have equity stakes in 20 entities (managing general agents (“MGAs”), Insurtech and Other) compared to 36 at the start of 2023. We continue to rationalize our MGA equity stakes and realize the significant off-balance sheet value of our consolidated MGAs, with 6 of these rationalized in 2024. Book value for our three consolidated MGAs was
Investments
Three months ended December 31, 2024 and 2023
Total net investment income and realized and unrealized investment gains (losses) for the three months ended December 31, 2024 was primarily attributable to net investment income related to interest income from our debt portfolio of
Total net investment income and realized and unrealized investment gains (losses) for the three months ended December 31, 2023 was primarily attributable to investment results from our debt and short-term investment portfolio of
Year ended December 31, 2024 and 2023
Total net investment income and realized and unrealized investment gains (losses) for the year ended December 31, 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 year ended December 31, 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 fourth quarter 2024 results at 8:30 a.m. Eastern Time on February 19, 2025. 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. fourth 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 improve underwriting performance, de-risking our investment portfolio, and transforming our business; the impact of unpredictable catastrophic events, including uncertainties with respect to current and future 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, including wildfires, and increased coastal flooding in many geographic areas; geopolitical uncertainty, including the ongoing conflicts in Europe and the Middle East and the new presidential administration in the U.S.; 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; 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. Book value per diluted common share excluding accumulated other comprehensive income (loss) ("AOCI") and tangible book value per diluted common share, as presented, are non-GAAP financial measures and the most directly comparable U.S. GAAP measure is book value per common share. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates. Management believes the 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. Underlying net income is a non-GAAP financial measure and the most directly comparable U.S. GAAP measure is net income. Underlying net income excludes items which we believe are not indicative of the operations of our underlying businesses. Management believes it is useful to review underlying net income as it better reflects how we view the business, as well as provides investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. Underlying return on average common shareholders’ equity is calculated by dividing underlying net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity, excluding AOCI. 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 approximately
Contacts
Investor Relations
Liam Blackledge - Investor Relations and Strategy Manager
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 December 31, 2024 and December 31, 2023 (expressed in millions of U.S. dollars, except per share and share amounts) | |||||||
| December 31, 2024 | December 31, 2023 | ||||||
| Assets | |||||||
| Debt securities, available for sale, at fair value, net of allowance for credit losses of | $ | 5,131.0 | $ | 4,755.4 | |||
| Debt securities, trading, at fair value (cost - | 162.2 | 534.9 | |||||
| Short-term investments, at fair value (cost - | 95.8 | 371.6 | |||||
| Investments in related party investment funds, at fair value | 116.5 | 105.6 | |||||
| Other long-term investments, at fair value (cost - | 200.0 | 310.1 | |||||
| Total investments | 5,705.5 | 6,077.6 | |||||
| Cash and cash equivalents | 682.0 | 969.2 | |||||
| Restricted cash and cash equivalents | 212.6 | 132.1 | |||||
| Redemption receivable from related party investment fund | — | 3.0 | |||||
| Due from brokers | 11.2 | 5.6 | |||||
| Interest and dividends receivable | 44.0 | 42.3 | |||||
| Insurance and reinsurance balances receivable, net | 2,054.4 | 1,966.3 | |||||
| Deferred acquisition costs, net | 327.5 | 308.9 | |||||
| Unearned premiums ceded | 463.9 | 449.2 | |||||
| Loss and loss adjustment expenses recoverable, net | 2,315.3 | 2,295.1 | |||||
| Deferred tax asset | 297.0 | 293.6 | |||||
| Intangible assets | 140.8 | 152.7 | |||||
| Other assets | 270.7 | 175.9 | |||||
| Total assets | $ | 12,524.9 | $ | 12,871.5 | |||
| Liabilities | |||||||
| Loss and loss adjustment expense reserves | $ | 5,653.9 | $ | 5,608.1 | |||
| Unearned premium reserves | 1,639.2 | 1,627.3 | |||||
| Reinsurance balances payable | 1,781.6 | 1,736.7 | |||||
| Deposit liabilities | 17.4 | 134.4 | |||||
| Deferred gain on retroactive reinsurance | 8.5 | 27.9 | |||||
| Debt | 639.1 | 786.2 | |||||
| Due to brokers | 18.0 | 6.2 | |||||
| Deferred tax liability | 76.2 | 68.7 | |||||
| Liability-classified capital instruments | — | 67.3 | |||||
| Share repurchase liability | 483.0 | — | |||||
| Accounts payable, accrued expenses and other liabilities | 269.2 | 278.1 | |||||
| Total liabilities | 10,586.1 | 10,340.9 | |||||
| Commitments and contingent liabilities | |||||||
| Shareholders’ equity | |||||||
| Series B preference shares (par value | 200.0 | 200.0 | |||||
| Common shares (issued and outstanding: 116,429,057; 2023 - 168,120,022) | 11.6 | 16.8 | |||||
| Additional paid-in capital | 945.0 | 1,693.0 | |||||
| Retained earnings | 784.9 | 601.0 | |||||
| Accumulated other comprehensive income (loss), net of tax | (4.1 | ) | 3.1 | ||||
| Shareholders’ equity attributable to SiriusPoint shareholders | 1,937.4 | 2,513.9 | |||||
| Noncontrolling interests | 1.4 | 16.7 | |||||
| Total shareholders’ equity | 1,938.8 | 2,530.6 | |||||
| Total liabilities, noncontrolling interests and shareholders’ equity | $ | 12,524.9 | $ | 12,871.5 | |||
| SIRIUSPOINT LTD. CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) For the three and twelve months ended December 31, 2024 and 2023 (expressed in millions of U.S. dollars, except per share and share amounts) | |||||||||||||||
| Three months ended | Twelve months ended | ||||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||
| Revenues | |||||||||||||||
| Net premiums earned | $ | 590.3 | $ | 578.0 | $ | 2,343.5 | $ | 2,426.2 | |||||||
| Net investment income | 68.9 | 78.4 | 303.6 | 283.7 | |||||||||||
| Net realized and unrealized investment losses | (40.7 | ) | (12.4 | ) | (88.7 | ) | (10.0 | ) | |||||||
| Net realized and unrealized investment gains (losses) from related party investment funds | 0.8 | (1.0 | ) | 9.7 | (1.0 | ) | |||||||||
| Net investment income and net realized and unrealized investment gains (losses) | 29.0 | 65.0 | 224.6 | 272.7 | |||||||||||
| Other revenues | 19.4 | 17.8 | 184.2 | 97.8 | |||||||||||
| Loss on settlement and change in fair value of liability-classified capital instruments | (25.9 | ) | (15.0 | ) | (148.5 | ) | (59.4 | ) | |||||||
| Total revenues | 612.8 | 645.8 | 2,603.8 | 2,737.3 | |||||||||||
| Expenses | |||||||||||||||
| Loss and loss adjustment expenses incurred, net | 369.1 | 365.4 | 1,368.5 | 1,381.3 | |||||||||||
| Acquisition costs, net | 134.6 | 111.7 | 516.9 | 472.7 | |||||||||||
| Other underwriting expenses | 53.9 | 64.2 | 181.7 | 196.3 | |||||||||||
| Net corporate and other expenses | 58.1 | 64.5 | 232.1 | 258.2 | |||||||||||
| Intangible asset amortization | 3.0 | 2.9 | 11.9 | 11.1 | |||||||||||
| Interest expense | 19.6 | 19.8 | 69.6 | 64.1 | |||||||||||
| Foreign exchange (gains) losses | (12.9 | ) | 19.2 | (10.0 | ) | 34.9 | |||||||||
| Total expenses | 625.4 | 647.7 | 2,370.7 | 2,418.6 | |||||||||||
| Income (loss) before income tax (expense) benefit | (12.6 | ) | (1.9 | ) | 233.1 | 318.7 | |||||||||
| Income tax (expense) benefit | (4.4 | ) | 101.6 | (30.7 | ) | 45.0 | |||||||||
| Net income (loss) | (17.0 | ) | 99.7 | 202.4 | 363.7 | ||||||||||
| Net income attributable to noncontrolling interests | (0.3 | ) | (2.2 | ) | (2.5 | ) | (8.9 | ) | |||||||
| Net income (loss) available to SiriusPoint | (17.3 | ) | 97.5 | 199.9 | 354.8 | ||||||||||
| Dividends on Series B preference shares | (4.0 | ) | (4.0 | ) | (16.0 | ) | (16.0 | ) | |||||||
| Net income (loss) available to SiriusPoint common shareholders | $ | (21.3 | ) | $ | 93.5 | $ | 183.9 | $ | 338.8 | ||||||
| Earnings (loss) per share available to SiriusPoint common shareholders | |||||||||||||||
| Basic earnings (loss) per share available to SiriusPoint common shareholders | $ | (0.13 | ) | $ | 0.52 | $ | 1.06 | $ | 1.93 | ||||||
| Diluted earnings (loss) per share available to SiriusPoint common shareholders | $ | (0.13 | ) | $ | 0.50 | $ | 1.04 | $ | 1.85 | ||||||
| Weighted average number of common shares used in the determination of earnings (loss) per share | |||||||||||||||
| Basic | 161,378,360 | 166,640,624 | 166,537,394 | 163,341,448 | |||||||||||
| Diluted | 161,378,360 | 173,609,940 | 169,470,681 | 169,607,348 | |||||||||||
| SIRIUSPOINT LTD. SEGMENT REPORTING | |||||||||||||||||||||||||||
| Three months ended December 31, 2024 | |||||||||||||||||||||||||||
| Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total | |||||||||||||||||||||
| Gross premiums written | $ | 312.2 | $ | 450.3 | $ | 762.5 | $ | — | $ | (3.0 | ) | $ | — | $ | 759.5 | ||||||||||||
| Net premiums written | 237.5 | 322.7 | 560.2 | — | 4.8 | — | 565.0 | ||||||||||||||||||||
| Net premiums earned | 265.9 | 315.7 | 581.6 | — | 8.7 | — | 590.3 | ||||||||||||||||||||
| Loss and loss adjustment expenses incurred, net | 148.3 | 175.3 | 323.6 | (1.4 | ) | 46.9 | — | 369.1 | |||||||||||||||||||
| Acquisition costs, net | 73.1 | 77.8 | 150.9 | (27.6 | ) | 11.3 | — | 134.6 | |||||||||||||||||||
| Other underwriting expenses | 26.2 | 24.6 | 50.8 | — | 3.1 | — | 53.9 | ||||||||||||||||||||
| Underwriting income (loss) | 18.3 | 38.0 | 56.3 | 29.0 | (52.6 | ) | — | 32.7 | |||||||||||||||||||
| Services revenues | — | 51.6 | 51.6 | (31.4 | ) | — | (20.2 | ) | — | ||||||||||||||||||
| Services expenses | — | 41.2 | 41.2 | — | — | (41.2 | ) | — | |||||||||||||||||||
| Net services income | — | 10.4 | 10.4 | (31.4 | ) | — | 21.0 | — | |||||||||||||||||||
| Segment income (loss) | 18.3 | 48.4 | 66.7 | (2.4 | ) | (52.6 | ) | 21.0 | 32.7 | ||||||||||||||||||
| Net investment income | 68.9 | — | 68.9 | ||||||||||||||||||||||||
| Net realized and unrealized investment losses | (40.7 | ) | — | (40.7 | ) | ||||||||||||||||||||||
| Net realized and unrealized investment gains from related party investment funds | 0.8 | — | 0.8 | ||||||||||||||||||||||||
| Other revenues | (0.8 | ) | 20.2 | 19.4 | |||||||||||||||||||||||
| Loss on settlement and change in fair value of liability-classified capital instruments | (25.9 | ) | — | (25.9 | ) | ||||||||||||||||||||||
| Net corporate and other expenses | (16.9 | ) | (41.2 | ) | (58.1 | ) | |||||||||||||||||||||
| Intangible asset amortization | (3.0 | ) | — | (3.0 | ) | ||||||||||||||||||||||
| Interest expense | (19.6 | ) | — | (19.6 | ) | ||||||||||||||||||||||
| Foreign exchange gains | 12.9 | — | 12.9 | ||||||||||||||||||||||||
| Income (loss) before income tax expense | $ | 18.3 | $ | 48.4 | 66.7 | (2.4 | ) | (76.9 | ) | — | (12.6 | ) | |||||||||||||||
| Income tax expense | — | — | (4.4 | ) | — | (4.4 | ) | ||||||||||||||||||||
| Net income (loss) | 66.7 | (2.4 | ) | (81.3 | ) | — | (17.0 | ) | |||||||||||||||||||
| Net income attributable to noncontrolling interest | — | — | (0.3 | ) | — | (0.3 | ) | ||||||||||||||||||||
| Net income (loss) available to SiriusPoint | $ | 66.7 | $ | (2.4 | ) | $ | (81.6 | ) | $ | — | $ | (17.3 | ) | ||||||||||||||
| Attritional losses | $ | 154.9 | $ | 188.2 | $ | 343.1 | $ | (1.4 | ) | $ | 26.1 | $ | — | $ | 367.8 | ||||||||||||
| Catastrophe losses | 35.2 | 3.4 | 38.6 | — | — | — | 38.6 | ||||||||||||||||||||
| Prior year loss reserve development | (41.8 | ) | (16.3 | ) | (58.1 | ) | — | 20.8 | — | (37.3 | ) | ||||||||||||||||
| Loss and loss adjustment expenses incurred, net | $ | 148.3 | $ | 175.3 | $ | 323.6 | $ | (1.4 | ) | $ | 46.9 | $ | — | $ | 369.1 | ||||||||||||
| Underwriting Ratios: (1) | |||||||||||||||||||||||||||
| Attritional loss ratio | 58.3 | % | 59.6 | % | 59.0 | % | 62.3 | % | |||||||||||||||||||
| Catastrophe loss ratio | 13.2 | % | 1.1 | % | 6.6 | % | 6.5 | % | |||||||||||||||||||
| Prior year loss development ratio | (15.7 | )% | (5.2 | )% | (10.0 | )% | (6.3 | )% | |||||||||||||||||||
| Loss ratio | 55.8 | % | 55.5 | % | 55.6 | % | 62.5 | % | |||||||||||||||||||
| Acquisition cost ratio | 27.5 | % | 24.6 | % | 25.9 | % | 22.8 | % | |||||||||||||||||||
| Other underwriting expenses ratio | 9.9 | % | 7.8 | % | 8.7 | % | 9.1 | % | |||||||||||||||||||
| Combined ratio | 93.2 | % | 87.9 | % | 90.2 | % | 94.4 | % | |||||||||||||||||||
| (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 December 31, 2023 | |||||||||||||||||||||||||||
| Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total | |||||||||||||||||||||
| Gross premiums written | $ | 251.7 | $ | 468.1 | $ | 719.8 | $ | — | $ | (4.2 | ) | $ | — | $ | 715.6 | ||||||||||||
| Net premiums written | 194.9 | 263.3 | 458.2 | — | (3.6 | ) | — | 454.6 | |||||||||||||||||||
| Net premiums earned | 243.2 | 315.2 | 558.4 | — | 19.6 | — | 578.0 | ||||||||||||||||||||
| Loss and loss adjustment expenses incurred, net | 121.8 | 206.6 | 328.4 | (1.4 | ) | 38.4 | — | 365.4 | |||||||||||||||||||
| Acquisition costs, net | 65.5 | 66.8 | 132.3 | (31.6 | ) | 11.0 | — | 111.7 | |||||||||||||||||||
| Other underwriting expenses | 28.1 | 32.6 | 60.7 | — | 3.5 | — | 64.2 | ||||||||||||||||||||
| Underwriting income (loss) | 27.8 | 9.2 | 37.0 | 33.0 | (33.3 | ) | — | 36.7 | |||||||||||||||||||
| Services revenues | 1.7 | 54.0 | 55.7 | (40.0 | ) | — | (15.7 | ) | — | ||||||||||||||||||
| Services expenses | — | 43.6 | 43.6 | — | — | (43.6 | ) | — | |||||||||||||||||||
| Net services fee income | 1.7 | 10.4 | 12.1 | (40.0 | ) | — | 27.9 | — | |||||||||||||||||||
| Services noncontrolling income | — | (2.8 | ) | (2.8 | ) | — | — | 2.8 | — | ||||||||||||||||||
| Net services income | 1.7 | 7.6 | 9.3 | (40.0 | ) | — | 30.7 | — | |||||||||||||||||||
| Segment income (loss) | 29.5 | 16.8 | 46.3 | (7.0 | ) | (33.3 | ) | 30.7 | 36.7 | ||||||||||||||||||
| Net investment income | 78.4 | — | 78.4 | ||||||||||||||||||||||||
| Net realized and unrealized investment losses | (12.4 | ) | — | (12.4 | ) | ||||||||||||||||||||||
| Net realized and unrealized investment losses from related party investment funds | (1.0 | ) | — | (1.0 | ) | ||||||||||||||||||||||
| Other revenues | 2.1 | 15.7 | 17.8 | ||||||||||||||||||||||||
| Loss on settlement and change in fair value of liability-classified capital instruments | (15.0 | ) | — | (15.0 | ) | ||||||||||||||||||||||
| Net corporate and other expenses | (20.9 | ) | (43.6 | ) | (64.5 | ) | |||||||||||||||||||||
| Intangible asset amortization | (2.9 | ) | — | (2.9 | ) | ||||||||||||||||||||||
| Interest expense | (19.8 | ) | — | (19.8 | ) | ||||||||||||||||||||||
| Foreign exchange losses | (19.2 | ) | — | (19.2 | ) | ||||||||||||||||||||||
| Income (loss) before income tax benefit | $ | 29.5 | $ | 16.8 | 46.3 | (7.0 | ) | (44.0 | ) | 2.8 | (1.9 | ) | |||||||||||||||
| Income tax benefit | — | — | 101.6 | — | 101.6 | ||||||||||||||||||||||
| Net income | 46.3 | (7.0 | ) | 57.6 | 2.8 | 99.7 | |||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interest | — | — | 0.6 | (2.8 | ) | (2.2 | ) | ||||||||||||||||||||
| Net income available to SiriusPoint | $ | 46.3 | $ | (7.0 | ) | $ | 58.2 | $ | — | $ | 97.5 | ||||||||||||||||
| Attritional losses | $ | 143.5 | $ | 222.8 | $ | 366.3 | $ | (1.4 | ) | $ | 11.7 | $ | — | $ | 376.6 | ||||||||||||
| Catastrophe losses | (0.6 | ) | 0.4 | (0.2 | ) | — | 0.1 | — | (0.1 | ) | |||||||||||||||||
| Prior year loss reserve development | (21.1 | ) | (16.6 | ) | (37.7 | ) | — | 26.6 | — | (11.1 | ) | ||||||||||||||||
| Loss and loss adjustment expenses incurred, net | $ | 121.8 | $ | 206.6 | $ | 328.4 | $ | (1.4 | ) | $ | 38.4 | $ | — | $ | 365.4 | ||||||||||||
| Underwriting Ratios: (1) | |||||||||||||||||||||||||||
| Attritional loss ratio | 59.0 | % | 70.7 | % | 65.6 | % | 65.2 | % | |||||||||||||||||||
| Catastrophe loss ratio | (0.2 | )% | 0.1 | % | — | % | — | % | |||||||||||||||||||
| Prior year loss development ratio | (8.7 | )% | (5.3 | )% | (6.8 | )% | (1.9 | )% | |||||||||||||||||||
| Loss ratio | 50.1 | % | 65.5 | % | 58.8 | % | 63.2 | % | |||||||||||||||||||
| Acquisition cost ratio | 26.9 | % | 21.2 | % | 23.7 | % | 19.3 | % | |||||||||||||||||||
| Other underwriting expenses ratio | 11.6 | % | 10.3 | % | 10.9 | % | 11.1 | % | |||||||||||||||||||
| Combined ratio | 88.6 | % | 97.0 | % | 93.4 | % | 93.6 | % | |||||||||||||||||||
| (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. |
| Twelve months ended December 31, 2024 | |||||||||||||||||||||||||||
| Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total | |||||||||||||||||||||
| Gross premiums written | $ | 1,335.6 | $ | 1,840.8 | $ | 3,176.4 | $ | — | $ | 68.2 | $ | — | $ | 3,244.6 | |||||||||||||
| Net premiums written | 1,104.7 | 1,236.2 | 2,340.9 | — | 11.2 | — | 2,352.1 | ||||||||||||||||||||
| Net premiums earned | 1,045.1 | 1,154.0 | 2,199.1 | — | 144.4 | — | 2,343.5 | ||||||||||||||||||||
| Loss and loss adjustment expenses incurred, net | 554.3 | 714.1 | 1,268.4 | (5.5 | ) | 105.6 | — | 1,368.5 | |||||||||||||||||||
| Acquisition costs, net | 279.9 | 284.7 | 564.6 | (121.4 | ) | 73.7 | — | 516.9 | |||||||||||||||||||
| Other underwriting expenses | 86.1 | 80.0 | 166.1 | — | 15.6 | — | 181.7 | ||||||||||||||||||||
| Underwriting income (loss) | 124.8 | 75.2 | 200.0 | 126.9 | (50.5 | ) | — | 276.4 | |||||||||||||||||||
| Services revenues | — | 222.9 | 222.9 | (132.8 | ) | — | (90.1 | ) | — | ||||||||||||||||||
| Services expenses | — | 176.2 | 176.2 | — | — | (176.2 | ) | — | |||||||||||||||||||
| Net services fee income | — | 46.7 | 46.7 | (132.8 | ) | — | 86.1 | — | |||||||||||||||||||
| Services noncontrolling income | — | (2.1 | ) | (2.1 | ) | — | — | 2.1 | — | ||||||||||||||||||
| Net services income | — | 44.6 | 44.6 | (132.8 | ) | — | 88.2 | — | |||||||||||||||||||
| Segment income (loss) | 124.8 | 119.8 | 244.6 | (5.9 | ) | (50.5 | ) | 88.2 | 276.4 | ||||||||||||||||||
| Net investment income | 303.6 | — | 303.6 | ||||||||||||||||||||||||
| Net realized and unrealized investment losses | (88.7 | ) | — | (88.7 | ) | ||||||||||||||||||||||
| Net realized and unrealized investment gains from related party investment funds | 9.7 | — | 9.7 | ||||||||||||||||||||||||
| Other revenues | 94.1 | 90.1 | 184.2 | ||||||||||||||||||||||||
| Loss on settlement and change in fair value of liability-classified capital instruments | (148.5 | ) | — | (148.5 | ) | ||||||||||||||||||||||
| Net corporate and other expenses | (55.9 | ) | (176.2 | ) | (232.1 | ) | |||||||||||||||||||||
| Intangible asset amortization | (11.9 | ) | — | (11.9 | ) | ||||||||||||||||||||||
| Interest expense | (69.6 | ) | — | (69.6 | ) | ||||||||||||||||||||||
| Foreign exchange gains | 10.0 | — | 10.0 | ||||||||||||||||||||||||
| Income (loss) before income tax expense | $ | 124.8 | $ | 119.8 | 244.6 | (5.9 | ) | (7.7 | ) | 2.1 | 233.1 | ||||||||||||||||
| Income tax expense | — | — | (30.7 | ) | — | (30.7 | ) | ||||||||||||||||||||
| Net income (loss) | 244.6 | (5.9 | ) | (38.4 | ) | 2.1 | 202.4 | ||||||||||||||||||||
| Net income attributable to noncontrolling interest | — | — | (0.4 | ) | (2.1 | ) | (2.5 | ) | |||||||||||||||||||
| Net income (loss) available to SiriusPoint | $ | 244.6 | $ | (5.9 | ) | $ | (38.8 | ) | $ | — | $ | 199.9 | |||||||||||||||
| Attritional losses | $ | 579.8 | $ | 734.5 | $ | 1,314.3 | $ | (5.5 | ) | $ | 112.8 | $ | — | $ | 1,421.6 | ||||||||||||
| Catastrophe losses | 49.5 | 5.3 | 54.8 | — | — | — | 54.8 | ||||||||||||||||||||
| Prior year loss reserve development | (75.0 | ) | (25.7 | ) | (100.7 | ) | — | (7.2 | ) | — | (107.9 | ) | |||||||||||||||
| Loss and loss adjustment expenses incurred, net | $ | 554.3 | $ | 714.1 | $ | 1,268.4 | $ | (5.5 | ) | $ | 105.6 | $ | — | $ | 1,368.5 | ||||||||||||
| Underwriting Ratios: (1) | |||||||||||||||||||||||||||
| Attritional loss ratio | 55.5 | % | 63.6 | % | 59.8 | % | 60.7 | % | |||||||||||||||||||
| Catastrophe loss ratio | 4.7 | % | 0.5 | % | 2.5 | % | 2.3 | % | |||||||||||||||||||
| Prior year loss development ratio | (7.2 | )% | (2.2 | )% | (4.6 | )% | (4.6 | )% | |||||||||||||||||||
| Loss ratio | 53.0 | % | 61.9 | % | 57.7 | % | 58.4 | % | |||||||||||||||||||
| Acquisition cost ratio | 26.8 | % | 24.7 | % | 25.7 | % | 22.1 | % | |||||||||||||||||||
| Other underwriting expenses ratio | 8.2 | % | 6.9 | % | 7.6 | % | 7.8 | % | |||||||||||||||||||
| Combined ratio | 88.0 | % | 93.5 | % | 91.0 | % | 88.3 | % | |||||||||||||||||||
| (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. |
| Twelve months ended December 31, 2023 | |||||||||||||||||||||||||||
| Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total | |||||||||||||||||||||
| Gross premiums written | $ | 1,271.0 | $ | 2,039.7 | $ | 3,310.7 | $ | — | $ | 116.7 | $ | — | $ | 3,427.4 | |||||||||||||
| Net premiums written | 1,061.0 | 1,282.7 | 2,343.7 | — | 94.2 | — | 2,437.9 | ||||||||||||||||||||
| Net premiums earned | 1,031.4 | 1,249.2 | 2,280.6 | — | 145.6 | — | 2,426.2 | ||||||||||||||||||||
| Loss and loss adjustment expenses incurred, net | 490.3 | 815.4 | 1,305.7 | (5.4 | ) | 81.0 | — | 1,381.3 | |||||||||||||||||||
| Acquisition costs, net | 252.2 | 295.5 | 547.7 | (137.2 | ) | 62.2 | — | 472.7 | |||||||||||||||||||
| Other underwriting expenses | 82.7 | 94.3 | 177.0 | — | 19.3 | — | 196.3 | ||||||||||||||||||||
| Underwriting income (loss) | 206.2 | 44.0 | 250.2 | 142.6 | (16.9 | ) | — | 375.9 | |||||||||||||||||||
| Services revenues | (1.1 | ) | 238.6 | 237.5 | (149.6 | ) | — | (87.9 | ) | — | |||||||||||||||||
| Services expenses | — | 187.8 | 187.8 | — | — | (187.8 | ) | — | |||||||||||||||||||
| Net services fee income (loss) | (1.1 | ) | 50.8 | 49.7 | (149.6 | ) | — | 99.9 | — | ||||||||||||||||||
| Services noncontrolling income | — | (8.5 | ) | (8.5 | ) | — | — | 8.5 | — | ||||||||||||||||||
| Net services income (loss) | (1.1 | ) | 42.3 | 41.2 | (149.6 | ) | — | 108.4 | — | ||||||||||||||||||
| Segment income (loss) | 205.1 | 86.3 | 291.4 | (7.0 | ) | (16.9 | ) | 108.4 | 375.9 | ||||||||||||||||||
| Net investment income | 283.7 | — | 283.7 | ||||||||||||||||||||||||
| Net realized and unrealized investment losses | (10.0 | ) | — | (10.0 | ) | ||||||||||||||||||||||
| Net realized and unrealized investment losses from related party investment funds | (1.0 | ) | — | (1.0 | ) | ||||||||||||||||||||||
| Other revenues | 9.9 | 87.9 | 97.8 | ||||||||||||||||||||||||
| Loss on settlement and change in fair value of liability-classified capital instruments | (59.4 | ) | — | (59.4 | ) | ||||||||||||||||||||||
| Net corporate and other expenses | (70.4 | ) | (187.8 | ) | (258.2 | ) | |||||||||||||||||||||
| Intangible asset amortization | (11.1 | ) | — | (11.1 | ) | ||||||||||||||||||||||
| Interest expense | (64.1 | ) | — | (64.1 | ) | ||||||||||||||||||||||
| Foreign exchange losses | (34.9 | ) | — | (34.9 | ) | ||||||||||||||||||||||
| Income before income tax benefit | $ | 205.1 | $ | 86.3 | 291.4 | (7.0 | ) | 25.8 | 8.5 | 318.7 | |||||||||||||||||
| Income tax benefit | — | — | 45.0 | — | 45.0 | ||||||||||||||||||||||
| Net income | 291.4 | (7.0 | ) | 70.8 | 8.5 | 363.7 | |||||||||||||||||||||
| Net income attributable to noncontrolling interest | — | — | (0.4 | ) | (8.5 | ) | (8.9 | ) | |||||||||||||||||||
| Net income available to SiriusPoint | $ | 291.4 | $ | (7.0 | ) | $ | 70.4 | $ | — | $ | 354.8 | ||||||||||||||||
| Attritional losses | $ | 618.9 | $ | 840.7 | $ | 1,459.6 | $ | (5.4 | ) | $ | 76.5 | $ | — | $ | 1,530.7 | ||||||||||||
| Catastrophe losses | 12.2 | 1.3 | 13.5 | — | 11.3 | — | 24.8 | ||||||||||||||||||||
| Prior year loss reserve development | (140.8 | ) | (26.6 | ) | (167.4 | ) | — | (6.8 | ) | — | (174.2 | ) | |||||||||||||||
| Loss and loss adjustment expenses incurred, net | $ | 490.3 | $ | 815.4 | $ | 1,305.7 | $ | (5.4 | ) | $ | 81.0 | $ | — | $ | 1,381.3 | ||||||||||||
| Underwriting Ratios: (1) | |||||||||||||||||||||||||||
| Attritional loss ratio | 60.0 | % | 67.3 | % | 64.0 | % | 63.1 | % | |||||||||||||||||||
| Catastrophe loss ratio | 1.2 | % | 0.1 | % | 0.6 | % | 1.0 | % | |||||||||||||||||||
| Prior year loss development ratio | (13.7 | )% | (2.1 | )% | (7.3 | )% | (7.2 | )% | |||||||||||||||||||
| Loss ratio | 47.5 | % | 65.3 | % | 57.3 | % | 56.9 | % | |||||||||||||||||||
| Acquisition cost ratio | 24.5 | % | 23.7 | % | 24.0 | % | 19.5 | % | |||||||||||||||||||
| Other underwriting expenses ratio | 8.0 | % | 7.5 | % | 7.8 | % | 8.1 | % | |||||||||||||||||||
| Combined ratio | 80.0 | % | 96.5 | % | 89.1 | % | 84.5 | % | |||||||||||||||||||
| (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.
Book Value Per Diluted Common Share Metrics
Book value per diluted common share excluding AOCI and tangible book value per diluted common share, as presented, are non-GAAP financial measures and the most directly comparable U.S. GAAP measure is book value per common share. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates. 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 December 31, 2024 and December 31, 2023:
| December 31, 2024 | December 31, 2023 | ||||||
| ($ in millions, except share and per share amounts) | |||||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders | $ | 1,737.4 | $ | 2,313.9 | |||
| Accumulated other comprehensive income (loss), net of tax | (4.1 | ) | 3.1 | ||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI | 1,741.5 | 2,310.8 | |||||
| Intangible assets | 140.8 | 152.7 | |||||
| Tangible common shareholders' equity attributable to SiriusPoint common shareholders | $ | 1,596.6 | $ | 2,161.2 | |||
| Common shares outstanding | 116,429,057 | 168,120,022 | |||||
| Effect of dilutive stock options, restricted share units and warrants | 2,559,359 | 5,193,920 | |||||
| Book value per diluted common share denominator | 118,988,416 | 173,313,942 | |||||
| Book value per common share | $ | 14.92 | $ | 13.76 | |||
| Book value per diluted common share | $ | 14.60 | $ | 13.35 | |||
| Book value per diluted common share ex. AOCI | $ | 14.64 | $ | 13.33 | |||
| Tangible book value per diluted common share | $ | 13.42 | $ | 12.47 | |||
Underlying Net Income
Underlying net income is a non-GAAP financial measure and the most directly comparable U.S. GAAP measure is net income. Underlying net income excludes items which we believe are not indicative of the operations of our underlying businesses, including realized and unrealized gains (losses) on strategic and other investments and liability-classified capital instruments, income (expense) related to loss portfolio transfers, deferred tax assets attributable to the enactment of the Bermuda corporate income tax, development on COVID-19 reserves resulting from the COVID-19 reserve study performed concurrently with the settlement of the Series A Preference shares in the third quarter of 2024, and foreign exchange gains (losses). We believe it is useful to review underlying net income as it better reflects how we view the business, as well as provides investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. Underlying return on average common shareholders’ equity is calculated by dividing underlying net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity, excluding AOCI. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates.
The following table sets forth the computation of underlying net income for the three and twelve months ended December 31, 2024 and 2023:
| Three months ended | Twelve months ended | ||||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||
| Net income (loss) available to SiriusPoint common shareholders | $ | (21.3 | ) | $ | 93.5 | $ | 183.9 | $ | 338.8 | ||||||
| Non-recurring adjustments: | |||||||||||||||
| Gains on sale or deconsolidation of consolidated MGAs | — | — | (96.0 | ) | — | ||||||||||
| Losses on strategic and other investments | 34.3 | 15.4 | 90.5 | 40.2 | |||||||||||
| MGA & Strategic Investment Rationalization | 34.3 | 15.4 | (5.5 | ) | 40.2 | ||||||||||
| Losses on settlement and change in fair value of liability-classified capital instruments (“CMIG Merger Instruments”) | 25.9 | 15.0 | 148.5 | 59.4 | |||||||||||
| COVID-19 favorable reserve development (1) | — | — | (19.9 | ) | — | ||||||||||
| CMIG Instruments & Transactions | 25.9 | 15.0 | 128.6 | 59.4 | |||||||||||
| (Income) expense related to loss portfolio transfers | 28.9 | 2.1 | 44.6 | (101.6 | ) | ||||||||||
| Bermuda corporate income tax enactment | — | (100.8 | ) | — | (100.8 | ) | |||||||||
| Foreign exchange (gains) losses | (12.9 | ) | 19.2 | (10.0 | ) | 34.9 | |||||||||
| Income tax expense on adjustments (2) | (11.4 | ) | (7.8 | ) | (38.1 | ) | (4.9 | ) | |||||||
| Underlying net income available to SiriusPoint common shareholders | $ | 43.5 | $ | 36.6 | $ | 303.5 | $ | 266.0 | |||||||
| Return on average common shareholders’ equity attributable to SiriusPoint common shareholders | (4.0 | )% | 17.1 | % | 9.1 | % | 16.2 | % | |||||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders - beginning of period | $ | 2,494.9 | $ | 2,050.0 | $ | 2,313.9 | $ | 1,874.7 | |||||||
| Accumulated other comprehensive income (loss), net of tax | 81.5 | (135.4 | ) | 3.1 | (45.0 | ) | |||||||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI - beginning of period | 2,413.4 | 2,185.4 | 2,310.8 | 1,919.7 | |||||||||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders - end of period | 1,737.4 | 2,313.9 | 1,737.4 | 2,313.9 | |||||||||||
| Impact of adjustments from above | 64.8 | (56.9 | ) | 119.6 | (72.8 | ) | |||||||||
| Accumulated other comprehensive income (loss), net of tax | (4.1 | ) | 3.1 | (4.1 | ) | 3.1 | |||||||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI - end of period | 1,806.3 | 2,253.9 | 1,861.1 | 2,238.0 | |||||||||||
| Average common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI | $ | 2,109.9 | $ | 2,219.7 | $ | 2,086.0 | $ | 2,078.9 | |||||||
| Underlying return on average common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI | 8.2 | % | 6.6 | % | 14.5 | % | 12.8 | % | |||||||
| (1) | This development, which is primarily related to business written by legacy Third Point Reinsurance Ltd., is the result of the COVID-19 reserve study performed concurrently with the settlement of the Series A Preference shares in the third quarter of 2024. |
| (2) | An effective tax rate of |
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 (loss) 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 twelve months ended December 31, 2024 and 2023 was calculated as follows:
| Three months ended | Twelve months ended | ||||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||
| ($ in millions) | |||||||||||||||
| Net income (loss) available to SiriusPoint common shareholders | $ | (21.3 | ) | $ | 93.5 | $ | 183.9 | $ | 338.8 | ||||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders - beginning of period | 2,494.9 | 2,050.0 | 2,313.9 | 1,874.7 | |||||||||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders - end of period | 1,737.4 | 2,313.9 | 1,737.4 | 2,313.9 | |||||||||||
| Average common shareholders’ equity attributable to SiriusPoint common shareholders | $ | 2,116.2 | $ | 2,182.0 | $ | 2,025.7 | $ | 2,094.3 | |||||||
| Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders | (4.0 | )% | 17.1 | % | 9.1 | % | 16.2 | % | |||||||
FAQ
What was SiriusPoint's (SPNT) Core combined ratio for Q4 2024?
How much did SPNT's gross premiums written grow in Q4 2024?
What caused SiriusPoint's (SPNT) Q4 2024 net loss?
What was SPNT's return on equity for full-year 2024?
How many shares did SPNT retire from the CM Bermuda transaction?
