SiriusPoint Reports Fourth Quarter 2025 Net Income of $240m, Return on Equity of 44.9% and Operating Return on Equity of 17.1%

Rhea-AI Summary

SiriusPoint (NYSE:SPNT) reported Q4 2025 net income available to common shareholders of $240 million ($1.97 diluted) and operating EPS of $0.70. Annualized ROE was 44.9% with operating ROE of 17.1%. Q4 gross and net written premiums grew 18%. Full‑year 2025 net income was $444 million ($3.64 diluted) and operating EPS rose 49% to $2.55. Book value per diluted share ex. AOCI increased to $18.10 (up 23.6% YoY). The company announced a $100 million common share repurchase intent and a Series B preference share redemption, targeting leverage near 23% and year‑end BSCR of 247% (pro‑forma 232%).

Positive

• Q4 net income of $240 million
• Operating EPS growth to $2.55 for full year (up 49%)
• Q4 and full‑year premium growth (~16–18%)
• Book value per diluted share ex. AOCI +23.6% to $18.10
• Planned $100 million common share repurchase and Series B redemption

Negative

• Full‑year reinsurance underwriting income declined to $90.5 million
• Favorable prior year reserve development decreased (yearly drop ~$28.5 million)
• Catastrophe losses increased to $74.4 million for 2025
• Q4 net services income fell to $4.2 million from $10.4 million
• Deconsolidation of Armada reduced reported net services income

Key Figures

Q4 net income: $240 million Q4 diluted EPS: $1.97 per share Q4 operating EPS: $0.70 per share +5 more

8 metrics

Q4 net income $240 million Net income available to common shareholders, Q4 2025

Q4 diluted EPS $1.97 per share Net income per diluted common share, Q4 2025

Q4 operating EPS $0.70 per share Operating earnings per share, Q4 2025

Q4 ROE 44.9% Annualized return on equity, Q4 2025

FY operating EPS $2.55 per share Full year 2025 operating earnings per share, up 49%

FY Core combined ratio 91.7% Core combined ratio for full year 2025

GWP growth 16% Full year 2025 gross written premium growth

Buyback plan $100 million Intended common share repurchases over next 12 months

Market Reality Check

Price: $20.99 Vol: Volume 503,973 is about i...

normal vol

$20.99 Last Close

Volume Volume 503,973 is about in line with recent activity (20-day avg 597,075). normal

Technical Price at $20.99 is trading above the 200-day MA of $19.52 and 8.3% below the 52-week high.

Peers on Argus

SPNT is up 2.34% with key reinsurance peers also positive (e.g., RNR +1.39%, GLR...

SPNT is up 2.34% with key reinsurance peers also positive (e.g., RNR +1.39%, GLRE +1.63%), suggesting a stock-specific move within a generally firm group.

Previous Earnings Reports

2 past events · Latest: Oct 30 (Positive)

Same Type Pattern 2 events

Date	Event	Sentiment	Move	Catalyst
Oct 30	Earnings results	Positive	+0.1%	Q3 2025 Core combined ratio 89.1% and $69.6M underwriting income.
Aug 04	Earnings results	Positive	-6.1%	Q2 2025 Core combined ratio 89.5% and strong ROE/earnings growth.

Pattern Detected

Recent earnings releases have been fundamentally strong but produced mixed next-day reactions, with one modest uptick and one notable selloff.

Recent Company History

Recent earnings updates for SiriusPoint highlighted improving profitability and disciplined growth. In Q2 2025, the company reported a Core combined ratio of 89.5%, underwriting income of $68 million, and ROE of 12.7%. By Q3 2025, Core combined ratio improved to 89.1% with underwriting income of $69.6 million and operating ROE of 17.9% annualized, while book value per diluted share (ex. AOCI) rose to $16.47. Today’s full-year and Q4 figures extend that trajectory of solid underwriting and ROE above targets.

Historical Comparison

-3.0% avg move · Past earnings headlines led to an average move of -3.02%, despite strong Core combined ratios and RO...

earnings

-3.0%

Average Historical Move earnings

Past earnings headlines led to an average move of -3.02%, despite strong Core combined ratios and ROE, making reactions to this report worth comparing carefully.

Across recent quarters, SiriusPoint has maintained Core combined ratios below 90–92% and operating ROE above its 12–15% target, while steadily growing underwriting income and book value per diluted share (ex. AOCI).

Market Pulse Summary

This announcement highlights strong Q4 and full‑year 2025 performance, with net income of $240 milli...

Analysis

This announcement highlights strong Q4 and full‑year 2025 performance, with net income of $240 million in the quarter, annualized ROE of 44.9%, and a full‑year Core combined ratio of 91.7%. Book value per diluted share (ex. AOCI) rose to $18.10, and management plans a $100 million share repurchase while targeting leverage near 23%. Investors may watch how premium growth, catastrophe losses, and integration of recent transactions affect future ROE and book value progression.

Key Terms

combined ratio, core combined ratio, gross written premium, catastrophe losses

4 terms

combined ratio financial

"Fourth quarter Core combined ratio of 92.9%"

The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.

core combined ratio financial

"Full year Core combined ratio of 91.7%"

Core combined ratio is an insurer’s key measure of underwriting performance, calculated as the insurer’s regular claims plus operating costs divided by earned premiums, after removing one-time or unusual items (like major catastrophe losses or large reserve changes). It tells investors whether the company's basic insurance business is making money on policies alone—below 100% means underwriting profit, above 100% means loss—so it helps compare underlying trends without distortion from rare events.

gross written premium financial

"Gross written premium increased by $512.1 million, or 16.1%, to $3,688.5 million"

Gross written premium is the total value of insurance policies a company has sold during a period, measured before any cancellations, refunds or transfers to other insurers are taken out. Think of it as the company’s topline sales number for insurance, like a store reporting total receipts before returns — it shows scale and sales momentum and helps investors gauge growth, market share and potential exposure to claims.

catastrophe losses financial

"Catastrophe losses for the three months ended December 31, 2025 were $7.0 million"

Catastrophe losses are large, unexpected insurance payouts that follow major disasters such as hurricanes, earthquakes, wildfires or pandemics. They matter to investors because they can sharply reduce an insurer’s profits, drain reserves and force special financing or rate increases — much like a sudden flood overwhelming a city’s budget — and can also ripple through markets by affecting reinsurers, bondholders and stock prices.

AI-generated analysis. Not financial advice.

HAMILTON, Bermuda, Feb. 18, 2026 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT) today announced results for its fourth quarter ended December 31, 2025

Fourth Quarter 2025 Highlights

• Net income available to SiriusPoint common shareholders of $240 million, or $1.97 per diluted common share with operating earnings per share of $0.70
• Annualized return on equity of 44.9%, operating return on equity of 17.1%
• Fourth quarter gross and net written premium growth of 18%
• Fourth quarter Core combined ratio of 92.9%
• Book value per diluted common share (ex. AOCI) increased $1.63 per share, or 9.9%, from September 30, 2025 to $18.10
  

Capital Announcements

• Series B Preference Share redemption announced. Leverage ratio is expected to drop to historic low of 23% post redemption
• Intend to repurchase $100 million of common shares over the next 12 months
• Balance sheet remains strong with year-end BSCR estimate of 247% (pro-forma BSCR of 232% post Series B Preference Share redemption)
  

Full Year 2025 Highlights

• Net income available to SiriusPoint common shareholders of $444 million, or $3.64 per diluted common share, with operating earnings per share up 49% to $2.55
• Return on equity of 22.1%, operating return on equity of 16.2%
• Full year gross written premium growth of 16% with net written premiums up 19%
• Full year Core combined ratio of 91.7%
• Book value per diluted common share (ex. AOCI) increased $3.46 per share, or 23.6%, from December 31, 2024 to $18.10
  

Scott Egan, Chief Executive Officer, said: “The fourth quarter rounded out another very strong year for SiriusPoint. Our disciplined underwriting strategy, customer mindset, and relentless focus on delivery means we have a lot to be pleased about in 2025.

“Our top line grew 16%, we improved the quality of our underwriting earnings year-over-year by 1.5 points, grew our diluted book value per share by 28%, delivered a 49% increase in operating earnings per share over prior year, and we will reduce our leverage ratio to an all-time low of 23% by the end of February. Our operating return on equity of 16.2% has improved for the third consecutive year and, more importantly, outperformed against our 12-15% across the cycle target. Against this backdrop we are delighted to announce that over the next 12 months, we intend to repurchase $100 million of common shares.

“We enter 2026 with great momentum and determination. We are well positioned to navigate insurance market conditions, and we look forward to continuing to execute against our targets as we move closer to our ambition to becoming a best-in-class specialty underwriter. Our performance in 2025 is another important proof point for the company.

“I want to thank my colleagues for their hard work everyday and their unwavering support. These results would not be possible without their dedication and commitment.”

Key Financial Metrics

The following table shows certain key financial metrics as of and for the three and twelve months ended December 31, 2025 and 2024:

	Three months ended								Twelve months ended
	December 31, 2025				December 31, 2024				December 31, 2025				December 31, 2024
	($ in millions, except for ratios)
Combined ratio		90.0	%			94.4	%			88.3	%			88.3	%
Core combined ratio ⁽¹⁾		92.9	%			90.2	%			91.7	%			91.0	%
Core underwriting income ⁽¹⁾	$	48.6			$	56.3			$	214.3			$	200.0
Core net services income ⁽¹⁾	$	4.2			$	10.4			$	41.9			$	44.6
Operating net income ⁽¹⁾	$	85.8			$	43.5			$	310.0			$	303.5
Operating earnings per share ⁽¹⁾	$	0.70			$	0.27			$	2.55			$	1.71
Annualized ROE		44.9	%			(4.0	)%			22.1	%			9.1	%
Annualized Operating ROE ⁽¹⁾		17.1	%			8.2	%			16.2	%			14.6	%

	December 31, 2025				December 31, 2024
Book value per common share	$	19.40			$	14.92
Book value per diluted common share	$	18.61			$	14.60
Book value per diluted common share ex. AOCI ⁽¹⁾	$	18.10			$	14.64
Tangible book value per diluted common share ⁽¹⁾	$	17.62			$	13.42

(1) Core combined ratio, Core underwriting income, and Core net services income are non-GAAP financial measures. See definitions in “Non-GAAP Financial Measures” and reconciliations in “Segment Reporting.” Operating net income, Operating earnings per share, Operating ROE, book value per diluted common share ex. AOCI and tangible book value per diluted common share are non-GAAP financial measures. See definitions and reconciliations in “Non-GAAP Financial Measures.”

Fourth Quarter and Full Year 2025 Summary

Consolidated underwriting income for the three months ended December 31, 2025 was $67.1 million compared to $32.7 million for the three months ended December 31, 2024. The improvement was primarily driven by decreased catastrophe losses, slightly offset by decreased favorable prior year loss reserve development.

Consolidated underwriting income for the year ended December 31, 2025 was $302.8 million compared to $276.4 million for the year ended December 31, 2024. The improvement was primarily driven by premium growth combined with an improvement in attritional loss ratio, partially offset by decreased favorable prior year loss reserve development and increased catastrophe losses.

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 - Insurance & Services and Reinsurance. Collectively, the sum of our two segments, Insurance & Services and Reinsurance, 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, 2025 and 2024

Core Premium Volume

Gross written premium increased by $134.4 million, or 17.6%, to $896.9 million for the three months ended December 31, 2025 compared to $762.5 million for the three months ended December 31, 2024. Net earned premium increased by $95.0 million, or 16.3%, to $676.6 million for the three months ended December 31, 2025 compared to $581.6 million for the three months ended December 31, 2024. The increases in premium volume were primarily driven by our Insurance & Services segment, including expansion of Surety within our Other Specialties business line, growth across A&H, as well as continued strategic organic and new program growth in our international P&C business.

Core Underwriting Results

Core results for the three months ended December 31, 2025 included income of $52.8 million compared to $66.7 million for the three months ended December 31, 2024. Income for the three months ended December 31, 2025 consists of underwriting income of $48.6 million (92.9% combined ratio) and net services income of $4.2 million, compared to underwriting income of $56.3 million (90.2% combined ratio) and net services income of $10.4 million for the three months ended December 31, 2024. The decrease in net underwriting results was primarily driven by decreased favorable prior year loss reserve development and true-up of acquisition costs, partially offset by decreased catastrophe losses. The decrease in net service income was primarily driven by the deconsolidation of ArmadaCorp Capital, LLC (“Armada”) partially offset by higher fee income from International Medical Group, Inc. (“IMG”). Effective November 1, 2025, we deconsolidated Armada upon its sale to Ambac Financial Group Inc. We will continue our capacity partnership with Armada until the end of 2030.

Losses incurred included $15.0 million of favorable prior year loss reserve development for the three months ended December 31, 2025 primarily driven by favorable development in A&H, due to lower than expected reported attritional losses, and Property, compared to $58.1 million for the three months ended December 31, 2024 driven by reserve releases relating to prior year’s catastrophe events mainly in Property and Other Specialties. Catastrophe losses for the three months ended December 31, 2025 were $7.0 million, or 1.0 percentage point on the combined ratio, compared to $38.6 million, or 6.6 percentage points on the combined ratio, for the three months ended December 31, 2024.

Year ended December 31, 2025 and 2024

Core Premium Volume

Gross written premium increased by $512.1 million, or 16.1%, to $3,688.5 million for the year ended December 31, 2025 compared to $3,176.4 million for the year ended December 31, 2024. Net earned premium increased by $392.4 million, or 17.8%, to $2,591.5 million for the year ended December 31, 2025 compared to $2,199.1 million for the year ended December 31, 2024. The increases in premium volume were primarily driven by the Insurance & Services segment, including growth across A&H, expansion of Surety within our Other Specialties business line, and continued strategic organic and new program growth in international business, specifically London MGAs.

Core Underwriting Results

Core results for the year ended December 31, 2025 included income of $256.2 million compared to $244.6 million for the year ended December 31, 2024. Income for the year ended December 31, 2025 consists of underwriting income of $214.3 million (91.7% combined ratio) and net services income of $41.9 million, compared to underwriting income of $200.0 million (91.0% combined ratio) and net services income of $44.6 million for the year ended December 31, 2024. The improvement in net underwriting results was primarily driven by premium growth combined with an improvement in attritional loss ratio, partially offset by decreased favorable prior year loss reserve development and increased catastrophe losses.

Favorable prior year loss reserve development for the year ended December 31, 2025 was $72.2 million primarily driven by favorable development in Property, mainly from reserve releases relating to prior year’s catastrophe events, as well as favorable development in A&H, due to lower than expected reported losses, compared to $100.7 million for the year ended December 31, 2024 mainly in Property and Other Specialties from reserve releases relating to prior year’s catastrophe events. Catastrophe losses were $74.4 million, or 2.9 percentage points on the combined ratio, for the year ended December 31, 2025 primarily from the California wildfires, compared to $54.8 million, or 2.5 percentage points on the combined ratio, for the year ended December 31, 2024.

Insurance & Services Segment

Three months ended December 31, 2025 and 2024

Insurance & Services gross written premium were $556.0 million for the three months ended December 31, 2025, an increase of $105.7 million, or 23.5%, compared to the three months ended December 31, 2024, primarily driven by expansion of Surety within our Other Specialties business line, growth across A&H, and continued strategic organic and new program growth.

Insurance & Services generated income of $30.7 million for the three months ended December 31, 2025, compared to $48.4 million for the three months ended December 31, 2024. Income for the three months ended December 31, 2025 consists of underwriting income of $26.5 million (93.3% combined ratio) and net services income of $4.2 million, compared to underwriting income of $38.0 million (87.9% combined ratio) and net services income of $10.4 million for the three months ended December 31, 2024. The decrease in income was primarily driven by lower net favorable prior year loss reserve development, which was $10.4 million for the three months ended December 31, 2025, mainly in A&H, compared to $16.3 million for the three months ended December 31, 2024, as well as the true-up of acquisition costs.

Year ended December 31, 2025 and 2024

Insurance & Services gross written premium were $2,313.5 million for the year ended December 31, 2025, an increase of $472.7 million, or 25.7%, for the year ended December 31, 2025 compared to the year ended December 31, 2024, primarily driven by Accident & Health, expansion of Surety within our Other Specialties business line, and continued strategic organic and new program growth in our international business, specifically London MGAs.

Insurance & Services generated income of $165.7 million for the year ended December 31, 2025, compared to $119.8 million for the year ended December 31, 2024. Income for the year ended December 31, 2025 consists of underwriting income of $123.8 million (91.7% combined ratio) and net services income of $41.9 million, compared to underwriting income of $75.2 million (93.5% combined ratio) and net services income of $44.6 million for the year ended December 31, 2024. The improvement in underwriting income of $48.6 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 was primarily driven by premium growth combined with an improved attritional loss ratio.

Reinsurance Segment

Three months ended December 31, 2025 and 2024

Reinsurance gross written premium were $340.9 million for the three months ended December 31, 2025, an increase of $28.7 million, or 9.2%, compared to the three months ended December 31, 2024, primarily driven by new business and organic growth in London and New York Casualty, partially offset by decreases in Bermuda Property, due to underlying rate decreases and growth reductions, and London Specialty.

Reinsurance generated underwriting income of $22.1 million (92.1% combined ratio) for the three months ended December 31, 2025, compared to $18.3 million (93.2% combined ratio) for the three months ended December 31, 2024. The improvement in net underwriting results for the three months ended December 31, 2025 compared to the three months ended December 31, 2024 was primarily driven by a decrease in catastrophe losses of $30.7 million and a lower attritional loss ratio, partially offset by a decrease in favorable prior year loss reserve development of $37.2 million.

Year ended December 31, 2025 and 2024

Reinsurance gross written premium were $1,375.0 million for the year ended December 31, 2025, an increase of $39.4 million, or 2.9%, for the year ended December 31, 2025 compared to the year ended December 31, 2024, primarily driven by new business and organic growth in London and New York Casualty, Credit within Other Specialties, and New York Property, partially offset by decreases in Bermuda Property, due to underlying rate decreases and growth reductions, and in Aviation.

Reinsurance generated underwriting income of $90.5 million (91.8% combined ratio) for the year ended December 31, 2025, compared to $124.8 million (88.0% combined ratio) for the year ended December 31, 2024. The decrease in net underwriting results for the year ended December 31, 2025 compared to the year ended December 31, 2024, was primarily driven by an increase in catastrophe losses of $17.6 million and a decrease in favorable prior year development of $34.9 million.

Investments

Three months ended December 31, 2025 and 2024

Net investment income and net realized and unrealized investment losses for the three months ended December 31, 2025 increased compared to the three months ended December 31, 2024 primarily driven by losses on Other long-term investments in 2024 of $24.5 million resulting from recurring valuations of our portfolio.

Year ended December 31, 2025 and 2024

Net investment income and net realized and unrealized investment losses for the year ended December 31, 2025 increased compared to the year ended December 31, 2024 primarily driven by losses on Other long-term investments in 2024 of $66.3 million resulting from recurring valuations of our portfolio. This was partially offset by a decrease in income from our debt securities and short-term investments to $264.6 million for the year ended December 31, 2025 compared to $289.7 million for the year ended December 31, 2024 due to the smaller asset base subsequent to the capital transactions executed in the second half of 2024 and the first quarter of 2025.

Fourth Quarter 2025 Subsequent Events

Sale of Arcadian

On October 3, 2025, we entered into an agreement to sell our 49% equity stake in Arcadian to Lee Equity Partners for total consideration of $140.4 million, inclusive of a pre-close dividend, which closed on January 30, 2026. We also renewed and extended our capacity agreement with Arcadian until the end of 2031. In the first quarter of 2026, we will recognize a pre-tax gain of approximately $25.0 million.

Acquisition of Assist America

On December 31, 2025, we, through our wholly owned subsidiaries, entered into an agreement to acquire Assist America, a leading provider of global emergency travel assistance services. Assist America primarily sells its services to insurance companies as part of their corporate benefit plan products. It provides reliable global emergency assistance to over 40 million members across Asia, the Middle East and North America. The acquisition will significantly bolster our third-party medical and travel assistance revenue, increase scale in the U.S., and expand our coverage to Asia and the Middle East.

The total deal consideration is estimated as $42.5 million, which comprises cash and other contingent value components, and the estimated identifiable net assets acquired were $22.8 million. Pursuant to the agreement, our control of Assist America is effective as of January 1, 2026. As such, we will consolidate Assist America in our consolidated financial statements in the first quarter of 2026.

Redemption of Series B Preference Shares

On January 29, 2026, we announced that we will redeem all 8,000,000 of our issued and outstanding 8.0% Series B preference shares on February 26, 2026 (the “Redemption Date”). The redemption price payable on the Redemption Date is $25.00 per share, plus $0.49, which reflects unpaid, accrued cumulative dividends, to, but excluding, the Redemption Date, without interest (the “Redemption Price”). Following the redemption, no Series B preference shares will remain outstanding and all rights with respect to such Series B preference shares will cease and terminate, except for the right to receive the Redemption Price. Upon completion of the redemption, we intend to delist the Series B preference shares from the New York Stock Exchange and deregister the Series B preference shares under the Securities Exchange Act of 1934.

The redemption will help to simplify and optimize our capital structure, while also eliminating the cost of capital and related cash servicing associated with the Series B preference shares. After the redemption, our capital position will remain at or above operating target levels and we expect our leverage ratio¹ to be 23%.

Acquisition of World Nomads

On February 12, 2026, Sirius International UK Holdings II Ltd (“SIUK II”), a subsidiary of our Company, entered into a purchase agreement with nib Travel Pty Ltd., an Australian proprietary limited company (“nib”), in which SIUK II or its subsidiaries will purchase equity interests and assets comprising the World Nomads travel insurance business currently operated by nib (collectively, “World Nomads”). An initial closing on the majority of the World Nomads business is expected to occur in the second or third quarter of 2026, and a final closing is expected to occur in the second half of 2027, subject to receipt of regulatory approvals and satisfaction of other customary closing conditions.

_______________
¹ Leverage ratio is defined as long-term debt plus preferred equity divided by total capital. Total capital represents the sum of shareholders’ equity and debt.

Webcast Details

The Company will hold a webcast to discuss its fourth quarter 2025 results at 8:30 a.m. Eastern Time on February 19, 2026. 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 2025 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. These risks and uncertainties include, but are not limited to, the "Risk Factors" described 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, Core combined ratio, book value per diluted common share excluding accumulated other comprehensive income (loss) ("AOCI"), tangible book value per diluted common share, Operating net income, Operating earnings per share, and Operating ROE are non-GAAP financial measures. 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 $3.2 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch, and A3 from Moody’s. For more information, please visit www.siriuspt.com.

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
+ 44 770 728 8817

SIRIUSPOINT LTD. CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of December 31, 2025 and December 31, 2024 (expressed in millions of U.S. dollars, except per share and share amounts)
	December 31, 2025				December 31, 2024
Assets
Debt securities, available for sale, at fair value, net of allowance for credit losses of $0.0 (2024 - $1.1) (cost - $5,118.3; 2024 - $5,143.8)	$	5,168.6			$	5,131.0
Debt securities, trading, at fair value (cost - $114.6; 2024 - $187.3)		90.3				162.2
Short-term investments, at fair value (cost -$28.4; 2024 - $95.3)		28.3				95.8
Other long-term investments, at fair value (cost - $421.9; 2024 - $438.2) (includes related party investments at fair value of $216.1 (2024 - $217.2)		315.1				316.5
Total investments		5,602.3				5,705.5
Cash and cash equivalents		731.2				682.0
Restricted cash and cash equivalents		171.2				212.6
Due from brokers		7.5				11.2
Interest and dividends receivable		47.1				44.0
Insurance and reinsurance balances receivable, net		2,260.3				2,054.4
Deferred acquisition costs, net		384.1				327.5
Unearned premiums ceded		487.4				463.9
Loss and loss adjustment expenses recoverable, net		2,102.3				2,315.3
Deferred tax asset		267.7				297.0
Intangible assets		121.2				140.8
Other assets		272.1				270.7
Assets held for sale		115.2				—
Total assets	$	12,569.6			$	12,524.9
Liabilities
Loss and loss adjustment expense reserves	$	5,782.5			$	5,653.9
Unearned premium reserves		1,855.4				1,639.2
Reinsurance balances payable		1,447.6				1,781.6
Deferred gain on retroactive reinsurance		—				8.5
Debt		688.6				639.1
Due to brokers		5.5				18.0
Deferred tax liability		73.0				76.2
Share repurchase liability		—				483.0
Other liabilities		246.1				286.6
Total liabilities		10,098.7				10,586.1
Commitments and contingent liabilities
Shareholders’ equity
Series B preference shares (par value $0.10; authorized and issued: 8,000,000)		200.0				200.0
Common shares (issued and outstanding: 116,989,799; 2024 - 116,429,057)		11.7				11.6
Additional paid-in capital		967.7				945.0
Retained earnings		1,228.5				784.9
Accumulated other comprehensive income (loss), net of tax		61.9				(4.1	)
Shareholders’ equity attributable to SiriusPoint shareholders		2,469.8				1,937.4
Noncontrolling interests		1.1				1.4
Total shareholders’ equity		2,470.9				1,938.8
Total liabilities, noncontrolling interests and shareholders’ equity	$	12,569.6			$	12,524.9

SIRIUSPOINT LTD. CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) For the three and twelve months ended December 31, 2025 and 2024 (expressed in millions of U.S. dollars, except per share and share amounts)
	Three months ended								Twelve months ended
	December 31, 2025				December 31, 2024				December 31, 2025				December 31, 2024
Revenues
Net earned premium	$	667.4			$	590.3			$	2,593.8			$	2,343.5
Net investment income		68.9				68.9				274.8				303.6
Net realized and unrealized investment losses		(9.5	)			(39.9	)			(2.9	)			(79.0	)
Net investment income and net realized and unrealized investment losses		59.4				29.0				271.9				224.6
Other revenues		246.9				19.4				339.4				184.2
Loss on settlement and change in fair value of liability-classified capital instruments		—				(25.9	)			—				(148.5	)
Total revenues		973.7				612.8				3,205.1				2,603.8
Expenses
Loss and loss adjustment expenses incurred, net		372.2				369.1				1,519.5				1,368.5
Acquisition costs, net		173.2				134.6				583.6				516.9
Other underwriting expenses		54.9				53.9				187.9				181.7
Net corporate and other expenses		63.0				58.1				257.0				232.1
Intangible asset amortization		2.4				3.0				10.9				11.9
Interest expense		19.5				19.6				79.7				69.6
Foreign exchange (gains) losses		8.3				(12.9	)			25.2				(10.0	)
Total expenses		693.5				625.4				2,663.8				2,370.7
Income (loss) before income tax expense		280.2				(12.6	)			541.3				233.1
Income tax expense		(36.1	)			(4.4	)			(81.2	)			(30.7	)
Net income (loss)		244.1				(17.0	)			460.1				202.4
Net income attributable to noncontrolling interests		(0.1	)			(0.3	)			(0.5	)			(2.5	)
Net income (loss) available to SiriusPoint		244.0				(17.3	)			459.6				199.9
Dividends on Series B preference shares		(4.0	)			(4.0	)			(16.0	)			(16.0	)
Net income (loss) available to SiriusPoint common shareholders	$	240.0			$	(21.3	)		$	443.6			$	183.9
Earnings (loss) per share available to SiriusPoint common shareholders
Basic earnings (loss) per share available to SiriusPoint common shareholders	$	2.05			$	(0.13	)		$	3.80			$	1.06
Diluted earnings (loss) per share available to SiriusPoint common shareholders	$	1.97			$	(0.13	)		$	3.64			$	1.04
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic		116,788,646				161,378,360				116,507,940				166,537,394
Diluted		121,838,966				161,378,360				121,648,050				169,470,681

SIRIUSPOINT LTD. SEGMENT REPORTING
		Three months ended December 31, 2025
		Insurance & Services				Reinsurance				Core				Eliminations(2)				Corporate				Segment Measure Reclass				Total
Gross written premium		$	556.0			$	340.9			$	896.9			$	—			$	1.4			$	—			$	898.3
Net written premium			377.1				283.8				660.9				—				(5.8	)			—				655.1
Net earned premium			395.0				281.6				676.6				—				(9.2	)			—				667.4
Loss and loss adjustment expenses incurred, net			230.5				159.0				389.5				(2.2	)			(15.1	)			—				372.2
Acquisition costs, net			113.1				75.6				188.7				(26.6	)			11.1				—				173.2
Other underwriting expenses			24.9				24.9				49.8				—				5.1				—				54.9
Underwriting income (loss)			26.5				22.1				48.6				28.8				(10.3	)			—				67.1
Services revenues			45.7				—				45.7				(22.4	)			—				(23.3	)			—
Services expenses			41.4				—				41.4				—				—				(41.4	)			—
Net services fee income			4.3				—				4.3				(22.4	)			—				18.1				—
Services noncontrolling income			(0.1	)			—				(0.1	)			—				—				0.1				—
Net services income			4.2				—				4.2				(22.4	)			—				18.2				—
Segment income (loss)			30.7				22.1				52.8				6.4				(10.3	)			18.2				67.1
Net investment income																			68.9				—				68.9
Net realized and unrealized investment losses																			(9.5	)			—				(9.5	)
Other revenues																			223.6				23.3				246.9
Net corporate and other expenses																			(21.6	)			(41.4	)			(63.0	)
Intangible asset amortization																			(2.4	)			—				(2.4	)
Interest expense																			(19.5	)			—				(19.5	)
Foreign exchange losses																			(8.3	)			—				(8.3	)
Income before income tax expense		$	30.7			$	22.1				52.8				6.4				220.9				0.1				280.2
Income tax expense											—				—				(36.1	)			—				(36.1	)
Net income											52.8				6.4				184.8				0.1				244.1
Net income attributable to noncontrolling interest											—				—				—				(0.1	)			(0.1	)
Net income available to SiriusPoint										$	52.8			$	6.4			$	184.8			$	—			$	244.0
Attritional losses		$	238.4			$	159.1			$	397.5			$	(2.2	)		$	(8.1	)		$	—			$	387.2
Catastrophe losses			2.5				4.5				7.0				—				—				—				7.0
Prior year loss reserve development			(10.4	)			(4.6	)			(15.0	)			—				(7.0	)			—				(22.0	)
Loss and loss adjustment expenses incurred, net		$	230.5			$	159.0			$	389.5			$	(2.2	)		$	(15.1	)		$	—			$	372.2
Underwriting Ratios:(1)
Attritional loss ratio			60.4	%			56.5	%			58.8	%															58.1	%
Catastrophe loss ratio			0.6	%			1.6	%			1.0	%															1.0	%
Prior year loss development ratio			(2.6	)%			(1.6	)%			(2.2	)%															(3.3	)%
Loss ratio			58.4	%			56.5	%			57.6	%															55.8	%
Acquisition cost ratio			28.6	%			26.8	%			27.9	%															26.0	%
Other underwriting expenses ratio			6.3	%			8.8	%			7.4	%															8.2	%
Combined ratio			93.3	%			92.1	%			92.9	%															90.0	%

(1) Underwriting ratios are calculated by dividing the related expense by net earned premium.
(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, 2024
		Insurance & Services				Reinsurance				Core				Eliminations(2)				Corporate				Segment Measure Reclass				Total
Gross written premium		$	450.3			$	312.2			$	762.5			$	—			$	(3.0	)		$	—			$	759.5
Net written premium			322.7				237.5				560.2				—				4.8				—				565.0
Net earned premium			315.7				265.9				581.6				—				8.7				—				590.3
Loss and loss adjustment expenses incurred, net			175.3				148.3				323.6				(1.4	)			46.9				—				369.1
Acquisition costs, net			77.8				73.1				150.9				(27.6	)			11.3				—				134.6
Other underwriting expenses			24.6				26.2				50.8				—				3.1				—				53.9
Underwriting income (loss)			38.0				18.3				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)			48.4				18.3				66.7				(2.4	)			(52.6	)			21.0				32.7
Net investment income																			68.9				—				68.9
Net realized and unrealized investment losses																			(39.9	)			—				(39.9	)
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		$	48.4			$	18.3				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		$	188.2			$	154.9			$	343.1			$	(1.4	)		$	26.1			$	—			$	367.8
Catastrophe losses			3.4				35.2				38.6				—				—				—				38.6
Prior year loss reserve development			(16.3	)			(41.8	)			(58.1	)			—				20.8				—				(37.3	)
Loss and loss adjustment expenses incurred, net		$	175.3			$	148.3			$	323.6			$	(1.4	)		$	46.9			$	—			$	369.1
Underwriting Ratios:(1)
Attritional loss ratio			59.6	%			58.3	%			59.0	%															62.3	%
Catastrophe loss ratio			1.1	%			13.2	%			6.6	%															6.5	%
Prior year loss development ratio			(5.2	)%			(15.7	)%			(10.0	)%															(6.3	)%
Loss ratio			55.5	%			55.8	%			55.6	%															62.5	%
Acquisition cost ratio			24.6	%			27.5	%			25.9	%															22.8	%
Other underwriting expenses ratio			7.8	%			9.9	%			8.7	%															9.1	%
Combined ratio			87.9	%			93.2	%			90.2	%															94.4	%

(1) Underwriting ratios are calculated by dividing the related expense by net earned premium.
(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, 2025
		Insurance & Services				Reinsurance				Core				Eliminations(2)				Corporate				Segment Measure Reclass				Total
Gross written premium		$	2,313.5			$	1,375.0			$	3,688.5			$	—			$	17.1			$	—			$	3,705.6
Net written premium			1,650.2				1,127.4				2,777.6				—				(4.8	)			—				2,772.8
Net earned premium			1,481.6				1,109.9				2,591.5				—				2.3				—				2,593.8
Loss and loss adjustment expenses incurred, net			874.9				656.2				1,531.1				(7.2	)			(4.4	)			—				1,519.5
Acquisition costs, net			396.6				277.9				674.5				(109.7	)			18.8				—				583.6
Other underwriting expenses			86.3				85.3				171.6				—				16.3				—				187.9
Underwriting income (loss)			123.8				90.5				214.3				116.9				(28.4	)			—				302.8
Services revenues			224.4				—				224.4				(117.0	)			—				(107.4	)			—
Services expenses			182.6				—				182.6				—				—				(182.6	)			—
Net services fee income			41.8				—				41.8				(117.0	)			—				75.2				—
Services noncontrolling loss			0.1				—				0.1				—				—				(0.1	)			—
Net services income			41.9				—				41.9				(117.0	)			—				75.1				—
Segment income (loss)			165.7				90.5				256.2				(0.1	)			(28.4	)			75.1				302.8
Net investment income																			274.8				—				274.8
Net realized and unrealized investment losses																			(2.9	)			—				(2.9	)
Other revenues																			232.0				107.4				339.4
Net corporate and other expenses																			(74.4	)			(182.6	)			(257.0	)
Intangible asset amortization																			(10.9	)			—				(10.9	)
Interest expense																			(79.7	)			—				(79.7	)
Foreign exchange losses																			(25.2	)			—				(25.2	)
Income before income tax expense		$	165.7			$	90.5				256.2				(0.1	)			285.3				(0.1	)			541.3
Income tax expense											—				—				(81.2	)			—				(81.2	)
Net income											256.2				(0.1	)			204.1				(0.1	)			460.1
Net income attributable to noncontrolling interest											—				—				(0.6	)			0.1				(0.5	)
Net income available to SiriusPoint										$	256.2			$	(0.1	)		$	203.5			$	—			$	459.6
Attritional losses		$	899.7			$	629.2			$	1,528.9			$	(7.2	)		$	(2.8	)		$	—			$	1,518.9
Catastrophe losses			7.3				67.1				74.4				—				—				—				74.4
Prior year loss reserve development			(32.1	)			(40.1	)			(72.2	)			—				(1.6	)			—				(73.8	)
Loss and loss adjustment expenses incurred, net		$	874.9			$	656.2			$	1,531.1			$	(7.2	)		$	(4.4	)		$	—			$	1,519.5
Underwriting Ratios:(1)
Attritional loss ratio			60.8	%			56.7	%			59.0	%															58.5	%
Catastrophe loss ratio			0.5	%			6.0	%			2.9	%															2.9	%
Prior year loss development ratio			(2.2	)%			(3.6	)%			(2.8	)%															(2.8	)%
Loss ratio			59.1	%			59.1	%			59.1	%															58.6	%
Acquisition cost ratio			26.8	%			25.0	%			26.0	%															22.5	%
Other underwriting expenses ratio			5.8	%			7.7	%			6.6	%															7.2	%
Combined ratio			91.7	%			91.8	%			91.7	%															88.3	%

(1) Underwriting ratios are calculated by dividing the related expense by net earned premium.
(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
		Insurance & Services				Reinsurance				Core				Eliminations(2)				Corporate				Segment Measure Reclass				Total
Gross written premium		$	1,840.8			$	1,335.6			$	3,176.4			$	—			$	68.2			$	—			$	3,244.6
Net written premium			1,236.2				1,104.7				2,340.9				—				11.2				—				2,352.1
Net earned premium			1,154.0				1,045.1				2,199.1				—				144.4				—				2,343.5
Loss and loss adjustment expenses incurred, net			714.1				554.3				1,268.4				(5.5	)			105.6				—				1,368.5
Acquisition costs, net			284.7				279.9				564.6				(121.4	)			73.7				—				516.9
Other underwriting expenses			80.0				86.1				166.1				—				15.6				—				181.7
Underwriting income (loss)			75.2				124.8				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)			119.8				124.8				244.6				(5.9	)			(50.5	)			88.2				276.4
Net investment income																			303.6				—				303.6
Net realized and unrealized investment losses																			(79.0	)			—				(79.0	)
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		$	119.8			$	124.8				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		$	734.5			$	579.8			$	1,314.3			$	(5.5	)		$	112.8			$	—			$	1,421.6
Catastrophe losses			5.3				49.5				54.8				—				—				—				54.8
Prior year loss reserve development			(25.7	)			(75.0	)			(100.7	)			—				(7.2	)			—				(107.9	)
Loss and loss adjustment expenses incurred, net		$	714.1			$	554.3			$	1,268.4			$	(5.5	)		$	105.6			$	—			$	1,368.5
Underwriting Ratios:(1)
Attritional loss ratio			63.6	%			55.5	%			59.8	%															60.7	%
Catastrophe loss ratio			0.5	%			4.7	%			2.5	%															2.3	%
Prior year loss development ratio			(2.2	)%			(7.2	)%			(4.6	)%															(4.6	)%
Loss ratio			61.9	%			53.0	%			57.7	%															58.4	%
Acquisition cost ratio			24.7	%			26.8	%			25.7	%															22.1	%
Other underwriting expenses ratio			6.9	%			8.2	%			7.6	%															7.8	%
Combined ratio			93.5	%			88.0	%			91.0	%															88.3	%

(1) Underwriting ratios are calculated by dividing the related expense by net earned premium.
(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, Insurance & Services and Reinsurance, 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, as well as services expenses which include direct expenses related to consolidated MGAs and 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 diluted 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, book value per diluted common share excluding AOCI, and tangible book value per diluted common share as of December 31, 2025 and December 31, 2024:

	December 31, 2025				December 31, 2024
	($ in millions, except share and per share amounts)
Common shareholders’ equity attributable to SiriusPoint common shareholders	$	2,269.8			$	1,737.4
Accumulated other comprehensive income (loss), net of tax		61.9				(4.1	)
Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI		2,207.9				1,741.5
Intangible assets		121.2				140.8
Tangible common shareholders' equity attributable to SiriusPoint common shareholders	$	2,148.6			$	1,596.6
Common shares outstanding		116,989,799				116,429,057
Effect of dilutive stock options, restricted share units and warrants		4,983,345				2,559,359
Book value per diluted common share denominator		121,973,144				118,988,416
Book value per common share	$	19.40			$	14.92
Book value per diluted common share	$	18.61			$	14.60
Book value per diluted common share ex. AOCI	$	18.10			$	14.64
Tangible book value per diluted common share	$	17.62			$	13.42

Operating Net Income, Operating Earnings per Share, and Operating Return on Average Common Shareholders’ Equity

Operating net income and Operating earnings per share are non-GAAP financial measures and the most directly comparable U.S. GAAP measure is net income and diluted earnings per share, respectively. Operating net income excludes items which we believe are not indicative of the operations of our operating businesses, including realized and unrealized gains (losses) on strategic and other investments and liability-classified capital instruments, non-recurring costs associated with acquisitions or sales of subsidiaries, 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 Operating 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. Operating ROE is calculated by dividing annualized Operating net income for the period by average common shareholders’ equity, excluding AOCI, and after adjusting for the above noted items to arrive at Operating net income. 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 Operating net income and Operating earnings per share for the three and twelve months ended December 31, 2025 and 2024:

	Three months ended								Twelve months ended
	December 31, 2025				December 31, 2024				December 31, 2025				December 31, 2024
	($ in millions, except share and per share amounts)
Net income (loss) available to SiriusPoint common shareholders	$	240.0			$	(21.3	)		$	443.6			$	183.9
Adjustments:
Gain on sale or deconsolidation of consolidated MGAs		(222.4	)			—				(222.4	)			(96.0	)
Losses on strategic and other investments		6.0				34.3				5.4				90.5
MGA & Strategic Investment Rationalization		(216.4	)			34.3				(217.0	)			(5.5	)
Loss on settlement of liability classified financial instruments and deal costs		—				6.7				—				97.4
Change in fair value of liability classified financial instruments		—				19.2				—				51.1
CMIG Instruments & Transactions		—				25.9				—				148.5
Expense related to loss portfolio transfers		7.2				28.9				27.4				44.6
Bermuda corporate income tax enactment		(13.0	)			—				(13.0	)			—
Foreign exchange (gains) losses		8.3				(12.9	)			25.2				(10.0	)
COVID-19 favorable reserve development		—				—				—				(19.9	)
Other non-recurring items		6.5				—				(4.5	)			—
Income tax expense on adjustments(1)		53.2				(11.4	)			48.3				(38.1	)
Operating net income	$	85.8			$	43.5			$	310.0			$	303.5
Weighted average number of diluted common shares used in the determination of earnings per share		121,838,966				161,378,360				121,648,050				169,470,681
Operating diluted earnings per share prior to participating shareholder adjustments	$	0.70			$	0.27			$	2.55			$	1.79
Effect of above and net income allocated to participating shareholders		—				—				—				(0.08	)
Operating diluted earnings per share	$	0.70			$	0.27			$	2.55			$	1.71

(1) For the three and twelve months ended December 31, 2025 and 2024, an effective tax rate of 19% and 15%, respectively, is applied to the adjustments to calculate the income tax expense, where applicable. Periods may have a different effective tax rate based on the jurisdiction of specific transactions.

The following table sets forth the computation of Operating Return on Average Common Shareholders’ Equity for the three and twelve months ended December 31, 2025 and 2024:

	Three months ended								Twelve months ended
	December 31, 2025				December 31, 2024				December 31, 2025				December 31, 2024
	($ in millions, except for ratios)
Operating net income	$	85.8			$	43.5			$	310.0			$	303.5
Common shareholders’ equity attributable to SiriusPoint common shareholders - beginning of period		2,009.9				2,494.9				1,737.4				2,313.9
Accumulated other comprehensive income (loss), net of tax - beginning of period		52.3				81.5				(4.1	)			3.1
Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI - beginning of period		1,957.6				2,413.4				1,741.5				2,310.8
Common shareholders’ equity attributable to SiriusPoint common shareholders - end of period		2,269.8				1,737.4				2,269.8				1,737.4
Adjustments to Net income to arrive at Operating net income		(154.2	)			64.8				(133.6	)			119.6
Accumulated other comprehensive income (loss), net of tax - end of period		61.9				(4.1	)			61.9				(4.1	)
Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI - end of period		2,053.7				1,806.3				2,074.3				1,861.1
Average common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI	$	2,005.7			$	2,109.9			$	1,907.9			$	2,086.0
Annualized Operating ROE		17.1	%			8.2	%			16.2	%			14.6	%

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, 2025 and 2024 was calculated as follows:

	Three months ended								Twelve months ended
	December 31, 2025				December 31, 2024				December 31, 2025				December 31, 2024
	($ in millions, except for ratios)
Net income (loss) available to SiriusPoint common shareholders	$	240.0			$	(21.3	)		$	443.6			$	183.9
Common shareholders’ equity attributable to SiriusPoint common shareholders - beginning of period		2,009.9				2,494.9				1,737.4				2,313.9
Common shareholders’ equity attributable to SiriusPoint common shareholders - end of period		2,269.8				1,737.4				2,269.8				1,737.4
Average common shareholders’ equity attributable to SiriusPoint common shareholders	$	2,139.9			$	2,116.2			$	2,003.6			$	2,025.7
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders		44.9	%			(4.0	)%			22.1	%			9.1	%

FAQ

What did SiriusPoint (SPNT) report for Q4 2025 net income and EPS?

SiriusPoint reported $240 million net income and $1.97 diluted EPS for Q4 2025. According to the company, operating EPS for the quarter was $0.70, reflecting improved underwriting and lower catastrophe losses versus prior year quarters.

How did SiriusPoint's underwriting performance and combined ratios look in 2025 (SPNT)?

Core combined ratio for Q4 2025 was 92.9% and full‑year Core combined ratio was 91.7%. According to the company, underwriting improved via premium growth and lower attritional loss ratio, partially offset by higher catastrophe losses year‑over‑year.

What is SiriusPoint's (SPNT) capital plan and leverage target after the Series B redemption?

SiriusPoint intends to repurchase $100 million of common shares and redeem Series B preference shares, targeting leverage near an all‑time low of 23%. According to the company, pro‑forma BSCR would be about 232% post‑redemption.

How much did SiriusPoint (SPNT) grow premiums in Q4 and full‑year 2025?

Gross written premium grew about 18% in Q4 2025 and 16% for full year 2025. According to the company, growth was driven by Insurance & Services expansion, surety, A&H, and international program and MGA growth.

What investment and reserve developments affected SiriusPoint's (SPNT) 2025 results?

Catastrophe losses rose to $74.4 million for 2025 and favorable prior‑year development declined to $72.2 million. According to the company, these factors partially offset premium growth and underwriting improvements during the year.