SiriusPoint reports tenth consecutive quarter of underwriting profits and strong net income of $58m
- Net income of $57.6 million with 12.9% return on equity, within target range of 12-15%
- Core gross premiums written grew 12.4% to $989.9 million, with net premiums up 20%
- Book value per diluted common share increased 5.3% to $15.37
- AM Best and Fitch ratings outlook revised to Positive from Stable
- Insurance & Services segment showed strong 21.1% growth in gross premiums written
- Service margin improved to 30.6% from 30.1% year-over-year
- $59 million net impact from California Wildfires in Q1
- Core combined ratio increased to 95.4% from 91.4% year-over-year
- Net investment income decreased due to lower asset base after share repurchases
- Reinsurance segment saw slight decline in gross premiums written (-0.4%)
Insights
SiriusPoint delivers strong Q1 with 12.9% ROE despite catastrophe losses, showing continued underwriting discipline and balance sheet strength.
SiriusPoint's Q1 2025 results demonstrate continued momentum in their multi-year turnaround, marking their tenth consecutive quarter of underwriting profitability. The company delivered $57.6 million in net income and a 12.9% ROE, landing within their target range of 12-15% despite absorbing $59 million in losses from California wildfires.
The core business shows impressive growth dynamics with net premiums written increasing 20%, outpacing gross premium growth of 12%. This strategic decision to retain more risk signals management's confidence in their increasingly profitable portfolio. The core combined ratio of 95.4% reflects profitable underwriting despite catastrophe events.
Segment performance reveals important trends. The Reinsurance segment saw its combined ratio deteriorate to 97.1% from 84.2% last year, primarily due to $63.1 million in catastrophe losses. However, this was partially offset by $31.8 million in favorable prior year reserve development, suggesting conservative reserving practices. The Insurance & Services segment showed marked improvement with income rising to $39 million from $22.5 million last year, driven by a better combined ratio of 94.0% versus 98.4%.
Balance sheet strength continues with book value per diluted share increasing 5.3% to $15.37 and a robust BSCR estimate of 227%. The outlook upgrades from AM Best and Fitch to Positive from Stable provide important external validation of the company's strategic progress.
Share repurchases have proven accretive, as EPS remained flat at $0.49 despite lower year-over-year net income. Investment income of $63.4 million remained solid though down from $76.9 million due to the reduced asset base following these repurchases.
With attritional loss ratio improvements and $34.3 million in favorable reserve development, these results indicate disciplined underwriting execution across SiriusPoint's diversified portfolio.
HAMILTON, Bermuda, May 05, 2025 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT) today announced results for its first quarter ended March 31, 2025
- Combined ratio of
95.4% in the first quarter for Core business with underwriting income of$29 million - Net premiums written growth of
20% , outpacing gross premiums written growth of12% in the quarter for Core business, with strong growth from Insurance & Services - First quarter return on equity of
12.9% , within 12-15% ‘across the cycle’ return on equity target range $59 million net impact from California Wildfires in the quarter, below guided range from the fourth quarter- Book value per diluted common share (ex. AOCI) of
$15.15 , up3.5% in the quarter. Balance sheet remains strong with Q1’25 BSCR estimate at227% - During the quarter, AM Best and Fitch affirmed our ratings and revised our outlook to Positive from Stable
Scott Egan, Chief Executive Officer, said: “2025 has got off to a strong start. Our aim to deliver stable and consistent earnings can be seen with our first quarter return on equity of
Our growth momentum continues, with Core gross premiums written growing by
Our earnings per share of
Our focus will be to maintain this momentum and continue to deliver and improve throughout 2025. We are pleased to see our outlook move to Positive from Stable this year for both AM Best and Fitch. These are important proof points of our progress.”
First Quarter 2025 Highlights
- Net income attributable to SiriusPoint common shareholders of
$57.6 million , or$0.49 per diluted common share - Core income of
$47.4 million , including underwriting income of$28.5 million , Core combined ratio of95.4% - Core net services fee income of
$19.0 million , with service margin of30.6% - Net investment income of
$71.2 million and total investment result of$70.9 million - Book value per diluted common share increased
$0.77 per share, or5.3% , from December 31, 2024 to$15.37 - Annualized return on average common equity of
12.9%
Key Financial Metrics
The following table shows certain key financial metrics for the three months ended March 31, 2025 and 2024:
| 2025 | 2024 | ||||||
| ($ in millions, except for per share data and ratios) | |||||||
| Combined ratio | 91.4 | % | 84.9 | % | |||
| Core underwriting income (1) | $ | 28.5 | $ | 44.3 | |||
| Core net services income (1) | $ | 18.9 | $ | 18.1 | |||
| Core income (1) | $ | 47.4 | $ | 62.4 | |||
| Core combined ratio (1) | 95.4 | % | 91.4 | % | |||
| Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders | 12.9 | % | 15.4 | % | |||
| Book value per common share (2) | $ | 15.73 | $ | 14.92 | |||
| Book value per diluted common share (2) | $ | 15.37 | $ | 14.60 | |||
| Book value per diluted common share ex. AOCI (1) (2) | $ | 15.15 | $ | 14.64 | |||
| Tangible book value per diluted common share (1) (2) | $ | 14.21 | $ | 13.42 | |||
| (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.” |
| (2) | Prior year comparatives represent amounts as of December 31, 2024. |
First Quarter 2025 Summary
Consolidated underwriting income for the three months ended March 31, 2025 was
Reportable Segments
The determination of our reportable segments is based on the manner in which management monitors the performance of our operations, which consist of two reportable segments - Reinsurance and Insurance & Services.
Collectively, the sum of our two segments, Reinsurance and Insurance & Services, constitute our “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See reconciliations in “Segment Reporting”. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.
Core Premium Volume
Gross premiums written increased by
Core Results
Core results for the three months ended March 31, 2025 included income of
Catastrophe losses for the three months ended March 31, 2025 were
Net services income remained stable for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. Service margin, which is calculated as Net service fee income as a percentage of services revenues, increased to
Reinsurance Segment
Reinsurance gross premiums written were
Reinsurance generated underwriting income of
Insurance & Services Segment
Insurance & Services gross premiums written were
Insurance & Services generated segment income of
Investments
Net investment income and net realized and unrealized investment gains (losses) for the three months ended March 31, 2025 and 2024 were mainly driven by interest income of
Webcast Details
The Company will hold a webcast to discuss its first quarter 2025 results at 8:30 a.m. Eastern Time on May 6, 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. first 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. 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 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 wildfires, and increased severity and frequency of weather-related natural disasters and catastrophes 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.; global economic uncertainty caused by the imposition and/or announcement of tariffs imposed on the import of certain goods into the U.S. from various countries which may have unpredictable consequences including, but not limited to, inflation or trade wars, potential impact on the Company’s credit and mortgage business and potential increase in credit spread which could impact the Company’s short-term capital and liquidity; 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; 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. 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
+ 44 770 728 8817
| SIRIUSPOINT LTD. CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of March 31, 2025 and December 31, 2024 (expressed in millions of U.S. dollars, except per share and share amounts) | ||||||
| March 31, 2025 | December 31, 2024 | |||||
| Assets | ||||||
| Debt securities, available for sale, at fair value, net of allowance for credit losses of | $ | 4,635.2 | $ | 5,131.0 | ||
| Debt securities, trading, at fair value (cost - | 117.6 | 162.2 | ||||
| Short-term investments, at fair value (cost - | 48.2 | 95.8 | ||||
| Other long-term investments, at fair value (cost - | 317.7 | 316.5 | ||||
| Total investments | 5,118.7 | 5,705.5 | ||||
| Cash and cash equivalents | 740.3 | 682.0 | ||||
| Restricted cash and cash equivalents | 184.9 | 212.6 | ||||
| Due from brokers | 18.8 | 11.2 | ||||
| Interest and dividends receivable | 42.1 | 44.0 | ||||
| Insurance and reinsurance balances receivable, net | 2,240.8 | 2,054.4 | ||||
| Deferred acquisition costs, net | 369.3 | 327.5 | ||||
| Unearned premiums ceded | 514.3 | 463.9 | ||||
| Loss and loss adjustment expenses recoverable, net | 2,335.7 | 2,315.3 | ||||
| Deferred tax asset | 293.3 | 297.0 | ||||
| Intangible assets | 137.9 | 140.8 | ||||
| Other assets | 284.4 | 270.7 | ||||
| Total assets | $ | 12,280.5 | $ | 12,524.9 | ||
| Liabilities | ||||||
| Loss and loss adjustment expense reserves | $ | 5,762.6 | $ | 5,653.9 | ||
| Unearned premium reserves | 1,816.8 | 1,639.2 | ||||
| Reinsurance balances payable | 1,707.5 | 1,781.6 | ||||
| Deposit liabilities | 15.6 | 17.4 | ||||
| Deferred gain on retroactive reinsurance | 6.6 | 8.5 | ||||
| Debt | 663.5 | 639.1 | ||||
| Due to brokers | 6.6 | 18.0 | ||||
| Deferred tax liability | 94.2 | 76.2 | ||||
| Share repurchase liability | — | 483.0 | ||||
| Other liabilities | 180.4 | 269.2 | ||||
| Total liabilities | 10,253.8 | 10,586.1 | ||||
| Commitments and contingent liabilities | ||||||
| Shareholders’ equity | ||||||
| Series B preference shares (par value | 200.0 | 200.0 | ||||
| Common shares (issued and outstanding: 116,020,526; 2023 - 116,429,057) | 11.6 | 11.6 | ||||
| Additional paid-in capital | 944.7 | 945.0 | ||||
| Retained earnings | 842.5 | 784.9 | ||||
| Accumulated other comprehensive income (loss), net of tax | 26.4 | (4.1 | ) | |||
| Shareholders’ equity attributable to SiriusPoint shareholders | 2,025.2 | 1,937.4 | ||||
| Noncontrolling interests | 1.5 | 1.4 | ||||
| Total shareholders’ equity | 2,026.7 | 1,938.8 | ||||
| Total liabilities, noncontrolling interests and shareholders’ equity | $ | 12,280.5 | $ | 12,524.9 | ||
| SIRIUSPOINT LTD. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) For the three months ended March 31, 2025 and 2024 (expressed in millions of U.S. dollars, except per share and share amounts) | |||||||
| 2025 | 2024 | ||||||
| Revenues | |||||||
| Net premiums earned | $ | 626.7 | $ | 593.8 | |||
| Net investment income | 71.2 | 78.8 | |||||
| Net realized and unrealized investment gains (losses) | (0.3 | ) | 1.0 | ||||
| Net investment income and net realized and unrealized investment gains (losses) | 70.9 | 79.8 | |||||
| Other revenues | 29.7 | 27.8 | |||||
| Loss on settlement and change in fair value of liability-classified capital instruments | — | (15.9 | ) | ||||
| Total revenues | 727.3 | 685.5 | |||||
| Expenses | |||||||
| Loss and loss adjustment expenses incurred, net | 401.8 | 317.5 | |||||
| Acquisition costs, net | 129.7 | 144.9 | |||||
| Other underwriting expenses | 41.1 | 41.8 | |||||
| Net corporate and other expenses | 60.6 | 56.0 | |||||
| Intangible asset amortization | 2.9 | 2.9 | |||||
| Interest expense | 18.1 | 20.5 | |||||
| Foreign exchange gains | (2.2 | ) | (3.7 | ) | |||
| Total expenses | 652.0 | 579.9 | |||||
| Income before income tax expense | 75.3 | 105.6 | |||||
| Income tax expense | (13.3 | ) | (9.7 | ) | |||
| Net income | 62.0 | 95.9 | |||||
| Net income attributable to noncontrolling interests | (0.4 | ) | (1.1 | ) | |||
| Net income available to SiriusPoint | 61.6 | 94.8 | |||||
| Dividends on Series B preference shares | (4.0 | ) | (4.0 | ) | |||
| Net income available to SiriusPoint common shareholders | $ | 57.6 | $ | 90.8 | |||
| Earnings per share available to SiriusPoint common shareholders | |||||||
| Basic earnings per share available to SiriusPoint common shareholders | $ | 0.50 | $ | 0.50 | |||
| Diluted earnings per share available to SiriusPoint common shareholders | $ | 0.49 | $ | 0.49 | |||
| Weighted average number of common shares used in the determination of earnings per share | |||||||
| Basic | 115,975,961 | 168,934,114 | |||||
| Diluted | 118,555,166 | 174,380,963 | |||||
| SIRIUSPOINT LTD. SEGMENT REPORTING | |||||||||||||||||||||||||||
| Three months ended March 31, 2025 | |||||||||||||||||||||||||||
| Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total | |||||||||||||||||||||
| Gross premiums written | $ | 354.8 | $ | 635.1 | $ | 989.9 | $ | — | $ | (5.2 | ) | $ | — | $ | 984.7 | ||||||||||||
| Net premiums written | 268.5 | 483.5 | 752.0 | — | (9.0 | ) | — | 743.0 | |||||||||||||||||||
| Net premiums earned | 289.6 | 336.2 | 625.8 | — | 0.9 | — | 626.7 | ||||||||||||||||||||
| Loss and loss adjustment expenses incurred, net | 195.3 | 209.9 | 405.2 | (2.0 | ) | (1.4 | ) | — | 401.8 | ||||||||||||||||||
| Acquisition costs, net | 67.1 | 87.3 | 154.4 | (28.0 | ) | 3.3 | — | 129.7 | |||||||||||||||||||
| Other underwriting expenses | 18.8 | 18.9 | 37.7 | — | 3.4 | — | 41.1 | ||||||||||||||||||||
| Underwriting income (loss) | 8.4 | 20.1 | 28.5 | 30.0 | (4.4 | ) | — | 54.1 | |||||||||||||||||||
| Services revenues | — | 62.1 | 62.1 | (30.2 | ) | — | (31.9 | ) | — | ||||||||||||||||||
| Services expenses | — | 43.1 | 43.1 | — | — | (43.1 | ) | — | |||||||||||||||||||
| Net services fee income | — | 19.0 | 19.0 | (30.2 | ) | — | 11.2 | — | |||||||||||||||||||
| Services noncontrolling income | — | (0.1 | ) | (0.1 | ) | — | — | 0.1 | — | ||||||||||||||||||
| Net services income | — | 18.9 | 18.9 | (30.2 | ) | — | 11.3 | — | |||||||||||||||||||
| Segment income (loss) | 8.4 | 39.0 | 47.4 | (0.2 | ) | (4.4 | ) | 11.3 | 54.1 | ||||||||||||||||||
| Net investment income | 71.2 | — | 71.2 | ||||||||||||||||||||||||
| Net realized and unrealized investment losses | (0.3 | ) | — | (0.3 | ) | ||||||||||||||||||||||
| Other revenues | (2.2 | ) | 31.9 | 29.7 | |||||||||||||||||||||||
| Net corporate and other expenses | (17.5 | ) | (43.1 | ) | (60.6 | ) | |||||||||||||||||||||
| Intangible asset amortization | (2.9 | ) | — | (2.9 | ) | ||||||||||||||||||||||
| Interest expense | (18.1 | ) | — | (18.1 | ) | ||||||||||||||||||||||
| Foreign exchange gains | 2.2 | — | 2.2 | ||||||||||||||||||||||||
| Income before income tax expense | $ | 8.4 | $ | 39.0 | 47.4 | (0.2 | ) | 28.0 | 0.1 | 75.3 | |||||||||||||||||
| Income tax expense | — | — | (13.3 | ) | — | (13.3 | ) | ||||||||||||||||||||
| Net income | 47.4 | (0.2 | ) | 14.7 | 0.1 | 62.0 | |||||||||||||||||||||
| Net income attributable to noncontrolling interest | — | — | (0.3 | ) | (0.1 | ) | (0.4 | ) | |||||||||||||||||||
| Net income available to SiriusPoint | $ | 47.4 | $ | (0.2 | ) | $ | 14.4 | $ | — | $ | 61.6 | ||||||||||||||||
| Attritional losses | $ | 164.0 | $ | 207.6 | $ | 371.6 | $ | (2.0 | ) | $ | (1.5 | ) | $ | — | $ | 368.1 | |||||||||||
| Catastrophe losses | 63.1 | 4.8 | 67.9 | — | — | — | 67.9 | ||||||||||||||||||||
| Prior year loss reserve development | (31.8 | ) | (2.5 | ) | (34.3 | ) | — | 0.1 | — | (34.2 | ) | ||||||||||||||||
| Loss and loss adjustment expenses incurred, net | $ | 195.3 | $ | 209.9 | $ | 405.2 | $ | (2.0 | ) | $ | (1.4 | ) | $ | — | $ | 401.8 | |||||||||||
| Underwriting Ratios: (1) | |||||||||||||||||||||||||||
| Attritional loss ratio | 56.6 | % | 61.7 | % | 59.3 | % | 58.8 | % | |||||||||||||||||||
| Catastrophe loss ratio | 21.8 | % | 1.4 | % | 10.9 | % | 10.8 | % | |||||||||||||||||||
| Prior year loss development ratio | (11.0)% | (0.7)% | (5.5)% | (5.5)% | |||||||||||||||||||||||
| Loss ratio | 67.4 | % | 62.4 | % | 64.7 | % | 64.1 | % | |||||||||||||||||||
| Acquisition cost ratio | 23.2 | % | 26.0 | % | 24.7 | % | 20.7 | % | |||||||||||||||||||
| Other underwriting expenses ratio | 6.5 | % | 5.6 | % | 6.0 | % | 6.6 | % | |||||||||||||||||||
| Combined ratio | 97.1 | % | 94.0 | % | 95.4 | % | 91.4 | % | |||||||||||||||||||
| (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 March 31, 2024 | |||||||||||||||||||||||||||
| Reinsurance | Insurance & Services | Core | Eliminations (2) | Corporate | Segment Measure Reclass | Total | |||||||||||||||||||||
| Gross premiums written | $ | 356.4 | $ | 524.3 | $ | 880.7 | $ | — | $ | 25.9 | $ | — | $ | 906.6 | |||||||||||||
| Net premiums written | 290.1 | 337.1 | 627.2 | — | 12.1 | — | 639.3 | ||||||||||||||||||||
| Net premiums earned | 253.6 | 264.2 | 517.8 | — | 76.0 | — | 593.8 | ||||||||||||||||||||
| Loss and loss adjustment expenses incurred, net | 124.6 | 176.5 | 301.1 | (1.4 | ) | 17.8 | — | 317.5 | |||||||||||||||||||
| Acquisition costs, net | 69.8 | 65.2 | 135.0 | (33.2 | ) | 43.1 | — | 144.9 | |||||||||||||||||||
| Other underwriting expenses | 19.3 | 18.1 | 37.4 | — | 4.4 | — | 41.8 | ||||||||||||||||||||
| Underwriting income | 39.9 | 4.4 | 44.3 | 34.6 | 10.7 | — | 89.6 | ||||||||||||||||||||
| Services revenues | — | 65.8 | 65.8 | (37.1 | ) | — | (28.7 | ) | — | ||||||||||||||||||
| Services expenses | — | 46.0 | 46.0 | — | — | (46.0 | ) | — | |||||||||||||||||||
| Net services fee income | — | 19.8 | 19.8 | (37.1 | ) | — | 17.3 | — | |||||||||||||||||||
| Services noncontrolling income | — | (1.7 | ) | (1.7 | ) | — | — | 1.7 | — | ||||||||||||||||||
| Net services income | — | 18.1 | 18.1 | (37.1 | ) | — | 19.0 | — | |||||||||||||||||||
| Segment income | 39.9 | 22.5 | 62.4 | (2.5 | ) | 10.7 | 19.0 | 89.6 | |||||||||||||||||||
| Net investment income | 78.8 | — | 78.8 | ||||||||||||||||||||||||
| Net realized and unrealized investment gains | 1.0 | — | 1.0 | ||||||||||||||||||||||||
| Other revenues | (0.9 | ) | 28.7 | 27.8 | |||||||||||||||||||||||
| Loss on settlement and change in fair value of liability-classified capital instruments | (15.9 | ) | — | (15.9 | ) | ||||||||||||||||||||||
| Net corporate and other expenses | (10.0 | ) | (46.0 | ) | (56.0 | ) | |||||||||||||||||||||
| Intangible asset amortization | (2.9 | ) | — | (2.9 | ) | ||||||||||||||||||||||
| Interest expense | (20.5 | ) | — | (20.5 | ) | ||||||||||||||||||||||
| Foreign exchange gains | 3.7 | — | 3.7 | ||||||||||||||||||||||||
| Income before income tax expense | $ | 39.9 | $ | 22.5 | 62.4 | (2.5 | ) | 44.0 | 1.7 | 105.6 | |||||||||||||||||
| Income tax expense | — | — | (9.7 | ) | — | (9.7 | ) | ||||||||||||||||||||
| Net income | 62.4 | (2.5 | ) | 34.3 | 1.7 | 95.9 | |||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interest | — | — | 0.6 | (1.7 | ) | (1.1 | ) | ||||||||||||||||||||
| Net income available to SiriusPoint | $ | 62.4 | $ | (2.5 | ) | $ | 34.9 | $ | — | $ | 94.8 | ||||||||||||||||
| Attritional losses | $ | 134.9 | $ | 174.2 | $ | 309.1 | $ | (1.4 | ) | $ | 48.7 | $ | — | $ | 356.4 | ||||||||||||
| Prior year loss reserve development | (10.3 | ) | 2.3 | (8.0 | ) | — | (30.9 | ) | — | (38.9 | ) | ||||||||||||||||
| Loss and loss adjustment expenses incurred, net | $ | 124.6 | $ | 176.5 | $ | 301.1 | $ | (1.4 | ) | $ | 17.8 | $ | — | $ | 317.5 | ||||||||||||
| Underwriting Ratios: (1) | |||||||||||||||||||||||||||
| Attritional loss ratio | 53.2 | % | 65.9 | % | 59.7 | % | 60.0 | % | |||||||||||||||||||
| Prior year loss development ratio | (4.1)% | 0.9 | % | (1.6)% | (6.5)% | ||||||||||||||||||||||
| Loss ratio | 49.1 | % | 66.8 | % | 58.1 | % | 53.5 | % | |||||||||||||||||||
| Acquisition cost ratio | 27.5 | % | 24.7 | % | 26.1 | % | 24.4 | % | |||||||||||||||||||
| Other underwriting expenses ratio | 7.6 | % | 6.9 | % | 7.2 | % | 7.0 | % | |||||||||||||||||||
| Combined ratio | 84.2 | % | 98.4 | % | 91.4 | % | 84.9 | % | |||||||||||||||||||
| (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, 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 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 March 31, 2025 and December 31, 2024:
| March 31, 2025 | December 31, 2024 | ||||||
| ($ in millions, except share and per share amounts) | |||||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders | $ | 1,825.2 | $ | 1,737.4 | |||
| Accumulated other comprehensive income (loss), net of tax | 26.4 | (4.1 | ) | ||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI | 1,798.8 | 1,741.5 | |||||
| Intangible assets | 137.9 | 140.8 | |||||
| Tangible common shareholders' equity attributable to SiriusPoint common shareholders | $ | 1,687.3 | $ | 1,596.6 | |||
| Common shares outstanding | 116,020,526 | 116,429,057 | |||||
| Effect of dilutive stock options, restricted share units and warrants | 2,708,756 | 2,559,359 | |||||
| Book value per diluted common share denominator | 118,729,282 | 118,988,416 | |||||
| Book value per common share | $ | 15.73 | $ | 14.92 | |||
| Book value per diluted common share | $ | 15.37 | $ | 14.60 | |||
| Book value per diluted common share ex. AOCI | $ | 15.15 | $ | 14.64 | |||
| Tangible book value per diluted common share | $ | 14.21 | $ | 13.42 | |||
Other Financial Measures
Annualized Return on Average Common Shareholders’ Equity Attributable to SiriusPoint Common Shareholders
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders is calculated by dividing annualized net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the three months ended March 31, 2025 and 2024 was calculated as follows:
| 2025 | 2024 | ||||||
| ($ in millions) | |||||||
| Net income available to SiriusPoint common shareholders | $ | 57.6 | $ | 90.8 | |||
| Common shareholders’ equity attributable to SiriusPoint common shareholders - beginning of period | 1,737.4 | 2,313.9 | |||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders - end of period | 1,825.2 | 2,402.6 | |||||
| Average common shareholders’ equity attributable to SiriusPoint common shareholders | $ | 1,781.3 | $ | 2,358.3 | |||
| Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders | 12.9 | % | 15.4 | % | |||
FAQ
What was SiriusPoint's (SPNT) earnings per share in Q1 2025?
How much did SPNT's California Wildfire losses impact Q1 2025 results?
What was SiriusPoint's (SPNT) combined ratio in Q1 2025?
How much did SiriusPoint's gross premiums written grow in Q1 2025?
What was SPNT's book value per share growth in Q1 2025?
