SiriusPoint Reports Second Quarter 2025 Results with Improvement in Core Combined Ratio to 89.5%
SiriusPoint (NYSE:SPNT) reported strong Q2 2025 results with significant improvements in key metrics. The company achieved a Core combined ratio of 89.5%, representing a 3.8-point improvement from the previous year. Underwriting income grew 83% year-over-year to $68 million for Core business.
Key financial highlights include net income of $59.2 million ($0.50 per diluted share), Core income of $76.3 million, and gross premiums written growth of 10% marking the fifth consecutive quarter of double-digit growth. The company's return on equity reached 12.7%, with underlying ROE of 17.0% exceeding their 12-15% target range.
Book value per diluted common share (ex. AOCI) increased by 3.2% to $15.64, and the company maintained a strong balance sheet with a Q2'25 BSCR estimate at 223%. The Insurance & Services segment showed particularly strong performance with a 14.3% increase in gross premiums written to $560.4 million.
SiriusPoint (NYSE:SPNT) ha riportato risultati solidi nel secondo trimestre del 2025 con miglioramenti significativi nei principali indicatori. La societ脿 ha raggiunto un indice combinato Core del 89,5%, segnando un miglioramento di 3,8 punti rispetto all'anno precedente. Il reddito da sottoscrizione 猫 cresciuto dell'83% su base annua, arrivando a 68 milioni di dollari per il business Core.
I principali dati finanziari includono un utile netto di 59,2 milioni di dollari (0,50 dollari per azione diluita), un utile Core di 76,3 milioni di dollari e una crescita del 10% dei premi lordi contabilizzati, che rappresenta il quinto trimestre consecutivo di crescita a doppia cifra. Il ritorno sul capitale proprio ha raggiunto il 12,7%, con un ROE sottostante del 17,0%, superiore all'intervallo target del 12-15%.
Il valore contabile per azione comune diluita (escluso AOCI) 猫 aumentato del 3,2% raggiungendo 15,64 dollari e la societ脿 ha mantenuto un bilancio solido con una stima del BSCR per il Q2 2025 al 223%. Il segmento Insurance & Services ha mostrato una performance particolarmente forte con un aumento del 14,3% dei premi lordi contabilizzati, arrivando a 560,4 milioni di dollari.
SiriusPoint (NYSE:SPNT) report贸 s贸lidos resultados en el segundo trimestre de 2025 con mejoras significativas en m茅tricas clave. La compa帽铆a alcanz贸 un 铆ndice combinado Core del 89,5%, lo que representa una mejora de 3,8 puntos respecto al a帽o anterior. El ingreso por suscripci贸n creci贸 un 83% interanual hasta 68 millones de d贸lares para el negocio Core.
Los aspectos financieros destacados incluyen un ingreso neto de 59,2 millones de d贸lares (0,50 d贸lares por acci贸n diluida), un ingreso Core de 76,3 millones de d贸lares y un crecimiento del 10% en primas brutas emitidas, marcando el quinto trimestre consecutivo con crecimiento de dos d铆gitos. El retorno sobre el capital alcanz贸 el 12,7%, con un ROE subyacente del 17,0%, superando el rango objetivo del 12-15%.
El valor en libros por acci贸n com煤n diluida (excluyendo AOCI) aument贸 un 3,2% hasta 15,64 d贸lares, y la compa帽铆a mantuvo un balance s贸lido con una estimaci贸n BSCR para el segundo trimestre de 2025 del 223%. El segmento de Seguros y Servicios mostr贸 un desempe帽o especialmente fuerte con un aumento del 14,3% en primas brutas emitidas, alcanzando los 560,4 millones de d贸lares.
SiriusPoint (NYSE:SPNT)電� 2025雲� 2攵勱赴鞐� 欤检殧 歆�響滌棎靹� 靸侂嫻頃� 臧滌劆鞚� 鞚措（氅� 臧曤牓頃� 鞁れ爜鞚� 氤搓碃頄堨姷雼堧嫟. 須岇偓電� 頃奠嫭 瓴绊暕牍勳湪(Core combined ratio) 89.5%毳� 雼劚頄堨溂氅�, 鞚措姅 鞝勲厔 雽�牍� 3.8韽澑韸� 臧滌劆霅� 靾橃箻鞛呺媹雼�. 頃奠嫭 靷梾攵�氍胳潣 鞚胳垬 靾橃澋鞚� 鞝勲厔 雽�牍� 83% 歃濌皜頃橃棳 6800毵� 雼煬鞐� 雼枅鞀惦媹雼�.
欤检殧 鞛 頃橃澊霛检澊韸鸽電� 靾滌澊鞚� 5920毵� 雼煬(頋劃 欤茧嫻 0.50雼煬), 頃奠嫭 靾橃澋 7630毵� 雼煬, 攴鸽Μ瓿� 10%鞚� 齑� 氤错棙耄� 歃濌皜臧� 韽暔霅橂┌, 鞚措姅 雼れ劘 攵勱赴 鞐办啀 霊� 鞛愲靾� 靹膘灔鞛呺媹雼�. 須岇偓鞚� 鞛愱赴鞛愲掣鞚挫澋毳�(ROE)鞚� 12.7%鞐� 霃勲嫭頄堨溂氅�, 旮办磮 ROE電� 17.0%搿� 氇╉憸 氩旍渼鞚� 12-15%毳� 齑堦臣頄堨姷雼堧嫟.
頋劃 欤茧嫻 鞛ル秬臧�電� (AOCI 鞝滌櫢) 3.2% 歃濌皜頃橃棳 15.64雼煬臧� 霅橃棃鞙茧┌, 須岇偓電� 2攵勱赴 2025雲� 旮办 BSCR 於旍爼旃橂ゼ 223%搿� 鞙犾頃橂┌ 臧曤牓頃� 鞛甑“毳� 鞙犾頄堨姷雼堧嫟. 氤错棙 氚� 靹滊箘鞀� 攵�氍胳潃 齑� 氤错棙耄岅皜 14.3% 歃濌皜頃橃棳 5鞏� 6040毵� 雼煬鞐� 雼晿電� 韸鬼瀳 臧曧暅 鞁れ爜鞚� 氤挫榾鞀惦媹雼�.
SiriusPoint (NYSE:SPNT) a annonc茅 de solides r茅sultats pour le deuxi猫me trimestre 2025 avec des am茅liorations significatives des indicateurs cl茅s. La soci茅t茅 a atteint un ratio combin茅 Core de 89,5%, soit une am茅lioration de 3,8 points par rapport 脿 l'ann茅e pr茅c茅dente. Le revenu de souscription a augment茅 de 83% en glissement annuel, atteignant 68 millions de dollars pour l'activit茅 Core.
Les points financiers cl茅s incluent un revenu net de 59,2 millions de dollars (0,50 dollar par action dilu茅e), un revenu Core de 76,3 millions de dollars, ainsi qu'une croissance de 10% des primes brutes 茅mises, marquant le cinqui猫me trimestre cons茅cutif de croissance 脿 deux chiffres. Le retour sur fonds propres a atteint 12,7%, avec un ROE sous-jacent de 17,0% d茅passant la fourchette cible de 12-15%.
La valeur comptable par action ordinaire dilu茅e (hors AOCI) a augment茅 de 3,2% pour atteindre 15,64 dollars, et la soci茅t茅 a maintenu un bilan solide avec une estimation BSCR au deuxi猫me trimestre 2025 脿 223%. Le segment Assurance & Services a affich茅 une performance particuli猫rement forte avec une augmentation de 14,3% des primes brutes 茅mises 脿 560,4 millions de dollars.
SiriusPoint (NYSE:SPNT) meldete starke Ergebnisse f眉r das zweite Quartal 2025 mit deutlichen Verbesserungen bei wichtigen Kennzahlen. Das Unternehmen erreichte eine Core Combined Ratio von 89,5%, was einer Verbesserung um 3,8 Punkte gegen眉ber dem Vorjahr entspricht. Das Underwriting-Ergebnis wuchs im Jahresvergleich um 83% auf 68 Millionen US-Dollar im Core-Gesch盲ft.
Zu den wichtigsten finanziellen H枚hepunkten z盲hlen ein Nettoeinkommen von 59,2 Millionen US-Dollar (0,50 US-Dollar pro verw盲sserter Aktie), ein Core-Ergebnis von 76,3 Millionen US-Dollar sowie ein Wachstum der Bruttobeitr盲ge um 10%, was das f眉nfte Quartal in Folge mit zweistelligem Wachstum markiert. Die Eigenkapitalrendite erreichte 12,7%, wobei die zugrunde liegende ROE von 17,0% den Zielbereich von 12-15% 眉bertraf.
Der Buchwert je verw盲sserter Stammaktie (ohne AOCI) stieg um 3,2% auf 15,64 US-Dollar, und das Unternehmen hielt eine starke Bilanz mit einer gesch盲tzten BSCR von 223% im Q2 2025. Der Bereich Insurance & Services zeigte mit einem Anstieg der Bruttobeitr盲ge um 14,3% auf 560,4 Millionen US-Dollar eine besonders starke Leistung.
- Core combined ratio improved to 89.5%, a 3.8-point enhancement from prior year
- Underwriting income grew 83% year-over-year to $68 million
- Gross premiums written increased 10% for Core business
- Return on equity of 17.0% exceeded 12-15% target range
- Book value per diluted common share (ex. AOCI) increased 3.2% to $15.64
- Favorable prior year loss reserve development of $13.8 million
- Strong balance sheet with Q2'25 BSCR estimate at 223%
- Service margin decreased to 14.7% from 16.9% year-over-year
- Catastrophe losses of $67.4 million in first half 2025, primarily from California wildfires
- Reinsurance segment underwriting income decreased to $36.5 million from $64.9 million year-over-year
Insights
SiriusPoint shows strong underwriting discipline with core combined ratio improvement to 89.5%, driving 83% YoY underwriting income growth and 12.7% ROE.
SiriusPoint's Q2 2025 results demonstrate impressive underwriting discipline and execution. The 89.5% core combined ratio represents a substantial 3.8 point improvement year-over-year, indicating enhanced underwriting profitability. This contributed to an 83% increase in core underwriting income to
The company's disciplined growth strategy is evident in the 10% increase in gross premiums written for core business, marking the fifth consecutive quarter of double-digit growth. This growth is primarily driven by strategic expansions in Surety, Accident & Health, and international P&C programs - all areas that typically generate favorable loss ratios when properly managed.
What's particularly noteworthy is the 17.0% underlying quarterly ROE, exceeding their 12-15% target range. This robust profitability metric indicates the company is effectively deploying capital while maintaining pricing discipline in a competitive market. The diluted EPS of
From a balance sheet perspective, the
The favorable prior year reserve developments of
The company's strategic shift toward higher-margin business segments is producing tangible results, with the Insurance & Services segment showing particularly strong improvement with a combined ratio of
HAMILTON, Bermuda, Aug. 04, 2025 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (鈥淪iriusPoint鈥� or the 鈥淐ompany鈥�) (NYSE:SPNT) today announced results for its second quarter ended June 30, 2025
- Combined ratio of
89.5% in the second quarter for Core business, representing a 3.8 point improvement from prior year and resulting in a half year Core combined ratio of92.4% - Underwriting income growth of
83% year over year in the second quarter to$68 million for Core business - Strong gross premiums written growth of
10% for Core business in the second quarter, marking the fifth consecutive quarter of double-digit growth - Second quarter return on equity of
12.7% , with underlying return on equity of17.0% in the quarter contributing to half year 2025 underlying return on equity of15.4% , exceeding our 12-15% 鈥榓cross the cycle鈥� target range - Diluted earnings per common share of
$0.50 , with underlying earnings per share of$0.66 representing a120% increase from prior year - Book value per diluted common share (ex. AOCI) up
3.2% in the quarter to$15.64 . Balance sheet remains strong with Q2鈥�25 BSCR estimate at223%
Scott Egan, Chief Executive Officer, said: 鈥淥ur second quarter results reflect the strength of our disciplined underwriting strategy. With each quarter, we demonstrate our ability to deliver consistent and stable earnings. Underlying return on equity for the quarter of
Our Core combined ratio for the quarter was
Beyond strong financials, the second quarter marked real and tangible progress in other areas. We were named Program Insurer of the Year in the US, achieved record scores in our employee engagement survey, and we attracted key talent to our business, including two new members of our executive leadership team.
Our momentum continues, and this quarter is another purposeful step towards our goal of becoming a best-in-class underwriter.鈥�
Second Quarter 2025 Highlights
- Net income attributable to SiriusPoint common shareholders of
$59.2 million , or$0.50 per diluted common share - Core income of
$76.3听尘颈濒濒颈辞苍 , including underwriting income of$67.6听尘颈濒濒颈辞苍 , Core combined ratio of89.5% - Core net services fee income of
$8.5 million , with service margin of14.7% - Net investment income of
$68.2 million and total investment result of$68.9 million - Book value per diluted common share (ex. AOCI) increased
$0.49 per share, or3.2% , from March听31, 2025 to$15.64 - Annualized return on average common equity of
12.7%
Half Year 2025 Highlights
- Net income attributable to SiriusPoint common shareholders of
$116.8 million , or$0.98 per diluted common share - Core income of
$123.7听尘颈濒濒颈辞苍 , including underwriting income of$96.1听尘颈濒濒颈辞苍 , Core combined ratio of92.4% - Core net services fee income of
$27.5听尘颈濒濒颈辞苍 , with service margin of22.9% - Net investment income of
$139.4听尘颈濒濒颈辞苍 and total investment result of$139.8听尘颈濒濒颈辞苍 - Book value per diluted common share (ex. AOCI) increased
$1.00 per share, or6.8% , from December 31, 2024 to$15.64 - Annualized return on average common equity of
12.8%
Key Financial Metrics
The following table shows certain key financial metrics for the three and six months ended June 30, 2025 and 2024:
| 听 | Three months ended | 听 | Six months ended | ||||||||||||
| 听 | June 30, 2025 | 听 | June 30, 2024 | 听 | June 30, 2025 | 听 | June 30, 2024 | ||||||||
| 听 | ($ in millions, except for per share data and ratios) | ||||||||||||||
| Combined ratio | 听 | 86.1 | % | 听 | 听 | 89.0 | % | 听 | 听 | 88.8 | % | 听 | 听 | 87.0 | % |
| Core underwriting income (1) | $ | 67.6 | 听 | 听 | $ | 36.9 | 听 | 听 | $ | 96.1 | 听 | 听 | $ | 81.2 | 听 |
| Core net services income (1) | $ | 8.7 | 听 | 听 | $ | 9.1 | 听 | 听 | $ | 27.6 | 听 | 听 | $ | 27.2 | 听 |
| Core income (1) | $ | 76.3 | 听 | 听 | $ | 46.0 | 听 | 听 | $ | 123.7 | 听 | 听 | $ | 108.4 | 听 |
| Core combined ratio (1) | 听 | 89.5 | % | 听 | 听 | 93.3 | % | 听 | 听 | 92.4 | % | 听 | 听 | 92.5 | % |
| Annualized return on average common shareholders鈥� equity attributable to SiriusPoint common shareholders | 听 | 12.7 | % | 听 | 听 | 17.9 | % | 听 | 听 | 12.8 | % | 听 | 听 | 16.7 | % |
| Book value per common share (2) | $ | 16.32 | 听 | 听 | $ | 14.92 | 听 | 听 | $ | 16.32 | 听 | 听 | $ | 14.92 | 听 |
| Book value per diluted common share (2) | $ | 16.03 | 听 | 听 | $ | 14.60 | 听 | 听 | $ | 16.03 | 听 | 听 | $ | 14.60 | 听 |
| Book value per diluted common share ex. AOCI (1) (2) | $ | 15.64 | 听 | 听 | $ | 14.64 | 听 | 听 | $ | 15.64 | 听 | 听 | $ | 14.64 | 听 |
| Tangible book value per diluted common share (1) (2) | $ | 14.89 | 听 | 听 | $ | 13.42 | 听 | 听 | $ | 14.89 | 听 | 听 | $ | 13.42 | 听 |
| (1) | Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See definitions in 鈥淣on-GAAP Financial Measures鈥� and reconciliations in 鈥淪egment Reporting.鈥� 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 鈥淣on-GAAP Financial Measures.鈥� |
| (2) | Prior year comparatives represent amounts as of December 31, 2024. |
| 听 | 听 |
Second Quarter 2025 Summary
Consolidated underwriting income for the three months ended June 30, 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 - Insurance & Services and Reinsurance.
Collectively, the sum of our two segments, Insurance & Services and Reinsurance, constitute our 鈥淐ore鈥� results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See reconciliations in 鈥淪egment Reporting鈥�. 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 June 30, 2025 and 2024
Core Premium Volume
Gross premiums written increased by
Core Results
Core results for the three months ended June 30, 2025 included income of
Effects of catastrophes were limited for the three months ended June 30, 2025, compared to
Net services income remained stable for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Service margin, which is calculated as Net service fee income as a percentage of services revenues, decreased to
Six months ended June 30, 2025 and 2024
Core Premium Volume
Gross premiums written increased by
Core Results
Core results for the six months ended June 30, 2025 included underwriting income of
Favorable prior year loss reserve development for the six months ended June 30, 2025 was
Catastrophe losses were
Insurance & Services Segment
Three months ended June 30, 2025 and 2024
Insurance & Services gross premiums written were
Insurance & Services generated segment income of
The improvement in underwriting results was primarily driven by a lower attritional loss ratio, as well as net favorable prior year loss reserve development of
Six months ended June 30, 2025 and 2024
Insurance & Services gross premiums written were
Insurance & Services generated segment income of
The improvement in underwriting income of
Reinsurance Segment
Three months ended June 30, 2025 and 2024
Reinsurance gross premiums written were
Reinsurance generated underwriting income of
Six months ended June 30, 2025 and 2024
Reinsurance gross premiums written were
Reinsurance generated underwriting income of
Investments
Three months ended June 30, 2025 and 2024
Net investment income and net realized and unrealized investment gains (losses) for the three months ended June 30, 2025 increased due to losses on strategic investments in the three months ended June 30, 2024 of
Six months ended June 30, 2025 and 2024
Net investment income and net realized and unrealized investment gains (losses) for the six months ended June 30, 2025 increased due to losses on strategic investments in the first half of 2024 of
Webcast Details
The Company will hold a webcast to discuss its second quarter 2025 results at 8:30 a.m. Eastern Time on August 4, 2025. The webcast of the conference call will be available over the Internet from the Company鈥檚 website at 听under the 鈥淚nvestor Relations鈥� 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. second quarter 2025 earnings call.
The online replay will be available on the Company's website immediately following the call at 听under the 鈥淚nvestor Relations鈥� section.
Safe Harbor Statement Regarding Forward-Looking Statements
This press release includes 鈥渇orward-looking statements鈥� 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鈥檚 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 鈥渂elieves,鈥� 鈥渋ntends,鈥� 鈥渟eeks,鈥� 鈥渁nticipates,鈥� 鈥渁ims,鈥� 鈥減lans,鈥� 鈥渢argets,鈥� 鈥渆stimates,鈥� 鈥渆xpects,鈥� 鈥渁ssumes,鈥� 鈥渃ontinues,鈥� 鈥済uidance,鈥� 鈥渟hould,鈥� 鈥渃ould,鈥� 鈥渨ill,鈥� 鈥渕ay鈥� 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鈥檚 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 losses from health pandemics 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 uncertainty from policies under the current 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鈥檚 credit and mortgage business and potential increase in credit spread which could impact the Company鈥檚 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鈥檚 insurance and reinsurance subsidiaries鈥� 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鈥檚 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鈥檚 results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (鈥淕AAP鈥�). SiriusPoint鈥檚 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鈥檚 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鈥檚 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
听
+ 44 203 772 3082
Media
Natalie King - Global Head of Marketing and External Communications
听
+ 44 770 728 8817
| SIRIUSPOINT LTD. CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of June 30, 2025 and December 31, 2024 (expressed in millions of U.S. dollars, except per share and share amounts) | ||||||
| 听 | 听 | 听 | 听 | |||
| 听 | June 30, 2025 | 听 | December 31, 2024 | |||
| Assets | 听 | 听 | 听 | |||
| Debt securities, available for sale, at fair value, net of allowance for credit losses of | $ | 4,735.9 | 听 | $ | 5,131.0 | 听 |
| Debt securities, trading, at fair value (cost - | 听 | 102.9 | 听 | 听 | 162.2 | 听 |
| Short-term investments, at fair value (cost - | 听 | 54.9 | 听 | 听 | 95.8 | 听 |
| Other long-term investments, at fair value (cost - | 听 | 320.1 | 听 | 听 | 316.5 | 听 |
| Total investments | 听 | 5,213.8 | 听 | 听 | 5,705.5 | 听 |
| Cash and cash equivalents | 听 | 732.4 | 听 | 听 | 682.0 | 听 |
| Restricted cash and cash equivalents | 听 | 190.8 | 听 | 听 | 212.6 | 听 |
| Due from brokers | 听 | 8.2 | 听 | 听 | 11.2 | 听 |
| Interest and dividends receivable | 听 | 42.5 | 听 | 听 | 44.0 | 听 |
| Insurance and reinsurance balances receivable, net | 听 | 2,290.1 | 听 | 听 | 2,054.4 | 听 |
| Deferred acquisition costs, net | 听 | 379.5 | 听 | 听 | 327.5 | 听 |
| Unearned premiums ceded | 听 | 484.0 | 听 | 听 | 463.9 | 听 |
| Loss and loss adjustment expenses recoverable, net | 听 | 2,263.9 | 听 | 听 | 2,315.3 | 听 |
| Deferred tax asset | 听 | 297.1 | 听 | 听 | 297.0 | 听 |
| Intangible assets | 听 | 135.1 | 听 | 听 | 140.8 | 听 |
| Other assets | 听 | 318.3 | 听 | 听 | 270.7 | 听 |
| Total assets | $ | 12,355.7 | 听 | $ | 12,524.9 | 听 |
| Liabilities | 听 | 听 | 听 | |||
| Loss and loss adjustment expense reserves | $ | 5,817.4 | 听 | $ | 5,653.9 | 听 |
| Unearned premium reserves | 听 | 1,854.0 | 听 | 听 | 1,639.2 | 听 |
| Reinsurance balances payable | 听 | 1,539.9 | 听 | 听 | 1,781.6 | 听 |
| Deferred gain on retroactive reinsurance | 听 | 鈥� | 听 | 听 | 8.5 | 听 |
| Debt | 听 | 678.4 | 听 | 听 | 639.1 | 听 |
| Due to brokers | 听 | 9.0 | 听 | 听 | 18.0 | 听 |
| Deferred tax liability | 听 | 89.6 | 听 | 听 | 76.2 | 听 |
| Share repurchase liability | 听 | 鈥� | 听 | 听 | 483.0 | 听 |
| Other liabilities | 听 | 260.6 | 听 | 听 | 286.6 | 听 |
| Total liabilities | 听 | 10,248.9 | 听 | 听 | 10,586.1 | 听 |
| Commitments and contingent liabilities | 听 | 听 | 听 | |||
| Shareholders鈥� equity | 听 | 听 | 听 | |||
| Series B preference shares (par value | 听 | 200.0 | 听 | 听 | 200.0 | 听 |
| Common shares (issued and outstanding: 116,759,539;听2024 - 116,429,057) | 听 | 11.7 | 听 | 听 | 11.6 | 听 |
| Additional paid-in capital | 听 | 945.8 | 听 | 听 | 945.0 | 听 |
| Retained earnings | 听 | 901.7 | 听 | 听 | 784.9 | 听 |
| Accumulated other comprehensive income (loss), net of tax | 听 | 46.5 | 听 | 听 | (4.1 | ) |
| Shareholders鈥� equity attributable to SiriusPoint shareholders | 听 | 2,105.7 | 听 | 听 | 1,937.4 | 听 |
| Noncontrolling interests | 听 | 1.1 | 听 | 听 | 1.4 | 听 |
| Total shareholders鈥� equity | 听 | 2,106.8 | 听 | 听 | 1,938.8 | 听 |
| Total liabilities, noncontrolling interests and shareholders鈥� equity | $ | 12,355.7 | 听 | $ | 12,524.9 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| SIRIUSPOINT LTD. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) For the three and six months ended June 30, 2025 and 2024 (expressed in millions of U.S. dollars, except per share and share amounts) | |||||||||||||||
| 听 | 听 | 听 | 听 | ||||||||||||
| 听 | Three months ended | 听 | Six months ended | ||||||||||||
| 听 | June 30, 2025 | 听 | June 30, 2024 | 听 | June 30, 2025 | 听 | June 30, 2024 | ||||||||
| Revenues | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Net premiums earned | $ | 652.0 | 听 | 听 | $ | 590.5 | 听 | 听 | $ | 1,278.7 | 听 | 听 | $ | 1,184.3 | 听 |
| Net investment income | 听 | 68.2 | 听 | 听 | 听 | 78.2 | 听 | 听 | 听 | 139.4 | 听 | 听 | 听 | 157.0 | 听 |
| Net realized and unrealized investment gains (losses) | 听 | 0.7 | 听 | 听 | 听 | (54.9 | ) | 听 | 听 | 0.4 | 听 | 听 | 听 | (53.9 | ) |
| Net investment income and net realized and unrealized investment gains (losses) | 听 | 68.9 | 听 | 听 | 听 | 23.3 | 听 | 听 | 听 | 139.8 | 听 | 听 | 听 | 103.1 | 听 |
| Other revenues | 听 | 27.3 | 听 | 听 | 听 | 118.9 | 听 | 听 | 听 | 57.0 | 听 | 听 | 听 | 146.7 | 听 |
| Loss on settlement and change in fair value of liability-classified capital instruments | 听 | 鈥� | 听 | 听 | 听 | 10.6 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (5.3 | ) |
| Total revenues | 听 | 748.2 | 听 | 听 | 听 | 743.3 | 听 | 听 | 听 | 1,475.5 | 听 | 听 | 听 | 1,428.8 | 听 |
| Expenses | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Loss and loss adjustment expenses incurred, net | 听 | 372.6 | 听 | 听 | 听 | 364.4 | 听 | 听 | 听 | 774.4 | 听 | 听 | 听 | 681.9 | 听 |
| Acquisition costs, net | 听 | 140.9 | 听 | 听 | 听 | 119.9 | 听 | 听 | 听 | 270.6 | 听 | 听 | 听 | 264.8 | 听 |
| Other underwriting expenses | 听 | 48.3 | 听 | 听 | 听 | 41.1 | 听 | 听 | 听 | 89.4 | 听 | 听 | 听 | 82.9 | 听 |
| Net corporate and other expenses | 听 | 70.9 | 听 | 听 | 听 | 66.6 | 听 | 听 | 听 | 131.5 | 听 | 听 | 听 | 122.6 | 听 |
| Intangible asset amortization | 听 | 2.8 | 听 | 听 | 听 | 3.0 | 听 | 听 | 听 | 5.7 | 听 | 听 | 听 | 5.9 | 听 |
| Interest expense | 听 | 21.1 | 听 | 听 | 听 | 15.7 | 听 | 听 | 听 | 39.2 | 听 | 听 | 听 | 36.2 | 听 |
| Foreign exchange (gains) losses | 听 | 16.7 | 听 | 听 | 听 | 3.6 | 听 | 听 | 听 | 14.5 | 听 | 听 | 听 | (0.1 | ) |
| Total expenses | 听 | 673.3 | 听 | 听 | 听 | 614.3 | 听 | 听 | 听 | 1,325.3 | 听 | 听 | 听 | 1,194.2 | 听 |
| Income before income tax expense | 听 | 74.9 | 听 | 听 | 听 | 129.0 | 听 | 听 | 听 | 150.2 | 听 | 听 | 听 | 234.6 | 听 |
| Income tax expense | 听 | (11.6 | ) | 听 | 听 | (14.2 | ) | 听 | 听 | (24.9 | ) | 听 | 听 | (23.9 | ) |
| Net income | 听 | 63.3 | 听 | 听 | 听 | 114.8 | 听 | 听 | 听 | 125.3 | 听 | 听 | 听 | 210.7 | 听 |
| Net income attributable to noncontrolling interests | 听 | (0.1 | ) | 听 | 听 | (0.9 | ) | 听 | 听 | (0.5 | ) | 听 | 听 | (2.0 | ) |
| Net income available to SiriusPoint | 听 | 63.2 | 听 | 听 | 听 | 113.9 | 听 | 听 | 听 | 124.8 | 听 | 听 | 听 | 208.7 | 听 |
| Dividends on Series B preference shares | 听 | (4.0 | ) | 听 | 听 | (4.0 | ) | 听 | 听 | (8.0 | ) | 听 | 听 | (8.0 | ) |
| Net income available to SiriusPoint common shareholders | $ | 59.2 | 听 | 听 | $ | 109.9 | 听 | 听 | $ | 116.8 | 听 | 听 | $ | 200.7 | 听 |
| Earnings per share available to SiriusPoint common shareholders | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Basic earnings per share available to SiriusPoint common shareholders | $ | 0.51 | 听 | 听 | $ | 0.60 | 听 | 听 | $ | 1.00 | 听 | 听 | $ | 1.11 | 听 |
| Diluted earnings per share available to SiriusPoint common shareholders | $ | 0.50 | 听 | 听 | $ | 0.57 | 听 | 听 | $ | 0.98 | 听 | 听 | $ | 1.05 | 听 |
| Weighted average number of common shares used in the determination of earnings per share | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Basic | 听 | 116,523,435 | 听 | 听 | 听 | 170,173,022 | 听 | 听 | 听 | 116,252,739 | 听 | 听 | 听 | 169,453,656 | 听 |
| Diluted | 听 | 118,669,471 | 听 | 听 | 听 | 178,711,254 | 听 | 听 | 听 | 118,598,535 | 听 | 听 | 听 | 178,085,119 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| SIRIUSPOINT LTD. SEGMENT REPORTING | ||||||||||||||||||||||||||||
| 听 | 听 | 听 | ||||||||||||||||||||||||||
| 听 | 听 | Three months ended June 30, 2025 | ||||||||||||||||||||||||||
| 听 | 听 | Insurance & Services | 听 | Reinsurance | 听 | Core | 听 | Eliminations (2) | 听 | Corporate | 听 | Segment Measure Reclass | 听 | Total | ||||||||||||||
| Gross premiums written | 听 | $ | 560.4 | 听 | 听 | $ | 369.7 | 听 | 听 | $ | 930.1 | 听 | 听 | $ | 鈥� | 听 | 听 | $ | 18.1 | 听 | 听 | $ | 鈥� | 听 | 听 | $ | 948.2 | 听 |
| Net premiums written | 听 | 听 | 392.8 | 听 | 听 | 听 | 307.0 | 听 | 听 | 听 | 699.8 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 4.6 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 704.4 | 听 |
| Net premiums earned | 听 | 听 | 369.2 | 听 | 听 | 听 | 276.4 | 听 | 听 | 听 | 645.6 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 6.4 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 652.0 | 听 |
| Loss and loss adjustment expenses incurred, net | 听 | 听 | 209.2 | 听 | 听 | 听 | 156.4 | 听 | 听 | 听 | 365.6 | 听 | 听 | 听 | (1.5 | ) | 听 | 听 | 8.5 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 372.6 | 听 |
| Acquisition costs, net | 听 | 听 | 97.9 | 听 | 听 | 听 | 70.5 | 听 | 听 | 听 | 168.4 | 听 | 听 | 听 | (28.2 | ) | 听 | 听 | 0.7 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 140.9 | 听 |
| Other underwriting expenses | 听 | 听 | 22.6 | 听 | 听 | 听 | 21.4 | 听 | 听 | 听 | 44.0 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 4.3 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 48.3 | 听 |
| Underwriting income (loss) | 听 | 听 | 39.5 | 听 | 听 | 听 | 28.1 | 听 | 听 | 听 | 67.6 | 听 | 听 | 听 | 29.7 | 听 | 听 | 听 | (7.1 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | 90.2 | 听 |
| Services revenues | 听 | 听 | 58.1 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 58.1 | 听 | 听 | 听 | (31.7 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (26.4 | ) | 听 | 听 | 鈥� | 听 |
| Services expenses | 听 | 听 | 49.6 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 49.6 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (49.6 | ) | 听 | 听 | 鈥� | 听 |
| Net services fee income | 听 | 听 | 8.5 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 8.5 | 听 | 听 | 听 | (31.7 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | 23.2 | 听 | 听 | 听 | 鈥� | 听 |
| Services noncontrolling loss | 听 | 听 | 0.2 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 0.2 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (0.2 | ) | 听 | 听 | 鈥� | 听 |
| Net services income | 听 | 听 | 8.7 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 8.7 | 听 | 听 | 听 | (31.7 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | 23.0 | 听 | 听 | 听 | 鈥� | 听 |
| Segment income (loss) | 听 | 听 | 48.2 | 听 | 听 | 听 | 28.1 | 听 | 听 | 听 | 76.3 | 听 | 听 | 听 | (2.0 | ) | 听 | 听 | (7.1 | ) | 听 | 听 | 23.0 | 听 | 听 | 听 | 90.2 | 听 |
| Net investment income | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 68.2 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 68.2 | 听 | ||||||||
| Net realized and unrealized investment gains | 听 | 听 | 0.7 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 0.7 | 听 | ||||||||||||||||
| Other revenues | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 0.9 | 听 | 听 | 听 | 26.4 | 听 | 听 | 听 | 27.3 | 听 | ||||||||
| Net corporate and other expenses | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | (21.3 | ) | 听 | 听 | (49.6 | ) | 听 | 听 | (70.9 | ) | ||||||||
| Intangible asset amortization | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | (2.8 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (2.8 | ) | ||||||||
| Interest expense | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | (21.1 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (21.1 | ) | ||||||||
| Foreign exchange losses | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | (16.7 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (16.7 | ) | ||||||||
| Income (loss) before income tax expense | 听 | $ | 48.2 | 听 | 听 | $ | 28.1 | 听 | 听 | 听 | 76.3 | 听 | 听 | 听 | (2.0 | ) | 听 | 听 | 0.8 | 听 | 听 | 听 | (0.2 | ) | 听 | 听 | 74.9 | 听 |
| Income tax expense | 听 | 听 | 听 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (11.6 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (11.6 | ) | ||||
| Net income (loss) | 听 | 听 | 听 | 听 | 听 | 听 | 76.3 | 听 | 听 | 听 | (2.0 | ) | 听 | 听 | (10.8 | ) | 听 | 听 | (0.2 | ) | 听 | 听 | 63.3 | 听 | ||||
| Net (income) loss attributable to noncontrolling interest | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (0.3 | ) | 听 | 听 | 0.2 | 听 | 听 | 听 | (0.1 | ) | |||||||||
| Net income (loss) available to SiriusPoint | $ | 76.3 | 听 | 听 | $ | (2.0 | ) | 听 | $ | (11.1 | ) | 听 | $ | 鈥� | 听 | 听 | $ | 63.2 | 听 | |||||||||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||||||
| Attritional losses | 听 | $ | 218.9 | 听 | 听 | $ | 161.0 | 听 | 听 | $ | 379.9 | 听 | 听 | $ | (1.5 | ) | 听 | $ | 3.4 | 听 | 听 | $ | 鈥� | 听 | 听 | $ | 381.8 | 听 |
| Catastrophe losses | 听 | 听 | 鈥� | 听 | 听 | 听 | (0.5 | ) | 听 | 听 | (0.5 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (0.5 | ) |
| Prior year loss reserve development | 听 | 听 | (9.7 | ) | 听 | 听 | (4.1 | ) | 听 | 听 | (13.8 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | 5.1 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (8.7 | ) |
| Loss and loss adjustment expenses incurred, net | 听 | $ | 209.2 | 听 | 听 | $ | 156.4 | 听 | 听 | $ | 365.6 | 听 | 听 | $ | (1.5 | ) | 听 | $ | 8.5 | 听 | 听 | $ | 鈥� | 听 | 听 | $ | 372.6 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||||||
| Underwriting Ratios:(1) | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||||||
| Attritional loss ratio | 听 | 听 | 59.3 | % | 听 | 听 | 58.3 | % | 听 | 听 | 58.8 | % | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 58.5 | % | ||||||
| Catastrophe loss ratio | 听 | 听 | 鈥� | % | 听 | (0.2)% | 听 | (0.1)% | 听 | 听 | 听 | 听 | 听 | 听 | 听 | (0.1)% | ||||||||||||
| Prior year loss development ratio | 听 | (2.6)% | 听 | (1.5)% | 听 | (2.1)% | 听 | 听 | 听 | 听 | 听 | 听 | 听 | (1.3)% | ||||||||||||||
| Loss ratio | 听 | 听 | 56.7 | % | 听 | 听 | 56.6 | % | 听 | 听 | 56.6 | % | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 57.1 | % | ||||||
| Acquisition cost ratio | 听 | 听 | 26.5 | % | 听 | 听 | 25.5 | % | 听 | 听 | 26.1 | % | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 21.6 | % | ||||||
| Other underwriting expenses ratio | 听 | 听 | 6.1 | % | 听 | 听 | 7.7 | % | 听 | 听 | 6.8 | % | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 7.4 | % | ||||||
| Combined ratio | 听 | 听 | 89.3 | % | 听 | 听 | 89.8 | % | 听 | 听 | 89.5 | % | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 86.1 | % | ||||||
| (1) | Underwriting ratios are calculated by dividing the related expense by net premiums earned. |
| (2) | Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards. |
| 听 | 听 |
| 听 | 听 | Three months ended June 30, 2024 | ||||||||||||||||||||||||||
| 听 | 听 | Insurance & Services | 听 | Reinsurance | 听 | Core | 听 | Eliminations (2) | 听 | Corporate | 听 | Segment Measure Reclass | 听 | Total | ||||||||||||||
| Gross premiums written | 听 | $ | 490.2 | 听 | 听 | $ | 352.5 | 听 | 听 | $ | 842.7 | 听 | 听 | $ | 鈥� | 听 | 听 | $ | 21.8 | 听 | 听 | $ | 鈥� | 听 | 听 | $ | 864.5 | 听 |
| Net premiums written | 听 | 听 | 341.1 | 听 | 听 | 听 | 308.8 | 听 | 听 | 听 | 649.9 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (6.3 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | 643.6 | 听 |
| Net premiums earned | 听 | 听 | 297.2 | 听 | 听 | 听 | 256.2 | 听 | 听 | 听 | 553.4 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 37.1 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 590.5 | 听 |
| Loss and loss adjustment expenses incurred, net | 听 | 听 | 192.2 | 听 | 听 | 听 | 143.8 | 听 | 听 | 听 | 336.0 | 听 | 听 | 听 | (1.3 | ) | 听 | 听 | 29.7 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 364.4 | 听 |
| Acquisition costs, net | 听 | 听 | 75.8 | 听 | 听 | 听 | 67.2 | 听 | 听 | 听 | 143.0 | 听 | 听 | 听 | (36.5 | ) | 听 | 听 | 13.4 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 119.9 | 听 |
| Other underwriting expenses | 听 | 听 | 17.3 | 听 | 听 | 听 | 20.2 | 听 | 听 | 听 | 37.5 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 3.6 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 41.1 | 听 |
| Underwriting income (loss) | 听 | 听 | 11.9 | 听 | 听 | 听 | 25.0 | 听 | 听 | 听 | 36.9 | 听 | 听 | 听 | 37.8 | 听 | 听 | 听 | (9.6 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | 65.1 | 听 |
| Services revenues | 听 | 听 | 57.4 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 57.4 | 听 | 听 | 听 | (34.4 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (23.0 | ) | 听 | 听 | 鈥� | 听 |
| Services expenses | 听 | 听 | 47.7 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 47.7 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (47.7 | ) | 听 | 听 | 鈥� | 听 |
| Net services fee income | 听 | 听 | 9.7 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 9.7 | 听 | 听 | 听 | (34.4 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | 24.7 | 听 | 听 | 听 | 鈥� | 听 |
| Services noncontrolling income | 听 | 听 | (0.6 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (0.6 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 0.6 | 听 | 听 | 听 | 鈥� | 听 |
| Net services income | 听 | 听 | 9.1 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 9.1 | 听 | 听 | 听 | (34.4 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | 25.3 | 听 | 听 | 听 | 鈥� | 听 |
| Segment income (loss) | 听 | 听 | 21.0 | 听 | 听 | 听 | 25.0 | 听 | 听 | 听 | 46.0 | 听 | 听 | 听 | 3.4 | 听 | 听 | 听 | (9.6 | ) | 听 | 听 | 25.3 | 听 | 听 | 听 | 65.1 | 听 |
| Net investment income | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 78.2 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 78.2 | 听 | ||||||||
| Net realized and unrealized investment losses | 听 | 听 | (54.9 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (54.9 | ) | ||||||||||||||||
| Other revenues | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 95.9 | 听 | 听 | 听 | 23.0 | 听 | 听 | 听 | 118.9 | 听 | ||||||||
| Loss on settlement and change in fair value of liability-classified capital instruments | 听 | 听 | 10.6 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 10.6 | 听 | ||||||||||||||||
| Net corporate and other expenses | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | (18.9 | ) | 听 | 听 | (47.7 | ) | 听 | 听 | (66.6 | ) | ||||||||
| Intangible asset amortization | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | (3.0 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (3.0 | ) | ||||||||
| Interest expense | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | (15.7 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (15.7 | ) | ||||||||
| Foreign exchange losses | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | (3.6 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (3.6 | ) | ||||||||
| Income before income tax expense | 听 | $ | 21.0 | 听 | 听 | $ | 25.0 | 听 | 听 | 听 | 46.0 | 听 | 听 | 听 | 3.4 | 听 | 听 | 听 | 79.0 | 听 | 听 | 听 | 0.6 | 听 | 听 | 听 | 129.0 | 听 |
| Income tax expense | 听 | 听 | 听 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (14.2 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (14.2 | ) | ||||
| Net income | 听 | 听 | 听 | 听 | 听 | 听 | 46.0 | 听 | 听 | 听 | 3.4 | 听 | 听 | 听 | 64.8 | 听 | 听 | 听 | 0.6 | 听 | 听 | 听 | 114.8 | 听 | ||||
| Net income attributable to noncontrolling interest | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (0.3 | ) | 听 | 听 | (0.6 | ) | 听 | 听 | (0.9 | ) | |||||||||
| Net income available to SiriusPoint | $ | 46.0 | 听 | 听 | $ | 3.4 | 听 | 听 | $ | 64.5 | 听 | 听 | $ | 鈥� | 听 | 听 | $ | 113.9 | 听 | |||||||||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||||||
| Attritional losses | 听 | $ | 188.2 | 听 | 听 | $ | 147.1 | 听 | 听 | $ | 335.3 | 听 | 听 | $ | (1.3 | ) | 听 | $ | 25.9 | 听 | 听 | $ | 鈥� | 听 | 听 | $ | 359.9 | 听 |
| Catastrophe losses | 听 | 听 | 2.6 | 听 | 听 | 听 | 3.0 | 听 | 听 | 听 | 5.6 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 5.6 | 听 |
| Prior year loss reserve development | 听 | 听 | 1.4 | 听 | 听 | 听 | (6.3 | ) | 听 | 听 | (4.9 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | 3.8 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (1.1 | ) |
| Loss and loss adjustment expenses incurred, net | 听 | $ | 192.2 | 听 | 听 | $ | 143.8 | 听 | 听 | $ | 336.0 | 听 | 听 | $ | (1.3 | ) | 听 | $ | 29.7 | 听 | 听 | $ | 鈥� | 听 | 听 | $ | 364.4 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||||||
| Underwriting Ratios: (1) | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||||||
| Attritional loss ratio | 听 | 听 | 63.3 | % | 听 | 听 | 57.4 | % | 听 | 听 | 60.6 | % | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 61.0 | % | ||||||
| Catastrophe loss ratio | 听 | 听 | 0.9 | % | 听 | 听 | 1.2 | % | 听 | 听 | 1.0 | % | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 0.9 | % | ||||||
| Prior year loss development ratio | 听 | 听 | 0.5 | % | 听 | (2.5)% | 听 | (0.9)% | 听 | 听 | 听 | 听 | 听 | 听 | 听 | (0.2)% | ||||||||||||
| Loss ratio | 听 | 听 | 64.7 | % | 听 | 听 | 56.1 | % | 听 | 听 | 60.7 | % | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 61.7 | % | ||||||
| Acquisition cost ratio | 听 | 听 | 25.5 | % | 听 | 听 | 26.2 | % | 听 | 听 | 25.8 | % | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 20.3 | % | ||||||
| Other underwriting expenses ratio | 听 | 听 | 5.8 | % | 听 | 听 | 7.9 | % | 听 | 听 | 6.8 | % | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 7.0 | % | ||||||
| Combined ratio | 听 | 听 | 96.0 | % | 听 | 听 | 90.2 | % | 听 | 听 | 93.3 | % | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 89.0 | % | ||||||
| (1) | Underwriting ratios are calculated by dividing the related expense by net premiums earned. |
| (2) | Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards. |
| 听 | 听 |
| 听 | 听 | Six months ended June 30, 2025 | ||||||||||||||||||||||||||
| 听 | 听 | Insurance & Services | 听 | Reinsurance | 听 | Core | 听 | Eliminations (2) | 听 | Corporate | 听 | Segment Measure Reclass | 听 | Total | ||||||||||||||
| Gross premiums written | 听 | $ | 1,195.5 | 听 | 听 | $ | 724.5 | 听 | 听 | $ | 1,920.0 | 听 | 听 | $ | 鈥� | 听 | 听 | $ | 12.9 | 听 | 听 | $ | 鈥� | 听 | 听 | $ | 1,932.9 | 听 |
| Net premiums written | 听 | 听 | 876.3 | 听 | 听 | 听 | 575.5 | 听 | 听 | 听 | 1,451.8 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (4.4 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | 1,447.4 | 听 |
| Net premiums earned | 听 | 听 | 705.4 | 听 | 听 | 听 | 566.0 | 听 | 听 | 听 | 1,271.4 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 7.3 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 1,278.7 | 听 |
| Loss and loss adjustment expenses incurred, net | 听 | 听 | 419.1 | 听 | 听 | 听 | 351.7 | 听 | 听 | 听 | 770.8 | 听 | 听 | 听 | (3.5 | ) | 听 | 听 | 7.1 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 774.4 | 听 |
| Acquisition costs, net | 听 | 听 | 185.2 | 听 | 听 | 听 | 137.6 | 听 | 听 | 听 | 322.8 | 听 | 听 | 听 | (56.2 | ) | 听 | 听 | 4.0 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 270.6 | 听 |
| Other underwriting expenses | 听 | 听 | 41.5 | 听 | 听 | 听 | 40.2 | 听 | 听 | 听 | 81.7 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 7.7 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 89.4 | 听 |
| Underwriting income (loss) | 听 | 听 | 59.6 | 听 | 听 | 听 | 36.5 | 听 | 听 | 听 | 96.1 | 听 | 听 | 听 | 59.7 | 听 | 听 | 听 | (11.5 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | 144.3 | 听 |
| Services revenues | 听 | 听 | 120.2 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 120.2 | 听 | 听 | 听 | (61.9 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (58.3 | ) | 听 | 听 | 鈥� | 听 |
| Services expenses | 听 | 听 | 92.7 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 92.7 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (92.7 | ) | 听 | 听 | 鈥� | 听 |
| Net services fee income | 听 | 听 | 27.5 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 27.5 | 听 | 听 | 听 | (61.9 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | 34.4 | 听 | 听 | 听 | 鈥� | 听 |
| Services noncontrolling loss | 听 | 听 | 0.1 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 0.1 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (0.1 | ) | 听 | 听 | 鈥� | 听 |
| Net services income | 听 | 听 | 27.6 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 27.6 | 听 | 听 | 听 | (61.9 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | 34.3 | 听 | 听 | 听 | 鈥� | 听 |
| Segment income (loss) | 听 | 听 | 87.2 | 听 | 听 | 听 | 36.5 | 听 | 听 | 听 | 123.7 | 听 | 听 | 听 | (2.2 | ) | 听 | 听 | (11.5 | ) | 听 | 听 | 34.3 | 听 | 听 | 听 | 144.3 | 听 |
| Net investment income | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 139.4 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 139.4 | 听 | ||||||||
| Net realized and unrealized investment gains | 听 | 听 | 0.4 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 0.4 | 听 | ||||||||||||||||
| Other revenues | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | (1.3 | ) | 听 | 听 | 58.3 | 听 | 听 | 听 | 57.0 | 听 | ||||||||
| Net corporate and other expenses | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | (38.8 | ) | 听 | 听 | (92.7 | ) | 听 | 听 | (131.5 | ) | ||||||||
| Intangible asset amortization | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | (5.7 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (5.7 | ) | ||||||||
| Interest expense | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | (39.2 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (39.2 | ) | ||||||||
| Foreign exchange losses | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | (14.5 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (14.5 | ) | ||||||||
| Income (loss) before income tax expense | 听 | $ | 87.2 | 听 | 听 | $ | 36.5 | 听 | 听 | 听 | 123.7 | 听 | 听 | 听 | (2.2 | ) | 听 | 听 | 28.8 | 听 | 听 | 听 | (0.1 | ) | 听 | 听 | 150.2 | 听 |
| Income tax expense | 听 | 听 | 听 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (24.9 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (24.9 | ) | ||||
| Net income | 听 | 听 | 听 | 听 | 听 | 听 | 123.7 | 听 | 听 | 听 | (2.2 | ) | 听 | 听 | 3.9 | 听 | 听 | 听 | (0.1 | ) | 听 | 听 | 125.3 | 听 | ||||
| Net income attributable to noncontrolling interest | 听 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (0.6 | ) | 听 | 听 | 0.1 | 听 | 听 | 听 | (0.5 | ) | ||||||
| Net income available to SiriusPoint | 听 | 听 | 听 | $ | 123.7 | 听 | 听 | $ | (2.2 | ) | 听 | $ | 3.3 | 听 | 听 | $ | 鈥� | 听 | 听 | $ | 124.8 | 听 | ||||||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||||||
| Attritional losses | 听 | $ | 426.5 | 听 | 听 | $ | 325.0 | 听 | 听 | $ | 751.5 | 听 | 听 | $ | (3.5 | ) | 听 | $ | 1.9 | 听 | 听 | $ | 鈥� | 听 | 听 | $ | 749.9 | 听 |
| Catastrophe losses | 听 | 听 | 4.8 | 听 | 听 | 听 | 62.6 | 听 | 听 | 听 | 67.4 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 67.4 | 听 |
| Prior year loss reserve development | 听 | 听 | (12.2 | ) | 听 | 听 | (35.9 | ) | 听 | 听 | (48.1 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | 5.2 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (42.9 | ) |
| Loss and loss adjustment expenses incurred, net | 听 | $ | 419.1 | 听 | 听 | $ | 351.7 | 听 | 听 | $ | 770.8 | 听 | 听 | $ | (3.5 | ) | 听 | $ | 7.1 | 听 | 听 | $ | 鈥� | 听 | 听 | $ | 774.4 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||||||
| Underwriting Ratios: (1) | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||||||
| Attritional loss ratio | 听 | 听 | 60.4 | % | 听 | 听 | 57.3 | % | 听 | 听 | 59.1 | % | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 58.7 | % | ||||||
| Catastrophe loss ratio | 听 | 听 | 0.7 | % | 听 | 听 | 11.1 | % | 听 | 听 | 5.3 | % | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 5.3 | % | ||||||
| Prior year loss development ratio | 听 | (1.7)% | 听 | (6.3)% | 听 | (3.8)% | 听 | 听 | 听 | 听 | 听 | 听 | 听 | (3.4)% | ||||||||||||||
| Loss ratio | 听 | 听 | 59.4 | % | 听 | 听 | 62.1 | % | 听 | 听 | 60.6 | % | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 60.6 | % | ||||||
| Acquisition cost ratio | 听 | 听 | 26.3 | % | 听 | 听 | 24.3 | % | 听 | 听 | 25.4 | % | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 21.2 | % | ||||||
| Other underwriting expenses ratio | 听 | 听 | 5.9 | % | 听 | 听 | 7.1 | % | 听 | 听 | 6.4 | % | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 7.0 | % | ||||||
| Combined ratio | 听 | 听 | 91.6 | % | 听 | 听 | 93.5 | % | 听 | 听 | 92.4 | % | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 88.8 | % | ||||||
| (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. |
| 听 | 听 |
| 听 | 听 | Six months ended June 30, 2024 | ||||||||||||||||||||||||||
| 听 | 听 | Insurance & Services | 听 | Reinsurance | 听 | Core | 听 | Eliminations (2) | 听 | Corporate | 听 | Segment Measure Reclass | 听 | Total | ||||||||||||||
| Gross premiums written | 听 | $ | 1,014.5 | 听 | 听 | $ | 708.9 | 听 | 听 | $ | 1,723.4 | 听 | 听 | $ | 鈥� | 听 | 听 | $ | 47.7 | 听 | 听 | $ | 鈥� | 听 | 听 | $ | 1,771.1 | 听 |
| Net premiums written | 听 | 听 | 678.2 | 听 | 听 | 听 | 598.9 | 听 | 听 | 听 | 1,277.1 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 5.8 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 1,282.9 | 听 |
| Net premiums earned | 听 | 听 | 561.4 | 听 | 听 | 听 | 509.8 | 听 | 听 | 听 | 1,071.2 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 113.1 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 1,184.3 | 听 |
| Loss and loss adjustment expenses incurred, net | 听 | 听 | 368.7 | 听 | 听 | 听 | 268.4 | 听 | 听 | 听 | 637.1 | 听 | 听 | 听 | (2.7 | ) | 听 | 听 | 47.5 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 681.9 | 听 |
| Acquisition costs, net | 听 | 听 | 141.0 | 听 | 听 | 听 | 137.0 | 听 | 听 | 听 | 278.0 | 听 | 听 | 听 | (69.7 | ) | 听 | 听 | 56.5 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 264.8 | 听 |
| Other underwriting expenses | 听 | 听 | 35.4 | 听 | 听 | 听 | 39.5 | 听 | 听 | 听 | 74.9 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 8.0 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 82.9 | 听 |
| Underwriting income | 听 | 听 | 16.3 | 听 | 听 | 听 | 64.9 | 听 | 听 | 听 | 81.2 | 听 | 听 | 听 | 72.4 | 听 | 听 | 听 | 1.1 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 154.7 | 听 |
| Services revenues | 听 | 听 | 123.2 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 123.2 | 听 | 听 | 听 | (71.5 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (51.7 | ) | 听 | 听 | 鈥� | 听 |
| Services expenses | 听 | 听 | 93.7 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 93.7 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (93.7 | ) | 听 | 听 | 鈥� | 听 |
| Net services fee income | 听 | 听 | 29.5 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 29.5 | 听 | 听 | 听 | (71.5 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | 42.0 | 听 | 听 | 听 | 鈥� | 听 |
| Services noncontrolling income | 听 | 听 | (2.3 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (2.3 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 2.3 | 听 | 听 | 听 | 鈥� | 听 |
| Net services income | 听 | 听 | 27.2 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 27.2 | 听 | 听 | 听 | (71.5 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | 44.3 | 听 | 听 | 听 | 鈥� | 听 |
| Segment income | 听 | 听 | 43.5 | 听 | 听 | 听 | 64.9 | 听 | 听 | 听 | 108.4 | 听 | 听 | 听 | 0.9 | 听 | 听 | 听 | 1.1 | 听 | 听 | 听 | 44.3 | 听 | 听 | 听 | 154.7 | 听 |
| Net investment income | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 157.0 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 157.0 | 听 | ||||||||
| Net realized and unrealized investment losses | 听 | 听 | (53.9 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (53.9 | ) | ||||||||||||||||
| Other revenues | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 95.0 | 听 | 听 | 听 | 51.7 | 听 | 听 | 听 | 146.7 | 听 | ||||||||
| Loss on settlement and change in fair value of liability-classified capital instruments | 听 | 听 | (5.3 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (5.3 | ) | ||||||||||||||||
| Net corporate and other expenses | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | (28.9 | ) | 听 | 听 | (93.7 | ) | 听 | 听 | (122.6 | ) | ||||||||
| Intangible asset amortization | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | (5.9 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (5.9 | ) | ||||||||
| Interest expense | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | (36.2 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (36.2 | ) | ||||||||
| Foreign exchange gains | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 0.1 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 0.1 | 听 | ||||||||
| Income before income tax expense | 听 | $ | 43.5 | 听 | 听 | $ | 64.9 | 听 | 听 | 听 | 108.4 | 听 | 听 | 听 | 0.9 | 听 | 听 | 听 | 123.0 | 听 | 听 | 听 | 2.3 | 听 | 听 | 听 | 234.6 | 听 |
| Income tax expense | 听 | 听 | 听 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (23.9 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (23.9 | ) | ||||
| Net income | 听 | 听 | 听 | 听 | 听 | 听 | 108.4 | 听 | 听 | 听 | 0.9 | 听 | 听 | 听 | 99.1 | 听 | 听 | 听 | 2.3 | 听 | 听 | 听 | 210.7 | 听 | ||||
| Net (income) loss attributable to noncontrolling interests | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 0.3 | 听 | 听 | 听 | (2.3 | ) | 听 | 听 | (2.0 | ) | |||||||||
| Net income available to SiriusPoint | $ | 108.4 | 听 | 听 | $ | 0.9 | 听 | 听 | $ | 99.4 | 听 | 听 | $ | 鈥� | 听 | 听 | $ | 208.7 | 听 | |||||||||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||||||
| Attritional losses | 听 | $ | 362.4 | 听 | 听 | $ | 282.0 | 听 | 听 | $ | 644.4 | 听 | 听 | $ | (2.7 | ) | 听 | $ | 74.6 | 听 | 听 | $ | 鈥� | 听 | 听 | $ | 716.3 | 听 |
| Catastrophe losses | 听 | 听 | 2.6 | 听 | 听 | 听 | 3.0 | 听 | 听 | 听 | 5.6 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 5.6 | 听 |
| Prior year loss reserve development | 听 | 听 | 3.7 | 听 | 听 | 听 | (16.6 | ) | 听 | 听 | (12.9 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (27.1 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (40.0 | ) |
| Loss and loss adjustment expenses incurred, net | 听 | $ | 368.7 | 听 | 听 | $ | 268.4 | 听 | 听 | $ | 637.1 | 听 | 听 | $ | (2.7 | ) | 听 | $ | 47.5 | 听 | 听 | $ | 鈥� | 听 | 听 | $ | 681.9 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||||||
| Underwriting Ratios: (1) | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||||||
| Attritional loss ratio | 听 | 听 | 64.5 | % | 听 | 听 | 55.3 | % | 听 | 听 | 60.2 | % | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 60.4 | % | ||||||
| Catastrophe loss ratio | 听 | 听 | 0.5 | % | 听 | 听 | 0.6 | % | 听 | 听 | 0.5 | % | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 0.5 | % | ||||||
| Prior year loss development ratio | 听 | 听 | 0.7 | % | 听 | (3.3)% | 听 | (1.2)% | 听 | 听 | 听 | 听 | 听 | 听 | 听 | (3.3)% | ||||||||||||
| Loss ratio | 听 | 听 | 65.7 | % | 听 | 听 | 52.6 | % | 听 | 听 | 59.5 | % | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 57.6 | % | ||||||
| Acquisition cost ratio | 听 | 听 | 25.1 | % | 听 | 听 | 26.9 | % | 听 | 听 | 26.0 | % | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 22.4 | % | ||||||
| Other underwriting expenses ratio | 听 | 听 | 6.3 | % | 听 | 听 | 7.7 | % | 听 | 听 | 7.0 | % | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 7.0 | % | ||||||
| Combined ratio | 听 | 听 | 97.1 | % | 听 | 听 | 87.2 | % | 听 | 听 | 92.5 | % | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 87.0 | % | ||||||
| (1) | Underwriting ratios are calculated by dividing the related expense by net premiums earned. |
| (2) | Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards. |
| 听 | 听 |
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 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 June 30, 2025 and December 31, 2024:
| 听 | June 30, 2025 | 听 | December 31, 2024 | |||
| 听 | ($ in millions, except share and per share amounts) | |||||
| Common shareholders鈥� equity attributable to SiriusPoint common shareholders | $ | 1,905.7 | 听 | $ | 1,737.4 | 听 |
| 听 | 听 | 听 | 听 | |||
| Accumulated other comprehensive income (loss), net of tax | 听 | 46.5 | 听 | 听 | (4.1 | ) |
| Common shareholders鈥� equity attributable to SiriusPoint common shareholders ex. AOCI | 听 | 1,859.2 | 听 | 听 | 1,741.5 | 听 |
| 听 | 听 | 听 | 听 | |||
| Intangible assets | 听 | 135.1 | 听 | 听 | 140.8 | 听 |
| Tangible common shareholders' equity attributable to SiriusPoint common shareholders | $ | 1,770.6 | 听 | $ | 1,596.6 | 听 |
| 听 | 听 | 听 | 听 | |||
| Common shares outstanding | 听 | 116,759,539 | 听 | 听 | 116,429,057 | 听 |
| Effect of dilutive stock options, restricted share units and warrants | 听 | 2,136,069 | 听 | 听 | 2,559,359 | 听 |
| Book value per diluted common share denominator | 听 | 118,895,608 | 听 | 听 | 118,988,416 | 听 |
| 听 | 听 | 听 | 听 | |||
| Book value per common share | $ | 16.32 | 听 | $ | 14.92 | 听 |
| Book value per diluted common share | $ | 16.03 | 听 | $ | 14.60 | 听 |
| Book value per diluted common share ex. AOCI | $ | 15.64 | 听 | $ | 14.64 | 听 |
| Tangible book value per diluted common share | $ | 14.89 | 听 | $ | 13.42 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 |
Underlying Net Income
Underlying net income is a non-GAAP financial measure and the most directly comparable U.S. GAAP measure is net income. Underlying net income excludes items which we believe are not indicative of the operations of our underlying businesses, including realized and unrealized gains (losses) on strategic and other investments and liability-classified capital instruments, income (expense) related to loss portfolio transfers, deferred tax assets attributable to the enactment of the Bermuda corporate income tax, development on COVID-19 reserves resulting from the COVID-19 reserve study performed concurrently with the settlement of the Series A Preference shares in the third quarter of 2024, and foreign exchange gains (losses). We believe it is useful to review underlying net income as it better reflects how we view the business, as well as provides investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. Underlying return on average common shareholders鈥� equity is calculated by dividing underlying net income available to SiriusPoint common shareholders for the period by the average common shareholders鈥� equity, excluding AOCI. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates.
The following table sets forth the computation of underlying net income for the three and six months ended June 30, 2025 and 2024:
| 听 | Three months ended | 听 | Six months ended | ||||||||||||
| 听 | June 30, 2025 | 听 | June 30, 2024 | 听 | June 30, 2025 | 听 | June 30, 2024 | ||||||||
| Net income available to SiriusPoint common shareholders | $ | 59.2 | 听 | 听 | $ | 109.9 | 听 | 听 | $ | 116.8 | 听 | 听 | $ | 200.7 | 听 |
| Non-recurring adjustments: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Gains on sale or deconsolidation of consolidated MGAs | 听 | 鈥� | 听 | 听 | 听 | (96.0 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (96.0 | ) |
| Losses on strategic and other investments | 听 | 鈥� | 听 | 听 | 听 | 52.9 | 听 | 听 | 听 | 0.5 | 听 | 听 | 听 | 52.8 | 听 |
| MGA & Strategic Investment Rationalization | 听 | 鈥� | 听 | 听 | 听 | (43.1 | ) | 听 | 听 | 0.5 | 听 | 听 | 听 | (43.2 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Losses on settlement and change in fair value of liability-classified capital instruments (鈥淐MIG Merger Instruments鈥�) | 听 | 鈥� | 听 | 听 | 听 | (10.6 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | 5.3 | 听 |
| Expense related to loss portfolio transfers | 听 | 6.6 | 听 | 听 | 听 | 5.8 | 听 | 听 | 听 | 12.5 | 听 | 听 | 听 | 13.8 | 听 |
| Foreign exchange (gains) losses | 听 | 16.7 | 听 | 听 | 听 | 3.6 | 听 | 听 | 听 | 14.5 | 听 | 听 | 听 | (0.1 | ) |
| Income tax expense on adjustments(1) | 听 | (4.4 | ) | 听 | 听 | (7.8 | ) | 听 | 听 | (5.2 | ) | 听 | 听 | (10.8 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Underlying net income available to SiriusPoint common shareholders | $ | 78.1 | 听 | 听 | $ | 57.8 | 听 | 听 | $ | 139.1 | 听 | 听 | $ | 165.7 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Return on average common shareholders鈥� equity attributable to SiriusPoint common shareholders | 听 | 12.7 | % | 听 | 听 | 17.9 | % | 听 | 听 | 12.8 | % | 听 | 听 | 16.7 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Common shareholders鈥� equity attributable to SiriusPoint common shareholders - beginning of period | $ | 1,825.2 | 听 | 听 | $ | 2,402.6 | 听 | 听 | $ | 1,737.4 | 听 | 听 | $ | 2,313.9 | 听 |
| Accumulated other comprehensive income (loss), net of tax | 听 | 26.4 | 听 | 听 | 听 | (17.4 | ) | 听 | 听 | (4.1 | ) | 听 | 听 | 3.1 | 听 |
| Common shareholders鈥� equity attributable to SiriusPoint common shareholders ex. AOCI - beginning of period | 听 | 1,798.8 | 听 | 听 | 听 | 2,420.0 | 听 | 听 | 听 | 1,741.5 | 听 | 听 | 听 | 2,310.8 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Common shareholders鈥� equity attributable to SiriusPoint common shareholders - end of period | 听 | 1,905.7 | 听 | 听 | 听 | 2,504.1 | 听 | 听 | 听 | 1,905.7 | 听 | 听 | 听 | 2,504.1 | 听 |
| Impact of adjustments from above | 听 | 18.9 | 听 | 听 | 听 | (52.1 | ) | 听 | 听 | 22.3 | 听 | 听 | 听 | (35.0 | ) |
| Accumulated other comprehensive income (loss), net of tax | 听 | 46.5 | 听 | 听 | 听 | (28.0 | ) | 听 | 听 | 46.5 | 听 | 听 | 听 | (28.0 | ) |
| Common shareholders鈥� equity attributable to SiriusPoint common shareholders ex. AOCI - end of period | 听 | 1,878.1 | 听 | 听 | 听 | 2,480.0 | 听 | 听 | 听 | 1,881.5 | 听 | 听 | 听 | 2,497.1 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Average common shareholders鈥� equity attributable to SiriusPoint common shareholders ex. AOCI | $ | 1,838.5 | 听 | 听 | $ | 2,450.0 | 听 | 听 | $ | 1,811.5 | 听 | 听 | $ | 2,404.0 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Underlying return on average common shareholders鈥� equity attributable to SiriusPoint common shareholders ex. AOCI | 听 | 17.0 | % | 听 | 听 | 9.4 | % | 听 | 听 | 15.4 | % | 听 | 听 | 13.8 | % |
| (1) | For the three and six months ended June 30, 2025 and 2024, an effective tax rate of |
| 听 | 听 |
The following table leverages the underlying income calculation above for the computation of underlying diluted earnings per share available to SiriusPoint common shareholders for the three and six months ended June 30, 2025 and 2024:
| 听 | Three months ended | 听 | Six months ended | ||||||||||||
| 听 | June 30, 2025 | 听 | June 30, 2024 | 听 | June 30, 2025 | 听 | June 30, 2024 | ||||||||
| Diluted earnings per share available to SiriusPoint common shareholders | $ | 0.50 | 听 | 听 | $ | 0.57 | 听 | 听 | $ | 0.98 | 听 | 听 | $ | 1.05 | 听 |
| Effect of non-recurring adjustments: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Gains on sale or deconsolidation of consolidated MGAs | $ | 鈥� | 听 | 听 | $ | (0.54 | ) | 听 | $ | 鈥� | 听 | 听 | $ | (0.54 | ) |
| Losses on strategic and other investments | 听 | 鈥� | 听 | 听 | 听 | 0.30 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 0.30 | 听 |
| MGA & Strategic Investment Rationalization | $ | 鈥� | 听 | 听 | $ | (0.24 | ) | 听 | $ | 鈥� | 听 | 听 | $ | (0.24 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Losses on settlement and change in fair value of liability-classified capital instruments (鈥淐MIG Merger Instruments鈥�) | $ | 鈥� | 听 | 听 | $ | (0.06 | ) | 听 | $ | 鈥� | 听 | 听 | $ | 0.03 | 听 |
| Expense related to loss portfolio transfers | 听 | 0.06 | 听 | 听 | 听 | 0.03 | 听 | 听 | 听 | 0.11 | 听 | 听 | 听 | 0.08 | 听 |
| Bermuda corporate income tax enactment | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 |
| Foreign exchange (gains) losses | 听 | 0.14 | 听 | 听 | 听 | 0.02 | 听 | 听 | 听 | 0.12 | 听 | 听 | 听 | 鈥� | 听 |
| Income tax expense on adjustments(1) | 听 | (0.04 | ) | 听 | 听 | (0.04 | ) | 听 | 听 | (0.04 | ) | 听 | 听 | (0.06 | ) |
| Effect of above adjustments allocated to participating shareholders | 听 | 鈥� | 听 | 听 | 听 | 0.02 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 0.01 | 听 |
| Underlying diluted earnings per share available to SiriusPoint common shareholders | $ | 0.66 | 听 | 听 | $ | 0.30 | 听 | 听 | $ | 1.17 | 听 | 听 | $ | 0.87 | 听 |
| (1) | For the three and six months ended June 30, 2025 and 2024, an effective tax rate of |
| 听 | 听 |
Other Financial Measures
Annualized Return on Average Common Shareholders鈥� Equity Attributable to SiriusPoint Common Shareholders
Annualized return on average common shareholders鈥� 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鈥� equity determined using the common shareholders鈥� equity balances at the beginning and end of the period.
Annualized return on average common shareholders鈥� equity attributable to SiriusPoint common shareholders for the three and six months ended June 30, 2025 and 2024 was calculated as follows:
| 听 | Three months ended | 听 | Six months ended | ||||||||||||
| 听 | June 30, 2025 | 听 | June 30, 2024 | 听 | June 30, 2025 | 听 | June 30, 2024 | ||||||||
| 听 | ($ in millions) | ||||||||||||||
| Net income available to SiriusPoint common shareholders | $ | 59.2 | 听 | 听 | $ | 109.9 | 听 | 听 | $ | 116.8 | 听 | 听 | $ | 200.7 | 听 |
| Common shareholders鈥� equity attributable to SiriusPoint common shareholders - beginning of period | 听 | 1,825.2 | 听 | 听 | 听 | 2,402.6 | 听 | 听 | 听 | 1,737.4 | 听 | 听 | 听 | 2,313.9 | 听 |
| Common shareholders鈥� equity attributable to SiriusPoint common shareholders - end of period | 听 | 1,905.7 | 听 | 听 | 听 | 2,504.1 | 听 | 听 | 听 | 1,905.7 | 听 | 听 | 听 | 2,504.1 | 听 |
| Average common shareholders鈥� equity attributable to SiriusPoint common shareholders | $ | 1,865.5 | 听 | 听 | $ | 2,453.4 | 听 | 听 | $ | 1,821.6 | 听 | 听 | $ | 2,409.0 | 听 |
| Annualized return on average common shareholders鈥� equity attributable to SiriusPoint common shareholders | 听 | 12.7 | % | 听 | 听 | 17.9 | % | 听 | 听 | 12.8 | % | 听 | 听 | 16.7 | % |
FAQ
What was SiriusPoint's (SPNT) earnings per share in Q2 2025?
How much did SiriusPoint's (SPNT) gross premiums written grow in Q2 2025?
What was SiriusPoint's (SPNT) combined ratio in Q2 2025?
How much underwriting income did SiriusPoint (SPNT) generate in Q2 2025?
What was SiriusPoint's (SPNT) return on equity in Q2 2025?
