Earnings Document
Financial Supplement
(UNAUDITED)
This financial supplement is for informational purposes only. It should be read in conjunction with documents filed with the
|
|
|
|
|
Tel: (044) 20 3772 3111 |
|
Pembroke HM 08 |
Email: [email protected] |
|
|
Website: www.siriuspt.com |
Basis of Presentation and Non-GAAP Financial Measures:
Unless the context otherwise indicates or requires, as used in this financial supplement references to "we," "our," "us," the "Company," and "SiriusPoint" refer to
In presenting
Safe Harbor Statement Regarding Forward-Looking Statements:
This financial supplement 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 financial supplement 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 financial supplement. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "believes," "intends," "seeks," "anticipates," "aims," "plans," "estimates," "expects," "assumes," "continues," "should," "could," "will," "may" and the negative of these or similar terms and phrases. Actual events, results and outcomes may differ materially from the Company's expectations due to a variety of known and unknown risks, uncertainties and other factors. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: our ability to execute on our strategic transformation, including re-underwriting to reduce volatility and improving underwriting performance, de-risking our investment portfolio, and transforming our business, including re-balancing our portfolio and growing the Insurance & Services segment; 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 foreign currency fluctuations; our ability to compete successfully in the (re)insurance market and the effect of consolidation in the (re)insurance industry; technology breaches or failures, including those resulting from a malicious cyber-attack on us, our business partners or service providers; the effects of global climate change, including increased severity and frequency of weather-related natural disasters and catastrophes and increased coastal flooding in many geographic areas; 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
Page 2 of 17
Table of Contents
Key Performance Indicators
|
Consolidated Financial Statements |
|
|
Consolidated Statements of Income (Loss) |
6 |
|
Consolidated Statements of Income (Loss) - by Quarter |
7 |
|
Operating Segment Information |
|
|
Segment Reporting - Three months ended |
8 |
|
Segment Reporting - Three months ended |
9 |
|
Consolidated Results - by Quarter |
10 |
|
Core Results - by Quarter |
11 |
|
Reinsurance Segment - by Quarter |
12 |
|
Insurance & Services Segment - by Quarter |
13 |
|
Investments |
|
|
Investments - by Quarter |
14 |
|
Other |
|
|
Earnings (loss) per Share - by Quarter |
15 |
|
Annualized Retuon Average Common Shareholders' Equity - by Quarter |
16 |
|
Book Value per Share - by Quarter |
17 |
Page 3 of 17
Key Performance Indicators
(expressed in millions of
|
2023 |
2022 |
||||||
|
Combined ratio |
73.8 % |
93.7 % |
|||||
|
Core underwriting income (1) |
$ |
107.4 |
$ |
12.7 |
|||
|
Core net services income (1) |
$ |
12.8 |
$ |
14.0 |
|||
|
Core income (1) |
$ |
120.2 |
$ |
26.7 |
|||
|
Core combined ratio (1) |
80.5 % |
97.5 % |
|||||
|
Accident year loss ratio (1) |
63.6 |
% |
64.1 |
% |
|||
|
Accident year combined ratio (1) |
97.2 % |
98.5 % |
|||||
|
Attritional loss ratio (1) |
62.3 |
% |
62.8 |
% |
|||
|
Annualized retuon average common shareholders' equity attributable to |
28.3 % |
(39.5)% |
|||||
|
Book value per common share (2) |
$ |
12.54 |
$ |
11.56 |
|||
|
Book value per diluted common share (2) |
$ |
12.31 |
$ |
11.32 |
|||
|
Tangible book value per diluted common share (1) (2) |
$ |
11.41 |
$ |
10.43 |
- Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See reconciliations in "Segment Reporting." Accident year combined ratio, accident year loss ratio and attritional loss ratio are non-GAAP financial measures. See definitions in "Core Results by Quarter." Tangible book value per diluted common share is a non-GAAP financial measure. See reconciliation in "Book Value per Share - by Quarter."
- Prior year comparatives represent amounts as of
December 31, 2022 .
Page 4 of 17
Consolidated Balance Sheets - by Quarter
(expressed in millions of
|
|
|
|
|
|
||||||||||
|
Assets |
2023 |
2022 |
2022 |
2022 |
2022 |
|||||||||
|
Debt securities, available for sale, at fair value, net of allowance for credit losses |
$ |
3,565.9 |
$ |
2,635.5 |
$ |
1,324.0 |
$ |
715.5 |
$ |
- |
||||
|
Debt securities, trading, at fair value |
1,120.2 |
1,526.0 |
1,697.1 |
2,210.5 |
2,622.8 |
|||||||||
|
Short-term investments, at fair value |
594.0 |
984.6 |
1,991.6 |
1,378.0 |
989.0 |
|||||||||
|
Investments in related party investment funds, at fair value |
117.9 |
128.8 |
309.0 |
318.1 |
678.6 |
|||||||||
|
Other long-term investments, at fair value |
361.9 |
377.2 |
414.9 |
436.4 |
438.2 |
|||||||||
|
Equity securities, trading, at fair value |
1.6 |
1.6 |
1.4 |
1.6 |
2.7 |
|||||||||
|
Total investments |
5,761.5 |
5,653.7 |
5,738.0 |
5,060.1 |
4,731.3 |
|||||||||
|
Cash and cash equivalents |
763.6 |
705.3 |
647.3 |
746.6 |
826.1 |
|||||||||
|
Restricted cash and cash equivalents |
211.0 |
208.4 |
144.2 |
630.6 |
972.8 |
|||||||||
|
Redemption receivable from related party investment fund |
11.6 |
18.5 |
- |
- |
- |
|||||||||
|
Due from brokers |
6.5 |
4.9 |
20.2 |
72.8 |
70.1 |
|||||||||
|
Interest and dividends receivable |
33.5 |
26.7 |
17.0 |
14.6 |
10.7 |
|||||||||
|
Insurance and reinsurance balances receivable, net |
2,261.0 |
1,876.9 |
1,952.7 |
1,934.8 |
1,936.8 |
|||||||||
|
Deferred acquisition costs, net |
357.1 |
294.9 |
278.6 |
271.3 |
271.0 |
|||||||||
|
Unearned premiums ceded |
462.3 |
348.8 |
379.1 |
375.6 |
365.7 |
|||||||||
|
Loss and loss adjustment expenses recoverable, net |
1,392.0 |
1,376.2 |
1,309.2 |
1,257.5 |
1,278.6 |
|||||||||
|
Deferred tax asset |
175.7 |
200.3 |
197.6 |
180.1 |
180.6 |
|||||||||
|
Intangible assets |
161.9 |
163.8 |
165.9 |
168.0 |
170.0 |
|||||||||
|
Assets held for sale |
- |
- |
20.9 |
- |
- |
|||||||||
|
Other assets |
209.5 |
157.9 |
127.4 |
129.2 |
102.6 |
|||||||||
|
Total assets |
$ |
11,807.2 |
$ |
11,036.3 |
$ |
10,998.1 |
$ |
10,841.2 |
$ |
10,916.3 |
||||
|
Liabilities |
||||||||||||||
|
Loss and loss adjustment expense reserves |
$ |
5,318.9 |
$ |
5,268.7 |
$ |
5,200.5 |
$ |
4,940.8 |
$ |
4,936.0 |
||||
|
Unearned premium reserves |
1,833.1 |
1,521.1 |
1,572.8 |
1,557.2 |
1,504.9 |
|||||||||
|
Reinsurance balances payable |
1,004.9 |
813.6 |
793.9 |
759.0 |
773.5 |
|||||||||
|
Deposit liabilities |
141.2 |
140.5 |
138.9 |
143.5 |
147.2 |
|||||||||
|
Securities sold, not yet purchased, at fair value |
19.4 |
27.0 |
41.7 |
83.4 |
64.0 |
|||||||||
|
Securities sold under an agreement to repurchase |
20.3 |
18.0 |
17.3 |
17.5 |
- |
|||||||||
|
Due to brokers |
60.1 |
- |
16.6 |
18.0 |
32.1 |
|||||||||
|
Accounts payable, accrued expenses and other liabilities |
275.7 |
266.6 |
245.8 |
206.5 |
188.7 |
|||||||||
|
Deferred tax liability |
59.4 |
59.8 |
66.9 |
59.2 |
98.0 |
|||||||||
|
Liability-classified capital instruments |
47.0 |
60.4 |
48.9 |
50.7 |
76.0 |
|||||||||
|
Debt |
779.2 |
778.0 |
762.0 |
781.3 |
808.4 |
|||||||||
|
Total liabilities |
9,559.2 |
8,953.7 |
8,905.3 |
8,617.1 |
8,628.8 |
|||||||||
|
Shareholders' equity |
||||||||||||||
|
Series B preference shares |
200.0 |
200.0 |
200.0 |
200.0 |
200.0 |
|||||||||
|
Common shares |
16.2 |
16.2 |
16.2 |
16.2 |
16.2 |
|||||||||
|
Additional paid-in capital |
1,642.6 |
1,641.3 |
1,633.2 |
1,630.3 |
1,623.4 |
|||||||||
|
Retained earnings |
400.8 |
262.2 |
288.8 |
387.2 |
448.0 |
|||||||||
|
Accumulated other comprehensive income (loss) |
(23.0) |
(45.0) |
(53.7) |
(10.4) |
0.6 |
|||||||||
|
Shareholders' equity attributable to |
2,236.6 |
2,074.7 |
2,084.5 |
2,223.3 |
2,288.2 |
|||||||||
|
Noncontrolling interests |
11.4 |
7.9 |
8.3 |
0.8 |
(0.7) |
|||||||||
|
Total shareholders' equity |
2,248.0 |
2,082.6 |
2,092.8 |
2,224.1 |
2,287.5 |
|||||||||
|
Total liabilities, noncontrolling interests and shareholders' equity |
$ |
11,807.2 |
$ |
11,036.3 |
$ |
10,998.1 |
$ |
10,841.2 |
$ |
10,916.3 |
||||
Page 5 of 17
Attachments
Disclaimer



SIRIUSPOINT LTD FILES (8-K) Disclosing Change in Directors or Principal Officers, Financial Statements and Exhibits
Patent Issued for System with task analysis framework display to facilitate update of electronic record information (USPTO 11625388): Hartford Fire Insurance Company
Advisor News
- The overlooked retirement security risk that must be addressed
- What advisors should know about hedge funds in retirement planning
- Retirement control is top success measure for middle class, ACLI says
- Industry groups applaud House passage of Financial Exploitation Prevention Act
- Younger workers more likely to be eligible for a retirement plan after changing jobs
More Advisor NewsAnnuity News
- MassMutual Ranks No. 100 on the 2026 Fortune 500® List
- What’s fueling record annuity growth?
- Jackson Named InvestmentNews 2026 Annuities Provider of the Year
- State Farm’s agency overhaul: What distribution can learn
- IRI, ACLI express support for CLEAR Forms Act
More Annuity NewsHealth/Employee Benefits News
- HAFA praises bill to establish multifactor authentication for ACA enrollees
- Corvese, Famiglietti bill to protect patients’ insurance rights signed into law
- More Hoosiers go uninsured, resulting in higher emergency department usage
- WA CARES FUND BENEFITS OPEN, LAUNCHING NATION'S FIRST PUBLIC LONG-TERM CARE INSURANCE PROGRAM
- 16,000 new moms to benefit from expanded Medicaid coverage starting Wednesday
More Health/Employee Benefits NewsLife Insurance News
- Winged Keel Group Expands National Presence and PPLI Leadership, Welcomes SBSI, Inc. (dba NFP Insurance Solutions)
- MassMutual Ranks No. 100 on the 2026 Fortune 500® List
- 180-year Old New York Life Adds to Tokenized Funds
- Never stop learning: A lesson for the next generation of advisors
- Jackson Named InvestmentNews 2026 Annuities Provider of the Year
More Life Insurance News