SiriusPoint Investor Presentation November 2022
Financial Supplement
(UNAUDITED)
This financial supplement is for informational purposes only. It should be read in conjunction with documents filed with the
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Tel: (441) 542-3333 |
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Pembroke HM 08 |
Email: [email protected] |
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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 "may," "plan," "seek," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. 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 attract and retain key senior management; a downgrade or withdrawal of our financial ratings; our ability to execute on our strategic transformation, including changing the mix of business between insurance and reinsurance and restructuring our underwriting platform; the impact of the novel coronavirus ("COVID-19") pandemic or other 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, equity market volatility and ongoing business and financial market impacts of COVID-19; the costs, expenses and difficulties of the integration of the operations of
Page 2 of 19
Table of Contents
Key Performance Indicators
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Consolidated Financial Statements |
|
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Consolidated Statements of Income (Loss) |
6 |
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Consolidated Statements of Loss - by Quarter |
7 |
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Operating Segment Information |
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Segment Reporting - Three months ended |
8 |
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Segment Reporting - Three months ended |
9 |
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Segment Reporting - Nine months ended |
10 |
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Segment Reporting - Nine months ended |
11 |
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Consolidated Results - by Quarter |
12 |
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Core Results - by Quarter |
13 |
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Reinsurance Segment - by Quarter |
14 |
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Insurance & Services Segment - by Quarter |
15 |
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Investments |
|
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Investments - by Quarter |
16 |
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Other |
|
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Loss per Share - by Quarter |
17 |
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Annualized Retuon Average Common Shareholders' Equity - by Quarter |
18 |
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Basic and Diluted Book Value per Share - by Quarter |
19 |
Page 3 of 19
Key Performance Indicators
(expressed in millions of
|
Three months ended |
Nine months ended |
||||||||||
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||||||||
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2022 |
2021 |
2022 |
2021 |
||||||||
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Combined ratio |
107.7 % |
147.7 % |
98.5 % |
115.1 % |
|||||||
|
Core underwriting loss (1) |
$ |
(88.3) |
$ |
(244.6) |
$ |
(66.0) |
$ |
(198.1) |
|||
|
Core net services income (1) |
$ |
12.9 |
$ |
0.8 |
$ |
37.5 |
$ |
52.3 |
|||
|
Core loss (1) |
$ |
(75.4) |
$ |
(243.8) |
$ |
(28.5) |
$ |
(145.8) |
|||
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Core combined ratio (1) |
114.5 % |
150.2 % |
103.9 % |
116.6 % |
|||||||
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Annualized retuon average common shareholders' equity attributable to |
(20.1)% |
(7.8)% |
(24.0)% |
12.3 % |
|||||||
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Basic book value per share (1) (2) |
$ |
11.75 |
$ |
14.46 |
$ |
11.75 |
$ |
14.46 |
|||
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Tangible basic book value per share (1) (2) |
$ |
10.71 |
$ |
13.38 |
$ |
10.71 |
$ |
13.38 |
|||
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Diluted book value per share (1) (2) |
$ |
11.61 |
$ |
14.33 |
$ |
11.61 |
$ |
14.33 |
|||
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Tangible diluted book value per share (1) (2) |
$ |
10.58 |
$ |
13.27 |
$ |
10.58 |
$ |
13.27 |
- Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See reconciliations in "Segment Reporting." Basic book value per share, tangible basic book value per share, diluted book value per share and tangible diluted book value per share are non-GAAP financial measures. See reconciliations in "Basic and Diluted Book Value per Share - by Quarter".
- Prior year comparatives represent amounts as of
December 31, 2021 .
Page 4 of 19
Consolidated Balance Sheets - by Quarter
(expressed in millions of
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Assets |
2022 |
2022 |
2022 |
2021 |
2021 |
|||||||||
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Debt securities, trading, at fair value |
$ |
1,697.1 |
$ |
2,210.5 |
$ |
2,622.8 |
$ |
2,085.6 |
$ |
2,100.9 |
||||
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Debt securities, available for sale, at fair value, net of allowance for credit losses |
1,324.0 |
715.5 |
- |
- |
- |
|||||||||
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Short-term investments, at fair value |
1,991.6 |
1,378.0 |
989.0 |
1,075.8 |
1,057.9 |
|||||||||
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Investments in related party investment funds, at fair value |
309.0 |
318.1 |
678.6 |
909.6 |
1,456.8 |
|||||||||
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Other long-term investments, at fair value |
414.9 |
436.4 |
438.2 |
456.1 |
454.5 |
|||||||||
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Equity securities, trading, at fair value |
1.4 |
1.6 |
2.7 |
2.8 |
3.4 |
|||||||||
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Total investments |
5,738.0 |
5,060.1 |
4,731.3 |
4,529.9 |
5,073.5 |
|||||||||
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Cash and cash equivalents |
647.3 |
746.6 |
826.1 |
999.8 |
701.2 |
|||||||||
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Restricted cash and cash equivalents |
144.2 |
630.6 |
972.8 |
948.6 |
1,482.3 |
|||||||||
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Redemption receivable from related party investment fund |
- |
- |
- |
250.0 |
- |
|||||||||
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Due from brokers |
20.2 |
72.8 |
70.1 |
15.9 |
51.4 |
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Interest and dividends receivable |
17.0 |
14.6 |
10.7 |
8.3 |
8.6 |
|||||||||
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Insurance and reinsurance balances receivable, net |
1,952.7 |
1,934.8 |
1,936.8 |
1,708.2 |
1,621.4 |
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Deferred acquisition costs and value of business acquired, net |
278.6 |
271.3 |
271.0 |
218.8 |
220.2 |
|||||||||
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Unearned premiums ceded |
379.1 |
375.6 |
365.7 |
242.8 |
248.3 |
|||||||||
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Loss and loss adjustment expenses recoverable, net |
1,309.2 |
1,257.5 |
1,278.6 |
1,215.3 |
843.5 |
|||||||||
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Deferred tax asset |
197.6 |
180.1 |
180.6 |
182.0 |
194.2 |
|||||||||
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Intangible assets |
165.9 |
168.0 |
170.0 |
171.9 |
173.7 |
|||||||||
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Assets held for sale |
20.9 |
- |
- |
- |
- |
|||||||||
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Other assets |
127.4 |
129.2 |
102.6 |
126.8 |
97.0 |
|||||||||
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Total assets |
$ |
10,998.1 |
$ |
10,841.2 |
$ |
10,916.3 |
$ |
10,618.3 |
$ |
10,715.3 |
||||
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Liabilities |
||||||||||||||
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Loss and loss adjustment expense reserves |
$ |
5,200.5 |
$ |
4,940.8 |
$ |
4,936.0 |
$ |
4,841.4 |
$ |
4,862.3 |
||||
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Unearned premium reserves |
1,572.8 |
1,557.2 |
1,504.9 |
1,198.4 |
1,215.4 |
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Reinsurance balances payable |
793.9 |
759.0 |
773.5 |
688.3 |
596.4 |
|||||||||
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Deposit liabilities |
138.9 |
143.5 |
147.2 |
150.7 |
154.0 |
|||||||||
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Securities sold, not yet purchased, at fair value |
41.7 |
83.4 |
64.0 |
- |
2.9 |
|||||||||
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Securities sold under an agreement to repurchase |
17.3 |
17.5 |
- |
- |
- |
|||||||||
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Due to brokers |
16.6 |
18.0 |
32.1 |
6.5 |
9.6 |
|||||||||
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Accounts payable, accrued expenses and other liabilities |
245.8 |
206.5 |
188.7 |
229.8 |
154.1 |
|||||||||
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Deferred tax liability |
66.9 |
59.2 |
98.0 |
95.4 |
152.2 |
|||||||||
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Liability-classified capital instruments |
48.9 |
50.7 |
76.0 |
87.8 |
103.4 |
|||||||||
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Debt |
762.0 |
781.3 |
808.4 |
816.7 |
827.0 |
|||||||||
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Total liabilities |
8,905.3 |
8,617.1 |
8,628.8 |
8,115.0 |
8,077.3 |
|||||||||
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Shareholders' equity |
||||||||||||||
|
Series B preference shares |
200.0 |
200.0 |
200.0 |
200.0 |
200.0 |
|||||||||
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Common shares |
16.2 |
16.2 |
16.2 |
16.2 |
16.2 |
|||||||||
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Additional paid-in capital |
1,633.2 |
1,630.3 |
1,623.4 |
1,622.7 |
1,616.8 |
|||||||||
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Retained earnings |
288.8 |
387.2 |
448.0 |
665.0 |
805.3 |
|||||||||
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Accumulated other comprehensive income (loss) |
(53.7) |
(10.4) |
0.6 |
(0.2) |
(0.3) |
|||||||||
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Shareholders' equity attributable to |
2,084.5 |
2,223.3 |
2,288.2 |
2,503.7 |
2,638.0 |
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Noncontrolling interests |
8.3 |
0.8 |
(0.7) |
(0.4) |
- |
|||||||||
|
Total shareholders' equity |
2,092.8 |
2,224.1 |
2,287.5 |
2,503.3 |
2,638.0 |
|||||||||
|
Total liabilities, noncontrolling interests and shareholders' equity |
$ |
10,998.1 |
$ |
10,841.2 |
$ |
10,916.3 |
$ |
10,618.3 |
$ |
10,715.3 |
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Page 5 of 19
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