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November 2, 2022 Newswires
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SiriusPoint Investor Presentation November 2022

U.S. Regulated Equity Markets (Alternative Disclosure) via PUBT

SiriusPoint Ltd.

Financial Supplement

September 30, 2022

(UNAUDITED)

This financial supplement is for informational purposes only. It should be read in conjunction with documents filed with the Securities and Exchange Commission by SiriusPoint Ltd., including the Company's Quarterly Report on Form 10-Q.

Point Building

Clare Kerrigan - Chief Communications Officer

3 Waterloo Lane

Tel: (441) 542-3333

Pembroke HM 08

Email: [email protected]

Bermuda

Website: www.siriuspt.com

SiriusPoint Ltd.

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 SiriusPoint Ltd. and its directly and indirectly owned subsidiaries, as a combined entity, except where otherwise stated or where it is clear that the terms mean only SiriusPoint Ltd. exclusive of its subsidiaries. We have made rounding adjustments to reach some of the figures included in this financial supplement and, unless otherwise indicated, percentages presented in this financial supplement are approximate.

In presenting SiriusPoint's results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States ("GAAP"). SiriusPoint's management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of SiriusPoint's financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. Core underwriting income, Core net services income, Core income, and Core combined ratio are non-GAAP financial measures. Management believes it is important to review Core results as it better reflects how management views the business and reflects the Company's decision to exit the runoff business. Basic book value per share, tangible basic book value per share, diluted book value per share and tangible diluted book value per share are also non-GAAP financial measures. SiriusPoint's management believes that long-term growth in book value per share is an important measure of the Company's financial performance because it allows management and investors to track over time the value created by the retention of earnings. In addition, SiriusPoint's management believes this metric is useful to investors because it provides a basis for comparison with other companies in the industry that also report a similar measure. Reconciliations of such measures to the most comparable GAAP figures are included in the attached financial information in accordance with Regulation G.

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 Sirius International Insurance Group, Ltd. ("Sirius Group"); fluctuations in our results of operations; inadequacy of loss and loss adjustment expense reserves, the lack of availability of capital, and periods characterized by excess underwriting capacity and unfavorable premium rates; the performance of financial markets, impact of inflation, and foreign currency fluctuations; legal restrictions on certain of SiriusPoint's insurance and reinsurance subsidiaries' ability to pay dividends and other distributions to SiriusPoint; 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 highly-skilled employees and the effects of potential labor disruptions due to COVID-19 or otherwise; the outcome of legal and regulatory proceedings, regulatory constraints on our business, including legal restrictions on certain of our insurance and reinsurance subsidiaries' ability to pay dividends and other distributions to us, and losses from unfavorable outcomes from litigation and other legal proceedings; reduced returns or losses in SiriusPoint's investment portfolio; our concentrated exposure in funds and accounts managed by Third Point LLC, our lack of control over Third Point LLC, our limited ability to withdraw our capital accounts and conflicts of interest among various members of Third Point Advisors LLC, TP Enhanced Fund, Third Point LLC and us; our potential exposure to 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, as updated by the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, 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.

Page 2 of 19

SiriusPoint Ltd.

Table of Contents

Key Performance Indicators

Key Performance Indicators

4

Consolidated Financial Statements

Consolidated Balance Sheets - by Quarter

5

Consolidated Statements of Income (Loss)

6

Consolidated Statements of Loss - by Quarter

7

Operating Segment Information

Segment Reporting - Three months ended September 30, 2022

8

Segment Reporting - Three months ended September 30, 2021

9

Segment Reporting - Nine months ended September 30, 2022

10

Segment Reporting - Nine months ended September 30, 2021

11

Consolidated Results - by Quarter

12

Core Results - by Quarter

13

Reinsurance Segment - by Quarter

14

Insurance & Services Segment - by Quarter

15

Investments

Investments - by Quarter

16

Other

Loss per Share - by Quarter

17

Annualized Retuon Average Common Shareholders' Equity - by Quarter

18

Basic and Diluted Book Value per Share - by Quarter

19

Page 3 of 19

SiriusPoint Ltd.

Key Performance Indicators

September 30, 2022 and 2021

(expressed in millions of U.S. dollars, except per share data and ratios)

Three months ended

Nine months ended

September 30,

September 30,

September 30,

September 30,

2022

2021

2022

2021

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)

Core combined ratio (1)

114.5 %

150.2 %

103.9 %

116.6 %

Annualized retuon average common shareholders' equity attributable to SiriusPoint common shareholders

(20.1)%

(7.8)%

(24.0)%

12.3 %

Basic book value per share (1) (2)

$

11.75

$

14.46

$

11.75

$

14.46

Tangible basic book value per share (1) (2)

$

10.71

$

13.38

$

10.71

$

13.38

Diluted book value per share (1) (2)

$

11.61

$

14.33

$

11.61

$

14.33

Tangible diluted book value per share (1) (2)

$

10.58

$

13.27

$

10.58

$

13.27

  1. 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".
  2. Prior year comparatives represent amounts as of December 31, 2021.

Page 4 of 19

SiriusPoint Ltd.

Consolidated Balance Sheets - by Quarter

(expressed in millions of U.S. dollars)

September 30,

June 30,

March 31,

December 31,

September 30,

Assets

2022

2022

2022

2021

2021

Debt securities, trading, at fair value

$

1,697.1

$

2,210.5

$

2,622.8

$

2,085.6

$

2,100.9

Debt securities, available for sale, at fair value, net of allowance for credit losses

1,324.0

715.5

-

-

-

Short-term investments, at fair value

1,991.6

1,378.0

989.0

1,075.8

1,057.9

Investments in related party investment funds, at fair value

309.0

318.1

678.6

909.6

1,456.8

Other long-term investments, at fair value

414.9

436.4

438.2

456.1

454.5

Equity securities, trading, at fair value

1.4

1.6

2.7

2.8

3.4

Total investments

5,738.0

5,060.1

4,731.3

4,529.9

5,073.5

Cash and cash equivalents

647.3

746.6

826.1

999.8

701.2

Restricted cash and cash equivalents

144.2

630.6

972.8

948.6

1,482.3

Redemption receivable from related party investment fund

-

-

-

250.0

-

Due from brokers

20.2

72.8

70.1

15.9

51.4

Interest and dividends receivable

17.0

14.6

10.7

8.3

8.6

Insurance and reinsurance balances receivable, net

1,952.7

1,934.8

1,936.8

1,708.2

1,621.4

Deferred acquisition costs and value of business acquired, net

278.6

271.3

271.0

218.8

220.2

Unearned premiums ceded

379.1

375.6

365.7

242.8

248.3

Loss and loss adjustment expenses recoverable, net

1,309.2

1,257.5

1,278.6

1,215.3

843.5

Deferred tax asset

197.6

180.1

180.6

182.0

194.2

Intangible assets

165.9

168.0

170.0

171.9

173.7

Assets held for sale

20.9

-

-

-

-

Other assets

127.4

129.2

102.6

126.8

97.0

Total assets

$

10,998.1

$

10,841.2

$

10,916.3

$

10,618.3

$

10,715.3

Liabilities

Loss and loss adjustment expense reserves

$

5,200.5

$

4,940.8

$

4,936.0

$

4,841.4

$

4,862.3

Unearned premium reserves

1,572.8

1,557.2

1,504.9

1,198.4

1,215.4

Reinsurance balances payable

793.9

759.0

773.5

688.3

596.4

Deposit liabilities

138.9

143.5

147.2

150.7

154.0

Securities sold, not yet purchased, at fair value

41.7

83.4

64.0

-

2.9

Securities sold under an agreement to repurchase

17.3

17.5

-

-

-

Due to brokers

16.6

18.0

32.1

6.5

9.6

Accounts payable, accrued expenses and other liabilities

245.8

206.5

188.7

229.8

154.1

Deferred tax liability

66.9

59.2

98.0

95.4

152.2

Liability-classified capital instruments

48.9

50.7

76.0

87.8

103.4

Debt

762.0

781.3

808.4

816.7

827.0

Total liabilities

8,905.3

8,617.1

8,628.8

8,115.0

8,077.3

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

1,633.2

1,630.3

1,623.4

1,622.7

1,616.8

Retained earnings

288.8

387.2

448.0

665.0

805.3

Accumulated other comprehensive income (loss)

(53.7)

(10.4)

0.6

(0.2)

(0.3)

Shareholders' equity attributable to SiriusPoint shareholders

2,084.5

2,223.3

2,288.2

2,503.7

2,638.0

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

Page 5 of 19

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SiriusPoint Ltd. published this content on 02 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2022 20:48:12 UTC.

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