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Jun 30, 2022
SiriusPoint Q2 2022 Earnings Report
SiriusPoint reported a net loss, but demonstrated improvements in underwriting results and growth in the Insurance & Services segment.
Key Takeaways
SiriusPoint reported a net loss of $61 million for Q2 2022, or $0.38 per diluted common share. However, the company's combined ratio improved to 93.1%, driven by positive underwriting results and growth in the Insurance & Services segment. Gross premiums written were $813 million, with a split of 53% insurance and 47% reinsurance.
Reported a combined ratio of 93.1%, with underwriting income of $39 million.
Experienced a net loss of $61 million, or $0.38 per diluted common share.
Core income was $20 million, including underwriting income of $10 million.
Gross premiums written reached $813 million, reflecting a strategic shift towards Insurance & Services.
Revenue by Segment
Forward Guidance
SiriusPoint is transforming its business by prioritizing the improvement of Reinsurance underwriting results and the growth of its Insurance & Services segment. The company has made significant progress de-risking its investment portfolio and believes it is in a good position to capitalize on a rising rate environment.
Positive Outlook
- Prioritizing the improvement of Reinsurance underwriting results
- Focusing on the growth of Insurance & Services segment
- De-risking investment portfolio to reduce volatility
- Strong and stable balance sheet
- Positioned to capitalize on a rising rate environment
Challenges Ahead
- Economic environment impacted investment returns
- Net loss reported for the quarter
- Catastrophe losses impacted combined ratio
- Net investment loss from investment in the TP Enhanced Fund
Historical Earnings Impact
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Avg. Return Before/After Earnings
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