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Dec 31, 2022
SiriusPoint Q4 2022 Earnings Report
SiriusPoint reported a net loss and an improved combined ratio for Q4 2022.
Key Takeaways
SiriusPoint Ltd. announced its Q4 2022 results, reporting a net loss of $27 million, or $0.17 per diluted common share. However, the company's combined ratio improved to 90.4%, with underwriting income of $58 million. The company is targeting cost reductions and a double-digit return on average common equity by 2024.
Net loss of $27 million, or $0.17 per diluted common share
Combined ratio of 90.4%, underwriting income of $58 million
Core income of $25 million, which includes Core underwriting income of $31 million and Core combined ratio of 94.8%
Net investment income of $52 million
Forward Guidance
SiriusPoint is aiming to achieve double-digit return on average common equity by 2024 and is targeting cost reduction.
Positive Outlook
- Progress made as accident year combined ratio improved during 2022
- Investment portfolio de-risked
- 1/1 renewals have been positive
- Continue to operate with a healthy balance sheet
- Strong contribution from MGAs
Challenges Ahead
- 2023 will be a transitional year
- Net services loss for both periods were a result of net investment losses from our strategic investments for the period
- Increases in adverse prior year loss reserve development in the current year, due to losses in the Aviation and Property lines
- Lower favorable prior year loss reserve development
Historical Earnings Impact
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Avg. Return Before/After Earnings
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