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Dec 31, 2024
SiriusPoint Q4 2024 Earnings Report
SiriusPoint reported a net loss of $21.3 million in Q4 2024, mainly due to strategic repositioning efforts.
Key Takeaways
SiriusPoint reported a Q4 2024 net loss of $21.3 million, impacted by strategic repositioning, including a CM Bermuda repurchase transaction and investment write-downs. Despite these challenges, the company saw a 21% increase in gross premiums written for continuing lines and a Core combined ratio of 90.2%. Underlying net income was $44 million, contributing to a full-year total of $304 million, a 14% year-over-year increase.
Q4 2024 net loss of $21.3 million, mainly due to strategic repositioning.
Core combined ratio improved to 90.2%, a 3.2 percentage point improvement from last year.
Gross premiums written grew by 21% for continuing lines business.
Underlying net income reached $44 million in Q4, contributing to $304 million for the full year.
Revenue by Segment
Forward Guidance
SiriusPoint expects continued improvements in underwriting quality and profitability, focusing on strategic growth initiatives and capital efficiency.
Positive Outlook
- Strong underlying net income growth of 14% year-over-year.
- Core combined ratio improving towards long-term targets.
- Reinsurance and Insurance & Services segments showing stable growth.
- Capital optimization efforts resulting in book value per share improvements.
- Continued focus on underwriting quality and efficiency.
Challenges Ahead
- Impact of strategic repositioning led to Q4 losses.
- Higher catastrophe losses compared to prior year.
- Increased acquisition costs due to business mix changes.
- Debt-to-capital ratio increased to 24.8%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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