SiriusPoint Q4 2024 Earnings Report
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.
SiriusPoint Revenue
SiriusPoint EPS
SiriusPoint 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%.
- Potential macroeconomic risks affecting investment returns.