HAMILTON, Bermuda, Oct. 30, 2025 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT) today announced results for its third quarter ended September 30, 2025
- Combined ratio of 89.1% in the third quarter for Core business with underwriting income up 11% to $70 million
- Third quarter return on equity of 17.7%, with operating return on equity of 17.9% in the quarter contributing to year to date operating return on equity of 16.1%, both exceeding our 12-15% ‘across the cycle’ target range
- Strong gross premiums written growth of 26% for Core business in the third quarter, marking the sixth consecutive quarter of double-digit growth
- Diluted earnings per common share of $0.73, with operating earnings per share of $0.72 representing a 41% increase from prior year
- Book value per diluted common share (ex. AOCI) up 5.3% in the quarter to $16.47. Balance sheet remains strong with Q3’25 BSCR estimate at 226%
Scott Egan, Chief Executive Officer, said: “The third quarter marked another successful quarter of delivery for SiriusPoint. Strong underwriting performance, targeted growth, the announcement of two MGA disposals, and a positive outlook upgrade by S&P means there is a lot to be proud of.
We achieved a strong operating return on equity of 17.9% in the quarter, significantly ahead of our ‘across the cycle’ 12-15% target range. More importantly, our year to date operating return on equity of 16.1% is still outperforming our range despite heightened losses from the California Wildfires and aviation sector in the first half of the year.
Our third quarter Core combined ratio of 89.1% delivered an 11% increase in underwriting income compared to last year, aided in part by no catastrophe losses in the quarter. We also continued to see strong top line growth with gross premiums written up 26% year over year for the quarter and 16% year to date, with Accident & Health being the most significant contributor.
We expect the previously announced sale of two of our MGA investments, ArmadaCare and Arcadian, to unlock significant value for shareholders representing an increase of around $1.75 per share, which is not yet included in our book value.
Our ambition remains unchanged: to build on the progress and momentum we have created. The third quarter marked another meaningful step forward on that journey.”
Third Quarter 2025 Highlights
- Net income attributable to SiriusPoint common shareholders of $86.8 million, or $0.73 per diluted common share
- Core income of $79.7 million, including underwriting income of $69.6 million, Core combined ratio of 89.1%
- Core net services fee income of $10.0 million, with service margin of 17.1%
- Net investment income of $66.5 million and total investment result of $72.7 million
- Book value per diluted common share (ex. AOCI) increased $0.83 per share, or 5.3%, from June 30, 2025 to $16.47
- Annualized return on average common equity of 17.7%
- Annualized operating return on average common equity of 17.9%
Nine months ended 2025 Highlights - Net income attributable to SiriusPoint common shareholders of $203.6 million, or $1.71 per diluted common share
- Core income of $203.4 million, including underwriting income of $165.7 million, Core combined ratio of 91.4%
- Core net services fee income of $37.5 million, with service margin of 21.0%
- Net investment income of $205.9 million and total investment result of $212.5 million
- Book value per diluted common share (ex. AOCI) increased $1.83 per share, or 12.5%, from December 31, 2024 to $16.47
- Annualized return on average common equity of 14.5%
- Annualized operating return on average common equity of 16.1%
Key Financial Metrics
The following table shows certain key financial metrics for the three and nine months ended September 30, 2025 and 2024, and as of September 30, 2025 and December 31, 2024:
| Three months ended | Nine months ended | ||||||||||||||
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | ||||||||||||
| ($ in millions, except for ratios) | |||||||||||||||
| Combined ratio | 85.9 | % | 84.4 | % | 87.8 | % | 86.1 | % | |||||||
| Core underwriting income (1) | $ | 69.6 | $ | 62.5 | $ | 165.7 | $ | 143.7 | |||||||
| Core net services income (1) | $ | 10.1 | $ | 7.0 | $ | 37.7 | $ | 34.2 | |||||||
| Core income (1) | $ | 79.7 | $ | 69.5 | $ | 203.4 | $ | 177.9 | |||||||
| Core combined ratio (1) | 89.1 | % | 88.5 | % | 91.4 | % | 91.1 | % | |||||||
| Operating net income (1) | $ | 85.2 | $ | 94.3 | $ | 224.3 | $ | 260.1 | |||||||
| Operating diluted earnings per share (1) | $ | 0.72 | $ | 0.51 | $ | 1.89 | $ | 1.41 | |||||||
| Annualized ROE | 17.7 | % | 0.7 | % | 14.5 | % | 11.4 | % | |||||||
| Annualized Operating ROE (1) | 17.9 | % | 15.0 | % | 16.1 | % | 14.5 | % | |||||||
| September 30, 2025 | December 31, 2024 | ||||
| Book value per common share | $ | 17.21 | $ | 14.92 | |
| Book value per diluted common share | $ | 16.91 | $ | 14.60 | |
| Tangible book value per diluted common share (1) | $ | 15.87 | $ | 13.42 | |
(1) Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See definitions in “Non-GAAP Financial Measures” and reconciliations in “Segment Reporting.” Book value per diluted common share ex. AOCI and tangible book value per diluted common share are non-GAAP financial measures. See definition and reconciliation in “Non-GAAP Financial Measures.”
Third Quarter 2025 Summary
Consolidated underwriting income for the three months ended September 30, 2025 was $91.4 million compared to $89.0 million for the three months ended September 30, 2024. The improvement was primarily driven by decreased catastrophe losses, slightly offset by decreased favorable loss reserve development.
Reportable Segments
The determination of our reportable segments is based on the manner in which management monitors the performance of our operations, which consist of two reportable segments - Insurance & Services and Reinsurance.
Collectively, the sum of our two segments, Insurance & Services and Reinsurance, constitute our “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See reconciliations in “Segment Reporting”. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.
Three months ended September 30, 2025 and 2024
Core Premium Volume
Gross premiums written increased by $181.1 million, or 26.2%, to $871.6 million for the three months ended September 30, 2025 compared to $690.5 million for the three months ended September 30, 2024. Net premiums earned increased by $97.2 million, or 17.8%, to $643.5 million for the three months ended September 30, 2025 compared to $546.3 million for the three months ended September 30, 2024. The increases in premium volume were primarily driven by our Insurance & Services segment, including expansion of Surety within our Other Specialties business line, growth across A&H including Life, and continued strategic organic and new program growth in our international P&C business.
Core Underwriting Results
Core results for the three months ended September 30, 2025 included income of $79.7 million compared to $69.5 million for the three months ended September 30, 2024. Income for the three months ended September 30, 2025 consists of underwriting income of $69.6 million (89.1% combined ratio) and net services income of $10.1 million, compared to underwriting income of $62.5 million (88.5% combined ratio) and net services income of $7.0 million for the three months ended September 30, 2024. The improvement in net underwriting results was primarily driven by decreased catastrophe losses, slightly offset by decreased favorable prior year loss reserve development.
Effects of catastrophes were limited for the three months ended September 30, 2025, compared to $10.6 million of catastrophe losses for the three months ended September 30, 2024. Losses incurred included $9.1 million of favorable prior year loss reserve development for the three months ended September 30, 2025 primarily driven by favorable development in A&H business, compared to $29.7 million of favorable prior year loss reserve development for the three months ended September 30, 2024 driven by favorable development within Property business.
Net services income increased to $10.1 million for the three months ended September 30, 2025 compared to $7.0 million during the three months ended September 30, 2024 primarily driven by growth in IMG’s travel business. Service margin, which is calculated as Net service fee income as a percentage of services revenues, increased to 17.1% for the three months ended September 30, 2025 from 14.1% for the three months ended September 30, 2024 driven by enhanced profitability at both IMG through the travel program as well as Armada.
Nine months ended September 30, 2025 and 2024
Core Premium Volume
Gross premiums written increased by $377.7 million, or 15.6%, to $2,791.6 million for the nine months ended September 30, 2025 compared to $2,413.9 million for the nine months ended September 30, 2024. Net premiums earned increased by $297.4 million, or 18.4%, to $1,914.9 million for the nine months ended September 30, 2025 compared to $1,617.5 million for the nine months ended September 30, 2024. The increases in premium volume were primarily driven by our Insurance & Services segment, including growth across A&H, expansion of Surety within our Other Specialties business line, continued strategic organic and new program growth in our international business.
Core Underwriting Results
Core results for the nine months ended September 30, 2025 included underwriting income of $165.7 million compared to $143.7 million for the nine months ended September 30, 2024. The improvement in net underwriting results of $22.0 million was primarily driven by premium growth combined with improved attritional and acquisition cost ratios.
Favorable prior year loss reserve development for the nine months ended September 30, 2025 was $57.2 million primarily driven by favorable development in Property, mainly from reserve releases relating to prior year’s catastrophe events, as well as favorable development in A&H, due to lower than expected reported losses, compared to $42.6 million for the nine months ended September 30, 2024 primarily in Credit business within the Reinsurance segment and A&H.
Catastrophe losses were $67.4 million, or 3.5 percentage points on the combined ratio, for the nine months ended September 30, 2025 primarily from the California wildfires, compared to $16.2 million, or 1.0 percentage points on the combined ratio, for the nine months ended September 30, 2024.
Insurance & Services Segment
Three months ended September 30, 2025 and 2024
Insurance & Services gross premiums written were $562.0 million for the three months ended September 30, 2025, an increase of $186.0 million, or 49.5%, compared to the three months ended September 30, 2024, primarily driven by expansion of Surety within our Other Specialties business line, growth across A&H, and continued strategic organic and new program growth in our international business, specifically London MGAs.
Insurance & Services generated segment income of $47.8 million for the three months ended September 30, 2025, compared to $27.9 million for the three months ended September 30, 2024. Segment income for the three months ended September 30, 2025 consists of underwriting income of $37.7 million (90.1% combined ratio) and net services income of $10.1 million, compared to underwriting income of $20.9 million (92.4% combined ratio) and net services income of $7.0 million for the three months ended September 30, 2024.
The improvement in underwriting results was primarily driven by a lower attritional loss ratio, as well as net favorable prior year loss reserve development of $9.5 million for the three months ended September 30, 2025, mainly in A&H, compared to net favorable prior year loss reserve development of $13.1 million for the three months ended September 30, 2024.
Nine months ended September 30, 2025 and 2024
Insurance & Services gross premiums written were $1,757.5 million for the nine months ended September 30, 2025, an increase of $367.0 million, or 26.4%, compared to the nine months ended September 30, 2024, primarily driven by expansion of Surety within our Other Specialties business line, growth across A&H, and continued strategic organic and new program growth in our international business, specifically London MGAs.
Insurance & Services generated segment income of $135.0 million for the nine months ended September 30, 2025, compared to income of $71.4 million for the nine months ended September 30, 2024. Segment income for the nine months ended September 30, 2025 consists of underwriting income of $97.3 million (91.1% combined ratio) and net services income of $37.7 million, compared to underwriting income of $37.2 million (95.6% combined ratio) and net services income of $34.2 million for the nine months ended September 30, 2024.
The improvement in underwriting income of $60.1 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was primarily driven by growth combined with an improving attritional loss ratio as well as net favorable prior year loss reserve development of $21.7 million for the nine months ended September 30, 2025, mainly in A&H, compared to net favorable prior year loss reserve development of $9.4 million for the nine months ended September 30, 2024.
Reinsurance Segment
Three months ended September 30, 2025 and 2024
Reinsurance gross premiums written were $309.6 million for the three months ended September 30, 2025, a decrease of $4.9 million, or 1.6%, compared to the three months ended September 30, 2024, primarily driven by slight decreases in Aviation and International Credit offset by growth in Bermuda Specialty.
Reinsurance generated underwriting income of $31.9 million (87.9% combined ratio) for the three months ended September 30, 2025, compared to underwriting income of $41.6 million (84.6% combined ratio) for the three months ended September 30, 2024. The decrease in net underwriting results was the result of a decrease in favorable prior year development of $17.0 million offset by a decrease in catastrophe losses of $11.3 million .
Nine months ended September 30, 2025 and 2024
Reinsurance gross premiums written were $1,034.1 million for the nine months ended September 30, 2025, an increase of $10.7 million, or 1.0%, compared to the nine months ended September 30, 2024, primarily driven by growth in Bermuda Specialty and reinstatement premiums and reinstatement premiums of $8.9 million related to Property Catastrophe business, partially offset by decreases in Aviation.
Reinsurance generated underwriting income of $68.4 million (91.7% combined ratio) for the nine months ended September 30, 2025, compared to underwriting income of $106.5 million (86.3% combined ratio) for the nine months ended September 30, 2024. The decrease in net underwriting results for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, was primarily driven by increased catastrophe losses of $62.6 million or 7.6 percentage points on the combined ratio, primarily from the California wildfires, compared to $14.3 million, or 1.8 percentage points on the combined ratio, for the nine months ended September 30, 2024, partially offset by increased favorable prior year loss reserve development of $35.5 million for the nine months ended September 30, 2025, primarily driven by favorable development in Property, mainly from reserve releases relating to prior year’s catastrophe events, compared to $33.2 million for the nine months ended September 30, 2024 primarily driven by decreased ultimate losses in the Credit reinsurance portfolio.
Investments
Three months ended September 30, 2025 and 2024
Net investment income and net realized and unrealized investment gains (losses) for the three months ended September 30, 2025 decreased as a result of the smaller asset base subsequent to the capital transactions executed in the second half of 2024 and the first quarter of 2025.
Nine months ended September 30, 2025 and 2024
Net investment income and net realized and unrealized investment gains (losses) for the nine months ended September 30, 2025 increased due to losses on strategic investments in 2024 of $56.2 million resulting from the Company’s recurring valuations of its portfolio. Excluding the losses on strategic investments and other items, the primary components of income for the nine months ended September 30, 2025 and September 30, 2024 were $202.1 million and $228.5 million, respectively, on our debt securities and short-term investments. The year over year decrease is a result of the smaller asset base subsequent to the capital transactions executed in the second half of 2024 and the first quarter of 2025.
Webcast Details
The Company will hold a webcast to discuss its third quarter 2025 results at 8:30 a.m. Eastern Time on October 31, 2025. The webcast of the conference call will be available over the Internet from the Company’s website at www.siriuspt.com under the “Investor Relations” section. Participants should follow the instructions provided on the website to download and install any necessary audio applications. The conference call will be available by dialing 1-877-451-6152 (domestic) or 1-201-389-0879 (international). Participants should ask for the SiriusPoint Ltd. third quarter 2025 earnings call.
