Core Viewpoint - SiriusPoint Ltd. has appointed Martin Hudson as a Board Director, effective September 1, 2025, bringing over 40 years of international (re)insurance leadership experience to the company [1][2]. Company Overview - SiriusPoint is a global specialty insurer and reinsurer headquartered in Bermuda, with offices in New York, London, and Stockholm, and is listed on the New York Stock Exchange (SPNT) [6]. - The company has approximately $2.8 billion in total capital and holds a financial strength rating of A- (Excellent) from AM Best, S&P, and Fitch, and A3 from Moody's [6]. Leadership Experience - Martin Hudson has extensive experience in underwriting, risk management, governance, and executive management, having served as an Independent Non-Executive Director and Chair of the Board for various companies since 2015 [2][3]. - His previous roles include senior executive positions at Travelers Insurance, Mitsui Sumitomo Insurance Group, and Old Mutual Specialty Insurance, covering global operations across the US, UK, Europe, Canada, and Asia [4]. Strategic Importance - The appointment of Martin Hudson is seen as a strategic move to strengthen SiriusPoint's business and deliver long-term value for shareholders, as noted by Bronek Masojada, Chair of the Board [5]. - Hudson expressed enthusiasm about joining SiriusPoint, highlighting the company's strong platform, clear strategy, and significant growth opportunities [5].

Group 1 - SiriusPoint (SPNT) closed at $18.72, with a 1.8% gain over the past four weeks, and a mean price target of $25 indicates a 33.6% upside potential [1] - The average price targets range from a low of $20.00 to a high of $30.00, with a standard deviation of $5, suggesting a variability in estimates [2] - Analysts show a strong agreement in revising earnings estimates higher, which correlates with potential stock price movements [4][11] Group 2 - The Zacks Consensus Estimate for the current year has increased by 5.6% over the past month, with two estimates going higher and no negative revisions [12] - SPNT holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] - While the consensus price target may not be a reliable indicator of the extent of potential gains, it does provide a directional guide for price movement [14]

Financial Data and Key Metrics Changes - The underlying return on equity for Q2 2025 was 17%, exceeding the target range of 12% to 15% [5] - The core combined ratio improved by 3.8 points year-over-year to 89.5%, marking the eleventh consecutive quarter of underwriting profit [6][9] - Gross written premiums increased by 10% in Q2 and 14% in the first half of the year, with net premium growth of 8% in Q2 [6][20] - Book value per diluted share increased by 4% in Q2 and 10% year-to-date [13] Business Line Data and Key Metrics Changes - The insurance and services segment saw net premium growth of 15% in Q2, driven by strong performance in accident and health, property, and other specialty lines [6][24] - The combined ratio for the insurance and services segment improved to 89.3%, a 6.7 point improvement from the prior year [24] - The reinsurance segment experienced a 5% increase in gross premiums written, but net premiums written decreased by 1% in Q2 [32] Market Data and Key Metrics Changes - The accident and health business provided stable underwriting profit, with premiums up 14% in the first half of the year [26] - Casualty premiums decreased by 10% in the first half of the year as the company allocated capital to more attractive opportunities [27] - The pricing environment in aviation reinsurance remains stable, with major airline renewals seeing 5% to 10% increases [29] Company Strategy and Development Direction - The company aims to grow its insurance business more than its reinsurance business, focusing on selective capital allocation [7] - The strategy includes deepening long-term relationships with MGAs and rejecting over 80% of opportunities presented [8] - The company is committed to maintaining a lower volatility approach to its portfolio while seeking profitable growth [55] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance despite challenges in the aviation and casualty markets [5][6] - The company anticipates continued strong performance in the second half of 2025, supported by disciplined underwriting and targeted growth [14] - Management highlighted the importance of employee engagement and culture in driving business success [11] Other Important Information - The company won the program insurer of the year award at the program manager awards in New York [8] - The net promoter score increased by 16 points year-over-year, indicating improved employee engagement [11] - The company maintains a strong capital position with a BSCR ratio of 223% [10][41] Q&A Session Summary Question: Impact of new programs on top line growth - Management indicated that the impact of new programs is assessed on a case-by-case basis, with a focus on net premiums as relationships mature [47][49] Question: Growth in the insurance segment despite external market conditions - Management confirmed that accident and health is a key growth area, providing stability and allowing for risk-taking in other segments [52][54] Question: Differences between MGAs in London and the US - Management noted that the London market has seen a strategic investment to leverage expertise and grow business, contrasting with previous declines [61][63] Question: Net investment income guidance - Management stated that the guidance remains conservative, considering potential interest rate cuts in the latter half of the year [68][70] Question: Reserve development in accident and health - Management explained that the A&H business has a shorter tail, allowing for more immediate recognition of reserve development compared to casualty lines [74][76]

Financial Data and Key Metrics Changes - The underlying return on equity for the quarter was 17%, exceeding the target range of 12% to 15% [6] - The core combined ratio improved by 3.8 points year over year to 89.5%, marking the eleventh consecutive quarter of underwriting profit [7][11] - Gross written premiums increased by 10% in the quarter and 14% in the first half of the year, with net premium growth of 15% in the insurance and services business [7][8] - Book value per diluted share increased by 4% in the quarter and 10% year to date, with underlying earnings per share of $0.66, representing over 100% growth year over year [15] Business Line Data and Key Metrics Changes - The insurance and services segment saw gross written premiums increase by 14% to $560 million in the quarter, driven by growth in accident and health, property, and other specialties [25] - The combined ratio for the insurance and services segment improved to 89.3%, with a notable decrease in the loss ratio [26] - The reinsurance segment experienced a 5% increase in gross premiums written to $370 million, although net premiums written decreased by 1% in the quarter [34] Market Data and Key Metrics Changes - The accident and health business provided stable underwriting profit, with premiums up 14% in the first half of the year [27] - Casualty premiums decreased by 10% as the company allocated capital to more attractive opportunities [29] - The pricing environment in aviation reinsurance remained stable, with major airline renewals seeing 5% to 10% increases [31] Company Strategy and Development Direction - The company aims to grow its insurance business more than its reinsurance business, focusing on selective capital allocation towards attractive opportunities [8] - The strategy includes deepening long-term relationships with MGA partners, rejecting over 80% of opportunities to maintain underwriting discipline [9][10] - The company is committed to value creation and maintaining a lower volatility approach to its portfolio [60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance despite external market pressures, highlighting a strong pipeline of growth opportunities [54] - The company remains cautious in the casualty segment, particularly in commercial auto, while being open to growth in other specialties [62] - Management noted that the first half of 2025 has shown significant progress, with expectations for continued strong performance in the second half [15][48] Other Important Information - The company reported a strong engagement survey with a net promoter score increase of 16 points year over year, indicating improved employee satisfaction [13] - The capital position remains robust, with a second quarter BSCR ratio of 223% and strong liquidity levels [44][45] - The company received positive outlook revisions from A.M. Best and Fitch, reflecting significant underwriting improvements [45] Q&A Session Summary Question: Impact of new programs on top line growth - Management indicated that the impact of new programs is assessed on a case-by-case basis, with a focus on selectively taking on net risk as relationships mature [51][53] Question: Growth in accident and health and other non-cyclical segments - Management confirmed that accident and health serves as a volatility shock absorber, allowing for more risk-taking in other areas [57][60] Question: Differences between MGAs in London and the US - Management explained that the London market has seen a strategic investment to leverage existing assets, leading to growth opportunities [65][68] Question: Net investment income guidance - Management acknowledged that net investment income is trending ahead of guidance, with a conservative approach due to potential interest rate cuts [72][74] Question: Reserve development in accident and health - Management detailed that the accident and health portfolio is short-tailed, allowing for quicker reserve releases compared to casualty lines [78][80] Question: Casualty segment performance and decision to write less business - Management clarified that the cautious approach in casualty is due to market conditions, with a focus on profitable areas [86][90] Question: Primary property book growth - Management noted that growth in the primary property book is driven by diversification and strategic partnerships, particularly in the London market [92][94]

Financial Performance Highlights - SiriusPoint's Gross Premiums Written (GPW) increased by 10% year-over-year in Q2 2025[19, 47] - The Core Combined Ratio improved by 38 percentage points to 895% in Q2 2025[19] - Underlying Earnings Per Share (EPS) rose by 120% year-over-year to $066 in Q2 2025[19, 47] - Book Value Per Share (BVPS) excluding Accumulated Other Comprehensive Income (AOCI) grew by 4% in Q2 2025 and 10% year-to-date, reaching $1564[19] - The Underlying Return on Equity (ROE) was 170% in Q2 2025, contributing to 154% at HY 2025[19] Segment Results - The Insurance & Services segment experienced a 14% increase in Gross Premiums Written (GPW) in Q2 2025, resulting in an 18% growth for HY 2025[63] - The Reinsurance segment's Gross Premiums Written (GPW) grew by 5% in Q2 2025, contributing to a 2% growth year-to-date[67] Capital and Balance Sheet - The BSCR ratio is estimated at 223% in Q2 2025[13, 19] - The debt-to-capital ratio decreased slightly to 244% at Q2 2025[97, 102] - Common shareholders' equity increased 4% to $19 billion[50]

Financial Performance - SiriusPoint reported quarterly earnings of $0.66 per share, exceeding the Zacks Consensus Estimate of $0.56 per share, and up from $0.57 per share a year ago, representing an earnings surprise of +17.86% [1] - The company posted revenues of $748.2 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 3.90%, compared to revenues of $743.3 million in the same quarter last year [2] Market Performance - SiriusPoint shares have increased approximately 19.5% since the beginning of the year, outperforming the S&P 500's gain of 6.1% [3] - The current consensus EPS estimate for the upcoming quarter is $0.51 on revenues of $739.3 million, and for the current fiscal year, it is $2.13 on revenues of $2.94 billion [7] Industry Outlook - The Insurance - Multi line industry, to which SiriusPoint belongs, is currently ranked in the top 35% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact SiriusPoint's stock performance [5][6]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Presents the unaudited consolidated financial statements as of June 30, 2025, including balance sheets, income statements, cash flows, and related notes [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to $12.36 billion while shareholders' equity increased to $2.11 billion as of June 30, 2025 Consolidated Balance Sheet Summary (in millions) | Balance Sheet Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$12,355.7** | **$12,524.9** | | Total Investments | $5,213.8 | $5,705.5 | | Cash and cash equivalents | $732.4 | $682.0 | | **Total Liabilities** | **$10,248.9** | **$10,586.1** | | Loss and loss adjustment expense reserves | $5,817.4 | $5,653.9 | | Debt | $678.4 | $639.1 | | Share repurchase liability | $— | $483.0 | | **Total Shareholders' Equity** | **$2,106.8** | **$1,938.8** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Net income available to common shareholders decreased to $116.8 million for the first six months of 2025 from $200.7 million year-over-year Consolidated Income Statement Highlights (in millions, except per share data) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net premiums earned | $1,278.7 | $1,184.3 | | Total revenues | $1,475.5 | $1,428.8 | | Loss and loss adjustment expenses incurred, net | $774.4 | $681.9 | | Total expenses | $1,325.3 | $1,194.2 | | Net income | $125.3 | $210.7 | | Net income available to SiriusPoint common shareholders | $116.8 | $200.7 | | Diluted earnings per share | $0.98 | $1.05 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from investing activities was $565.8 million, offset by cash used in operating and financing activities, resulting in a net cash increase Cash Flow Summary (in millions) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(26.8) | $(91.1) | | Net cash provided by (used in) investing activities | $565.8 | $(61.7) | | Net cash used in financing activities | $(510.4) | $(224.5) | | **Net increase (decrease) in cash** | **$28.6** | **$(377.3)** | [Note 3. Segment reporting](index=8&type=section&id=Note%203.%20Segment%20reporting) The company's two core segments, Insurance & Services and Reinsurance, generated a combined income of $123.7 million in the first half of 2025 - The company's business is divided into two primary operating segments: **Insurance & Services** and **Reinsurance**[29](index=29&type=chunk) Segment Performance - Six Months Ended June 30, 2025 (in millions) | Metric | Insurance & Services | Reinsurance | Core Total | | :--- | :--- | :--- | :--- | | Gross premiums written | $1,195.5 | $724.5 | $1,920.0 | | Net premiums earned | $705.4 | $566.0 | $1,271.4 | | Underwriting income (loss) | $59.6 | $36.5 | $96.1 | | Net services income | $27.6 | $— | $27.6 | | **Segment income (loss)** | **$87.2** | **$36.5** | **$123.7** | | Combined ratio | 91.6% | 93.5% | 92.4% | Segment Performance - Six Months Ended June 30, 2024 (in millions) | Metric | Insurance & Services | Reinsurance | Core Total | | :--- | :--- | :--- | :--- | | Gross premiums written | $1,014.5 | $708.9 | $1,723.4 | | Net premiums earned | $561.4 | $509.8 | $1,071.2 | | Underwriting income | $16.3 | $64.9 | $81.2 | | Net services income | $27.2 | $— | $27.2 | | **Segment income** | **$43.5** | **$64.9** | **$108.4** | | Combined ratio | 97.1% | 87.2% | 92.5% | [Note 6. Investments](index=21&type=section&id=Note%206.%20Investments) Total investments decreased to $5.21 billion, with the debt portfolio having a weighted average duration of 3.0 years Debt Securities by Fair Value (in millions) | Security Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Debt securities, available for sale | $4,735.9 | $5,131.0 | | Debt securities, trading | $102.9 | $162.2 | Debt Securities by Credit Rating (AFS & Trading, in millions) | Rating | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | AAA | $694.3 | $882.5 | | AA | $2,176.9 | $2,281.9 | | A | $1,047.8 | $1,381.9 | | BBB | $750.6 | $683.4 | | Other | $169.2 | $63.5 | - The weighted average duration of the Company's debt securities portfolio, including short-term investments, was approximately **3.0 years** as of June 30, 2025[90](index=90&type=chunk) [Note 10. Loss and loss adjustment expense reserves](index=30&type=section&id=Note%2010.%20Loss%20and%20loss%20adjustment%20expense%20reserves) Gross loss reserves increased to $5.82 billion, with $42.9 million of net favorable prior year loss reserve development recorded in H1 2025 Loss Reserve Activity - Six Months Ended June 30, 2025 (in millions) | Description | Amount | | :--- | :--- | | Net reserves, beginning of period | $3,347.1 | | Incurred losses - Current year | $817.3 | | Incurred losses - Prior years (Favorable) | $(42.9) | | Total incurred losses | $774.4 | | Total net paid losses | $(623.6) | | **Net reserves, end of period** | **$3,553.5** | - Net favorable prior year loss reserve development of **$42.9 million** for the first half of 2025 was driven by positive development in Property and Accident & Health (A&H)[128](index=128&type=chunk) [Note 14. Shareholders' equity](index=34&type=section&id=Note%2014.%20Shareholders'%20equity) The company repurchased 500,000 common shares, paid $8.0 million in preference share dividends, and has $180.8 million remaining in its buyback program - During the six months ended June 30, 2025, the Company **repurchased 500,000** of its common shares from Daniel S. Loeb at $14.00 per share[157](index=157&type=chunk) - As of June 30, 2025, approximately **$180.8 million** of common shares may still be purchased under the authorized share repurchase program[156](index=156&type=chunk) - The company paid dividends of **$8.0 million** to Series B preference shareholders during the first six months of 2025, consistent with the prior year period[155](index=155&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's analysis highlights a 9.8% increase in book value per share, positive segment performance, and a strong liquidity position Key Performance Indicators | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Combined ratio | 88.8% | 87.0% | | Core combined ratio | 92.4% | 92.5% | | Core income (in millions) | $123.7 | $108.4 | | Annualized return on avg. common equity | 12.8% | 16.7% | | Book value per diluted common share | $16.03 | $14.60 (as of 12/31/24) | - Book value per diluted common share **increased 9.8% to $16.03** as of June 30, 2025, from $14.60 as of December 31, 2024, reflecting positive underwriting and investment results[196](index=196&type=chunk) [Consolidated Results of Operations](index=42&type=section&id=Consolidated%20Results%20of%20Operations) Net income for H1 2025 decreased to $125.3 million, primarily due to higher catastrophe losses and the absence of a prior-year one-time gain Consolidated Results Summary (in millions) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total underwriting income | $144.3 | $154.7 | | Net investment income and gains (losses) | $139.8 | $103.1 | | Other revenues | $57.0 | $146.7 | | **Net income** | **$125.3** | **$210.7** | - The decrease in net underwriting results for the first half of 2025 was primarily driven by **increased catastrophe losses** from the California wildfires[200](index=200&type=chunk) - Other revenues decreased significantly in H1 2025 compared to H1 2024, as the prior year period included a **$95.9 million gain** from the deconsolidation of Arcadian[212](index=212&type=chunk)[213](index=213&type=chunk) [Segment Results](index=47&type=section&id=Segment%20Results) The Insurance & Services segment's underwriting income grew significantly, while the Reinsurance segment's results were impacted by catastrophe losses - Insurance & Services segment premium growth was driven by expansion in **Surety**, growth in **A&H**, and new program growth in the international business[257](index=257&type=chunk) - The Reinsurance segment's underwriting results for H1 2025 were significantly impacted by **$62.6 million in catastrophe losses**, primarily from California wildfires[270](index=270&type=chunk) Segment Underwriting Income (in millions) | Segment | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Insurance & Services | $59.6 | $16.3 | | Reinsurance | $36.5 | $64.9 | | Corporate | $(11.5) | $1.1 | [Liquidity and Capital Resources](index=56&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong capital position with an estimated BSCR ratio of 223% and access to a $400 million undrawn credit facility - The company's estimated Bermuda Solvency Capital Requirement (BSCR) ratio was **223%** as of Q2 2025, indicating a strong capital position[279](index=279&type=chunk) - The company has access to a **$400.0 million** senior unsecured revolving credit facility, with no borrowings outstanding as of June 30, 2025[281](index=281&type=chunk) Cash Flow Summary - H1 2025 vs H1 2024 (in millions) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(26.8) | $(91.1) | | Net cash provided by (used in) investing activities | $565.8 | $(61.7) | | Net cash used in financing activities | $(510.4) | $(224.5) | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=61&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are interest rate and foreign currency exchange, with a 100 bp rate increase impacting portfolio value by $142.7 million Interest Rate Sensitivity on Debt Securities (in millions) | Change in Interest Rate | Estimated Pre-tax Change in Fair Value | | :--- | :--- | | +100 bp | $(142.7) | | -100 bp | $115.5 | - The company's main market risks are identified as **interest rate risk** and **foreign currency exchange risk**[317](index=317&type=chunk) [Item 4. Controls and Procedures](index=63&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal controls - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of the end of the period, June 30, 2025[324](index=324&type=chunk) - **No material changes** to the internal control over financial reporting were identified during the three months ended June 30, 2025[325](index=325&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=63&type=section&id=Item%201.%20Legal%20Proceedings) Management believes no current legal proceedings are likely to have a material adverse effect on the company's financial condition - The Company is subject to lawsuits and regulatory actions in the normal course of business but believes **no single proceeding will have a material adverse effect** on its financial condition[327](index=327&type=chunk) [Item 1A. Risk Factors](index=63&type=section&id=Item%201A.%20Risk%20Factors) Global inflation and changing tariff policies are identified as key risks that could adversely impact financial results and investment values - The company identifies **heightened inflation** and **changing tariff policies** as key risks that could adversely impact loss reserves, investment portfolio value, and overall financial results[329](index=329&type=chunk)[330](index=330&type=chunk) [Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities](index=64&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company completed significant share repurchases in early 2025 and has $180.8 million remaining under its buyback authorization - The company repurchased **500,000 common shares** from Daniel S. Loeb at $14.00 per share on February 27, 2025[333](index=333&type=chunk) - As of June 30, 2025, the company has approximately **$180.8 million remaining** under its share repurchase authorization[333](index=333&type=chunk)

[Key Performance Indicators](index=4&type=section&id=Key%20Performance%20Indicators) [Key Performance Indicators Summary](index=4&type=section&id=Key%20Performance%20Indicators%20Summary) For the three months ended June 30, 2025, SiriusPoint's performance improved year-over-year with a lower consolidated combined ratio of **86.1%** and higher Core underwriting income of **$67.6 million**, though annualized return on average common shareholders' equity decreased to **12.7%** from **17.9%** in the prior-year period, while book value per common share increased to **$16.32** from **$14.92** at year-end 2024 Key Performance Indicators Comparison (Q2 & YTD) | Metric | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Combined ratio** | 86.1% | 89.0% | 88.8% | 87.0% | | **Core underwriting income** | $67.6M | $36.9M | $96.1M | $81.2M | | **Core income** | $76.3M | $46.0M | $123.7M | $108.4M | | **Annualized ROAE** | 12.7% | 17.9% | 12.8% | 16.7% | | **Book value per common share** | $16.32 | $14.92 (YE 2024) | $16.32 | $14.92 (YE 2024) | | **Tangible book value per diluted common share** | $14.89 | $13.42 (YE 2024) | $14.89 | $13.42 (YE 2024) | [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Balance Sheets - by Quarter](index=5&type=section&id=Consolidated%20Balance%20Sheets%20-%20by%20Quarter) As of June 30, 2025, total assets stood at **$12.36 billion**, a slight decrease from **$12.52 billion** at year-end 2024, while total shareholders' equity increased to **$2.11 billion** from **$1.94 billion** over the same period, primarily driven by growth in retained earnings and a positive shift in accumulated other comprehensive income (AOCI) Selected Balance Sheet Data (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total investments | $5,213.8 | $5,705.5 | | Total assets | $12,355.7 | $12,524.9 | | Total liabilities | $10,248.9 | $10,586.1 | | Total shareholders' equity | $2,106.8 | $1,938.8 | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) For the second quarter of 2025, net income available to common shareholders was **$59.2 million**, or **$0.50** per diluted share, a decrease from **$109.9 million**, or **$0.57** per diluted share, in the same period of 2024, influenced by lower other revenues and higher net corporate expenses despite a **10.4%** increase in net premiums earned Q2 Income Statement Highlights (in millions, except per share data) | Metric | Three months ended June 30, 2025 | Three months ended June 30, 2024 | | :--- | :--- | :--- | | Net premiums earned | $652.0 | $590.5 | | Total revenues | $748.2 | $743.3 | | Total expenses | $673.3 | $614.3 | | Net income available to common shareholders | $59.2 | $109.9 | | Diluted EPS | $0.50 | $0.57 | [Consolidated Statements of Income - by Quarter](index=7&type=section&id=Consolidated%20Statements%20of%20Income%20-%20by%20Quarter) Net income available to common shareholders was **$59.2 million** in Q2 2025, a slight sequential increase from **$57.6 million** in Q1 2025, with net premiums earned showing consistent quarterly growth over the past year, reaching **$652.0 million** in the latest quarter Quarterly Income Trend (in millions) | Period | Net Premiums Earned | Net Income available to Common Shareholders | | :--- | :--- | :--- | | Q2 2025 | $652.0 | $59.2 | | Q1 2025 | $626.7 | $57.6 | | Q4 2024 | $590.3 | $(21.3) | | Q3 2024 | $568.9 | $4.5 | | Q2 2024 | $590.5 | $109.9 | [Consolidated Statements of Comprehensive Income - by Quarter](index=8&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20-%20by%20Quarter) Comprehensive income available to SiriusPoint was **$83.3 million** in Q2 2025, supported by **$63.3 million** in net income and **$20.1 million** in other comprehensive income (OCI), primarily driven by unrealized gains on debt securities Quarterly Comprehensive Income (in millions) | Period | Net Income (Loss) | Other Comprehensive Income (Loss) | Comprehensive Income (Loss) available to SiriusPoint | | :--- | :--- | :--- | :--- | | Q2 2025 | $63.3 | $20.1 | $83.3 | | Q1 2025 | $62.0 | $30.5 | $92.1 | | Q4 2024 | $(17.0) | $(85.6) | $(102.9) | | Q2 2024 | $114.8 | $(10.6) | $103.3 | [Operating Segment Information](index=9&type=section&id=Operating%20Segment%20Information) [Segment Reporting - Q2 2025](index=9&type=section&id=Segment%20Reporting%20-%20Three%20months%20ended%20June%2030%2C%202025) In Q2 2025, the Insurance & Services segment reported underwriting income of **$39.5 million** and a combined ratio of **89.3%**, while the Reinsurance segment contributed **$28.1 million** in underwriting income with an **89.8%** combined ratio, totaling **$67.6 million** in Core underwriting income Q2 2025 Segment Performance (in millions) | Segment | Gross Premiums Written | Underwriting Income | Combined Ratio | | :--- | :--- | :--- | :--- | | Insurance & Services | $560.4 | $39.5 | 89.3% | | Reinsurance | $369.7 | $28.1 | 89.8% | | **Core Total** | **$930.1** | **$67.6** | **89.5%** | [Segment Reporting - Q2 2024](index=10&type=section&id=Segment%20Reporting%20-%20Three%20months%20ended%20June%2030%2C%202024) In the prior-year second quarter, the Insurance & Services segment generated **$11.9 million** in underwriting income on a **96.0%** combined ratio, and the Reinsurance segment produced **$25.0 million** in underwriting income with a **90.2%** combined ratio, resulting in **$36.9 million** in total Core underwriting income Q2 2024 Segment Performance (in millions) | Segment | Gross Premiums Written | Underwriting Income | Combined Ratio | | :--- | :--- | :--- | :--- | | Insurance & Services | $490.2 | $11.9 | 96.0% | | Reinsurance | $352.5 | $25.0 | 90.2% | | **Core Total** | **$842.7** | **$36.9** | **93.3%** | [Segment Reporting - YTD 2025](index=11&type=section&id=Segment%20Reporting%20-%20Six%20months%20ended%20June%2030%2C%202025) For the first six months of 2025, total Core underwriting income was **$96.1 million**, with the Insurance & Services segment contributing **$59.6 million** (91.6% combined ratio) and the Reinsurance segment adding **$36.5 million** (93.5% combined ratio) YTD 2025 Segment Performance (in millions) | Segment | Gross Premiums Written | Underwriting Income | Combined Ratio | | :--- | :--- | :--- | :--- | | Insurance & Services | $1,195.5 | $59.6 | 91.6% | | Reinsurance | $724.5 | $36.5 | 93.5% | | **Core Total** | **$1,920.0** | **$96.1** | **92.4%** | [Segment Reporting - YTD 2024](index=12&type=section&id=Segment%20Reporting%20-%20Six%20months%20ended%20June%2030%2C%202024) In the first half of 2024, total Core underwriting income was **$81.2 million**, with the Insurance & Services segment's underwriting income at **$16.3 million** (97.1% combined ratio) and the Reinsurance segment's at **$64.9 million** (87.2% combined ratio) YTD 2024 Segment Performance (in millions) | Segment | Gross Premiums Written | Underwriting Income | Combined Ratio | | :--- | :--- | :--- | :--- | | Insurance & Services | $1,014.5 | $16.3 | 97.1% | | Reinsurance | $708.9 | $64.9 | 87.2% | | **Core Total** | **$1,723.4** | **$81.2** | **92.5%** | [Consolidated Results - by Quarter](index=13&type=section&id=Consolidated%20Results%20-%20by%20Quarter) [Consolidated Results - by Quarter Summary](index=13&type=section&id=Consolidated%20Results%20-%20by%20Quarter%20Summary) The consolidated combined ratio improved to **86.1%** in Q2 2025 from **91.4%** in Q1 2025 and **89.0%** in Q2 2024, with strong underwriting income of **$90.2 million** benefiting from favorable prior year loss reserve development of **$8.7 million** and minimal catastrophe losses Quarterly Consolidated Underwriting Results (in millions) | Period | Net Premiums Earned | Underwriting Income | Combined Ratio | | :--- | :--- | :--- | :--- | | Q2 2025 | $652.0 | $90.2 | 86.1% | | Q1 2025 | $626.7 | $54.1 | 91.4% | | Q4 2024 | $590.3 | $32.7 | 94.4% | | Q3 2024 | $568.9 | $89.0 | 84.4% | | Q2 2024 | $590.5 | $65.1 | 89.0% | [Core Results - by Quarter](index=14&type=section&id=Core%20Results%20-%20by%20Quarter) [Core Results - by Quarter Summary](index=14&type=section&id=Core%20Results%20-%20by%20Quarter%20Summary) Core results, representing the combination of the Insurance & Services and Reinsurance segments, showed a combined ratio of **89.5%** in Q2 2025, a significant improvement from **95.4%** in Q1 2025, with Core segment income for the quarter reaching **$76.3 million**, the highest in the last five quarters - Core results represent the sum of the Reinsurance and Insurance & Services segments, reflecting management's view of the ongoing business after the decision to exit runoff operations[28](index=28&type=chunk) Quarterly Core Results (in millions) | Period | Net Premiums Earned | Segment Income | Combined Ratio | | :--- | :--- | :--- | :--- | | Q2 2025 | $645.6 | $76.3 | 89.5% | | Q1 2025 | $625.8 | $47.4 | 95.4% | | Q4 2024 | $581.6 | $66.7 | 90.2% | | Q3 2024 | $546.3 | $69.5 | 88.5% | | Q2 2024 | $553.4 | $46.0 | 93.3% | [Insurance & Services Segment - by Quarter](index=15&type=section&id=Insurance%20%26%20Services%20Segment%20-%20by%20Quarter) [Insurance & Services Segment - by Quarter Summary](index=15&type=section&id=Insurance%20%26%20Services%20Segment%20-%20by%20Quarter%20Summary) The Insurance & Services segment demonstrated strong performance in Q2 2025, with segment income reaching **$48.2 million**, the highest in the past five quarters, and the combined ratio improving significantly to **89.3%** from **96.0%** in the prior-year quarter, driven by a lower loss ratio Insurance & Services Quarterly Performance (in millions) | Period | Gross Premiums Written | Segment Income | Combined Ratio | | :--- | :--- | :--- | :--- | | Q2 2025 | $560.4 | $48.2 | 89.3% | | Q1 2025 | $635.1 | $39.0 | 94.0% | | Q4 2024 | $450.3 | $48.4 | 87.9% | | Q3 2024 | $376.0 | $27.9 | 92.4% | | Q2 2024 | $490.2 | $21.0 | 96.0% | [Reinsurance Segment - by Quarter](index=16&type=section&id=Reinsurance%20Segment%20-%20by%20Quarter) [Reinsurance Segment - by Quarter Summary](index=16&type=section&id=Reinsurance%20Segment%20-%20by%20Quarter%20Summary) The Reinsurance segment's underwriting income increased to **$28.1 million** in Q2 2025 from **$8.4 million** in Q1 2025, with the combined ratio improving to **89.8%** in Q2 2025, compared to **97.1%** in the previous quarter and **90.2%** in the prior-year quarter Reinsurance Quarterly Performance (in millions) | Period | Gross Premiums Written | Underwriting Income | Combined Ratio | | :--- | :--- | :--- | :--- | | Q2 2025 | $369.7 | $28.1 | 89.8% | | Q1 2025 | $354.8 | $8.4 | 97.1% | | Q4 2024 | $312.2 | $18.3 | 93.2% | | Q3 2024 | $314.5 | $41.6 | 84.6% | | Q2 2024 | $352.5 | $25.0 | 90.2% | [Investments](index=17&type=section&id=Investments) [Investments - by Quarter](index=17&type=section&id=Investments%20-%20by%20Quarter) As of June 30, 2025, total investments were **$5.21 billion**, a decrease from **$5.71 billion** at the end of 2024, with the portfolio remaining concentrated in fixed income, where debt securities available for sale and trading comprise **92.8%** of the total, and corporate debt securities represent the largest single category at **32.6%** Investment Portfolio Composition as of June 30, 2025 (in millions) | Asset Class | Fair Value | % of Total | | :--- | :--- | :--- | | Corporate debt securities | $1,701.3 | 32.6% | | Asset-backed securities | $984.4 | 18.9% | | U.S. government and agency | $936.2 | 18.0% | | Residential mortgage-backed securities | $916.9 | 17.6% | | Other | $675.0 | 12.9% | | **Total investments** | **$5,213.8** | **100.0%** | [Other Financial Information](index=18&type=section&id=Other) [Earnings per Share - by Quarter](index=18&type=section&id=Earnings%20per%20Share%20-%20by%20Quarter) Diluted earnings per share (EPS) was **$0.50** for Q2 2025, a slight increase from **$0.49** in Q1 2025 but a decrease from **$0.57** in Q2 2024, with the weighted average number of diluted shares outstanding decreasing significantly year-over-year to **118.7 million** from **178.7 million**, reflecting share repurchase activity Quarterly Earnings Per Share | Period | Diluted EPS | Diluted Weighted Average Shares Outstanding | | :--- | :--- | :--- | | Q2 2025 | $0.50 | 118,669,471 | | Q1 2025 | $0.49 | 118,555,166 | | Q4 2024 | $(0.13) | 161,378,360 | | Q2 2024 | $0.57 | 178,711,255 | [Annualized Return on Average Common Shareholders' Equity - by Quarter](index=19&type=section&id=Annualized%20Return%20on%20Average%20Common%20Shareholders'%20Equity%20-%20by%20Quarter) The annualized return on average common shareholders' equity (ROAE) for Q2 2025 was **12.7%**, a decrease from **17.9%** in the prior-year quarter but remaining consistent with the **12.9%** reported in Q1 2025 Quarterly Annualized ROAE | Period | Annualized ROAE | | :--- | :--- | | Q2 2025 | 12.7% | | Q1 2025 | 12.9% | | Q4 2024 | (4.0)% | | Q3 2024 | 0.7% | | Q2 2024 | 17.9% | [Book Value per Share - by Quarter](index=20&type=section&id=Book%20Value%20per%20Share%20-%20by%20Quarter) As of June 30, 2025, book value per common share was **$16.32**, a significant increase from **$14.92** at year-end 2024, with tangible book value per diluted common share, a non-GAAP measure, also rising to **$14.89** from **$13.42** over the same period Quarterly Book Value Per Share Metrics | Period End | Book Value per Common Share | Tangible Book Value per Diluted Common Share (Non-GAAP) | | :--- | :--- | :--- | | June 30, 2025 | $16.32 | $14.89 | | March 31, 2025 | $15.73 | $14.21 | | Dec 31, 2024 | $14.92 | $13.42 | | June 30, 2024 | $14.68 | $13.47 | [Net Corporate and Other Expenses - by Quarter](index=21&type=section&id=Net%20Corporate%20and%20Other%20Expenses%20-%20by%20Quarter) Net corporate and other expenses totaled **$70.9 million** in Q2 2025, an increase from **$60.6 million** in Q1 2025 and **$66.6 million** in Q2 2024, primarily due to higher MGA Service expenses, which were **$49.6 million** in the quarter Quarterly Net Corporate and Other Expenses (in millions) | Period | MGA Service Expenses | Corporate and Other Expenses | Total | | :--- | :--- | :--- | :--- | | Q2 2025 | $49.6 | $21.3 | $70.9 | | Q1 2025 | $43.1 | $17.5 | $60.6 | | Q4 2024 | $41.2 | $16.9 | $58.1 | | Q2 2024 | $47.7 | $18.9 | $66.6 |

Core Insights - SiriusPoint Ltd. reported strong second quarter results, highlighting the effectiveness of its disciplined underwriting strategy, with an underlying return on equity of 17.0% for the quarter and 15.4% for the half year, both exceeding the target range of 12-15% [1][5][6] Financial Performance - The Core combined ratio for the second quarter was 89.5%, improving by 3.8 points year-over-year, while the half-year Core combined ratio remained flat despite increased volatility from aviation losses and wildfires [2][5] - Gross premiums written increased by 10% year-over-year, reaching $930.1 million for the second quarter, marking the fifth consecutive quarter of double-digit growth [2][14] - Underwriting income for the Core business grew by 83% year-over-year to $68 million in the second quarter [5][15] - Diluted earnings per common share were $0.50, with underlying earnings per share of $0.66, representing a 120% increase from the prior year [5][6] Segment Performance - The Insurance & Services segment generated gross premiums written of $560.4 million for the second quarter, a 14.3% increase compared to the same period last year, driven by growth in Surety and A&H [22][23] - The Reinsurance segment saw gross premiums written of $369.7 million for the second quarter, an increase of 4.9% year-over-year, primarily due to increased premiums in credit [28][29] Investment Results - Net investment income for the second quarter was $68.2 million, with total investment results reaching $68.9 million [6][33] - The company experienced a year-over-year increase in net investment income and net realized and unrealized investment gains, recovering from losses on strategic investments in the previous year [33][34] Operational Highlights - SiriusPoint was recognized as Program Insurer of the Year in the US and achieved record scores in its employee engagement survey, indicating strong organizational momentum [3][5] - The company attracted key talent to its executive leadership team, further enhancing its operational capabilities [3]

Group 1 - SiriusPoint (SPNT) closed at $19.58, with a 1% gain over the past four weeks, and a mean price target of $25.33 indicating a 29.4% upside potential [1] - The mean estimate includes three short-term price targets with a standard deviation of $4.51, where the lowest estimate is $21.00 (7.3% increase) and the highest is $30.00 (53.2% increase) [2] - Analysts show strong agreement in revising earnings estimates higher, which correlates with potential stock price movements [11][12] Group 2 - The Zacks Consensus Estimate for the current year has increased by 1% over the last 30 days, with one estimate moving higher and no negative revisions [12] - SPNT holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] - While the consensus price target may not be a reliable indicator of the extent of SPNT's potential gains, it does suggest a positive direction for price movement [14]