Core Viewpoint - SiriusPoint Ltd. has announced a restructuring of its business to enhance its operational focus and strategic growth, now operating through four business areas, including three globally focused profit and loss divisions and a London Market Specialty division [1][3]. Group 1: Business Structure Changes - The company will consolidate its North America and International Programs into a single Global P&C Programs division, led by Patrick Charles, to strengthen its offerings to clients and distribution partners globally [2]. - The new London Market Specialty division will emphasize the strategic importance of SiriusPoint's London platform, including Syndicate 1945, and will be led by David Govrin, who also serves as CEO of Global Reinsurance [3]. Group 2: Leadership and Strategic Direction - Scott Egan, CEO of SiriusPoint, stated that these changes are a natural evolution of the company, building on significant progress made over the past three years, including improvements in underwriting and operational foundations [4]. - The company aims to capitalize on growth opportunities while maintaining disciplined and profitable performance, as indicated by its strong financial momentum at the end of 2025 [5]. Group 3: Stability of Existing Divisions - There will be no changes to the Global Reinsurance and Global Accident & Health businesses, indicating a stable operational framework in these areas [6]. Group 4: Company Overview - SiriusPoint is a specialty underwriter with a total capital exceeding $3.0 billion and holds strong financial ratings from Fitch, AM Best, S&P, and Moody's, reflecting its robust financial health [7].

Core Viewpoint - Fitch Ratings has upgraded SiriusPoint Ltd.'s ratings, reflecting strong earnings and improved financial stability, with a stable outlook [1][2]. Group 1: Rating Upgrades - SiriusPoint's Insurer Financial Strength (IFS) rating upgraded to 'A' from 'A-' [1] - Long-Term Issuer Default Rating (IDR) upgraded to 'BBB+' from 'BBB' [1] - Senior debt rating upgraded to 'BBB' from 'BBB-' [1] Group 2: Financial Performance - The upgrade is attributed to strong earnings driven by solid underwriting profitability and a reduced risk profile [2] - Key drivers include strengthened capitalization, reduced leverage, and favorable reserve development [2] - The company has shown solid underwriting results over the last three years, indicating improved risk selection [2] Group 3: Company Overview - SiriusPoint is a global underwriter of insurance and reinsurance, headquartered in Bermuda with offices in major cities [3] - The company has over $3.0 billion in total capital and holds strong financial strength ratings from multiple agencies [3] - It offers Property & Casualty and Accident & Health insurance and reinsurance globally, supported by strategic partnerships [3]

Financial Strength and Regulatory Compliance - SiriusPoint's insurance and reinsurance subsidiaries have received strong financial strength ratings, with "A-" (Excellent) from AM Best and "A3" from Moody's, all with a positive outlook[93][94]. - The company maintains a minimum solvency margin (MSM) of at least $100 million for Class 4 insurers, which is the greater of specified percentages of net written premium or loss reserves[110]. - SiriusPoint is required to maintain a minimum liquidity ratio of 75% of relevant liabilities for general business insurers[109]. - The Bermuda Monetary Authority (BMA) mandates that insurers file annual statutory financial returns, including a capital and solvency return, within four months after the financial year-end[105]. - The company utilizes a risk-based capital model (BSCR) to determine capital requirements, ensuring that statutory economic capital and surplus meet or exceed the enhanced capital requirement (ECR)[112][111]. - SiriusPoint's Bermuda-licensed subsidiaries are subject to the Insurance Act, which imposes solvency and liquidity standards, as well as auditing and reporting requirements[99][98]. - SiriusPoint Bermuda is designated as the Designated Insurer for group supervisory and solvency purposes, required to comply with group insurance solvency rules[126]. - The Regulatory Group must maintain available statutory economic capital and surplus at least equal to or exceeding the value of its group ECR, with a target capital level set at 120% of group ECR[128]. - The BMA requires all registered insurers to notify of any material changes, including amalgamations or acquisitions, allowing a 30-day period for objections[130]. - SiriusPoint must file quarterly group financial returns and appoint a qualified group actuary approved by the BMA[129]. - The GSSA assesses the quality and quantity of capital required to cover risks, including stress testing and reflecting all assets and liabilities[128]. - SiriusPoint's U.S.-based insurance subsidiaries are regulated by state authorities, which have broad supervisory powers over solvency and financial reporting[142]. - SiriusPoint's U.S. domiciled subsidiaries exceeded all required Risk-Based Capital (RBC) regulatory thresholds as of December 31, 2025[144]. - None of SiriusPoint's U.S.-based insurance and reinsurance subsidiaries are currently subject to regulatory scrutiny based on their respective Insurance Regulatory Information System (IRIS) ratios[145]. - SiriusPoint's U.S.-based insurance and reinsurance subsidiaries have filed their Own Risk and Solvency Assessment with the Domiciliary States[147]. - The Dodd-Frank Act established the Federal Insurance Office (FIO) to monitor the insurance industry and could lead to changes in regulation for certain insurers and reinsurers[161]. - The Solvency II Regulation imposes economic risk-based solvency requirements across all member states in the European Economic Area (EEA) to ensure financial soundness of insurance and reinsurance undertakings[169]. - SiriusPoint International is subject to regulation and supervision by the Swedish Financial Supervisory Authority (SFSA) and must comply with Solvency II Regulation requirements[173]. - The SFSA has broad supervisory powers, including the ability to sanction non-compliance with regulations[174]. - The change of control requirements in the U.K. for dual regulated insurance companies require prior regulatory consent for acquisitions exceeding 10%[195]. Investment and Financial Performance - SiriusPoint's investment policy aims to optimize risk-adjusted after-tax net investment income while maintaining a high-quality, diversified portfolio[86]. - SiriusPoint's investment portfolio is designed to hold cash and fixed income investments amounting to no less than 100% of policyholder liabilities[87]. - The company employs currency forwards to hedge its net exposure across various currencies, although it does not apply hedge accounting to these instruments[88]. - SiriusPoint's investment/finance units monitor compliance with investment rules applicable to each insurance and reinsurance subsidiary[155]. - The Terrorism Risk Insurance Act provides a federal backstop for U.S.-based property and casualty insurers against terrorism-related losses[158]. - Other revenues for the year ended December 31, 2025, included a gain of $222.4 million from the sale of Armada and $107.4 million of service fee revenue from MGAs, compared to $95.9 million and $90.1 million respectively for the year ended December 31, 2024[458]. - Interest expense for the year ended December 31, 2025, was $79.7 million, an increase from $69.6 million in 2024, driven by $47.9 million related to debt obligations and $30.7 million from funds withheld interest[465]. - The foreign exchange losses for the year ended December 31, 2025, amounted to $25.2 million, compared to foreign exchange gains of $10.0 million in 2024, primarily due to underwriting activities[468]. - Income tax expense increased to $81.2 million for the year ended December 31, 2025, from $30.7 million in 2024, driven by higher income in taxable jurisdictions and the taxable gain on the sale of Armada[471]. - The estimated Bermuda Solvency Capital Requirement (BSCR) ratio for SiriusPoint is projected to be 247% for the year ended December 31, 2025, up from 228% in 2024[515]. - SiriusPoint's ability to pay dividends is constrained by regulatory requirements and the need to maintain capital levels to support insurance operations[515]. - The company may need to raise additional funds through public or private equity or debt financing if cash flow from operations is insufficient[519]. Operational and Workforce Insights - The workforce as of December 31, 2025, was 1,099 employees, an increase from 1,072 employees in 2024, with 50% located outside North America and 58% being female[211]. - The company maintained a stable employment status with 94% of employees in full-time roles as of December 31, 2025[212]. - SiriusPoint's overall employee engagement score improved to 82 in 2025, with a Net Promoter Score of 29, up from -24 in 2023[198]. - The company achieved a 91% response rate in its third enterprise-wide engagement survey conducted in 2025[198]. - The company continued to strengthen its performance management approach, emphasizing clarity and accountability, with enhancements designed to improve alignment on goals and recognition of strong performance[207]. - Leadership development remained a priority, with investments in targeted workshops and a formal mentoring program established for 25 mentor relationships[202]. Insurance Segment Performance - Gross written premium increased by $512.1 million, or 16.1%, to $2,313.5 million for the year ended December 31, 2025 compared to $1,840.8 million in 2024[479]. - Net written premium rose by $436.7 million, or 18.7%, to $1,650.2 million for the year ended December 31, 2025 compared to $1,236.2 million in 2024[479]. - Net earned premium increased by $392.4 million, or 17.8%, to $1,481.6 million for the year ended December 31, 2025 compared to $1,154.0 million in 2024[479]. - Underwriting income for 2025 was $214.3 million with a combined ratio of 91.7%, compared to $200.0 million and 91.0% in 2024[480]. - Services revenue for 2025 was $224.4 million, a slight increase from $222.9 million in 2024, driven by growth in IMG's travel business[481]. - The attritional loss ratio improved to 59.0% in 2025 from 59.8% in 2024, contributing an additional income of $20.7 million[480]. - Catastrophe losses increased by $19.6 million in 2025, primarily due to the California wildfires[480]. - The company continues to expand its Insurance & Services segment, which includes Accident & Health, Property & Casualty, and Other Specialties[483]. - Gross written premium in the Insurance & Services segment increased by $472.7 million, or 25.7%, to $2,313.5 million for the year ended December 31, 2025, compared to $1,840.8 million in 2024[486]. - Underwriting income rose by $48.6 million to $123.8 million for the year ended December 31, 2025, driven by premium growth and an improved attritional loss ratio[491]. - The Reinsurance segment's gross written premium increased by $39.4 million, or 2.9%, to $1,375.0 million for the year ended December 31, 2025, compared to $1,335.6 million in 2024[494]. - The combined ratio for the Insurance & Services segment improved to 91.7% in 2025 from 93.5% in 2024, reflecting a decrease of 1.8 percentage points[1]. - Catastrophe losses in the Reinsurance segment were $67.1 million, contributing 6.0 percentage points to the combined ratio for the year ended December 31, 2025[496]. - The loss ratio for the Reinsurance segment increased to 59.1% in 2025 from 53.0% in 2024, reflecting a rise of 6.1 percentage points[493]. Shareholder and Dividend Information - SiriusPoint Bermuda Insurance Company Ltd. declared dividends of $701.6 million to SiriusPoint for the year ended December 31, 2025, compared to $804.0 million in 2024[512]. - SiriusPoint paid dividends of $16.0 million to Series B preference shareholders in 2025, consistent with 2024, while no dividends were paid to common shareholders[513]. - As of December 31, 2025, the company has equity stakes in 18 entities, including MGAs and Insurtech, underwriting a wide range of insurance lines[484]. - The carrying value of the 2017 SEK Subordinated Notes was $292.6 million as of December 31, 2025, up from $244.3 million in 2024[524]. - SiriusPoint entered into a $400.0 million senior unsecured revolving credit facility on December 19, 2024, with no outstanding borrowings as of December 31, 2025[517]. - The liquidity sources for SiriusPoint's operating subsidiaries include net written premium, reinsurance recoveries, and investment income[516]. - SiriusPoint's subsidiaries had a dividend/distribution capacity of approximately $694.7 million as of December 31, 2025, expected to provide sufficient liquidity for the foreseeable future[512].

Core Insights - The company achieved an all-time high in employee engagement scores and completed significant sales of Armada MGA and Acadian MGA, generating $390 million in liquidity and nearly $200 million in off-balance sheet value [1][17] - The operating return on equity for 2025 was reported at 16.2%, exceeding the target range of 12% to 15% [3][5] - The company experienced strong growth in gross written premiums, with an 18% increase in the fourth quarter and a 16% increase for the full year [2][4] Financial Performance - The core combined ratio stood at 92.9%, reflecting strong underwriting results despite historical one-off acquisition costs [2][25] - Operating income for 2025 reached $310 million, a 49% increase year-over-year, with diluted book value per share growing by 28% [21][24] - The company reported a net income increase of 141% to $444 million for 2025 [23][24] Underwriting and Growth Strategy - The accident and health segment grew by 23% in 2025, contributing significantly to overall growth, with 60% of growth coming from lines less correlated with property and casualty pricing cycles [10][7] - The company is focusing on a disciplined underwriting strategy and has added three new MGA partners, maintaining a rigorous selection process [15][16] - The company plans to prioritize underwriting performance over growth, with a focus on maintaining a lower volatility portfolio [8][9] Acquisitions and Future Outlook - The acquisition of Assist America and World Nomads is expected to enhance the company's service offerings and contribute an additional $4 million to $5 million in EBITDA annually post-integration [12][13][14] - The company intends to repurchase $100 million of outstanding common shares over the next twelve months, which is expected to be accretive to EPS and ROE [20][44] - The company anticipates a challenging insurance market in 2026 but believes it can maintain current performance levels due to its diversified portfolio [6][49]

Financial Data and Key Metrics Changes - The company's top line grew by 16% in 2025, with diluted book value per share increasing by 28% [4][22] - Operating earnings per share rose by 49% year-over-year, with a full-year operating return on equity of 16.2%, exceeding the target of 12%-15% [5][25] - The Q4 operating return on equity was 17.1%, with a GAAP return on equity of 44.9% following the sale of Armada for $250 million [5][25] - Net income for 2025 increased by 141% to $444 million, with a return on equity of 22.1% [25] Business Line Data and Key Metrics Changes - Gross written premiums grew by 18% in Q4, with accident and health premiums increasing by 20% year-over-year [26][32] - The core combined ratio for the year improved to 91.6%, reflecting a 1.5-point improvement from the previous year [29] - The accident and health business accounted for approximately 27% of the overall business mix, with gross written premiums reaching around $1 billion [12][32] Market Data and Key Metrics Changes - 60% of the company's growth in 2025 came from lines less correlated with property and casualty pricing cycles, with accident and health being the largest contributor [10] - The casualty segment saw an 8% increase in premiums, driven by strong rates despite decreased volumes in certain areas [33] Company Strategy and Development Direction - The company aims to focus on underwriting performance over growth, with a strategic shift towards higher growth in insurance compared to reinsurance [11] - The acquisition of Assist America and World Nomads is expected to enhance service fees and expand global distribution capabilities [14][16] - The company is committed to maintaining a diversified portfolio and partnering with specialist MGAs to mitigate market pressures [10][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledges tougher market conditions in 2026 but believes the diversified portfolio will help maintain profitability [9][49] - The company is optimistic about its growth opportunities in accident and health and other specialty lines, despite potential challenges in the broader market [10][70] Other Important Information - The company plans to repurchase $100 million of outstanding common shares over the next 12 months, which is expected to be accretive to EPS and ROE [21][43] - The BSCR ratio improved to 247% in Q4, indicating a strong capital position [20][42] Q&A Session Summary Question: Market conditions and profitability outlook for 2026 - Management recognizes tougher market conditions but believes they can maintain profitability through capital allocation and focusing on less correlated lines [49][50] Question: Fee income expectations for 2026 - The expected run rate for fee income is around $30 million, with potential increases post-acquisition integration [54][56] Question: Sustainability of Surety business growth - Management feels confident about the sustainability of growth in the Surety business, with minimal exposure to government infrastructure projects [60][62]

Financial Data and Key Metrics Changes - The company's top line grew by 16% in 2025, with diluted book value per share increasing by 28% [4][22] - Operating earnings per share rose by 49% year-over-year, with a full-year operating return on equity of 16.2%, exceeding the target of 12%-15% [5][24] - The fourth quarter saw an operating return on equity of 17.1% and a GAAP return on equity of 44.9% due to the sale of Armada for $250 million [5][24] - Net income for 2025 increased by 141% to $444 million, with a return on equity of 22.1% [24] Business Line Data and Key Metrics Changes - Gross written premiums grew by 18% in the fourth quarter, with accident and health premiums increasing by 20% [25][31] - The core combined ratio for the year improved to 91.6%, reflecting a 1.5-point improvement from the previous year [28] - Accident and health gross written premiums reached around $1 billion, accounting for 27% of the business mix [12][31] Market Data and Key Metrics Changes - 60% of the company's growth in 2025 came from lines less correlated with property and casualty pricing cycles, with accident and health being the largest contributor [10] - The casualty segment saw an 8% increase in premiums, driven by strong rates despite decreased volumes in certain areas [32] Company Strategy and Development Direction - The company aims to focus on underwriting performance over growth, with a strategic shift towards higher growth in insurance compared to reinsurance [10][11] - The acquisition of Assist America and World Nomads is expected to enhance service fees and expand global distribution capabilities [15][16] - The company is committed to maintaining a diversified portfolio and partnering with specialist MGAs to mitigate market pressures [10][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledges tougher market conditions in 2026 but believes the diversified portfolio will help maintain profitability [9][46] - The company is optimistic about its growth opportunities in accident and health and other specialty lines, despite potential challenges in the broader market [10][68] Other Important Information - The company plans to repurchase $100 million of outstanding common shares over the next twelve months, which is expected to be accretive to EPS and ROE [21] - The BSCR ratio improved to 247% in the fourth quarter, indicating a strong capital position [20][40] Q&A Session Summary Question: Outlook for insurance segment and attritional loss ratio - Management confirmed that the combined ratio of 91.7% is a good run rate for 2026, with expectations for the attritional loss ratio to remain stable [45][51] Question: Fee income expectations for 2026 - Management indicated that fee income for 2026 is expected to be around $30 million, excluding contributions from recent acquisitions [53][56] Question: Sustainability of Surety business growth - Management expressed confidence in the sustainability of growth in the Surety business, noting minimal reliance on government infrastructure growth [58][60] Question: Rate environment for casualty insurance - Management expects rates to remain disciplined and in line with trends, indicating a stable outlook for casualty insurance [67][68] Question: Talent acquisition focus areas - The company is attracting talent across various functions, including underwriting, to strengthen its capabilities [69][70] Question: Retention rate opportunities - Management sees continued opportunities for improving retention rates, emphasizing a prudent risk management approach [71][72]

Financial Data and Key Metrics Changes - The company's top line grew by 16% in 2025, with diluted book value per share increasing by 28% [4][22] - Operating earnings per share rose by 49% year-over-year, with a full-year operating return on equity of 16.2%, exceeding the target of 12%-15% [5][25] - The fourth quarter saw an operating return on equity of 17.1% and a GAAP return on equity of 44.9% due to the sale of Armada for $250 million [5][25] - The core combined ratio improved to 92.9%, despite historical one-off acquisition costs [5][26] Business Line Data and Key Metrics Changes - Gross written premiums grew by 18% in the fourth quarter, with accident and health premiums increasing by 23% to around $1 billion, representing 27% of the business mix [6][12] - The insurance and services segment reported a combined ratio of 93.3% for the fourth quarter, with a full-year combined ratio of 91.7% [30][31] - Casualty premiums increased by 8% for the year, with firm pricing observed in certain areas, while other specialties like surety saw strong growth [32][33] Market Data and Key Metrics Changes - 60% of the company's growth in 2025 came from lines less correlated with property and casualty pricing cycles, with accident and health being the largest contributor [10][12] - The company anticipates tougher market conditions in 2026 but believes it can maintain current profitability levels due to its diversified portfolio [9][10] Company Strategy and Development Direction - The company aims to focus on underwriting performance over growth, targeting higher growth in insurance compared to reinsurance [11][12] - Recent acquisitions, including Assist America and World Nomads, are expected to enhance service offerings and contribute to fee income growth [14][15] - The company emphasizes a disciplined approach to onboarding new distribution partners, rejecting over 90% of opportunities presented [17][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that while market conditions may be tougher in 2026, the company is well-positioned to maintain performance due to its diversified portfolio and focus on specialist MGAs [9][10] - The company is committed to prudent capital management and has plans for a $100 million share buyback to enhance shareholder value [21][43] Other Important Information - The company reported a net income increase of 141% to $444 million for 2025, with a return on equity of 22.1% [25][26] - The BSCR ratio improved to 247% in the fourth quarter, indicating a strong capital position [42][43] Q&A Session Summary Question: Market conditions in 2026 and combined ratio outlook - Management recognizes tougher market conditions but believes the combined ratio of 91.7% is a good run rate for 2026, with potential for slight adjustments based on mix [47][49][52] Question: Fee income expectations for 2026 - The fee income run rate is expected to be around $30 million, with potential growth to $40 million post-acquisition integration [54][56] Question: Sustainability of Surety business growth - Management believes the growth in Surety is sustainable, with minimal exposure to government infrastructure and data centers, indicating a strong pipeline for future growth [59][61] Question: Rate environment for casualty insurance - The rate environment is expected to remain disciplined, with management feeling positive about the outlook for casualty insurance [68][69] Question: Talent acquisition focus areas - The company is attracting underwriting and functional talent across the organization, enhancing its capabilities [70][71] Question: Retention rate opportunities - Management sees continued opportunities for improving retention rates, emphasizing a risk management approach [72][73]

Q4 2025 INVESTOR PRESENTATION February 18, 2026 NYSE: SPNT DISCLAIMER Basis of Presentation and Non-GAAP Financial Measures: Unless the context otherwise indicates or requires, as used in this presentation references to "we," "our," "us," the "Company," and "SiriusPoint" refer to SiriusPoint Ltd. and its directly and indirectly owned subsidiaries, as a combined entity, except where otherwise stated or where it is clear that the terms mean only SiriusPoint Ltd. exclusive of its subsidiaries. We have made rou ...

分组1 - SiriusPoint reported quarterly earnings of $0.7 per share, exceeding the Zacks Consensus Estimate of $0.54 per share, compared to a loss of $0.13 per share a year ago, representing an earnings surprise of +30.84% [1] - The company posted revenues of $973.7 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 25.47%, and compared to year-ago revenues of $612.8 million [2] - SiriusPoint has consistently surpassed consensus EPS estimates over the last four quarters, achieving this milestone four times [2] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.67 on revenues of $796.95 million, and for the current fiscal year, it is $2.42 on revenues of $3.27 billion [7] - The Zacks Industry Rank indicates that the Insurance - Multi line sector is currently in the bottom 32% of over 250 Zacks industries, suggesting potential challenges for stocks in this category [8] - The estimate revisions trend for SiriusPoint was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6]

Financial Performance - For the three months ended December 31, 2025, the combined ratio improved to 90.0% from 94.4% in the same period of 2024[6]. - Core underwriting income for the three months ended December 31, 2025, was $48.6 million, compared to $56.3 million in the same period of 2024[6]. - Operating net income for the twelve months ended December 31, 2025, increased to $310.0 million from $303.5 million in 2024[6]. - Operating earnings per share for the twelve months ended December 31, 2025, rose to $2.55, up from $1.71 in 2024[6]. - The annualized return on equity (ROE) for the three months ended December 31, 2025, was 44.9%, compared to a negative 4.0% in the same period of 2024[6]. - The core combined ratio for the twelve months ended December 31, 2025, was 91.7%, slightly up from 91.0% in 2024[6]. - Total revenues for the three months ended December 31, 2025, were $973.7 million, an increase from $612.8 million in the same period of 2024, representing a growth of 59%[9]. - Net income available to SiriusPoint common shareholders for the three months ended December 31, 2025, was $240.0 million, compared to a loss of $21.3 million in the same period of 2024[9]. - Basic earnings per share for the three months ended December 31, 2025, was $2.05, compared to a loss of $0.13 in the same period of 2024[9]. - Comprehensive income for Q3 2025 was $253.7 million, compared to a loss of $102.6 million in Q4 2024, showing a strong recovery[13]. - Net income available to SiriusPoint for 2025 was $459.6 million, compared to $199.9 million in 2024, indicating a significant increase of 130.1%[20]. Premium and Revenue Growth - Net earned premium for the twelve months ended December 31, 2025, was $2,593.8 million, compared to $2,343.5 million in 2024, reflecting an increase of 11%[9]. - Other revenues for the three months ended December 31, 2025, were $246.9 million, significantly higher than $19.4 million in the same period of 2024[9]. - Gross written premium for 2025 reached $3,705.6 million, an increase from $3,244.6 million in 2024, representing a growth of 14.2%[18]. - Net earned premium for 2025 was $2,593.8 million, up from $2,343.5 million in 2024, marking an increase of 10.7%[20]. - Gross written premium for Q4 2025 reached $898.3 million, an increase from $759.5 million in Q4 2024, representing a growth of 18.3% year-over-year[22]. - Net earned premium for Q4 2025 was $667.4 million, compared to $590.3 million in Q4 2024, reflecting a year-over-year increase of 13.1%[22]. Expenses and Liabilities - Total expenses for Q3 2025 were $693.5 million, up from $625.4 million in Q4 2024, reflecting a 10.9% increase[11]. - Loss and loss adjustment expenses incurred, net, for the twelve months ended December 31, 2025, were $1,519.5 million, compared to $1,368.5 million in 2024, indicating an increase of 11%[9]. - Total liabilities decreased to $10,098.7 million as of December 31, 2025, from $10,586.1 million as of December 31, 2024[7]. - Net corporate and other expenses for Q4 2025 were $63.0 million, slightly higher than $58.1 million in Q4 2024[38]. Shareholder Equity and Book Value - Book value per diluted common share increased to $18.61 as of December 31, 2025, from $14.60 in 2024[6]. - Shareholders' equity attributable to SiriusPoint shareholders increased to $2,469.8 million as of December 31, 2025, from $1,937.4 million as of December 31, 2024[7]. - Average common shareholders' equity attributable to SiriusPoint common shareholders for Q4 2025 was $2,139.9 million, up from $2,116.2 million in Q4 2024[34]. - Book value per common share increased to $19.40 in Q4 2025 from $14.92 in Q4 2024, reflecting a growth of 30.0%[36]. - Tangible book value per diluted common share improved to $17.62 as of December 31, 2025, from $13.42 in 2024[6]. Underwriting Performance - Underwriting income for Q4 2025 was $67.1 million, up from $32.7 million in Q4 2024, indicating a significant improvement in underwriting performance[14]. - The combined ratio for Q4 2025 was 92.9%, slightly worse than 90.2% in Q4 2024, suggesting a need for continued focus on cost management[14]. - The attritional loss ratio for Q4 2025 was 58.8%, compared to 59.0% in Q4 2024, showing slight improvement in loss experience[14]. - The loss ratio for Q4 2025 was 55.8%, a decrease from 62.5% in Q4 2024, demonstrating better loss management[22]. - The attritional combined ratio for Q4 2025 was 92.1%, an improvement from 95.7% in Q4 2024, indicating better management of underwriting expenses[29]. Investment Performance - Net investment income for Q4 2025 was $68.9 million, consistent with the previous year, indicating stable investment performance[14]. - Net investment income for 2025 was $274.8 million, down from $303.6 million in 2024, reflecting a decrease of 9.5%[20]. - Corporate debt securities represented 39.2% of total investments in Q4 2025, up from 33.3% in Q4 2024, indicating a strategic shift towards higher-yielding assets[31]. Future Outlook - Future outlook includes continued focus on market expansion and product development to drive growth in premium income[14].