SiriusPoint(SPNT) - 2024 Q4 - Annual Results

Financial Performance - For the three months ended December 31, 2024, the combined ratio was 94.4%, compared to 93.6% for the same period in 2023[8]. - Core underwriting income for the three months ended December 31, 2024, was $56.3 million, an increase from $37.0 million in the same period of 2023[8]. - Core income for the twelve months ended December 31, 2024, was $244.6 million, down from $291.4 million in 2023[8]. - The accident year loss ratio for the twelve months ended December 31, 2024, was 62.3%, compared to 64.6% in 2023[8]. - Core combined ratio for the three months ended December 31, 2024, improved to 90.2% from 93.4% in the same period of 2023[8]. - Total revenues for the twelve months ended December 31, 2024, were $2,603.8 million, down from $2,737.3 million in 2023, indicating a decrease of 4.9%[10]. - Net income available to SiriusPoint common shareholders was a loss of $21.3 million in Q4 2024, compared to a profit of $93.5 million in Q4 2023[10]. - Basic earnings per share available to SiriusPoint common shareholders was $(0.13) in Q4 2024, down from $0.52 in Q4 2023[10]. - Total expenses in Q4 2024 were $625.4 million, an increase from $647.7 million in Q4 2023[12]. - Comprehensive income for Q4 2024 was $(102.6) million, compared to $238.2 million in Q4 2023, marking a substantial drop[14]. Assets and Liabilities - Total assets decreased to $12,524.9 million in Q4 2024 from $12,871.5 million in Q4 2023, representing a decline of 2.7% year-over-year[9]. - Total liabilities increased to $10,586.1 million in Q4 2024 from $10,340.9 million in Q4 2023, an increase of 2.4%[9]. - Shareholders' equity attributable to SiriusPoint shareholders decreased to $1,937.4 million in Q4 2024 from $2,513.9 million in Q4 2023, a decline of 23%[9]. - Cash and cash equivalents increased to $682.0 million in Q4 2024 from $969.2 million in Q4 2023, a decrease of 29.6%[9]. Premiums and Investment Income - Net premiums earned increased to $590.3 million in Q4 2024, up from $578.0 million in Q4 2023, reflecting a growth of 3.9%[10]. - Net investment income decreased to $68.9 million in Q4 2024 from $78.4 million in Q4 2023, a decline of 18.9%[10]. - Net investment income for Q4 2024 was $68.9 million, down from $78.4 million in Q4 2023[12]. - Net investment income amounted to $303.6 million, contributing positively to the overall financial performance[19]. Underwriting and Loss Ratios - The combined ratio for the total segment was 90.2%, indicating effective management of underwriting expenses relative to earned premiums[15]. - The attritional loss ratio stood at 59.0%, with a catastrophe loss ratio of 6.6%, demonstrating the company's resilience against significant loss events[15]. - The loss ratio for the fourth quarter of 2024 was 62.5%, compared to 63.2% in the same quarter of the previous year[23]. - The attritional loss ratio for the year was 64.0%, with catastrophe losses contributing 0.6% to the overall loss ratio[21]. Future Outlook - The company anticipates continued focus on strategic transformation and de-risking its investment portfolio moving forward[4]. - Future outlook includes continued focus on market expansion and potential new product development to enhance service offerings[15]. - Future outlook includes continued focus on market expansion and potential new product development to enhance revenue streams[17]. - Future outlook includes continued focus on market expansion and new product development to enhance revenue streams[21]. Shareholder Equity and Book Value - Book value per diluted common share as of December 31, 2024, was $14.60, up from $13.35 in 2023[8]. - Tangible book value per diluted common share as of December 31, 2024, was $13.42, an increase from $12.47 in 2023[8]. - The average common shareholders' equity attributable to SiriusPoint common shareholders was $2,116.2 million in Q4 2024, down from $2,182.0 million in Q4 2023[35]. - Common shareholders' equity attributable to SiriusPoint common shareholders increased to $2,494.9 million in September 2024 from $2,313.9 million in December 2023, reflecting a growth of 7.8%[37].