SiriusPoint(US:SPNT)2025-10-30 20:20Financial Performance - For the three months ended September 30, 2025, the core underwriting income was $69.6 million, compared to $62.5 million for the same period in 2024, reflecting a year-over-year increase of 11.3%[198] - The annualized return on average common shareholders' equity attributable to SiriusPoint common shareholders for the three months ended September 30, 2025, was 17.7%, a significant increase from 0.7% in the same period of 2024[198] - The company reported a net income of $90.7 million for the three months ended September 30, 2025, compared to $8.7 million in the same period of 2024, representing an increase of $82.0 million[208] - The core income for the nine months ended September 30, 2025, was $203.4 million, compared to $177.9 million for the same period in 2024, indicating a growth of 14.4%[198] - Segment income was $243.7 million for the nine months ended September 30, 2025, compared to $177.9 million for the same period in 2024[258] Underwriting and Premiums - The combined ratio for the three months ended September 30, 2025, was 85.9%, slightly higher than 84.4% for the same period in 2024[198] - For the nine months ended September 30, 2025, total underwriting income was $235.7 million, a decrease of $8.0 million from $243.7 million in the same period of 2024[208] - Gross premiums written increased by $181.1 million, or 26.2%, for the three months ended September 30, 2025 compared to the same period in 2024[248] - Net premiums written rose by $161.3 million, or 32.0%, for the three months ended September 30, 2025 compared to the same period in 2024[248] - Net premiums earned increased by $97.2 million, or 17.8%, for the three months ended September 30, 2025 compared to the same period in 2024[248] - Underwriting income improved by $22.0 million for the nine months ended September 30, 2025 compared to the same period in 2024, primarily driven by premium growth and improved attritional loss ratios[258] Investment Performance - The company aims to optimize risk-adjusted net investment income while maintaining a high-quality, diversified investment portfolio[194] - Net investment income and net realized and unrealized investment gains for the three months ended September 30, 2025, were $72.7 million, down from $92.5 million in the same period of 2024, reflecting a decrease due to a smaller asset base[219] - The total investments as of September 30, 2025, amounted to $5,587.2 million, a decrease from $5,705.5 million as of December 31, 2024[212] - The investment portfolio's average credit rating remained at "AA-" as of September 30, 2025, with no defaults reported[215] Catastrophe Losses - The company experienced a decrease in net underwriting results for the nine months ended September 30, 2025, primarily due to increased catastrophe losses from California wildfires[211] - Catastrophe losses increased by $51.2 million for the nine months ended September 30, 2025, driven by the California wildfires[259] - For the nine months ended September 30, 2025, net underwriting results decreased primarily due to increased catastrophe losses of $62.6 million, representing a 7.6 percentage point increase on the combined ratio, compared to $14.3 million or 1.8 percentage points for the same period in 2024[281] Shareholder Equity and Dividends - Total shareholders' equity increased to $2,211.0 million as of September 30, 2025, compared to $1,938.8 million at the end of 2024, driven by net income of $203.6 million[320] - SiriusPoint declared and paid dividends of $4.0 million and $12.0 million to Series B preference shareholders for the three and nine months ended September 30, 2025, consistent with the previous year[287] - As of September 30, 2025, the carrying value of Series B preference shares was $200.0 million, reflecting in shareholders' equity attributable to SiriusPoint shareholders[299] Cash Flow and Debt - For the nine months ended September 30, 2025, net cash provided by operating activities was $128.8 million, compared to a cash outflow of $33.0 million in the same period of 2024[308] - Cash flows from investing activities increased to $234.9 million for the nine months ended September 30, 2025, up from $140.4 million in 2024, driven by higher proceeds from sales and maturities of debt securities[308][310] - Cash flows used in financing activities for the nine months ended September 30, 2025 were $517.0 million, primarily due to $490.8 million in share repurchases[308][311] - Total debt as of September 30, 2025, was $682.5 million, an increase from $639.1 million as of December 31, 2024[295] Ratings and Compliance - The financial strength ratings from AM Best, Fitch, and S&P were affirmed with a Positive outlook, reflecting improved balance sheet strength and underwriting performance[197] - As of September 30, 2025, letters of credit issued amounted to $1,077.3 million, with compliance to all covenants under the facilities[301] - The Bermuda Solvency Capital Requirement (BSCR) ratio was 228% as of December 31, 2024, with an estimated ratio of 226% for the third quarter of 2025[289]