SiriusPoint(SPNT) - 2025 Q3 - Quarterly Results

Financial Performance - For the three months ended September 30, 2025, the combined ratio was 85.9%, compared to 84.4% for the same period in 2024[6] - Core underwriting income for the three months ended September 30, 2025, was $69.6 million, up from $62.5 million in the same period of 2024[6] - Operating net income for the three months ended September 30, 2025, was $85.2 million, a decrease from $94.3 million in the same period of 2024[6] - The core combined ratio for the three months ended September 30, 2025, was 89.1%, slightly up from 88.5% in the same period of 2024[6] - Net income available to SiriusPoint common shareholders for Q3 2025 was $86.8 million, significantly higher than $4.5 million in Q3 2024, marking a growth of 1,829%[8] - Net income for Q3 2025 was $90.7 million, compared to $63.3 million in Q2 2025 and $62.0 million in Q1 2025, reflecting a significant improvement[10] - Net income available to SiriusPoint for Q3 2025 was $90.8 million, compared to $8.5 million in Q3 2024, indicating a significant increase of 968.2%[16] - Operating net income for the nine months ended September 30, 2025, was $224.3 million, down from $260.1 million in the same period of 2024[41] Revenue and Premiums - Net premiums earned for Q3 2025 increased to $647.7 million, up from $568.9 million in Q3 2024, representing a growth of 13.5%[8] - Total revenues for the nine months ended September 30, 2025, reached $2,231.4 million, compared to $1,991.0 million for the same period in 2024, reflecting an increase of 12.1%[8] - Gross premiums written increased to $874.4 million in Q3 2025, up from $714.0 million in Q3 2024, representing a growth of 22.5% year-over-year[13] - Net premiums earned rose to $647.7 million in Q3 2025, compared to $568.9 million in Q3 2024, marking a year-over-year increase of 13.8%[16] - Gross premiums written for the nine months ended September 30, 2025, totaled $2,807.3 million, an increase from $2,485.1 million in the same period of 2024, representing a growth of 12.9%[19] - Net premiums earned reached $1,926.4 million for the nine months ended September 30, 2025, compared to $1,753.2 million in 2024, reflecting an increase of 9.9%[19] Earnings and Shareholder Metrics - Operating diluted earnings per share rose to $0.72 for the three months ended September 30, 2025, compared to $0.51 in the same period of 2024[6] - Basic earnings per share available to SiriusPoint common shareholders for Q3 2025 were $0.74, compared to $0.03 in Q3 2024, reflecting a substantial increase[8] - Basic earnings per share for Q3 2025 were $0.74, up from $0.51 in Q2 2025 and $0.50 in Q1 2025[10] - The annualized return on equity (ROE) for the three months ended September 30, 2025, was 17.7%, significantly higher than 0.7% in the same period of 2024[6] - The annualized return on average common shareholders' equity for Q3 2025 was 17.7%, up from 12.7% in Q2 2025[35] - Book value per diluted common share increased to $16.91 as of September 30, 2025, from $14.60 as of December 31, 2024[6] - Common shareholders' equity attributable to SiriusPoint common shareholders at the end of Q3 2025 was $2,009.9 million, up from $1,905.7 million at the end of Q2 2025[37] Expenses and Losses - Loss and loss adjustment expenses incurred, net, for Q3 2025 were $372.9 million, compared to $317.5 million in Q3 2024, indicating an increase of 17.4%[8] - Total expenses in Q3 2025 were $645.0 million, a decrease from $673.3 million in Q2 2025, indicating improved cost management[10] - Net investment income for Q3 2025 was $66.5 million, down from $77.7 million in Q3 2024, a decrease of 14.9%[8] - Net investment income for Q3 2025 was $66.5 million, a decrease from $68.2 million in Q2 2025 and $71.2 million in Q1 2025[10] - Loss and loss adjustment expenses incurred, net, for the nine months ended September 30, 2025, totaled $1,147.3 million, an increase from $999.4 million in 2024, representing a rise of 14.8%[19] Strategic Focus and Future Outlook - The company anticipates continued focus on strategic transformation and improving underwriting performance in the upcoming quarters[4]