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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): February 20, 2024 (February 20, 2024)
 
 SIRIUSPOINT LTD.
(Exact name of registrant as specified in its charter)
  
Bermuda 001-36052 98-1599372
(State or other jurisdiction
of incorporation)
 (Commission
File Number)
 (I.R.S. Employer
Identification No.)
Point Building
3 Waterloo Lane
Pembroke HM 08 Bermuda
(Address of principal executive offices and Zip Code)
Registrant’s telephone number, including area code: +1 441 542-3300
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Shares, $0.10 par valueSPNTNew York Stock Exchange
8.00% Resettable Fixed Rate Preference Shares,
 Series B, $0.10 par value,
$25.00 liquidation preference per share
SPNT PBNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 2.02Results of Operations and Financial Condition.
On February 20, 2024, SiriusPoint Ltd. issued a press release reporting its financial results for the fourth quarter ended December 31, 2023 attached hereto as Exhibit 99.1.
The information contained in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished pursuant to this Item 2.02. This information shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, or incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 7.01Regulation FD Disclosure.
On February 20, 2024, SiriusPoint Ltd. made available to investors its fourth quarter financial supplement attached hereto as Exhibit 99.2, and slide presentation attached hereto as Exhibit 99.3 by SiriusPoint Ltd. in presentations to investors.
The information contained in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 and Exhibit 99.3 attached hereto, are being furnished pursuant to this Item 7.01. This information shall not deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section, or incorporated by reference into any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: February 20, 2024 
/s/ Scott Egan
 Name:
Scott Egan
 Title:
Chief Executive Officer







SiriusPoint reports 89.1% Combined ratio for its Core operations with Net Income up $742m from FY 22

HAMILTON, Bermuda, February 20, 2024 - SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT) today announced results for its fourth quarter ended December 31, 2023.
Strong progress in 2023 as we deliver record underwriting profits, net services fee income and net income, while growing book value per share by 18%. Cost program completed a year in advance and we have over-delivered on our 2023 guidance on net investment income.
Record ROE at 16.2% for 2023, ahead of our guidance of achieving double-digit ROE in 2024, even after excluding one-off adjustments. We now aim to deliver 12-15% ROE during the medium term.
Balance sheet is stronger and of higher quality. Capital surplus increased given organic capital generation and strategic actions, debt and asset leverage reduced while reserve position remains conservative and we have increased prudence during 2023.
Scott Egan, Chief Executive Officer, said: “At full year 2022, we set out our ambition to create a business which is simpler, generating less volatile earnings and delivering a double digit return on equity by 2024. We have made significant progress against these objectives in 2023. As we look ahead following significant restructuring, our ambition in the medium-term is to create a business with an underwriting-first approach which can grow and deliver strong profitability in a more consistent manner.
2023 was a turn-around year and marks the end of restructuring. It gives us a more stable platform to build from having exceeded our initial expectations. We delivered our fifth consecutive quarter of positive underwriting result with the full year 2023 combined ratio for the Group’s Core operations at 89.1%. Our underwriting results were supported by the completion of our cost savings program, which delivered more than $50 million of savings ahead of schedule. We have simplified the business and have taken great strides to improve our performance-driven culture.
Investment results were ahead of updated guidance and we report $284 million of net investment income for 2023 with significantly less volatility. We have made further progress around rationalizing our equity stakes in MGAs which are down to 26 at year-end compared to 36 at the start of the year. Our consolidated MGA revenues grew 10.2% year to date, margin increased to 20.9% resulting in a 36.9% increase in our net service fee income.
Our balance sheet is strong and we had upward revisions to our financial strength rating outlook to stable from Fitch and S&P during 2023. Our results are ahead of our financial targets but 2023 is not a destination as we look to improve returns and achieve an ROE of 12-15% in the medium term. Our approach will be to remain prudent stewards of capital whilst maintaining a conservative capital position.
Our improvement in profitability reflects the significant rebalancing and enhancements we have made across all areas of our business. In 2024, we look to further improve and deliver as we continue to build on last year’s strong foundation.”
Fourth Quarter 2023 Highlights
Net income available to SiriusPoint common shareholders of $94 million, or $0.50 per diluted common share
Core income of $46 million, which includes underwriting income of $37 million, Core combined ratio of 93.4%
Core net services fee income of $12 million, with service margin of 21.7%
Net investment income of $78 million and total investment result of $65 million
Book value per diluted common share increased $1.24 per share, or 10.2%, from September 30, 2023 to $13.35 per share
One-time deferred tax benefit of $101 million attributable to the enactment of the Bermuda corporate income tax
Year ended December 31, 2023 Highlights
Net income available to SiriusPoint common shareholders of $339 million, or $1.85 per diluted common share
Consolidated combined ratio of 84.5%, underwriting income of $376 million
Core income of $291 million, which includes underwriting income of $250 million, Core combined ratio of 89.1%
Core net services fee income of $50 million, up 36.9% from the year ended December 31, 2022, with service margin of 20.9%, up 4.1% from 2022
Net investment income of $284 million and total investment result of $273 million
Book value per diluted common share increased $2.03 per share, or 17.9%, from December 31, 2022 to $13.35 per share
Return on average common equity of 16.2%
Equity stakes in 26 entities (MGAs, Insurtech and Other) compared to 36 as of December 31, 2022
Debt to capital ratio down to 23.8% compared to 27.3% as of December 31, 2022
1




Key Financial Metrics
The following table shows certain key financial metrics for the three and twelve months ended December 31, 2023 and 2022:
Three months endedTwelve months ended
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
($ in millions, except for per share data and ratios)
Combined ratio93.6 %90.4 %84.5 %96.4 %
Core underwriting income (loss) (1)$37.0 $31.2 $250.2 $(34.8)
Core net services income (1)$9.3 $2.8 $41.2 $37.4 
Core income (1)$46.3 $34.0 $291.4 $2.6 
Core combined ratio (1)
93.4 %94.8 %89.1 %101.6 %
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders17.1 %(5.7)%16.2 %(19.3)%
Book value per common share$13.76 $11.56 $13.76 $11.56 
Book value per diluted common share$13.35 $11.32 $13.35 $11.32 
Tangible book value per diluted common share (1)$12.47 $10.43 $12.47 $10.43 
(1)Core underwriting income (loss), Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See definitions in “Non-GAAP Financial Measures” and reconciliations in “Segment Reporting.” Tangible book value per diluted common share is a non-GAAP financial measure. See definition and reconciliation in “Non-GAAP Financial Measures.”
Fourth Quarter and Full Year 2023 Summary
Consolidated underwriting income for the three months ended December 31, 2023 was $36.7 million compared to $57.9 million for the three months ended December 31, 2022. The decrease in Consolidated underwriting income was primarily driven by reserve strengthening for specific areas of uncertainty for the loss reserves.
Consolidated underwriting income for the year ended December 31, 2023 was $375.9 million compared to $83.3 million for the year ended December 31, 2022. The improvement in net underwriting results was driven by increased favorable prior year loss reserve development, lower catastrophe losses and a favorable commission ratio, which results in a higher underwriting gain. Favorable prior year loss reserve development was $174.2 million for the year ended December 31, 2023 compared to $21.3 million for the year ended December 31, 2022. This increase was primarily the result of management reflecting the continued favorable reported loss emergence through December 31, 2023 in its best estimate of reserves, which was further validated by the pricing of the 2023 LPT from external reinsurers, which represents $127.8 million of the favorable prior year loss reserve development, as well as favorable prior year loss reserve development in Accident & Health. In addition, catastrophe losses, net of reinsurance and reinstatement premiums, were $24.8 million, or 1.0 percentage points on the combined ratio, for the year ended December 31, 2023, primarily driven by the Turkey Earthquake and Chile Wildfire, compared to $137.9 million, or 5.9 percentage points on the combined ratio, for the year ended December 31, 2022, primarily driven by Hurricane Ian. The lower catastrophe losses were a result of the Company’s significant reduction in catastrophe exposed business.
Reportable Segments
The determination of our reportable segments is based on the manner in which management monitors the performance of our operations, which consist of two reportable segments - Reinsurance and Insurance & Services.
Collectively, the sum of our two segments, Reinsurance and Insurance & Services, constitute our “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See reconciliations in “Segment Reporting”. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.
Three months ended December 31, 2023 and 2022
Core Premium Volume
Gross premiums written decreased by $22.6 million, or 3.0%, to $719.8 million for the three months ended December 31, 2023 compared to $742.4 million for the three months ended December 31, 2022. Net premiums earned decreased by $47.4 million, or 7.8%, to $558.4 million for the three months ended December 31, 2023 compared to $605.8 million for the three months ended December 31, 2022. The decreases in premium volume were primarily driven by a decrease in the Reinsurance segment as we execute our “Restructuring Plan”, reflecting our strategy to change the structure and composition of our international branch network.
2




Core Results
Core results for the three months ended December 31, 2023 included income of $46.3 million compared to $34.0 million for the three months ended December 31, 2022. Income for the three months ended December 31, 2023 consists of underwriting income of $37.0 million (93.4% combined ratio) and net services income of $9.3 million, compared to underwriting income of $31.2 million (94.8% combined ratio) and net services income of $2.8 million for the three months ended December 31, 2022. The improvement in net underwriting results was primarily driven by increased favorable prior year loss reserve development and favorable commission ratios, which results in a higher underwriting gain. The increase in net services income was primarily due to higher margins achieved in Arcadian Risk Capital Ltd. (“Arcadian”).
Losses incurred included $37.7 million of favorable prior year loss reserve development for the three months ended December 31, 2023, compared to $9.6 million for the three months ended December 31, 2022. This increase in favorable prior year loss reserve development was driven by both Reinsurance and Insurance & Services, primarily the result of management reflecting the continued favorable reported loss emergence through December 31, 2023 in its best estimate of reserves. There were no meaningful catastrophe losses incurred during the three months ended December 31, 2023 and December 31, 2022.
Year ended December 31, 2023 and 2022
Core Premium Volume
Gross premiums written decreased by $94.9 million, or 2.8%, to $3,310.7 million for the year ended December 31, 2023 compared to $3,405.6 million for the year ended December 31, 2022. Net premiums earned decreased by $19.3 million, or 0.8%, to $2,280.6 million for the year ended December 31, 2023 compared to $2,299.9 million for the year ended December 31, 2022. The decreases in premium volume were primarily driven by a decrease in the Reinsurance segment as we execute the Restructuring Plan.
Core Results
Core results for the year ended December 31, 2023 included income of $291.4 million compared to $2.6 million for the year ended December 31, 2022. The income for the year ended December 31, 2023 consists of underwriting income of $250.2 million (89.1% combined ratio) and net services income of $41.2 million, compared to an underwriting loss of $34.8 million (101.6% combined ratio) and net services income of $37.4 million for the year ended December 31, 2022. The improvement in net underwriting results was primarily driven by favorable prior year loss reserve development, lower catastrophe losses and a favorable commission ratio, which results in a higher underwriting gain. The increase in net services income was primarily due to higher margins achieved in Arcadian.
Losses incurred included $167.4 million of favorable prior year loss reserve development for the year ended December 31, 2023 compared to $13.5 million for the year ended December 31, 2022. This increase in favorable prior year loss reserve development was primarily the result of management reflecting the continued favorable reported loss emergence through December 31, 2023 in its best estimate of reserves, which was further validated by the pricing of the 2023 LPT from external reinsurers.
For the year ended December 31, 2023, catastrophe losses, net of reinsurance and reinstatement premiums, were $13.5 million, or 0.6 percentage points on the combined ratio, which includes losses of $6.8 million from the Turkey Earthquake, $3.8 million from the Hawaii wildfires and $3.3 million from Hurricane Idalia, compared to $137.9 million, or 6.0 percentage points on the combined ratio for the year ended December 31, 2022, including $80.8 million for Hurricane Ian and $57.6 million for other catastrophe events, including the South Africa floods and France hail storms.
Reinsurance Segment
Three months ended December 31, 2023 and 2022
Reinsurance generated underwriting income of $27.8 million (88.6% combined ratio) for the three months ended December 31, 2023, compared to underwriting income of $9.8 million (96.5% combined ratio) for the three months ended December 31, 2022. The improvement in net underwriting results was primarily due to increased favorable prior year loss reserve development.
Reinsurance gross premiums written were $251.7 million for the three months ended December 31, 2023, a decrease of $48.8 million, or 16.2%, compared to the three months ended December 31, 2022, primarily driven by lower premiums written in International reinsurance, primarily in the property lines, as we execute the Restructuring Plan.
3




Year ended December 31, 2023 and 2022
Reinsurance generated underwriting income of $206.2 million (80.0% combined ratio) for the year ended December 31, 2023, compared to a loss of $66.9 million (105.6% combined ratio) for the year ended December 31, 2022. The improvement in net underwriting results was primarily due to higher favorable prior year loss reserve development and lower catastrophe losses.
Reinsurance gross premiums written were $1,271.0 million for the year ended December 31, 2023, a decrease of $250.4 million, or 16.5%, compared to the year ended December 31, 2022, primarily driven by lower premiums written in International reinsurance, primarily in the property lines, as we execute the Restructuring Plan.
Insurance & Services Segment
Three months ended December 31, 2023 and 2022
Insurance & Services generated segment income of $16.8 million for the three months ended December 31, 2023, compared to income of $27.8 million for the three months ended December 31, 2022. Segment income for the three months ended December 31, 2023 consists of underwriting income of $9.2 million (97.0% combined ratio) and net services income of $7.6 million, compared to an underwriting income of $21.4 million (93.4% combined ratio) and net services income of $6.4 million for the three months ended December 31, 2022. The decrease in underwriting results was primarily due to lower earned premium in Accident & Health and higher other underwriting expense. The increase in services income was primarily due to higher margins achieved in Arcadian.
Insurance & Services gross premiums written were $468.1 million for the three months ended December 31, 2023, an increase of $26.2 million, or 5.9%, compared to the three months ended December 31, 2022, primarily driven by increases in premiums from strategic partnerships, offset by decreases in Accident & Health.
Year ended December 31, 2023 and 2022
Insurance & Services generated segment income of $86.3 million for the year ended December 31, 2023, compared to $69.7 million for the year ended December 31, 2022. Segment income for the year ended December 31, 2023 consists of underwriting income of $44.0 million (96.5% combined ratio) and net services income of $42.3 million, compared to underwriting income of $32.1 million (97.0% combined ratio) and net services income of $37.6 million for the year ended December 31, 2022. The increase in underwriting results was primarily driven by the increased favorable prior loss reserve development. The increase in services income was primarily due to higher margins achieved in Arcadian.
Insurance & Services gross premiums written were $2,039.7 million for the year ended December 31, 2023, an increase of $155.5 million, or 8.3%, compared to the year ended December 31, 2022, primarily driven by growth in premiums from strategic partnerships, partially offset by decreases in Accident & Health.
Corporate
Corporate includes the results of all runoff business, which represents certain classes of business that we no longer actively underwrite, including the effect of the Restructuring Plan and certain reinsurance contracts that have interest crediting features. Corporate results also include asbestos and environmental and other latent liability exposures on a gross basis, which have mostly been ceded. For the three months ended December 31, 2023, underwriting results reflect reserve strengthening for specific areas of uncertainty for the loss reserves.
Investments
Three months ended December 31, 2023 and 2022
Total investment results were $65.0 million for the three months ended December 31, 2023, compared to $52.1 million for the three months ended December 31, 2022.
Investment results for the three months ended December 31, 2023 from our debt and short-term investment portfolio were $68.5 million. This result was driven by interest income primarily on securitized assets and corporate debt positions, which make up 65.6% of our total investments as of December 31, 2023, compared to 39.2% of our portfolio as of December 31, 2022.
Investment results for the three months ended December 31, 2022 were primarily attributable to income on the fixed income portfolio of $45.5 million and income from short-term investments of $26.4 million, partially offset by $16.0 million of losses on other long term investments, driven by changes in the valuations of private investments.
4




Year ended December 31, 2023 and 2022
Total investment result for the year ended December 31, 2023 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $277.0 million. Increased investment income is primarily due to increased interest rates and our rotation of the portfolio from cash and cash equivalents and U.S. government and government agency positions, to high-grade corporate debt and other securitized assets, in an effort to better diversify our portfolio.
Investment results for the year ended December 31, 2022 was primarily attributable to a net investment loss of $202.0 million from our investment in the TP Enhanced Fund. We also recognized losses of $80.5 million on our debt securities and $10.6 million on the other long-term investment portfolio due to revised valuations on private investments.
Webcast Details
The Company will hold a webcast to discuss its fourth quarter 2023 results at 8:30 a.m. Eastern Time on February 21, 2024. The webcast of the conference call will be available over the Internet from the Company’s website at www.siriuspt.com under the “Investor Relations” section. Participants should follow the instructions provided on the website to download and install any necessary audio applications. The conference call will be available by dialing 1-877-451-6152 (domestic) or 1-201-389-0879 (international). Participants should ask for the SiriusPoint Ltd. fourth quarter 2023 earnings call.
The online replay will be available on the Company's website immediately following the call at www.siriuspt.com under the “Investor Relations” section.
Safe Harbor Statement Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases. Actual events, results and outcomes may differ materially from the Company’s expectations due to a variety of known and unknown risks, uncertainties and other factors. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: our ability to execute on our strategic transformation, including re-underwriting to reduce volatility and improving underwriting performance, de-risking our investment portfolio, and transforming our business; the impact of unpredictable catastrophic events including uncertainties with respect to current and future COVID-19 losses across many classes of insurance business and the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs, changing interest rates and equity market volatility; inadequacy of loss and loss adjustment expense reserves, the lack of available capital, and periods characterized by excess underwriting capacity and unfavorable premium rates; the performance of financial markets, impact of inflation and interest rates, and foreign currency fluctuations; our ability to compete successfully in the (re)insurance market and the effect of consolidation in the (re)insurance industry; technology breaches or failures, including those resulting from a malicious cyber-attack on us, our business partners or service providers; the effects of global climate change, including increased severity and frequency of weather-related natural disasters and catastrophes and increased coastal flooding in many geographic areas; geopolitical uncertainty, including the ongoing conflicts in Europe and the Middle East; our ability to retain key senior management and key employees; a downgrade or withdrawal of our financial ratings; fluctuations in our results of operations; legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint; the outcome of legal and regulatory proceedings and regulatory constraints on our business; reduced returns or losses in SiriusPoint’s investment portfolio; our exposure or potential exposure to corporate income tax in Bermuda and the E.U., U.S. federal income and withholding taxes and our significant deferred tax assets, which could become devalued if we do not generate future taxable income or applicable corporate tax rates are reduced; risks associated with delegating authority to third party managing general agents; future strategic transactions such as acquisitions, dispositions, investments, mergers or joint ventures; SiriusPoint’s response to any acquisition proposal that may be received from any party, including any actions that may be considered by the Company’s Board of Directors or any committee thereof; and other risks and factors listed under "Risk Factors" in the Company's most recent Annual Report on Form 10-K and other subsequent periodic reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

5




Non-GAAP Financial Measures and Other Financial Metrics
In presenting SiriusPoint’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). SiriusPoint’s management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of SiriusPoint’s financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. Core underwriting income, Core net services income, Core income, and Core combined ratio are non-GAAP financial measures. Management believes it is useful to review Core results as it better reflects how management views the business and reflects the Company’s decision to exit the runoff business. Tangible book value per diluted common share is also a non-GAAP financial measure and the most comparable U.S. GAAP measure is book value per common share. Tangible book value per diluted common share excludes intangible assets. Starting in 2023, the Company will no longer exclude restricted shares from the calculation of Tangible Book Value per Diluted Common Share, as the unvested restricted shares outstanding are no longer considered material. The resulting change in Tangible Book Value per Diluted Common Share is ($0.05) per share at December 31, 2023 and thus the Company will no longer adjust the calculation. Further, management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. The tangible book value per diluted common share is also useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets. Reconciliations of such measures to the most comparable GAAP figures are included in the attached financial information in accordance with Regulation G.
About the Company
SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents within our Insurance & Services segment. With over $3.0 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. For more information please visit www.siriuspt.com.
Contacts

Investor Relations
Dhruv Gahlaut, Head of Investor Relations and Chief Strategy Officer
Dhruv.gahlaut@siriuspt.com
+44 7514 659 918

Media
Natalie King, Global Head of Marketing and External Communications
Natalie.king@siriuspt.com
+ 44 20 3772 3102

6




SIRIUSPOINT LTD.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of December 31, 2023 and December 31, 2022
(expressed in millions of U.S. dollars, except per share and share amounts)
December 31,
2023
December 31,
2022
Assets
Debt securities, available for sale, at fair value, net of allowance for credit losses of $0.0 (2022 - $0.0) (cost - $4,754.6; 2022 - $2,678.1)$4,755.4 $2,635.5 
Debt securities, trading, at fair value (cost - $568.1; 2022 - $1,630.1)534.9 1,526.0 
Short-term investments, at fair value (cost - $370.8; 2022 - $984.5)371.6 984.6 
Investments in related party investment funds, at fair value105.6 128.8 
Other long-term investments, at fair value (cost - $367.2; 2022 - $392.0) (includes related party investments at fair value of $173.7 (2022 - $201.2))308.5 377.2 
Equity securities, trading, at fair value (cost - $1.9; 2022 - $1.8)1.6 1.6 
Total investments6,077.6 5,653.7 
Cash and cash equivalents969.2 705.3 
Restricted cash and cash equivalents132.1 208.4 
Redemption receivable from related party investment fund3.0 18.5 
Due from brokers5.6 4.9 
Interest and dividends receivable42.3 26.7 
Insurance and reinsurance balances receivable, net1,966.3 1,876.9 
Deferred acquisition costs, net308.9 294.9 
Unearned premiums ceded449.2 348.8 
Loss and loss adjustment expenses recoverable, net2,295.1 1,376.2 
Deferred tax asset293.6 200.3 
Intangible assets152.7 163.8 
Other assets175.9 157.9 
Total assets$12,871.5 $11,036.3 
Liabilities
Loss and loss adjustment expense reserves$5,608.1 $5,268.7 
Unearned premium reserves1,627.3 1,521.1 
Reinsurance balances payable1,736.7 813.6 
Deposit liabilities134.4 140.5 
Deferred gain on retroactive reinsurance27.9 — 
Debt786.2 778.0 
Securities sold, not yet purchased, at fair value— 27.0 
Securities sold under an agreement to repurchase— 18.0 
Due to brokers6.2 — 
Deferred tax liability68.7 59.8 
Liability-classified capital instruments67.3 60.4 
Accounts payable, accrued expenses and other liabilities278.1 266.6 
Total liabilities10,340.9 8,953.7 
Commitments and contingent liabilities
Shareholders’ equity
Series B preference shares (par value $0.10; authorized and issued: 8,000,000)200.0 200.0 
Common shares (issued and outstanding: 168,120,022; 2022 - 162,177,653)16.8 16.2 
Additional paid-in capital1,693.0 1,641.3 
Retained earnings601.0 262.2 
Accumulated other comprehensive income (loss), net of tax3.1 (45.0)
Shareholders’ equity attributable to SiriusPoint shareholders2,513.9 2,074.7 
Noncontrolling interests16.7 7.9 
Total shareholders’ equity2,530.6 2,082.6 
Total liabilities, noncontrolling interests and shareholders’ equity$12,871.5 $11,036.3 
7




SIRIUSPOINT LTD.
CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)
For the three and twelve months ended December 31, 2023 and 2022
(expressed in millions of U.S. dollars, except per share and share amounts)
Three months endedTwelve months ended
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Revenues
Net premiums earned$578.0 $607.4 $2,426.2 $2,318.1 
Net investment income78.4 51.9 283.7 113.3 
Net realized and unrealized investment gains (losses)(12.4)10.9 (10.0)(225.5)
Net realized and unrealized investment losses from related party investment funds(1.0)(10.7)(1.0)(210.5)
Net investment income and net realized and unrealized investment gains (losses)65.0 52.1 272.7 (322.7)
Other revenues2.8 14.1 38.4 110.2 
Total revenues645.8 673.6 2,737.3 2,105.6 
Expenses
Loss and loss adjustment expenses incurred, net365.4 390.1 1,381.3 1,588.4 
Acquisition costs, net111.7 113.0 472.7 461.9 
Other underwriting expenses64.2 46.4 196.3 184.5 
Net corporate and other expenses64.5 92.6 258.2 312.8 
Intangible asset amortization2.9 2.1 11.1 8.1 
Interest expense19.8 10.5 64.1 38.6 
Foreign exchange (gains) losses19.2 61.5 34.9 (66.0)
Total expenses647.7 716.2 2,418.6 2,528.3 
Income (loss) before income tax benefit(1.9)(42.6)318.7 (422.7)
Income tax benefit101.6 19.6 45.0 36.7 
Net income (loss)99.7 (23.0)363.7 (386.0)
Net (income) loss attributable to noncontrolling interests(2.2)0.4 (8.9)(0.8)
Net income (loss) available to SiriusPoint97.5 (22.6)354.8 (386.8)
Dividends on Series B preference shares(4.0)(4.0)(16.0)(16.0)
Net income (loss) available to SiriusPoint common shareholders$93.5 $(26.6)$338.8 $(402.8)
Earnings (loss) per share available to SiriusPoint common shareholders
Basic earnings (loss) per share available to SiriusPoint common shareholders$0.52 $(0.17)$1.93 $(2.51)
Diluted earnings (loss) per share available to SiriusPoint common shareholders$0.50 $(0.17)$1.85 $(2.51)
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic166,640,624 160,459,088 163,341,448 160,228,588 
Diluted173,609,940 160,459,088 169,607,348 160,228,588 







8




SIRIUSPOINT LTD.
SEGMENT REPORTING
Three months ended December 31, 2023
ReinsuranceInsurance & ServicesCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
Gross premiums written
$251.7 $468.1 $719.8 $— $(4.2)$— $715.6 
Net premiums written 194.9 263.3 458.2 — (3.6)— 454.6 
Net premiums earned243.2 315.2 558.4 — 19.6 — 578.0 
Loss and loss adjustment expenses incurred, net 121.8 206.6 328.4 (1.4)38.4 — 365.4 
Acquisition costs, net65.5 66.8 132.3 (31.6)11.0 — 111.7 
Other underwriting expenses 28.1 32.6 60.7 — 3.5 — 64.2 
Underwriting income (loss)27.8 9.2 37.0 33.0 (33.3)— 36.7 
Services revenues1.7 54.0 55.7 (40.0)— (15.7)— 
Services expenses— 43.6 43.6 — — (43.6)— 
Net services fee income1.7 10.4 12.1 (40.0)— 27.9 — 
Services noncontrolling income— (2.8)(2.8)— — 2.8 — 
Net services income1.7 7.6 9.3 (40.0)— 30.7 — 
Segment income (loss)29.5 16.8 46.3 (7.0)(33.3)30.7 36.7 
Net investment income78.4 — 78.4 
Net realized and unrealized investment losses(12.4)— (12.4)
Net realized and unrealized investment losses from related party investment funds(1.0)— (1.0)
Other revenues(12.9)15.7 2.8 
Net corporate and other expenses(20.9)(43.6)(64.5)
Intangible asset amortization(2.9)— (2.9)
Interest expense(19.8)— (19.8)
Foreign exchange losses(19.2)— (19.2)
Income (loss) before income tax benefit$29.5 $16.8 46.3 (7.0)(44.0)2.8 (1.9)
Income tax benefit— — 101.6 — 101.6 
Net income46.3 (7.0)57.6 2.8 99.7 
Net (income) loss attributable to noncontrolling interest— — 0.6 (2.8)(2.2)
Net income available to SiriusPoint$46.3 $(7.0)$58.2 $— $97.5 
Underwriting Ratios: (1)
Loss ratio50.1 %65.5 %58.8 %63.2 %
Acquisition cost ratio26.9 %21.2 %23.7 %19.3 %
Other underwriting expenses ratio11.6 %10.3 %10.9 %11.1 %
Combined ratio
88.6 %97.0 %93.4 %93.6 %
(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.







9




Three months ended December 31, 2022
ReinsuranceInsurance & ServicesCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
Gross premiums written
$300.5 $441.9 $742.4 $— $1.3 $— $743.7 
Net premiums written236.1 340.4 576.5 — 1.4 — 577.9 
Net premiums earned281.5 324.3 605.8 — 1.6 — 607.4 
Loss and loss adjustment expenses incurred, net170.4 212.1 382.5 (1.4)9.0 — 390.1 
Acquisition costs, net74.3 74.8 149.1 (32.2)(3.9)— 113.0 
Other underwriting expenses27.0 16.0 43.0 — 3.4 — 46.4 
Underwriting income (loss)9.8 21.4 31.2 33.6 (6.9)— 57.9 
Services revenues(3.6)49.8 46.2 (30.5)— (15.7)— 
Services expenses— 43.9 43.9 — — (43.9)— 
Net services fee income (loss)(3.6)5.9 2.3 (30.5)— 28.2 — 
Services noncontrolling loss— 0.5 0.5 — — (0.5)— 
Net services income (loss)(3.6)6.4 2.8 (30.5)— 27.7 — 
Segment income (loss)6.2 27.8 34.0 3.1 (6.9)27.7 57.9 
Net investment income51.9 — 51.9 
Net realized and unrealized investment gains10.9 — 10.9 
Net realized and unrealized investment losses from related party investment funds(10.7)— (10.7)
Other revenues(1.6)15.7 14.1 
Net corporate and other expenses(48.7)(43.9)(92.6)
Intangible asset amortization(2.1)— (2.1)
Interest expense(10.5)— (10.5)
Foreign exchange losses(61.5)— (61.5)
Income (loss) before income tax benefit$6.2 $27.8 34.0 3.1 (79.2)(0.5)(42.6)
Income tax benefit— — 19.6 — 19.6 
Net income (loss)34.0 3.1 (59.6)(0.5)(23.0)
Net (income) loss attributable to noncontrolling interest— — (0.1)0.5 0.4 
Net income (loss) available to SiriusPoint$34.0 $3.1 $(59.7)$— $(22.6)
Underwriting Ratios: (1)
Loss ratio60.5 %65.4 %63.1 %64.2 %
Acquisition cost ratio26.4 %23.1 %24.6 %18.6 %
Other underwriting expenses ratio9.6 %4.9 %7.1 %7.6 %
Combined ratio96.5 %93.4 %94.8 %90.4 %
(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

10




Twelve months ended December 31, 2023
ReinsuranceInsurance & ServicesCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
Gross premiums written
$1,271.0 $2,039.7 $3,310.7 $— $116.7 $— $3,427.4 
Net premiums written 1,061.0 1,282.7 2,343.7 — 94.2 — 2,437.9 
Net premiums earned1,031.4 1,249.2 2,280.6 — 145.6 — 2,426.2 
Loss and loss adjustment expenses incurred, net 490.3 815.4 1,305.7 (5.4)81.0 — 1,381.3 
Acquisition costs, net252.2 295.5 547.7 (137.2)62.2 — 472.7 
Other underwriting expenses 82.7 94.3 177.0 — 19.3 — 196.3 
Underwriting income (loss)206.2 44.0 250.2 142.6 (16.9)— 375.9 
Services revenues(1.1)238.6 237.5 (149.6)— (87.9)— 
Services expenses— 187.8 187.8 — — (187.8)— 
Net services fee income (loss)(1.1)50.8 49.7 (149.6)— 99.9 — 
Services noncontrolling income— (8.5)(8.5)— — 8.5 — 
Net services income (loss)(1.1)42.3 41.2 (149.6)— 108.4 — 
Segment income (loss)205.1 86.3 291.4 (7.0)(16.9)108.4 375.9 
Net investment income283.7 — 283.7 
Net realized and unrealized investment losses(10.0)— (10.0)
Net realized and unrealized investment losses from related party investment funds(1.0)— (1.0)
Other revenues(49.5)87.9 38.4 
Net corporate and other expenses(70.4)(187.8)(258.2)
Intangible asset amortization(11.1)— (11.1)
Interest expense(64.1)— (64.1)
Foreign exchange losses(34.9)— (34.9)
Income before income tax benefit$205.1 $86.3 291.4 (7.0)25.8 8.5 318.7 
Income tax benefit— — 45.0 — 45.0 
Net income291.4 (7.0)70.8 8.5 363.7 
Net income attributable to noncontrolling interest— — (0.4)(8.5)(8.9)
Net income available to SiriusPoint$291.4 $(7.0)$70.4 $— $354.8 
Underwriting Ratios: (1)
Loss ratio47.5 %65.3 %57.3 %56.9 %
Acquisition cost ratio24.5 %23.7 %24.0 %19.5 %
Other underwriting expenses ratio8.0 %7.5 %7.8 %8.1 %
Combined ratio
80.0 %96.5 %89.1 %84.5 %
(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

11




Twelve months ended December 31, 2022
ReinsuranceInsurance & ServicesCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
Gross premiums written
$1,521.4 $1,884.2 $3,405.6 $— $4.1 $— $3,409.7 
Net premiums written1,199.6 1,346.0 2,545.6 — 3.6 — 2,549.2 
Net premiums earned1,213.1 1,086.8 2,299.9 — 18.2 — 2,318.1 
Loss and loss adjustment expenses incurred, net855.9 718.7 1,574.6 (5.2)19.0 — 1,588.4 
Acquisition costs, net310.3 273.2 583.5 (118.6)(3.0)— 461.9 
Other underwriting expenses113.8 62.8 176.6 — 7.9 — 184.5 
Underwriting income (loss)(66.9)32.1 (34.8)123.8 (5.7)— 83.3 
Services revenues(0.2)215.7 215.5 (133.4)— (82.1)— 
Services expenses— 179.2 179.2 — — (179.2)— 
Net services fee income (loss)(0.2)36.5 36.3 (133.4)— 97.1 — 
Services noncontrolling loss— 1.1 1.1 — — (1.1)— 
Net services income (loss)(0.2)37.6 37.4 (133.4)— 96.0 — 
Segment income (loss)(67.1)69.7 2.6 (9.6)(5.7)96.0 83.3 
Net investment income113.3 — 113.3 
Net realized and unrealized investment losses(225.5)— (225.5)
Net realized and unrealized investment losses from related party investment funds(210.5)— (210.5)
Other revenues28.1 82.1 110.2 
Net corporate and other expenses(133.6)(179.2)(312.8)
Intangible asset amortization(8.1)— (8.1)
Interest expense(38.6)— (38.6)
Foreign exchange gains66.0 — 66.0 
Income (loss) before income tax benefit$(67.1)$69.7 2.6 (9.6)(414.6)(1.1)(422.7)
Income tax benefit— — 36.7 — 36.7 
Net income (loss)2.6 (9.6)(377.9)(1.1)(386.0)
Net income attributable to noncontrolling interest— — (1.9)1.1 (0.8)
Net income (loss) available to SiriusPoint$2.6 $(9.6)$(379.8)$— $(386.8)
Underwriting Ratios: (1)
Loss ratio70.6 %66.1 %68.5 %68.5 %
Acquisition cost ratio25.6 %25.1 %25.4 %19.9 %
Other underwriting expenses ratio9.4 %5.8 %7.7 %8.0 %
Combined ratio105.6 %97.0 %101.6 %96.4 %
(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

12




SIRIUSPOINT LTD.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS & OTHER FINANCIAL MEASURES
Non-GAAP Financial Measures
Core Results
Collectively, the sum of the Company's two segments, Reinsurance and Insurance & Services, constitute "Core" results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.
Core underwriting income - calculated by subtracting loss and loss adjustment expenses incurred, net, acquisition costs, net, and other underwriting expenses from net premiums earned.
Core net services income - consists of services revenues which include commissions, brokerage and fee income related to consolidated MGAs, and other revenues, and services expenses which include direct expenses related to consolidated MGAs, services noncontrolling income which represent minority ownership interests in consolidated MGAs. Net investment gains (losses) from Strategic investments which are net investment gains (losses) from our investment holdings, are no longer included in Core net services income, with comparative financial periods restated. Net services income is a key indicator of the profitability of the Company's services provided.
Core income - consists of two components, core underwriting income and core net services income. Core income is a key measure of our segment performance.
Core combined ratio - calculated by dividing the sum of Core loss and loss adjustment expenses incurred, net, acquisition costs, net and other underwriting expenses by Core net premiums earned. Accident year loss ratio and accident year combined ratio are calculated by excluding prior year loss reserve development to present the impact of current accident year net loss and loss adjustment expenses on the Core loss ratio and Core combined ratio, respectively. Attritional loss ratio excludes catastrophe losses from the accident year loss ratio as they are not predictable as to timing and amount. These ratios are useful indicators of our underwriting profitability.
Tangible Book Value Per Diluted Common Share
Tangible book value per diluted common share, as presented, is a non-GAAP financial measure and the most comparable U.S. GAAP measure is book value per common share. Tangible book value per diluted common share excludes intangible assets. Starting in 2023, the Company will no longer exclude restricted shares from calculation of Tangible Book Value per Diluted Common Share, as the unvested restricted shares outstanding are no longer considered material. The resulting change in Tangible Book Value per Diluted Common Share is ($0.05) per share at December 31, 2023 and thus the Company will no longer adjust the calculation. Further, management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. The tangible book value per diluted common share is also useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets.
13




The following table sets forth the computation of book value per common share, book value per diluted common share and tangible book value per diluted common share as of December 31, 2023 and December 31, 2022:
December 31,
2023
December 31,
2022
($ in millions, except share and per share amounts)
Common shareholders’ equity attributable to SiriusPoint common shareholders$2,313.9 $1,874.7 
Intangible assets(152.7)(163.8)
Tangible common shareholders' equity attributable to SiriusPoint common shareholders$2,161.2 $1,710.9 
Common shares outstanding168,120,022162,177,653
Effect of dilutive stock options, restricted share units, warrants and Series A preference shares5,193,9203,492,795
Book value per diluted common share denominator173,313,942165,670,448
Unvested restricted shares(1,708,608)
Tangible book value per diluted common share denominator173,313,942163,961,840
Book value per common share$13.76 $11.56 
Book value per diluted common share$13.35 $11.32 
Tangible book value per diluted common share$12.47 $10.43 
Other Financial Measures
Annualized Return on Average Common Shareholders’ Equity Attributable to SiriusPoint Common Shareholders
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders is calculated by dividing annualized net income (loss) available to SiriusPoint common shareholders for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the three and twelve months ended December 31, 2023 and 2022 was calculated as follows:
Three months endedTwelve months ended
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
($ in millions)
Net income (loss) available to SiriusPoint common shareholders$93.5 $(26.6)$338.8 $(402.8)
Common shareholders’ equity attributable to SiriusPoint common shareholders - beginning of period2,050.0 1,884.5 1,874.7 2,303.7 
Common shareholders’ equity attributable to SiriusPoint common shareholders - end of period2,313.9 1,874.7 2,313.9 1,874.7 
Average common shareholders’ equity attributable to SiriusPoint common shareholders$2,182.0 $1,879.6 $2,094.3 $2,089.2 
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders17.1 %(5.7)%16.2 %(19.3)%
14
    

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SiriusPoint Ltd.


Financial Supplement
December 31, 2023



(UNAUDITED)



This financial supplement is for informational purposes only. It should be read in conjunction with documents filed with the Securities and Exchange Commission by SiriusPoint Ltd., including the Company’s Annual Report on Form 10-K.



Point Building
Dhruv Gahlaut - Head of Investor Relations and Chief Strategy Officer
3 Waterloo LaneTel: (044) 20 3772 3111
Pembroke HM 08 Email: investor.relations@siriuspt.com
Bermuda Website: www.siriuspt.com



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SiriusPoint Ltd.
Basis of Presentation and Non-GAAP Financial Measures:
Unless the context otherwise indicates or requires, as used in this financial supplement 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 rounding adjustments to reach some of the figures included in this financial supplement and, unless otherwise indicated, percentages presented in this financial supplement are approximate.
In presenting SiriusPoint’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). SiriusPoint’s management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of SiriusPoint’s financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. Core underwriting income, Core net services income, Core income, Core combined ratio, accident year loss ratio, accident year combined ratio and attritional loss ratio are non-GAAP financial measures. Management believes it is useful to review Core results as it better reflects how management views the business and reflects the Company’s decision to exit the runoff business. Tangible book value per diluted common share is also a non-GAAP financial measure. SiriusPoint's management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. The tangible book value per diluted common share is also useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets. Reconciliations and definitions of such measures to the most comparable GAAP figures are included in the attached financial information in accordance with Regulation G.
Safe Harbor Statement Regarding Forward-Looking Statements:
This financial supplement includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this financial supplement is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this financial supplement. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases. Actual events, results and outcomes may differ materially from the Company’s expectations due to a variety of known and unknown risks, uncertainties and other factors. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: our ability to execute on our strategic transformation, including re-underwriting to reduce volatility and improving underwriting performance, de-risking our investment portfolio, and transforming our business; the impact of unpredictable catastrophic events including uncertainties with respect to current and future COVID-19 losses across many classes of insurance business and the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs, changing interest rates and equity market volatility; inadequacy of loss and loss adjustment expense reserves, the lack of available capital, and periods characterized by excess underwriting capacity and unfavorable premium rates; the performance of financial markets, impact of inflation and interest rates, and foreign currency fluctuations; our ability to compete successfully in the (re)insurance market and the effect of consolidation in the (re)insurance industry; technology breaches or failures, including those resulting from a malicious cyber-attack on us, our business partners or service providers; the effects of global climate change, including increased severity and frequency of weather-related natural disasters and catastrophes and increased coastal flooding in many geographic areas; geopolitical uncertainty, including the ongoing conflicts in Europe and the Middle East; our ability to retain key senior management and key employees; a downgrade or withdrawal of our financial ratings; fluctuations in our results of operations; legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint; the outcome of legal and regulatory proceedings and regulatory constraints on our business; reduced returns or losses in SiriusPoint’s investment portfolio; our exposure or potential exposure to corporate income tax in Bermuda and the E.U., U.S. federal income and withholding taxes and our significant deferred tax assets, which could become devalued if we do not generate future taxable income or applicable corporate tax rates are reduced; risks associated with delegating authority to third party managing general agents; future strategic transactions such as acquisitions, dispositions, investments, mergers or joint ventures; SiriusPoint’s response to any acquisition proposal that may be received from any party, including any actions that may be considered by the Company’s Board of Directors or any committee thereof; and other risks and factors listed under "Risk Factors" in the Company's most recent Annual Report on Form 10-K and other subsequent periodic reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Page 2 of 20                             

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SiriusPoint Ltd.
Table of Contents
Key Performance Indicators
Consolidated Financial Statements
Consolidated Statements of Income (Loss)
Consolidated Statements of Income (Loss) - by Quarter
Operating Segment Information
Segment Reporting - Three months ended December 31, 2023
Segment Reporting - Three months ended December 31, 2022
Segment Reporting - Year ended December 31, 2023
Segment Reporting - Year ended December 31, 2022
Consolidated Results - by Quarter
Core Results - by Quarter
Insurance & Services Segment - by Quarter
Investments
Other
Earnings (loss) per Share - by Quarter
Annualized Return on Average Common Shareholders’ Equity - by Quarter
Book Value per Share - by Quarter

Page 3 of 20                             

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SiriusPoint Ltd.
Key Performance Indicators
December 31, 2023 and 2022
(expressed in millions of U.S. dollars, except per share data and ratios)
Three months endedTwelve months ended
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Combined ratio93.6 %90.4 %84.5 %96.4 %
Core underwriting income (loss) (1)$37.0 $31.2 $250.2 $(34.8)
Core net services income (1)$9.3 $2.8 $41.2 $37.4 
Core income (1)$46.3 $34.0 $291.4 $2.6 
Core combined ratio (1)
93.4 %94.8 %89.1 %101.6 %
Accident year loss ratio (1)65.6 %64.7 %64.6 %69.0 %
Accident year combined ratio (1)100.1 %96.4 %96.4 %102.1 %
Attritional loss ratio (1)65.6 %64.7 %64.0 %63.1 %
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders17.1 %(5.7)%16.2 %(19.3)%
Book value per common share$13.76 $11.56 $13.76 $11.56 
Book value per diluted common share$13.35 $11.32 $13.35 $11.32 
Tangible book value per diluted common share (1)$12.47 $10.43 $12.47 $10.43 
(1)Core underwriting income (loss), Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See reconciliations in “Segment Reporting.” Accident year combined ratio, accident year loss ratio and attritional loss ratio are non-GAAP financial measures. See definitions in “Core Results by Quarter.” Tangible book value per diluted common share is a non-GAAP financial measure. See reconciliation in “Book Value per Share - by Quarter.”

Page 4 of 20                             

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SiriusPoint Ltd.
Consolidated Balance Sheets - by Quarter
(expressed in millions of U.S. dollars)
December 31,
2023
September 30,
2023
June 30,
2023
March 31,
2023
December 31,
2022
Assets
Debt securities, available for sale, at fair value, net of allowance for credit losses $4,755.4 $4,423.3 $4,172.1 $3,565.9 $2,635.5 
Debt securities, trading, at fair value534.9 616.4 753.2 1,120.2 1,526.0 
Short-term investments, at fair value371.6 548.7 559.2 594.0 984.6 
Investments in related party investment funds, at fair value105.6 109.9 111.3 117.9 128.8 
Other long-term investments, at fair value308.5 326.1 355.4 361.9 377.2 
Equity securities, trading, at fair value1.6 1.6 1.6 1.6 1.6 
Total investments6,077.6 6,026.0 5,952.8 5,761.5 5,653.7 
Cash and cash equivalents969.2 703.5 676.2 763.6 705.3 
Restricted cash and cash equivalents132.1 107.7 95.2 211.0 208.4 
Redemption receivable from related party investment fund3.0 2.4 5.0 11.6 18.5 
Due from brokers5.6 21.5 18.2 6.5 4.9 
Interest and dividends receivable42.3 41.1 36.8 33.5 26.7 
Insurance and reinsurance balances receivable, net1,966.3 2,057.6 2,219.6 2,261.0 1,876.9 
Deferred acquisition costs, net308.9 333.0 342.6 357.1 294.9 
Unearned premiums ceded449.2 464.7 484.8 462.3 348.8 
Loss and loss adjustment expenses recoverable, net2,295.1 2,314.2 2,276.6 1,392.0 1,376.2 
Deferred tax asset293.6 180.6 163.9 176.0 200.3 
Intangible assets152.7 155.6 158.5 161.9 163.8 
Other assets175.9 183.3 165.4 209.5 157.9 
Total assets$12,871.5 $12,591.2 $12,595.6 $11,807.5 $11,036.3 
Liabilities
Loss and loss adjustment expense reserves$5,608.1 $5,448.8 $5,307.4 $5,318.9 $5,268.7 
Unearned premium reserves1,627.3 1,762.8 1,842.2 1,833.1 1,521.1 
Reinsurance balances payable1,736.7 1,733.4 1,845.4 1,004.9 813.6 
Deposit liabilities134.4 135.8 137.8 141.2 140.5 
Deferred gain on retroactive reinsurance27.9 25.8 21.2 — — 
Debt786.2 763.5 765.9 779.2 778.0 
Securities sold, not yet purchased, at fair value— — — 19.4 27.0 
Securities sold under an agreement to repurchase— — 11.0 20.3 18.0 
Due to brokers6.2 39.1 28.1 60.1 — 
Deferred tax liability68.7 81.2 61.0 59.4 59.8 
Liability-classified capital instruments67.3 62.0 65.4 47.0 60.4 
Accounts payable, accrued expenses and other liabilities278.1 273.4 261.3 282.7 266.6 
Total liabilities10,340.9 10,325.8 10,346.7 9,566.2 8,953.7 
Commitments and contingent liabilities
Shareholders’ equity
Series B preference shares200.0 200.0 200.0 200.0 200.0 
Common shares16.8 16.5 16.3 16.2 16.2 
Additional paid-in capital1,693.0 1,661.4 1,645.6 1,642.6 1,641.3 
Retained earnings601.0 507.5 450.0 394.1 262.2 
Accumulated other comprehensive income (loss), net of tax3.1 (135.4)(75.9)(23.0)(45.0)
Shareholders’ equity attributable to SiriusPoint shareholders2,513.9 2,250.0 2,236.0 2,229.9 2,074.7 
Noncontrolling interests16.7 15.4 12.9 11.4 7.9 
Total shareholders’ equity2,530.6 2,265.4 2,248.9 2,241.3 2,082.6 
Total liabilities, noncontrolling interests and shareholders’ equity$12,871.5 $12,591.2 $12,595.6 $11,807.5 $11,036.3 
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SiriusPoint Ltd.
Consolidated Statements of Income (Loss)
(expressed in millions of U.S. dollars, except share and per share data)
Three months endedTwelve months ended
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Revenues
Net premiums earned$578.0 $607.4 $2,426.2 $2,318.1 
Net investment income78.4 51.9 283.7 113.3 
Net realized and unrealized investment gains (losses)(12.4)10.9 (10.0)(225.5)
Net realized and unrealized investment losses from related party investment funds(1.0)(10.7)(1.0)(210.5)
Net investment income and net realized and unrealized investment gains (losses)65.0 52.1 272.7 (322.7)
Other revenues2.8 14.1 38.4 110.2 
Total revenues645.8 673.6 2,737.3 2,105.6 
Expenses
Loss and loss adjustment expenses incurred, net365.4 390.1 1,381.3 1,588.4 
Acquisition costs, net111.7 113.0 472.7 461.9 
Other underwriting expenses64.2 46.4 196.3 184.5 
Net corporate and other expenses64.5 92.6 258.2 312.8 
Intangible asset amortization2.9 2.1 11.1 8.1 
Interest expense19.8 10.5 64.1 38.6 
Foreign exchange (gains) losses19.2 61.5 34.9 (66.0)
Total expenses647.7 716.2 2,418.6 2,528.3 
Income (loss) before income tax benefit(1.9)(42.6)318.7 (422.7)
Income tax benefit101.6 19.6 45.0 36.7 
Net income (loss)99.7 (23.0)363.7 (386.0)
Net (income) loss attributable to noncontrolling interests(2.2)0.4 (8.9)(0.8)
Net income (loss) available to SiriusPoint97.5 (22.6)354.8 (386.8)
Dividends on Series B preference shares(4.0)(4.0)(16.0)(16.0)
Net income (loss) available to SiriusPoint common shareholders$93.5 $(26.6)$338.8 $(402.8)
Earnings (loss) per share available to SiriusPoint common shareholders
Basic earnings (loss) per share available to SiriusPoint common shareholders (1)$0.52 $(0.17)$1.93 $(2.51)
Diluted earnings (loss) per share available to SiriusPoint common shareholders (1)$0.50 $(0.17)$1.85 $(2.51)
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic166,640,624 160,459,088 163,341,448 160,228,588 
Diluted173,609,940 160,459,088 169,607,348 160,228,588 
(1)    Basic earnings (loss) per share is based on the weighted average number of common shares and participating securities outstanding during the period. The weighted average number of common shares excludes any dilutive effect of outstanding warrants, options and unvested restricted shares. Diluted earnings (loss) per share is based on the weighted average number of common shares and participating securities outstanding and includes any dilutive effects of warrants, options and unvested restricted shares under share plans and are determined using the treasury stock method. U.S. GAAP requires that participating securities be treated in the same manner as outstanding shares for earnings per share calculations. The Company treats certain of its unvested restricted shares as participating securities. In the event of a net loss, all participating securities, outstanding warrants, options and restricted shares are excluded from both basic and diluted loss per share since their inclusion would be anti-dilutive.
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SiriusPoint Ltd.
Consolidated Statements of Income (Loss) - by Quarter
(expressed in millions of U.S. dollars, except share and per share data)
December 31,
2023
September 30,
2023
June 30,
2023
March 31,
2023
December 31,
2022
Revenues
Net premiums earned$578.0 $613.0 $639.7 $595.5 $607.4 
Net investment income78.4 75.1 68.5 61.7 51.9 
Net realized and unrealized investment gains (losses)(12.4)(7.1)(1.8)11.3 10.9 
Net realized and unrealized investment gains (losses) from related party investment funds(1.0)0.1 (0.9)0.8 (10.7)
Net investment income and net realized and unrealized investment gains (losses)65.0 68.1 65.8 73.8 52.1 
Other revenues2.8 21.5 5.3 8.8 14.1 
Total revenues645.8 702.6 710.8 678.1 673.6 
Expenses
Loss and loss adjustment expenses incurred, net365.4 373.1 375.7 267.1 390.1 
Acquisition costs, net111.7 129.5 111.8 119.7 113.0 
Other underwriting expenses64.2 36.6 43.3 52.2 46.4 
Net corporate and other expenses64.5 63.4 70.3 60.0 92.6 
Intangible asset amortization2.9 2.9 2.9 2.4 2.1 
Interest expense19.8 19.8 11.7 12.8 10.5 
Foreign exchange (gains) losses19.2 (1.8)17.4 0.1 61.5 
Total expenses647.7 623.5 633.1 514.3 716.2 
Income (loss) before income tax (expense) benefit(1.9)79.1 77.7 163.8 (42.6)
Income tax (expense) benefit101.6 (15.3)(15.8)(25.5)19.6 
Net income (loss)99.7 63.8 61.9 138.3 (23.0)
Net (income) loss attributable to noncontrolling interests(2.2)(2.3)(2.0)(2.4)0.4 
Net income (loss) available to SiriusPoint97.5 61.5 59.9 135.9 (22.6)
Dividends on Series B preference shares(4.0)(4.0)(4.0)(4.0)(4.0)
Net income (loss) available to SiriusPoint common shareholders$93.5 $57.5 $55.9 $131.9 $(26.6)
Earnings (loss) per share available to SiriusPoint common shareholders
Basic earnings (loss) per share available to SiriusPoint common shareholders (1)$0.52 $0.33 $0.32 $0.76 $(0.17)
Diluted earnings (loss) per share available to SiriusPoint common shareholders (1)$0.50 $0.32 $0.31 $0.74 $(0.17)
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic166,640,624 163,738,528 162,027,831 160,905,860 160,459,088 
Diluted173,609,940 168,516,508 166,708,932 164,130,946 160,459,088 
(1)     Basic income (loss) per share is based on the weighted average number of common shares and participating securities outstanding during the period. The Company treats certain of its unvested restricted shares and preference shares as participating securities. The weighted average number of common shares excludes any dilutive effect of outstanding warrants, options or restricted share awards and units. Diluted earnings (loss) per share is based on the weighted average number of common shares outstanding and includes any dilutive effects of warrants, options, restricted share awards and units, and is determined using the treasury stock method. In the event of a net loss, all participating securities, outstanding warrants, options and restricted shares and units are excluded from both basic and diluted loss per share since their inclusion would be anti-dilutive.
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SiriusPoint Ltd.
Consolidated Statements of Comprehensive Income (Loss) - by Quarter
(expressed in millions of U.S. dollars)
December 31,
2023
September 30,
2023
June 30,
2023
March 31,
2023
December 31,
2022
Comprehensive income (loss)
Net income (loss)$99.7 $63.8 $61.9 $138.3 $(23.0)
Other comprehensive income (loss), net of tax
Change in foreign currency translation1.0 (1.1)1.5 (0.3)(1.0)
Unrealized gains (losses) from debt securities held as available for sale investments128.8 (56.2)(56.6)22.9 7.0 
Reclassifications from accumulated other comprehensive income (loss)8.7 (2.2)2.2 (0.6)2.7 
Total other comprehensive income (loss)138.5 (59.5)(52.9)22.0 8.7 
Comprehensive income (loss)238.2 4.3 9.0 160.3 (14.3)
Net (income) loss attributable to noncontrolling interests(2.2)(2.3)(2.0)(2.4)0.4 
Comprehensive income (loss) available to SiriusPoint$236.0 $2.0 $7.0 $157.9 $(13.9)
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SiriusPoint Ltd.
Segment Reporting - Three months ended December 31, 2023
(expressed in millions of U.S. dollars, except ratios)
ReinsuranceInsurance & ServicesCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
Gross premiums written
$251.7 $468.1 $719.8 $— $(4.2)$— $715.6 
Net premiums written 194.9 263.3 458.2 — (3.6)— 454.6 
Net premiums earned243.2 315.2 558.4 — 19.6 — 578.0 
Loss and loss adjustment expenses incurred, net 121.8 206.6 328.4 (1.4)38.4 — 365.4 
Acquisition costs, net65.5 66.8 132.3 (31.6)11.0 — 111.7 
Other underwriting expenses 28.1 32.6 60.7 — 3.5 — 64.2 
Underwriting income (loss)27.8 9.2 37.0 33.0 (33.3)— 36.7 
Services revenues1.7 54.0 55.7 (40.0)— (15.7)— 
Services expenses— 43.6 43.6 — — (43.6)— 
Net services fee income1.7 10.4 12.1 (40.0)— 27.9 — 
Services noncontrolling income— (2.8)(2.8)— — 2.8 — 
Net services income1.7 7.6 9.3 (40.0)— 30.7 — 
Segment income (loss)29.5 16.8 46.3 (7.0)(33.3)30.7 36.7 
Net investment income78.4 — 78.4 
Net realized and unrealized investment losses(12.4)— (12.4)
Net realized and unrealized investment losses from related party investment funds(1.0)— (1.0)
Other revenues(12.9)15.7 2.8 
Net corporate and other expenses(20.9)(43.6)(64.5)
Intangible asset amortization(2.9)— (2.9)
Interest expense(19.8)— (19.8)
Foreign exchange losses(19.2)— (19.2)
Income (loss) before income tax benefit$29.5 $16.8 46.3 (7.0)(44.0)2.8 (1.9)
Income tax benefit— — 101.6 — 101.6 
Net income46.3 (7.0)57.6 2.8 99.7 
Net (income) loss attributable to noncontrolling interest— — 0.6 (2.8)(2.2)
Net income available to SiriusPoint$46.3 $(7.0)$58.2 $— $97.5 
Underwriting Ratios: (1)
Loss ratio50.1 %65.5 %58.8 %63.2 %
Acquisition cost ratio26.9 %21.2 %23.7 %19.3 %
Other underwriting expenses ratio11.6 %10.3 %10.9 %11.1 %
Combined ratio
88.6 %97.0 %93.4 %93.6 %
(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
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SiriusPoint Ltd.
Segment Reporting - Three months ended December 31, 2022
(expressed in millions of U.S. dollars, except ratios)
ReinsuranceInsurance & ServicesCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
Gross premiums written
$300.5 $441.9 $742.4 $— $1.3 $— $743.7 
Net premiums written236.1 340.4 576.5 — 1.4 — 577.9 
Net premiums earned281.5 324.3 605.8 — 1.6 — 607.4 
Loss and loss adjustment expenses incurred, net170.4 212.1 382.5 (1.4)9.0 — 390.1 
Acquisition costs, net74.3 74.8 149.1 (32.2)(3.9)— 113.0 
Other underwriting expenses27.0 16.0 43.0 — 3.4 — 46.4 
Underwriting income (loss)9.8 21.4 31.2 33.6 (6.9)— 57.9 
Services revenues(3.6)49.8 46.2 (30.5)— (15.7)— 
Services expenses— 43.9 43.9 — — (43.9)— 
Net services fee income (loss)(3.6)5.9 2.3 (30.5)— 28.2 — 
Services noncontrolling loss— 0.5 0.5 — — (0.5)— 
Net services income (loss)(3.6)6.4 2.8 (30.5)— 27.7 — 
Segment income (loss)6.2 27.8 34.0 3.1 (6.9)27.7 57.9 
Net investment income51.9 — 51.9 
Net realized and unrealized investment gains10.9 — 10.9 
Net realized and unrealized investment losses from related party investment funds(10.7)— (10.7)
Other revenues(1.6)15.7 14.1 
Net corporate and other expenses(48.7)(43.9)(92.6)
Intangible asset amortization(2.1)— (2.1)
Interest expense(10.5)— (10.5)
Foreign exchange losses(61.5)— (61.5)
Income (loss) before income tax benefit$6.2 $27.8 34.0 3.1 (79.2)(0.5)(42.6)
Income tax benefit— — 19.6 — 19.6 
Net income (loss)34.0 3.1 (59.6)(0.5)(23.0)
Net (income) loss attributable to noncontrolling interest— — (0.1)0.5 0.4 
Net income (loss) available to SiriusPoint$34.0 $3.1 $(59.7)$— $(22.6)
Underwriting Ratios: (1)
Loss ratio60.5 %65.4 %63.1 %64.2 %
Acquisition cost ratio26.4 %23.1 %24.6 %18.6 %
Other underwriting expenses ratio9.6 %4.9 %7.1 %7.6 %
Combined ratio96.5 %93.4 %94.8 %90.4 %
(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
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SiriusPoint Ltd.
Segment Reporting - Year ended December 31, 2023
(expressed in millions of U.S. dollars, except ratios)
ReinsuranceInsurance & ServicesCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
Gross premiums written
$1,271.0 $2,039.7 $3,310.7 $— $116.7 $— $3,427.4 
Net premiums written 1,061.0 1,282.7 2,343.7 — 94.2 — 2,437.9 
Net premiums earned1,031.4 1,249.2 2,280.6 — 145.6 — 2,426.2 
Loss and loss adjustment expenses incurred, net 490.3 815.4 1,305.7 (5.4)81.0 — 1,381.3 
Acquisition costs, net252.2 295.5 547.7 (137.2)62.2 — 472.7 
Other underwriting expenses 82.7 94.3 177.0 — 19.3 — 196.3 
Underwriting income (loss)206.2 44.0 250.2 142.6 (16.9)— 375.9 
Services revenues(1.1)238.6 237.5 (149.6)— (87.9)— 
Services expenses— 187.8 187.8 — — (187.8)— 
Net services fee income (loss)(1.1)50.8 49.7 (149.6)— 99.9 — 
Services noncontrolling income— (8.5)(8.5)— — 8.5 — 
Net services income (loss)(1.1)42.3 41.2 (149.6)— 108.4 — 
Segment income (loss)205.1 86.3 291.4 (7.0)(16.9)108.4 375.9 
Net investment income283.7 — 283.7 
Net realized and unrealized investment losses(10.0)— (10.0)
Net realized and unrealized investment losses from related party investment funds(1.0)— (1.0)
Other revenues(49.5)87.9 38.4 
Net corporate and other expenses(70.4)(187.8)(258.2)
Intangible asset amortization(11.1)— (11.1)
Interest expense(64.1)— (64.1)
Foreign exchange losses(34.9)— (34.9)
Income before income tax benefit$205.1 $86.3 291.4 (7.0)25.8 8.5 318.7 
Income tax benefit— — 45.0 — 45.0 
Net income291.4 (7.0)70.8 8.5 363.7 
Net income attributable to noncontrolling interests— — (0.4)(8.5)(8.9)
Net income available to SiriusPoint$291.4 $(7.0)$70.4 $— $354.8 
Underwriting Ratios: (1)
Loss ratio47.5 %65.3 %57.3 %56.9 %
Acquisition cost ratio24.5 %23.7 %24.0 %19.5 %
Other underwriting expenses ratio8.0 %7.5 %7.8 %8.1 %
Combined ratio
80.0 %96.5 %89.1 %84.5 %
(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
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SiriusPoint Ltd.
Segment Reporting - Year ended December 31, 2022
(expressed in millions of U.S. dollars, except ratios)
ReinsuranceInsurance & ServicesCore
Eliminations (2)
CorporateSegment Measure ReclassTotal
Gross premiums written
$1,521.4 $1,884.2 $3,405.6 $— $4.1 $— $3,409.7 
Net premiums written1,199.6 1,346.0 2,545.6 — 3.6 — 2,549.2 
Net premiums earned1,213.1 1,086.8 2,299.9 — 18.2 — 2,318.1 
Loss and loss adjustment expenses incurred, net855.9 718.7 1,574.6 (5.2)19.0 — 1,588.4 
Acquisition costs, net310.3 273.2 583.5 (118.6)(3.0)— 461.9 
Other underwriting expenses113.8 62.8 176.6 — 7.9 — 184.5 
Underwriting income (loss)(66.9)32.1 (34.8)123.8 (5.7)— 83.3 
Services revenues(0.2)215.7 215.5 (133.4)— (82.1)— 
Services expenses— 179.2 179.2 — — (179.2)— 
Net services fee income (loss)(0.2)36.5 36.3 (133.4)— 97.1 — 
Services noncontrolling loss— 1.1 1.1 — — (1.1)— 
Net services income (loss)(0.2)37.6 37.4 (133.4)— 96.0 — 
Segment income (loss)(67.1)69.7 2.6 (9.6)(5.7)96.0 83.3 
Net investment income113.3 — 113.3 
Net realized and unrealized investment losses(225.5)— (225.5)
Net realized and unrealized investment losses from related party investment funds(210.5)— (210.5)
Other revenues28.1 82.1 110.2 
Net corporate and other expenses(133.6)(179.2)(312.8)
Intangible asset amortization(8.1)— (8.1)
Interest expense(38.6)— (38.6)
Foreign exchange gains66.0 — 66.0 
Income (loss) before income tax benefit$(67.1)$69.7 2.6 (9.6)(414.6)(1.1)(422.7)
Income tax benefit— — 36.7 — 36.7 
Net income (loss)2.6 (9.6)(377.9)(1.1)(386.0)
Net income attributable to noncontrolling interests— — (1.9)1.1 (0.8)
Net income (loss) available to SiriusPoint$2.6 $(9.6)$(379.8)$— $(386.8)
Underwriting Ratios: (1)
Loss ratio70.6 %66.1 %68.5 %68.5 %
Acquisition cost ratio25.6 %25.1 %25.4 %19.9 %
Other underwriting expenses ratio9.4 %5.8 %7.7 %8.0 %
Combined ratio105.6 %97.0 %101.6 %96.4 %
(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.
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SiriusPoint Ltd.
Consolidated Results - by Quarter
(expressed in millions of U.S. dollars, except ratios)
December 31,
2023
September 30,
2023
June 30,
2023
March 31,
2023
December 31,
2022
Revenues
Gross premiums written$715.6 $758.8 $842.5 $1,110.5 $743.7 
Net premiums written454.6 566.0 625.6 791.7 577.9 
Net premiums earned578.0 613.0 639.7 595.5 607.4 
Expenses
Loss and loss adjustment expenses incurred, net365.4 373.1 375.7 267.1 390.1 
Acquisition costs, net111.7 129.5 111.8 119.7 113.0 
Other underwriting expenses64.2 36.6 43.3 52.2 46.4 
Underwriting income$36.7 $73.8 $108.9 $156.5 $57.9 
Underwriting Ratios (1):
Loss ratio63.2 %60.9 %58.7 %44.9 %64.2 %
Acquisition cost ratio19.3 %21.1 %17.5 %20.1 %18.6 %
Other underwriting expenses ratio11.1 %6.0 %6.8 %8.8 %7.6 %
Combined ratio93.6 %88.0 %83.0 %73.8 %90.4 %
Catastrophe losses, net of reinsurance and reinstatement premiums
$(0.1)$12.0 $— $12.9 $0.2 
Russia/Ukraine losses— — — — (0.7)
Favorable prior year loss reserve development
$(11.1)$(24.7)$(33.0)$(105.4)$(4.1)
(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.
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SiriusPoint Ltd.
Core Results - by Quarter (1)
(expressed in millions of U.S. dollars, except ratios)
December 31,
2023
September 30,
2023
June 30,
2023
March 31,
2023
December 31,
2022
Revenues
Gross premiums written$719.8 $725.5 $805.2 $1,060.2 $742.4 
Net premiums written458.2 533.6 588.3 763.6 576.5 
Net premiums earned558.4 575.3 596.2 550.7 605.8 
Expenses
Loss and loss adjustment expenses incurred, net328.4 355.8 363.4 258.1 382.5 
Acquisition costs, net132.3 145.7 132.0 137.7 149.1 
Other underwriting expenses60.7 31.3 37.5 47.5 43.0 
Underwriting income37.0 42.5 63.3 107.4 31.2 
Services revenues55.7 58.6 59.4 63.8 46.2 
Services expenses43.6 48.7 50.0 45.5 43.9 
Net services fee income12.1 9.9 9.4 18.3 2.3 
Services noncontrolling (income) loss(2.8)(2.4)(1.7)(1.6)0.5 
Net services income9.3 7.5 7.7 16.7 2.8 
Segment income$46.3 $50.0 $71.0 $124.1 $34.0 
Underwriting Ratios (2):
Loss ratio58.8 %61.8 %61.0 %46.9 %63.1 %
Acquisition cost ratio23.7 %25.3 %22.1 %25.0 %24.6 %
Other underwriting expenses ratio10.9 %5.4 %6.3 %8.6 %7.1 %
Combined ratio93.4 %92.5 %89.4 %80.5 %94.8 %
Accident year loss ratio65.6 %64.0 %65.2 %63.6 %64.7 %
Accident year combined ratio100.1 %94.8 %93.6 %97.2 %96.4 %
Attritional loss ratio65.6 %62.9 %65.2 %62.3 %64.7 %
Catastrophe losses, net of reinsurance and reinstatement premiums
$(0.2)$6.7 $— $7.0 $0.2 
Russia/Ukraine losses— — — — (0.7)
Favorable prior year loss reserve development
$(37.7)$(12.6)$(25.2)$(91.9)$(9.6)
(1)Collectively, the sum of our two segments, Reinsurance and Insurance & Services, constitute our "Core" results. Core underwriting income, Core net services income, Core income, Core combined ratio, accident year loss ratio, accident year combined ratio and attritional loss ratio are non-GAAP financial measures. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.
(2)Underwriting ratios are calculated by dividing the related expense by net premiums earned. Accident year loss ratio and accident year combined ratio exclude prior year loss reserve development to present the impact of current accident year net loss and loss adjustment expenses on the loss ratio and combined ratio, respectively. Attritional loss ratio excludes catastrophe losses from the accident year loss ratio as they are not predictable as to timing and amount.
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SiriusPoint Ltd.
Reinsurance Segment - by Quarter
(expressed in millions of U.S. dollars, except ratios)
December 31,
2023
September 30,
2023
June 30,
2023
March 31,
2023
December 31,
2022
Revenues
Gross premiums written$251.7 $265.4 $357.7 $396.2 $300.5 
Net premiums written194.9 243.2 311.9 311.0 236.1 
Net premiums earned243.2 256.9 271.8 259.5 281.5 
Expenses
Loss and loss adjustment expenses incurred, net121.8 136.2 146.7 85.6 170.4 
Acquisition costs, net65.5 69.4 51.3 66.0 74.3 
Other underwriting expenses28.1 14.4 12.0 28.2 27.0 
Underwriting income27.8 36.9 61.8 79.7 9.8 
Services revenues1.7 (0.2)(2.8)0.2 (3.6)
Services expenses— — — — — 
Net services fee income (loss)1.7 (0.2)(2.8)0.2 (3.6)
Services noncontrolling loss— — — — — 
Net services income (loss)1.7 (0.2)(2.8)0.2 (3.6)
Segment income$29.5 $36.7 $59.0 $79.9 $6.2 
Underwriting Ratios (1):
Loss ratio50.1 %53.0 %54.0 %33.0 %60.5 %
Acquisition cost ratio26.9 %27.0 %18.9 %25.4 %26.4 %
Other underwriting expenses ratio11.6 %5.6 %4.4 %10.9 %9.6 %
Combined ratio88.6 %85.6 %77.3 %69.3 %96.5 %
Accident year loss ratio58.8 %60.5 %63.5 %61.7 %59.5 %
Accident year combined ratio97.2 %93.1 %86.8 %98.0 %95.5 %
Attritional loss ratio59.0 %57.8 %63.5 %59.4 %60.0 %
Catastrophe losses, net of reinsurance and reinstatement premiums
$(0.6)$6.8 $— $6.0 $(1.4)
Russia/Ukraine losses— — — — (0.7)
(Favorable) adverse prior year loss reserve development
$(21.1)$(19.2)$(25.9)$(74.6)$3.0 
(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned. Accident year loss ratio, accident year combined ratio and attritional loss ratio are non-GAAP financial measures. Accident year loss ratio and accident year combined ratio exclude prior year loss reserve development to present the impact of current accident year net loss and loss adjustment expenses on the loss ratio and combined ratio, respectively. Attritional loss ratio excludes catastrophe losses from the accident year loss ratio as they are not predictable as to timing and amount.
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SiriusPoint Ltd.
Insurance & Services Segment - by Quarter
(expressed in millions of U.S. dollars, except ratios)
December 31,
2023
September 30,
2023
June 30,
2023
March 31,
2023
December 31,
2022
Revenues
Gross premiums written$468.1 $460.1 $447.5 $664.0 $441.9 
Net premiums written263.3 290.4 276.4 452.6 340.4 
Net premiums earned315.2 318.4 324.4 291.2 324.3 
Expenses
Loss and loss adjustment expenses incurred, net206.6 219.6 216.7 172.5 212.1 
Acquisition costs, net66.8 76.3 80.7 71.7 74.8 
Other underwriting expenses32.6 16.9 25.5 19.3 16.0 
Underwriting income9.2 5.6 1.5 27.7 21.4 
Services revenues54.0 58.8 62.2 63.6 49.8 
Services expenses43.6 48.7 50.0 45.5 43.9 
Net services fee income10.4 10.1 12.2 18.1 5.9 
Services noncontrolling (income) loss(2.8)(2.4)(1.7)(1.6)0.5 
Net services income7.6 7.7 10.5 16.5 6.4 
Segment income$16.8 $13.3 $12.0 $44.2 $27.8 
Underwriting Ratios (1):
Loss ratio65.5 %69.0 %66.8 %59.2 %65.4 %
Acquisition cost ratio21.2 %24.0 %24.9 %24.6 %23.1 %
Other underwriting expenses ratio10.3 %5.3 %7.9 %6.6 %4.9 %
Combined ratio97.0 %98.3 %99.6 %90.4 %93.4 %
Accident year loss ratio70.8 %66.9 %66.6 %65.2 %69.3 %
Accident year combined ratio102.3 %96.2 %99.3 %96.4 %97.3 %
Attritional loss ratio70.7 %66.9 %66.6 %64.8 %68.8 %
Catastrophe losses, net of reinsurance and reinstatement premiums
$0.4 $(0.1)$— $1.0 $1.6 
(Favorable) adverse prior year loss reserve development
$(16.6)$6.6 $0.7 $(17.3)$(12.6)
(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned. Accident year loss ratio, accident year combined ratio and attritional loss ratio are non-GAAP financial measures. Accident year loss ratio and accident year combined ratio exclude prior year loss reserve development to present the impact of current accident year net loss and loss adjustment expenses on the loss ratio and combined ratio, respectively. Attritional loss ratio excludes catastrophe losses from the accident year loss ratio as they are not predictable as to timing and amount.


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SiriusPoint Ltd.
Investments - by Quarter
(expressed in millions of U.S. dollars)
December 31,
2023
September 30,
2023
June 30,
2023
March 31,
2023
December 31,
2022
Fair Value%Fair Value%Fair Value%Fair Value%Fair Value%
Asset-backed securities$880.7 14.5 %$802.6 13.3 %$704.8 11.8 %$414.4 7.2 %$230.7 4.1 %
Residential mortgage-backed securities902.8 14.9 %777.1 12.9 %684.4 11.5 %417.8 7.3 %340.7 6.0 %
Commercial mortgage-backed securities204.1 3.4 %168.9 2.8 %133.7 2.2 %92.8 1.6 %61.2 1.1 %
Corporate debt securities1,573.1 25.9 %1,533.5 25.4 %1,483.5 24.9 %943.4 16.4 %415.7 7.4 %
U.S. government and government agency1,136.7 18.7 %1,075.6 17.8 %1,083.5 18.2 %1,637.1 28.4 %1,550.6 27.4 %
Non-U.S. government and government agency58.0 1.0 %65.6 1.1 %82.2 1.4 %60.4 1.0 %36.6 0.6 %
Total debt securities, available for sale4,755.4 78.4 %4,423.3 73.4 %4,172.1 70.0 %3,565.9 61.9 %2,635.5 46.6 %
Asset-backed securities256.6 4.2 %304.2 5.0 %358.8 6.0 %443.5 7.7 %553.7 9.8 %
Residential mortgage-backed securities57.2 0.9 %56.2 0.9 %80.5 1.4 %132.4 2.3 %133.6 2.4 %
Commercial mortgage-backed securities67.8 1.1 %67.4 1.1 %72.7 1.2 %111.2 1.9 %113.4 2.0 %
Corporate debt securities45.2 0.7 %62.6 1.0 %101.4 1.7 %294.4 5.1 %363.5 6.4 %
U.S. government and government agency98.1 1.6 %108.8 1.8 %108.9 1.8 %91.2 1.6 %270.4 4.8 %
Non-U.S. government and government agency10.0 0.2 %17.2 0.3 %30.9 0.5 %44.3 0.9 %88.2 1.6 %
Preferred stocks— — %— — %— — %3.2 — %3.2 — %
Total debt securities, trading534.9 8.7 %616.4 10.2 %753.2 12.6 %1,120.2 19.5 %1,526.0 27.0 %
Total equity securities1.6 — %1.6 — %1.6 — %1.6 — %1.6 — %
Short-term investments371.6 6.1 %548.7 9.1 %559.2 9.6 %594.0 10.3 %984.6 17.4 %
Other long-term investments169.7 2.8 %181.7 3.0 %235.0 3.9 %227.8 4.0 %227.3 4.0 %
Cost and equity method investments80.1 1.3 %83.9 1.4 %88.2 1.5 %95.0 1.6 %104.8 1.9 %
Investments in funds valued at net asset value164.3 2.7 %170.4 2.8 %143.5 2.4 %157.0 2.7 %173.9 3.1 %
Total investments$6,077.6 100.0 %$6,026.0 100.0 %$5,952.8 100.0 %$5,761.5 100.0 %$5,653.7 100.0 %


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SiriusPoint Ltd.
Earnings (loss) per Share - by Quarter
(expressed in millions of U.S. dollars, except share and per share data)
December 31,
2023
September 30,
2023
June 30,
2023
March 31,
2023
December 31,
2022
Weighted-average number of common shares outstanding:
Basic number of common shares outstanding166,640,624 163,738,528 162,027,831 160,905,860 160,459,088 
Dilutive effect of options, warrants, restricted share awards, restricted share units, and Series A preference shares (1)6,969,316 4,777,980 4,681,101 3,225,086 — 
Diluted number of common shares outstanding173,609,940 168,516,508 166,708,932 164,130,946 160,459,088 
Basic income (loss) per common share:
Net income (loss) available to SiriusPoint common shareholders$93.5 $57.5 $55.9 $131.9 $(26.6)
Net income allocated to SiriusPoint participating common shareholders(6.5)(4.0)(4.0)(10.0)— 
Net income (loss) allocated to SiriusPoint common shareholders$87.0 $53.5 $51.9 $121.9 $(26.6)
Basic earnings (loss) per share available to SiriusPoint common shareholders (2)$0.52 $0.33 $0.32 $0.76 $(0.17)
Diluted earnings (loss) per common share:
Net income (loss) available to SiriusPoint common shareholders$93.5 $57.5 $55.9 $131.9 $(26.6)
Net income allocated to SiriusPoint participating common shareholders(6.5)(4.0)(4.0)(10.0)— 
Net income (loss) allocated to SiriusPoint common shareholders$87.0 $53.5 $51.9 $121.9 $(26.6)
Diluted earnings (loss) per share available to SiriusPoint common shareholders (2)$0.50 $0.32 $0.31 $0.74 $(0.17)
(1)For the quarter ended December 31, 2022 there was no dilution as a result of the net loss allocated to SiriusPoint common shareholders in the quarter.
(2)Basic income (loss) per share is based on the weighted average number of common shares and participating securities outstanding during the period. The Company treats certain of its unvested restricted shares and preference shares as participating securities. The weighted average number of common shares excludes any dilutive effect of outstanding warrants, options or restricted share awards and units. Diluted earnings (loss) per share is based on the weighted average number of common shares outstanding and includes any dilutive effects of warrants, options, restricted share awards and units, and is determined using the treasury stock method. In the event of a net loss, all participating securities, outstanding warrants, options and restricted shares and units are excluded from both basic and diluted loss per share since their inclusion would be anti-dilutive.
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SiriusPoint Ltd.
Annualized Return on Average Common Shareholders’ Equity - by Quarter
(expressed in millions of U.S. dollars, except share and per share data and ratios)

December 31,
2023
September 30,
2023
June 30,
2023
March 31,
2023
December 31,
2022
Net income (loss) available to SiriusPoint common shareholders$93.5 $57.5 $55.9 $131.9 $(26.6)
Common shareholders’ equity attributable to SiriusPoint common shareholders - beginning of period2,050.0 2,036.0 2,029.9 1,874.7 1,884.5 
Common shareholders’ equity attributable to SiriusPoint common shareholders - end of period2,313.9 2,050.0 2,036.0 2,029.9 1,874.7 
Average common shareholders’ equity attributable to SiriusPoint common shareholders$2,182.0 $2,043.0 $2,033.0 $1,952.3 $1,879.6 
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders (1)
17.1 %11.3 %11.0 %27.0 %(5.7)%
(1)Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders is calculated by dividing annualized net income (loss) available to SiriusPoint common shareholders for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.
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SiriusPoint Ltd.
Book Value per Share - by Quarter
(expressed in millions of U.S. dollars, except share and per share data)
December 31,
2023
September 30,
2023
June 30,
2023
March 31,
2023
December 31,
2022
Common shareholders’ equity attributable to SiriusPoint common shareholders$2,313.9 $2,050.0 $2,036.0 $2,029.9 $1,874.7 
Intangible assets(152.7)(155.6)(158.5)(161.9)(163.8)
Tangible common shareholders' equity attributable to SiriusPoint common shareholders$2,161.2 $1,894.4 $1,877.5 $1,868.0 $1,710.9 
Common shares outstanding168,120,022 165,068,101 163,200,630 162,367,173 162,177,653 
Effect of dilutive stock options, restricted share units, warrants and Series A preference shares5,193,920 4,236,254 3,964,586 3,023,030 3,492,795 
Book value per diluted common share denominator173,313,942 169,304,355 167,165,216 165,390,203 165,670,448 
Unvested restricted shares— — — — (1,708,608)
Tangible book value per diluted common share denominator173,313,942 169,304,355 167,165,216 165,390,203 163,961,840 
Book value per common share$13.76 $12.42 $12.48 $12.50 $11.56 
Book value per diluted common share$13.35 $12.11 $12.18 $12.27 $11.32 
Tangible book value per diluted common share (1)
$12.47 $11.19 $11.23 $11.29 $10.43 
(1)Tangible book value per diluted common share, as presented, is a non-GAAP financial measure and the most comparable U.S. GAAP measure is book value per common share. Tangible book value per diluted common share excludes intangible assets. Starting in 2023, the Company will no longer exclude restricted shares from calculation of Tangible Book Value per Diluted Common Share, as the unvested restricted shares outstanding are no longer considered material. The resulting change in Tangible Book Value per Diluted Common Share is ($0.05) per share at December 31, 2023 and thus the Company will no longer adjust the calculation. Further, management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. The tangible book value per diluted common share is also useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets.
Page 20 of 20                             
SIRIUSPOINT LTD. – A GLOBAL UNDERWRITER 2023 Full Year and Fourth Quarter Results February 20, 2024


 
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 rounding adjustments to reach some of the figures included in this presentation and, unless otherwise indicated, percentages presented in this presentation are approximate. In presenting SiriusPoint’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). SiriusPoint’s management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of SiriusPoint’s financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. Core underwriting income, Core net services income, Core income, Core combined ratio, accident year loss ratio, accident year combined ratio and attritional loss ratio are non-GAAP financial measures. Management believes it is useful to review Core results as it better reflects how management views the business and reflects the Company’s decision to exit the runoff business. Tangible book value per diluted common share is also a non-GAAP financial measure. SiriusPoint's management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. The tangible book value per diluted common share is also useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measure is contained in our earnings release and our Form 10-K for the fiscal year ended December 31, 2023. Safe Harbor Statement Regarding Forward-Looking Statements: This presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this presentation is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this presentation. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases. Actual events, results and outcomes may differ materially from the Company’s expectations due to a variety of known and unknown risks, uncertainties and other factors. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: our ability to execute on our strategic transformation, including re-underwriting to reduce volatility and improving underwriting performance, de-risking our investment portfolio, and transforming our business; the impact of unpredictable catastrophic events including uncertainties with respect to current and future COVID-19 losses across many classes of insurance business and the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs, changing interest rates and equity market volatility; inadequacy of loss and loss adjustment expense reserves, the lack of available capital, and periods characterized by excess underwriting capacity and unfavorable premium rates; the performance of financial markets, impact of inflation and interest rates, and foreign currency fluctuations; our ability to compete successfully in the (re)insurance market and the effect of consolidation in the (re)insurance industry; technology breaches or failures, including those resulting from a malicious cyber-attack on us, our business partners or service providers; the effects of global climate change, including increased severity and frequency of weather-related natural disasters and catastrophes and increased coastal flooding in many geographic areas; geopolitical uncertainty, including the ongoing conflicts in Europe and the Middle East; our ability to retain key senior management and key employees; a downgrade or withdrawal of our financial ratings; fluctuations in our results of operations; legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint; the outcome of legal and regulatory proceedings and regulatory constraints on our business; reduced returns or losses in SiriusPoint’s investment portfolio; our exposure or potential exposure to corporate income tax in Bermuda and the E.U., U.S. federal income and withholding taxes and our significant deferred tax assets, which could become devalued if we do not generate future taxable income or applicable corporate tax rates are reduced; risks associated with delegating authority to third party managing general agents; future strategic transactions such as acquisitions, dispositions, investments, mergers or joint ventures; SiriusPoint’s response to any acquisition proposal that may be received from any party, including any actions that may be considered by the Company’s Board of Directors or any committee thereof; and other risks and factors listed under "Risk Factors" in the Company's most recent Annual Report on Form 10-K and other subsequent periodic reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. 2 Disclaimer


 
Agenda 3 • Introduction ◦ Key Messages ◦ Guidance ◦ Diversified Business Model ◦ Reduced Volatility in Underwriting ◦ Continued Focus on Cost Efficiencies ◦ Developing and Embedding Our Culture • Full Year and Quarterly Results Update


 
Introduction 4


 
Distribution enhanced and further progress on rationalizing MGA stakes 5 Key Messages: Continued Progress on Strategic Priorities Notes: [1] Reflects Core business. [2] Reflects Core business and adjusted for $105m of FY 23 reserve releases linked to LPT, $42m of expenses re-allocated from net corporate and other expenses to the underwriting result and $16m of expenses relating to STI outperformance versus plan. [3] PMLs are on a per occurrence basis for 1-in-100 year events, net of restatements and after-tax. PMLs are an estimate based on industry standard catastrophe modeling with proprietary adjustments. [4] Net services fee income includes services noncontrolling income. [5] SiriusPoint Group BSCR calculated as available economic capital and surplus divided by the enhanced capital requirement. [6] Total asset leverage calculated as sum of total investments including cash and equivalents over tangible diluted common shareholders’ equity attributable to SiriusPoint common shareholders. [7] Debt to Capital Ratio calculated as debt divided by total capital. Total capital represents the sum of shareholders’ equity and debt. Debt in this calculation excludes preference shares. [8] Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders. [9] ROE calculated as net income divided by average common shareholders' equity. One-off items, adjusted for tax, include LPT adjustment, DTA following the changes in the Bermuda tax law, Q4 reserve additions and restructuring and transaction costs. Strong balance sheet and ROE8 guidance achieved early Net investment income remains strong, 2023 guidance surpassed Fifth consecutive quarter of strong underwriting results • Underwriting profit for the Core business at $250m for FY 23 (vs. loss of $35m in FY 22) with 89.1% Combined Ratio (COR)1 • 10.4 ppts of COR2 improvement YoY on a like-for-like basis • $14m Cat losses for FY 23 (vs. $138m in FY 22) • PMLs3 down ~60% since Q2’21 following portfolio actions to reduce volatility • 2024 Core US Retro purchased at reduced retention levels and higher limits for the same cost as 2023 • Net investment income (NII) at $284m in FY 23 and $78m in Q4'23, exceeding FY 2023 guidance • Duration of assets backing loss reserves unchanged at ~2.7 years and we remain fully matched • Average fixed income portfolio credit rating of AA and have seen no defaults across the portfolio • Bermuda Solvency Capital Ratio (BSCR)5 strong at 237% • Reduction in total asset leverage6 (Q4'23: 3.3x vs. Q3'23: 3.6x) and debt to capital ratio7 (Q4'23: 23.8% vs. Q3'23: 25.3%) • 2023 ROE8 of 16.2%, above guidance. ROE ex. one-off items9 at 10.2% • Consolidated MGAs generated $50m of net services fee income4 (up 37% vs. FY 22) with 21% service margin (FY 22: 17%) • 2 partnerships (auto and professional liability) onboarded in Q4 (9 added in FY 23); 3 partnerships added in 2024 • MGA equity stakes down to 25 (vs. 36 at Q4’22) Continued prudent approach to reserving • Favorable Q4'23 Prior Year Development (PYD) of $38m and $167m for 2023 for the Core business (includes LPT) • $30m added to reserve margin within Corporate Segment in Q4'23 (~1% of COR) • Overall, continue to hold a conservative reserve margin


 
Expectations for 2024 and Beyond 6 Gross Premium Written1 Net Investment Income Return on Equity3 Cost Savings Program 2024: $250m - $265m2 Medium term: 12-15% >$50m delivered ahead of schedule $30m restructuring charge in 2023 as we accelerated our cost savings program 2023: $3.3bn 2023: $284m 2023: 16.2%, (10.2% ex. one-offs4) Notes: [1] Reflects Core business. [2] 2024 NII guidance based on current forward yield curves. [3] Return on equity is defined as net income divided by shareholders' equity and assumes an effective tax rate of 15% in line with the Bermuda Income Tax Act 2023. [4] ROE calculated as net income divided by average common shareholders' equity. One-off items, adjusted for tax, include LPT adjustment, DTA following the changes in the Bermuda tax law, Q4 reserve additions and restructuring and transaction costs. 2024: Underlying growth in targeted areas to be offset by final portfolio actions taken in 2023 (i.e. Workers' Comp, Cyber lines)


 
7 Diversified Business Model: All 3 Engines are Delivering Notes: [1] Reflects Core business. [2] Strategic investments as of December 31, 2023. Investments also include holdings in Venture Capital (VC) funds. [3] SP premium refers to Gross Premium Written from Arcadian, IMG, Armada and Alta Signa on like-for-like basis. [4] Net services fee income includes services noncontrolling income. [5] SP premium refers to SiriusPoint Gross Premium Written from non-consolidated partnerships where we have equity stakes. [6] Total investment result calculated as the sum of Net realized and unrealized investment gains (losses), Net realized and unrealized investment gains (losses) from related party investment funds and Net investment income. [7] Fixed income investments exclude short-term investments. Underwriting1 InvestmentsStrategic Investments2 2023 GPW by Specialism1 2023 GPW $3,311 2023 COR 89.1% 2023 UW Income $250 10.4 ppts YoY improvement in COR during 2023 on a like-for-like basis Cat losses1 down to $14m for 2023 vs. $138m in 2022 Rebalanced portfolio with lower exposure to Property Total MGAs 4 2023 SP Premium3 $631 2023 Net Services Fee Income4 $50 Q4'23 Book Value $90 Consolidated Others 2023 Net Investment Income: $284 2023 Total Investment Result6: $273 Arcadian IMG Armada Alta Signa Investments with underwriting capacity: 14 Other Investments: 8 Fee income from MGAs provides a diversified, capital-light source of earnings FY Consolidated MGA revenue grew 10% YoY $50m net service fee income grew 37% YoY, with service margin at 21% Surpassed revised FY net investment income guidance of $250m to $260m for 2023 Seeing reduction in P&L volatility given higher percentage of available for sale ("AFS") assets 90% of our fixed income investments7 classified as AFS (vs. 88% as of Q3’23 and none as of Q4’21) 2023 SP Premium5: $553 $ numbers in USD millions


 
8 Reduced Volatility in Underwriting Notes: [1] PMLs are on a per occurrence basis for 1-in-100 year events, net of restatements and after-tax. PMLs are an estimate based on industry standard catastrophe modeling with proprietary adjustments. [2] Within this chart, Q4'23 relates to 1/1/24, Q2'23 relates to 7/1/23, Q4'22 relates to 1/1/23 and Q2'21 relates to 7/1/21. [3] Reflects Core business. [4] Net Earned Premiums. [5] Gross loss retention represents the retention before the effect of quota share arrangements. Any recoveries from quota share reinsurance would reduce the gross retention in 2024 compared to 2023 where recoveries would not have reduced retention. Historical Cat losses3PML for 1-in-100 year event1,2 • Portfolio actions having impact given significant reduction in Core Cat losses at $14m for 2023 vs. $138m in 2022, a ~90% decrease YoY • ~60% reduction in PML since Q2’21 supported by exposure changes and retro-purchase at 1/1 • Underwriting actions and improved performance has helped us to reduce retention levels and secure larger limits, compared to 2023, for our 2024 Core US Retro program ~60% reduction since Q2'21 $ numbers in USD millions Cats (as a % of NPE4) $ numbers in USD millions 6.0% 0.6% US Retrocession Protection Limit Retention $ numbers in USD millions 5


 
Cost Savings Program Delivered Ahead of Schedule Notes: [1] 2023 Personnel costs includes $17m of STI expense relating to outperformance versus plan. [2] Non-personnel expenses include IT related costs, professional fees and occupancy fees. FY 22 and HY 22 includes non-personnel premium taxes. [3] Transaction costs defined as costs related to 13-D filing and Loss Portfolio Transfer. [4] Total does not include MGA costs. [5] Underlying costs reduction includes adjustment for 2023 STI expense relating to outperformance versus plan and 2023 transaction costs to get to a like for like basis. • Run-rate cost reductions of >$50m achieved as we create globally integrated functions as part of “One SiriusPoint” strategy • Underlying cost reduction calculated as we adjust for one-off costs at FY 23 and FY 22 from the headline cost savings of ~$52m • $30m restructuring charge in 2023 as we accelerated our costs savings program and delivered an year ahead of our schedule Other underwriting expenses (Consolidated) Net Corporate and Other Expenses FY 23 $185m $134m Total4 $318m of which: Personnel $103m Non-personnel2 $82m of which: Restructuring $30m FY 22 $196m $70m $266m of which: Restructuring $30m Transaction costs3 $8m of which: Personnel1 $137m Non-personnel2 $60m $42m re-allocated Headline cost reduction $52m Underlying cost reduction5 $77m 9


 
10 Developing Our Culture


 
11 Notes: [1] Overall engagement and drivers are scored 0 to 100. Average scores of 70 and above are considered a positive result, in line with the &Frankly external benchmark which is the average results of other organizations utilizing the &Frankly engagement survey (approximately 600 companies). [2] The Net Promoter Score is scored -100 to 100, and based on the question "Would you recommend working at SiriusPoint to a friend?". Average scores of above 0 are considered 'good', scores between 20-30 are considered 'great', which scores of 30 and above being 'exceptional'. Embedding our Culture Overall Engagement Score: 75 Review of Compensation Practices Full overhaul of approach to pay, bonus and LTI to underpin a high-performance culture. Employee Engagement Survey Launched globally across the organization with a response rate of 80.8%. Culture Workshops Virtual and on-site cross-functional workshops, working with our values and discussing business opportunities and the meaning of 'One SiriusPoint'. SiriusPoint Stars Platform launched for colleagues to recognize each other for living and exhibiting our values. Leadership Development & Performance Management Launch of Leadership Development program to support embedding of culture, and establishment of a performance management framework and tools for proactive management of company results and objectives. Employee Engagement Survey Second survey to track development and KPIs. Constant progress towards the 'One SiriusPoint' vision Significant increase in effort has led to improvement in employee engagement over last 12 months1 Alignment CollaborationLeadership 83 80 77 Recognition 74 Development 76 Pride 67 Wellbeing 66Areas to work on: Highlights: Net Promoter Score2 -24


 
Full Year and Quarterly Results Update 12


 
$ numbers in USD millions 2022 2023 GPW1 $3,406 $3,311 NPW1 $2,546 $2,344 UW Income (Loss)1 ($35) $250 Net Services Fee Income1 $36 $50 Total Investment Result2 ($323) $273 Net Income (Loss)3 ($403) $339 COR1 (%) 101.6% 89.1% AY COR1 (%) 102.1% 96.4% Common Shareholders' Equity4 $1,875 $2,314 Full Year 2023 Financial Results 13 Notes: [1] Reflects Core business. [2] Total investment result calculated as the sum of net realized and unrealized investment gains (losses), net realized and unrealized investment gains from related party investment funds and net investment income. [3] Net income (loss) available to SiriusPoint common shareholders. [4] Common shareholders’ equity attributable to SiriusPoint common shareholders at end of period. [5] PYD = Prior Year Development. [6] MTM = Mark to Market. [7] Excludes transaction costs and interest on funds withheld related to LPT. • GPW1 down 3% YoY • Driven by Reinsurance (-$250m) • Offset by growth in Insurance & Services ($156m) • Core underwriting result up by $285m benefiting from higher favorable PYD5, lower Cat losses and expenses • Net services fee income1 at $50m (up 37% YoY) • Total investment result2 at $273m vs. a loss of $323m • Net investment income ("NII") at $284m • Net realized and unrealized losses, including related party investment funds at $11m • Other notable items impacting income: • $30m restructuring charge • $35m foreign exchange losses • $59m impact from MTM6 on liability-classified capital instruments • $101m DTA benefit from Bermuda tax changes • $128m overall net benefit7 linked to LPT (pre-tax) • Net income3 of $339m, improved $742m vs. 2022 and supported by positive underwriting, investment result and net services fee income • Common shareholders' equity4 at $2.3bn, up 23% since FY 2022 Key Comments


 
$ numbers in USD millions Q4'22 Q4'23 GPW1 $742 $720 NPW1 $577 $458 UW Income1 $31 $37 Net Services Fee Income1 $2 $12 Total Investment Result2 $52 $65 Net Income (Loss)3 ($27) $94 COR1 (%) 94.8% 93.4% Q3'23 Q4'23 Common Shareholders' Equity5 $2,050 $2,314 Q4 2023 Financial Results 14 Notes: [1] Reflects Core business. [2] Total investment result calculated as the sum of net realized and unrealized investment gains (losses), net realized and unrealized investment gains from related party investment funds and net investment income. [3] Net income (loss) available to SiriusPoint common shareholders. [4] PYD = Prior Year Development. [5] Common shareholders’ equity attributable to SiriusPoint common shareholders at end of period. [6] MTM = Mark to Market. • GPW1 decreased 3% YoY • Driven by Reinsurance (-$49m) • Offset by Insurance & Services (+$26m) • Core underwriting result up 19%. Benefited from favorable PYD4 and acquisition costs • Net services fee income1 increased to $12m, driven by 21% revenue growth. Service margin at 22% • Total investment result2 at $65m vs. $52m in Q4'22. NII at $78m vs. $52m in Q4'22 • Other notable items impacting Q4'23 income: • $17m additional STI expense given outperformance versus plan • $30m reserve margin strengthening in the Corporate segment • $6m of restructuring charge • $19m of foreign exchange losses • $15m impact from MTM6 on liability-classified capital instruments • $101m DTA benefit from Bermuda tax changes • Net income3 of $94m supported by underwriting, investment result and net services fee income • Common shareholders' equity5 at $2.3bn, up 13% in the quarter Key Comments


 
$ numbers in USD millions Key Comments • Core premiums down 3% driven primarily by decrease in Reinsurance • Reinsurance premiums down 16% for 2023, driven by previously guided International Reinsurance review • Insurance & Services premiums up 8% for 2023, driven by our P&C Strategic business (+17%). A&H premiums down 2% but on like-for-like basis up ~5% as one-big account moved to the Corporate segment • 2024 premium growth to be impacted by actions taken during 2023. Will continue to prioritize underwriting results over premium growth • Overall, achieved a rate increase of 6% across the book (ex. North America Insurance business) in FY 23 and 7% in Q4'23 Core Insurance & Services Reinsurance 15 Trends in Gross Premium Written


 
Attritional ratio3 1 ppt Cat ratio 5 ppts PYD4 ratio 7 ppts Underwriting Performance: Significant Turnaround in 2023 16 COR Walk1 $ numbers in USD millions Trends in Attritional Loss Ratio3 and Acquisition Cost Ratio Attritional Loss Ratio3 Acquisition Cost Ratio Key Comments (11 ppts) (1 ppt) Notes: [1] Reflects Core business. [2] Reflects Core business adjusted for $105m of 2023 reserve releases linked to LPT and $42m of expenses re-allocated from net corporate and other expenses to the underwriting result and $16m of expenses relating to STI outperformance versus plan. [3] Attritional loss ratio excludes catastrophe losses from the accident year loss ratio. [4] PYD = Prior Year Development. [5] Adjusted for 2023 reserve releases linked to LPT. [6] Reflects STI expense of $16m in Core business. There is an additional $0.7m STI expense in Corporate. [7] Total expense ratio calculated as the sum of acquisition cost ratio and other underwriting expense (OUE) ratio. (0.1 ppt) 5 ppts • Portfolio actions already yielding results, 10.4 ppts of COR2 improvement on a like-for-like basis • Adjusted 2023 COR2 at 91.2% vs. 101.6% at 2022 • COR1 at 89.1%, improved by 12.5 ppts and supported by lower Cat losses, higher favorable PYD4 and a reduction in expense ratio • $14m of Cat losses1 (net of reinsurance and reinstatement premiums) during 2023 • PYD4 ratio is 7 ppts favorable to 2022 and includes benefits linked to the LPT transaction • Total Expense ratio at 31.8%1,7, ~4 ppts improvement vs. previous year on a like-for-like basis • $42m (~2 ppts) moved from net corporate and other expenses to the underwriting result • Increase in attritional loss ratio3 predominately driven by mix change. Attritional loss ratio increase more than offset by lower acquisition cost ratio 5 88.5% 88.0% 91.5% 91.0% 85.7% 84.5% Attritional Loss3 + Acquisition Cost Ratio 5 (~1 ppt)(~2 ppts) 6


 
Investment Income: De-Risked and Benefiting from Rate Increases 17 $ numbers in USD millions Key Comments Notes: [1] 2024 NII guidance based on current forward yield curves. [2] Total investment result calculated as the sum of net realized and unrealized investment gains (losses), net realized and unrealized investment gains from related party investment funds and net investment income. [3] MTM = Mark to Market. [4] Fixed income investments exclude short-term investments. $250-$2651 Net Investment Income Total Investment Result2 • Investment strategy unchanged and focused on high quality fixed income (FI) instruments • NII higher at $284m in 2023 (vs. $113m in 2022). NII of $78m in Q4'23 vs. $75m in Q3'23 • 2023 full year NII revised guidance of $250m to $260m exceeded given higher yields • Total investment result2 higher at $273m (vs. $323m loss in 2022) as last year's results were significantly impacted by MTM3 movements and lower NII • P&L volatility lower in part due to designation of the new fixed income investments as available for sale (“AFS”) • 90% of our FI investments4 classified as “AFS” (vs. 88% as of Q3'23 and none as of Q4'21) • Invested >$1.8bn with average re-investment rate >4.5% during 2023 $273 ($323)


 
TPE Short-term Investments De-risked Investment Portfolio: In-line with Industry 18 Q4'23: $7.2bn Notes: [1] Other includes Strategics, TP Ventures and Legacy & Other Alts. [2] Third Point Enhanced Fund. [3] Excludes short-term investments. [4] Tangible diluted common shareholders’ equity attributable to SiriusPoint common shareholders. [5] Total asset leverage calculated as sum of total investments including cash and equivalents over tangible diluted common shareholders’ equity attributable to SiriusPoint common shareholders. Q3'23: $6.8bn 1 2 AAA AA A BBB Not Rated / Below IG Gov’t ABS/MBS/CLO Cash Corporate Other Q4'23 Fixed Income Portfolio Credit Quality3 Key Comments • Total investment portfolio at $7.2bn, up 6% during Q4'23 • Average credit rating at AA for our fixed income portfolio with limited exposure to below investment grade/non- rated fixed income instruments • No defaults across portfolio in 2023 • As a percentage of tangible common shareholders’ equity4: • BBB represents 27% (vs. Q3'23: 28%) • Below investment grade / non-rated represents 3% (vs. Q3'23: 7%) • Assets backing loss reserves duration at ~2.7 years (vs. ~2.7 years at Q3'23) and we are fully matched • Overall asset duration increased to ~2.8 years up from ~2.7 years at Q3’23 (~1.8 years at Q4'22) • Total asset leverage5 at 3.3x (vs. Q3'23: 3.6x and Q4'22: 3.8x) Investment Balances by Asset Class


 
19 Notes: [1] SiriusPoint Group BSCR calculated as available economic capital and surplus divided by the enhanced capital requirement as of June 30, 2023, and September 30, 2023, respectively. [2] Financial strength ratings for the operating subsidiaries, SiriusPoint International Insurance Corporation, SiriusPoint Bermuda Insurance Company, SiriusPoint America Insurance Company and SiriusPoint Specialty Insurance Corporation. [3] Q2'23 and Q3'23 available capital split is our internal view. [4] Debt to Capital Ratio calculated as debt divided by total capital. Total capital represents the sum of shareholders’ equity and debt. Debt in this calculation excludes preference shares. Strong Balance Sheet 238% 237% • Continue to operate the business against 'AA’ rating requirement under S&P model • S&P upgraded our outlook to 'Stable' and reaffirmed rating in Q4'23. Fitch did the same during 1H 23 • Q4 earnings, supported by increase in deferred tax assets, have led to reduction in the financial leverage • Debt to capital ratio4 at 23.8% and remains within target range (vs. Q3'23: 25.3%) • BSCR strong at 237% as of Q3'23 (Q2'23: 238%) Financial Strength Rating (FSR)2: Key Comments A- (Stable) A- (Stable) A- (Stable) Revised March 22, 2023 Revised November 9, 2023 Affirmed April 19, 2023 SiriusPoint Group Available Capital3 BSCR1 $ numbers in USD millions


 
Thank You


 
v3.24.0.1
Cover Document
Feb. 20, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 20, 2024
Entity Registrant Name SIRIUSPOINT LTD.
Entity Incorporation, State or Country Code D0
Entity Tax Identification Number 98-1599372
Entity Address, Street Address Point Building
Entity Address, Street Address 2 3 Waterloo Lane
Entity Address, City Pembroke
Entity Address, Postal Zip Code HM 08
Entity Address, Country BM
City Area Code 441
Local Phone Number 542-3300
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Entity Emerging Growth Company false
Entity Central Index Key 0001576018
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Entity File Number 001-36052
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Trading Symbol SPNT
Name of each exchange on which registered NYSE
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Name of each exchange on which registered NYSE
8.00% Resettable Fixed Rate Preference Shares, Series B  
Cover [Abstract]  
Title of each class 8.00% Resettable Fixed Rate Preference Shares, Series B, $0.10 par value, $25.00 liquidation preference per share
Trading Symbol SPNT PB
Name of each exchange on which registered NYSE
Document Information [Line Items]  
Title of each class 8.00% Resettable Fixed Rate Preference Shares, Series B, $0.10 par value, $25.00 liquidation preference per share
Trading Symbol SPNT PB
Name of each exchange on which registered NYSE

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