Slide 1: Q1 2025 Investor Presentation
Q1 2025 INVESTOR PRESENTATION May 5, 2025 NYSE: SPNT
Slide 2: Disclaimer
DISCLAIMER Basis of Presentation and Non-GAAP Financial Measures: Unless the context otherwise indicates or requires, as used in this presentation references to “we,” “our,” “us,” the “Company,” and "SiriusPoint" refer to SiriusPoint Ltd. and its directly and indirectly owned subsidiaries, as a comb
Slide 3: Agenda
AGENDA Highlights & Strategic Update Scott Egan, Group CEO First Quarter Financial Results Jim McKinney, Group CFO 3
Slide 4: Highlights & Strategic Update
Highlights & Strategic Update 4
Slide 5: SiriusPoint Overview
SIRIUSPOINT OVERVIEW Drive excellence as a best-in-class underwriter, with a diverse portfolio of low-volatility specialty lines that targets a 12-15% ROE across the cycle Other Specialties 3% Casualty 5% Relentless Focus on Underwriting Environmental 6% Energy 33% Marine 8% Disciplined and Agile Ca
Slide 6: Strong Result in Spite of Elevated Catastrophe Losses
STRONG RESULT IN SPITE OF ELEVATED CATASTROPHE LOSSES Q1 Return on Equity of 12.9%, within 12-15% 'across the cycle' target range +12% +20% 95.4% Gross Premiums Net Premiums Core Combined Book Value Per Share growth of +5% in the quarter (+4% ex. AOCI) Written3 Written3 Ratio Core Combined Ratio of
Slide 7: Reshaped Platform Enabling Profitable Growth
RESHAPED PLATFORM ENABLING PROFITABLE GROWTH 2025: Profitable Growth ROE target of 12-15% 'across the cycle' and 2024: Major Reshaping within range at Q1'25 LPTs covering $2.1bn of reserves from Tenth consecutive quarter of UW profit exited business, with >95% limit remaining 2022-2023: Turnaround F
Slide 8: Track Record of Attractive Earnings and Value Creation
TRACK RECORD OF ATTRACTIVE EARNINGS AND VALUE CREATION $ numbers in USD millions, except per share data Long-Term Value Framework $107.9 Target niche and growing markets $87.3 $94.3 where we have competitive Underlying $84.5 $74.7 advantage and a right to win $70.2 $57.8 $61.0 Net Income1 $57.8 $61.
Slide 9: Progress Towards Our Aim of Best-in-Class Underwriting
PROGRESS TOWARDS OUR AIM OF BEST-IN-CLASS UNDERWRITING Trailing Twelve Months Combined Ratio Key Messages 103.9% – SiriusPoint's Core combined ratio outperformed the peer average 101.6% combined ratio in Q1'25 by 4.0 101.3% points – Portfolio actions have led to a 9.1 99.4% point improvement in Siri
Slide 10: Strong Growth Whilst Retaining Underwriting Discipline
STRONG GROWTH WHILST RETAINING UNDERWRITING DISCIPLINE Gross Premiums Written Growth1 Core Combined Ratio (ex. LPT Benefit) 32% 96.8% 95.6% 92.9% 93.8% 93.5% 91.1% 91.7% 90.3% 95.5% 88.9% 10.9% 93.8% 92.5% 91.1% 91.7% 91.7% 6.6% 22% 87.0% 83.7% 84.7% 21% 12% 10% 7% 7% 4% Q1'23 Q2'23 Q3'23 Q4'23 Q1'2
Slide 11: SiriusPoint Forward Outlook
SIRIUSPOINT FORWARD OUTLOOK Strong underwriting culture with compensation fully aligned to shareholder value creation Agile capital allocator Seasoned management team with proven ability to move with demonstrable track and optimize capital record of execution Healthy growth outlook Undervalued balan
Slide 12: First Quarter Results Update
First Quarter Results Update 12
Slide 13: Q1 2025 Financial Results: Core Segment
Q1 2025 FINANCIAL RESULTS Financial Highlights Key Comments $ numbers in USD millions Q1'24 Q1'25 – GPW1 up 12% YoY, with NPW increasing by 20% Gross Premiums Written $881 $990 – EPS of $0.49 – $15m YoY reduction in underwriting income driven by $59m Net Premiums Written $627 $752 impact from Califo
Slide 14: 3.0 Points of Combined Ratio Earnings Quality Improvement
3.0 POINTS OF COMBINED RATIO EARNINGS QUALITY IMPROVEMENT Trends in Attritional Combined Ratio1 Bridge to Core Combined Ratio Attritional Loss Ratio plus Total Expense Ratio2 10.9% 95.4% 93.0% 90.0% 90.0% 7.2% 6.0% 6.0% 26.1% 24.7% 24.7% OUE Ratio 3 (5.5)% Acquisition Cost Ratio 59.7% 59.3% 59.3% At
Slide 15: Insurance & Services Segment
INSURANCE & SERVICES SEGMENT Gross Premiums Written1 Business Mix Combined Ratio 96.0% 97.5% 93.3% Attritional COR2 Property Other Specialties 7% $635 14% 98.4% +21% 90.4% 94.0% $549 6.9% $524 5.6% 6.6% 24.7% 26.0% 24.6% OUE Ratio A&H Acq. Cost Ratio 56% Loss Ratio 66.8% Casualty 59.2% 62.4% 23% Q1'
Slide 16: Reinsurance Segment
REINSURANCE SEGMENT Gross Premiums Written Business Mix Combined Ratio 95.7% 88.3% 86.3% Attritional COR1 Property 25% 97.1% Casualty 84.2% 6.5% $396 38% $356 (0.4)% $355 69.3% 7.6% 23.2% 10.9% 27.5% OUE Ratio 25.4% Acq. Cost Ratio Loss Ratio 67.4% 49.1% 33.0% Other Specialties 37% Q1'23 Q1'24 Q1'25
Slide 17: Reduction of Catastrophe Loss Volatility
REDUCTION OF CATASTROPHE LOSS VOLATILITY 2022 2023 2024 2025 FY 2022 Catastrophe Loss Ratio FY 2023 Catastrophe Loss Ratio FY 2024 Catastrophe Loss Ratio Q1 2025 Catastrophe Loss Ratio Company A 25.3% Company A 15.7% Company A 22.5% Company A 55.3% Company B 20.0% Company I 7.9% Company B 8.8% Compa
Slide 18: Reserving Prudence Demonstrated by PYD Track Record
RESERVING PRUDENCE DEMONSTRATED BY PYD TRACK RECORD $ numbers in USD millions Reserve Releases as % of Opening Net Reserves1 Key Comments – Sixteen consecutive quarters of favorable prior year development – External reserve review completed at FY 24 determined reserves were sufficiently prudent 4.5%
Slide 19: High Quality Investment Portfolio
HIGH QUALITY INVESTMENT PORTFOLIO $ numbers in USD millions Net Investment Income Investment Balances by Asset Class Credit Quality4 STI Not Rated / Below IG TPE2 Other3 CLO AAA $265-$2751 1% 4% Corporate BBB 3% 6% 16% 27% 14% ABS 11% Q1'25 $6.0bn $79 22% $71 15% A Government 20% 45% MBS 15% AA Q1'2
Slide 20: Strong and Diversified Capital Base
STRONG AND DIVERSIFIED CAPITAL BASE $ numbers in USD millions BSCR Ratio Walk1 Strong Mix of Capital2 $2.0bn Equity Capital3 8% 14% 14% 228% 227% 33% 32% $0.7bn (8)% (1)% Debt Capital 53% 54% 208% (19)% Q4'24 Q1'25 $2.7bn Tier 1 Tier 2 Tier 3 Total Capital Key Comments – BSCR ratio optimized to maxi
Slide 21: Secure Balance Sheet
SECURE BALANCE SHEET $ numbers in USD millions Debt-to-Capital1 Liquidity Financial Strength Ratings (FSR) $973 27.2% 23.8% 24.8% 24.7% $686 $506 $704 A- OUTLOOK UPGRADED A- AFFIRMED 1/24/25 (POSITIVE) 4/25/25 (STABLE) Q2'24 Q3'24 Q4'24 Q1'25 2 A- OUTLOOK UPGRADED A3 AFFIRMED 3/12/25 FY 22 FY 23 FY
Slide 22: Appendix
SiRiUs POINT
Slide 23: Reconciliation of Underlying Net Income
APPENDIX 1 RECONCILIATION OF UNDERLYING NET INCOME Q1 25 Q4 24 Q3 24 Q2 24 Q1 24 Q4 23 Q3 23 Q2 23 Q1 23 Q4 22 Net income (loss) available to SiriusPoint common shareholders $ 57.6 $ (21.3) $ 4.5 $ 109.9 $ 90.8 $ 93.5 $ 57.5 $ 55.9 $ 131.9 $ (26.6) Non-recurring adjustments: Gains on sale or deconso
Slide 24: Reconciliation of Underlying Return on Equity
APPENDIX 2 RECONCILIATION OF UNDERLYING RETURN ON EQUITY Q1'25 Q1'24 Net income available to SiriusPoint common shareholders $ 57.6 $ 90.8 Non-recurring adjustments: Gains on sale or deconsolidation of consolidated MGAs — — Losses on strategic and other investments 0.5 (0.1) MGA & Strategic Investme
Slide 25: Strategic MGA Investments
APPENDIX 3 STRATEGIC MGA INVESTMENTS Consolidated MGA Investments Rationalization Progress Q4'22 Q4'23 Q4'24 Q1'25 Consolidated MGAs 5 4 3 3 Non-Consolidated MGAs 31 22 17 17 100%-owned A&H 75%-owned Specialty Underwriting MGAs 20 14 10 10 Investment MGAs 11 8 7 7 $44m $83m Total Strategic Investmen
Slide 26: Thank You
Thank You investors.siriuspt.com