Slide 1: SiriusPoint Ltd. – A Global Underwriter: 2023 Full Year and Fourth Quarter Results
SIRIUSPOINT LTD. – A GLOBAL UNDERWRITER 2023 Full Year and Fourth Quarter Results February 20, 2024
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 • 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 3
Slide 4: Introduction
Introduction 4
Slide 5: Key Messages: Continued Progress on Strategic Priorities
Key Messages: Continued Progress on Strategic Priorities • 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 Fifth consecutive quarter of strong • $14m Cat losses for
Slide 6: Expectations for 2024 and Beyond
Expectations for 2024 and Beyond Gross Net Return on Cost Savings Premium Investment Equity3 Program Written1 Income 2024: 2024: Medium term: >$50m delivered ahead Underlying growth in $250m - $265m2 12-15% of schedule targeted areas to be offset by final portfolio $30m restructuring charge actions
Slide 7: Diversified Business Model: All Engines are Delivering
Diversified Business Model: All 3 Engines are Delivering $ numbers in USD millions Underwriting1 Strategic Investments2 Investments 2023 GPW by Specialism1 Consolidated Others Investments with 2023 Net Investment Income: Arcadian $284 underwriting capacity: 14 2023 Total Investment Result6: $273 IMG
Slide 8: Reduced Volatility in Underwriting
Reduced Volatility in Underwriting PML for 1-in-100 year event1,2 Historical Cat losses3 $ numbers in USD millions $ numbers in USD millions ~60% reduction Cats (as a since Q2'21 % of NPE4) 6.0% 0.6% US Retrocession Protection $ numbers in USD millions • Portfolio actions having impact given signifi
Slide 9: Cost Savings Program Delivered Ahead of Schedule
Cost Savings Program Delivered Ahead of Schedule FY 22 FY 23 $185m $196m Other underwriting of which: of which: expenses Personnel $103m Personnel1 $137m $42m (Consolidated) Non-personnel2 $82m Non-personnel2 $60m re-allocated $134m $70m Net Corporate and of which: of which: Other Expenses Headline
Slide 10: Developing Our Culture
Developing Our Culture OUR PURPOSE SiriusPoint: Providing security and resilience in an uncertain world. OUR VISION To be recognized as a best-in-class insurer and reinsurer, utilizing deep risk capabilities to protect our customers. Blending our talent, expertise and data to provide intelligent ris
Slide 11: Embedding our Culture
Embedding our Culture Constant progress towards the 'One SiriusPoint' vision Review of Compensation Practices Culture Workshops Leadership Development & Performance Management Full overhaul of approach to pay, bonus Virtual and on-site cross-functional Launch of Leadership Development program to sup
Slide 12: Full Year and Quarterly Results Update
Full Year and Quarterly Results Update 12
Slide 13: Full Year 2023 Financial Results
Full Year 2023 Financial Results $ numbers in USD millions 2022 2023 Key Comments GPW1 $3,406 $3,311 • GPW1 down 3% YoY • Driven by Reinsurance (-$250m) • Offset by growth in Insurance & Services ($156m) NPW1 $2,546 $2,344 • Core underwriting result up by $285m benefiting from higher favorable PYD5,
Slide 14: Q4 2023 Financial Results
Q4 2023 Financial Results $ numbers in USD millions Q4'22 Q4'23 Key Comments GPW1 $742 $720 • GPW1 decreased 3% YoY • Driven by Reinsurance (-$49m) • Offset by Insurance & Services (+$26m) NPW1 $577 $458 • Core underwriting result up 19%. Benefited from favorable PYD4 and acquisition costs • Net ser
Slide 15: Trends in Gross Premium Written
Trends in Gross Premium Written $ numbers in USD millions Core Insurance & Services Reinsurance 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 & Servic
Slide 16: Underwriting Performance: Significant Turnaround in 2023
Underwriting Performance: Significant Turnaround in 2023 $ numbers in USD millions COR Walk1 Key Comments 5 ppts • Portfolio actions already yielding results, 10.4 ppts of (11 ppts) (1 ppt) (0.1 ppt) (~2 ppts) (~1 ppt) COR2 improvement on a like-for-like basis Attritional ratio3 1 ppt • Adjusted 202
Slide 17: Investment Income: De-Risked and Benefiting from Rate Increases
Investment Income: De-Risked and Benefiting from Rate Increases $ numbers in USD millions Net Investment Income Key Comments $250-$2651 • 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
Slide 18: De-risked Investment Portfolio: In-line with Industry
De-risked Investment Portfolio: In-line with Industry Investment Balances by Asset Class Key Comments ABS/MBS/CLO Corporate • Total investment portfolio at $7.2bn, up 6% during Q4'23 Gov’t • Average credit rating at AA for our fixed income portfolio Cash with limited exposure to below investment gra
Slide 19: Strong Balance Sheet
Strong Balance Sheet $ numbers in USD millions BSCR1 Financial Strength Rating (FSR)2: 238% 237% A- Affirmed (Stable) April 19, 2023 A- Revised (Stable) March 22, 2023 A- Revised (Stable) November 9, 2023 SiriusPoint Group Available Capital3 Key Comments • Continue to operate the business against 'A
Slide 20: Thank You
SiRiUs POINT