Slide 1: SiriusPoint Ltd. – A Global Underwriter: 2024 Full Year and Fourth Quarter Results
SIRIUSPOINT LTD. – A GLOBAL UNDERWRITER 2024 Full Year and Fourth Quarter Results February 18, 2025
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 Full Year and Quarterly Results Update • Key Messages • Fourth Quarter 2024 Results • Actions Towards Strategic Priorities • Full Year 2024 Results • Building a Track Record • Premium Trends & Premium Analysis • Specialized Business Model • Underwriting Performance • Infrastructu
Slide 4: Introduction
Introduction 4
Slide 5: Key Messages: Strong Performance, Major Reshaping Complete
Key Messages: Strong Performance, Major Reshaping Complete 1 • FY 24 Core COR of 91.0%, which is a 2 ppt improvement ex. LPT , driven by 4 ppts of attritional loss ratio improvement YoY 9th consecutive quarter of positive 2 • Strong continuing lines GPW growth of 21% in Q4 contributed to overall gro
Slide 6: Decisive Actions Across Three Priorities To Become a Better Performing Underwriter
Decisive Actions Across “Three Priorities” To Become a Better Performing Underwriter What we said we would do: Focus on Profitability Simplify the Business Reduce Volatility and ROE What we have done: Fully integrated “One SiriusPoint” with Increased mix from Specialty, MGA and A&H Disciplined under
Slide 7: Building a Track Record of Delivery
Building a Track Record of Delivery (numbers in USD millions, except per share data) 1,2 1,2 Core Combined Ratio (ex. LPT) Favorable Prior Year Development Nine consecutive quarters of profitable underwriting performance Reserving prudence demonstrated by track record of favorable PYD 100.0% $57.7 $
Slide 8: Specialized Business Model: All Engines are Delivering
Specialized Business Model: All 3 Engines are Delivering $ numbers in USD millions 1 3 Underwriting Strategic Investments Investments 1 FY 24 GPW by Specialism Consolidated Investments Property 14% Total MGAs 3 IMG A&H 100% owned FY 24 Net Investment Income: Casualty 4 FY 24 SP Premium $261 $304 35%
Slide 9: Building Capabilities to Maximise our Potential
Building Capabilities to Maximise our Potential 2022 - 2024 2025-2026 Aspiration Turnaround & Shifting strategic focus to scale growth, Best in Class Insurer Major Reshaping unlock markets and operational efficiencies & Reinsurer Targeted investments will allow us to profitably Building capabilities
Slide 10: Growth to continue with underwriting discipline
Growth to continue with underwriting discipline 1 Continuing Lines GWP Growth 2025 Outlook with discipline shown at 1/1 35% 32% Our underwriting approach and operating model allows for nimble underwriting capital allocation 30% In 2025 we expect to grow further into Insurance over Reinsurance where
Slide 11: CMIG (CM Bermuda) Transaction Update
CMIG (CM Bermuda) Transaction Update December 30, 2024 Announcement February 18, 2025 Announcement Full repurchase of all outstanding CMIG common shares and the full All 45.7m common shares (28% of O/S) will be surrender and cancellation of merger warrants held by CMIG for $733m permanently retired
Slide 12: Full Year and Quarterly Results Update
Full Year and Quarterly Results Update 12
Slide 13: Q4 2024 Financial Results
Q4 2024 Financial Results $ numbers in USD millions Q4'23 Q4'24 Key Comments 1 1 GPW $720 $763 • Headline GPW up 6% YoY, with continuing lines GPW 2 (ex. 2023 exited business ) up 21% YoY 4 1 • Net loss of $21m, or $44m of net income on an NPW $458 $560 6 underlying basis increasing by 19% YoY drive
Slide 14: Full Year 2024 Financial Results
Full Year 2024 Financial Results FY 23 FY 24 Key Comments $ numbers in USD millions 1 GPW 1 $3,311 $3,176 • Headline GPW down 4% YoY, with continuing lines 2 GPW (ex. 2023 exited business ) up 10% YoY 4 6 • Net income of $184m, up 14% YoY on an underlying 1 NPW $2,344 $2,341 basis to $304m ex. LPT e
Slide 15: Premium Trends: Continuing Lines Growth Continues
Premium Trends: Continuing Lines Growth Continues $ numbers represent Gross Premiums Written in USD millions Key Comments • Strong continuing lines growth (ex. 1 2 $3,311 $3,176 2023 exited business ) of 21% in Q4'24 +10% YoY and 10% for FY 24 • Core premiums decreased 4% on a headline basis for FY
Slide 16: Premium Trends: Portfolio Growth Targeting Attractive Opportunities
Premium Trends: Portfolio Growth Targeting Attractive Opportunities 1 2 Continuing Lines Premium Growth by Specialism FY 24 Growing Premiums in Attractive Markets Lloyd's Syndicate 1945 Gross Premiums Gross Premiums Written Written +31% CAGR +25% YoY -4% YoY Property Accident & 14% 2 ppts Health Net
Slide 17: Underwriting Performance: 2.4 Points of Like-for-Like Improvement
Underwriting Performance: 2.4 Points of Like-for-Like Improvement 1 1 COR Walk Trends in Underlying Earnings Quality 5 Attritional Loss Ratio plus Total Expense Ratio 93.7% 95.8% 93.1% 2 ppts (0.2) ppt 91.0% 0.3 ppt 91.3% 89.1% 7.8% 7.6% (4 ppts) 24.0% 3 Attritional ratio 4 ppts 25.7% Cat ratio 1.9
Slide 18: Portfolio Actions in 2022 have Drastically Reduced our Volatility
Portfolio Actions in 2022 have Drastically Reduced our Volatility FY 2022 Catastrophe Loss Ratio FY 2023 Catastrophe Loss Ratio FY 2024 Catastrophe Loss Ratio Everest 9.0% Travelers 7.9% Travelers 8.0% Arch 7.8% Selective 6.4% Arch 7.3% AXIS 7.8% Chubb 4.5% Selective 6.5% SiriusPoint 6.0% AIG 4.3% C
Slide 19: Lower Volatility Portfolio Delivering Stable and Consistent Earnings
Lower Volatility Portfolio Delivering Stable and Consistent Earnings $ numbers in USD millions US Retrocession Protection Catastrophe Losses Limit % of SHE 1 6.8% 1.2% 2.4% $175.0 $100.0 $127.5 $130.0 $150.0 $137.9 Retention $125.0 $100.0 Q4 $90.0 $75.0 Q3 $72.5 $70.0 $54.8 Q2 $50.0 Q1 Cost Q1'23 Q1
Slide 20: 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 $304 $265-$275 1 $284 • NII higher at $304m in FY 24 (vs. $284m in FY 23) • Ahead of previous $295m-$300m guidance • Includes $69m of NII from Q4'24 • FY 25 guidance reflects
Slide 21: Strong Balance Sheet
Strong Balance Sheet $ numbers in USD millions 1 2: BSCR Financial Strength Rating (FSR) 214% A- Affirmed 266% (Stable) April 26, 2024 $3,524 $2,725 A- Affirmed (Stable) March 12, 2024 $1,324 $1,273 A3 Assigned (Stable) March 19, 2024 Q3'24 Q4'24 A- Affirmed Required Capital Available Capital (Stabl
Slide 22: Capital and Liquidity robust through strategic actions
Capital and Liquidity robust through strategic actions $ numbers in USD millions Capital Structure & Optimization Liquidity Senior Debt $1,995 $1,895 Retirement 3% • Excess capital returned to investors: Senior Debt 15% 12% Refinancing • $777m share repurchase from CMIG 8% • Retirement of $115m of S
Slide 23: Appendix
SiRiUs POINT
Slide 24: De-risked Investment Portfolio: In-line with Industry
Appendix 1 De-risked Investment Portfolio: In-line with Industry Investment Balances by Asset Class Key Comments 1% 1% 1% 1% ABS/MBS/CLO 4% 1%3% • Total investment portfolio at $6.6bn 12% 14% Corporate Gov’t • Average credit rating at AA- for our fixed income 39% 38% 15% 13% Cash portfolio with limi
Slide 25: Reconciliation of Underlying Result (Annual)
Appendix 2 Reconciliation of Underlying Result (Annual) 2024 2023 Net income available to SiriusPoint common shareholders $ 183.9 $ 338.8 Non-recurring adjustments: Gains on sale or deconsolidation of consolidated MGAs (96.0) — Losses on strategic and other investments 90.5 40.2 MGA & Strategic Inve
Slide 26: Reconciliation of Underlying Result (Quarterly)
Appendix 3 Reconciliation of Underlying Result (Quarterly) 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 $ (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 deconsolidat
Slide 27: Strategic MGA Investment Overview
Appendix 4 Strategic MGA Investment Overview $ numbers in USD millions Consolidated MGAs Non-Consolidated MGAs (Underwriting & Investment) Held at Book Value Held at Fair Value/Cost Increased in FY 24 Book Value: $105m Value in 2024 $120.0 Significant off-balance sheet value remains Deconsolidated i
Slide 28: Thank You
SiRiUs POINT