Slide 1: SiriusPoint Ltd. – A Global Underwriter: 2023 Half Year and Second Quarter Results
SIRIUSPOINT LTD. – A GLOBAL UNDERWRITER 2023 Half Year and Second Quarter Results August 2, 2023
Slide 2: Basis of Presentation and Non-GAAP Financial Measures
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
Slide 3: Agenda
Agenda 3 2 1 Introduction • Key Messages • Diversified Business Model • De-risked Liability Profile • Continued Focus on Cost Efficiencies Half Year and Quarterly Results Update2
Slide 4: Key Messages
Key Messages 4
Slide 5: Key Messages: Making Progress on Strategic Priorities
5 Key Messages: Making Progress on Strategic Priorities Notes: [1] COR = Combined Ratio. Reflects Core business. [2] COR = Combined Ratio. Reflects Core business and adjusted for $100m of HY 23 reserve releases linked to LPT and $19m of expenses re-allocated from net corporate and other expenses to
Slide 6: Diversified Business Model with Sources of Uncorrelated Earnings
6 Diversified Business Model with 3 Sources of Uncorrelated Earnings Notes: [1] Reflects Core business. [2] 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 adjustment
Slide 7: De-risked Liability Profile
7 De-risked Liability Profile Notes: [1] All figures reflect impact to pre-tax income. [2] PYD = Prior Year Development. [3] ULAE = Unallocated Loss Adjustment Expense. [4] 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 i
Slide 8: Continued Focus on Cost Efficiencies
8 Continued Focus on Cost Efficiencies Notes: [1] Non-personnel expenses include IT related costs, professional fees and occupancy fees. FY 22 and HY 22 includes non-personnel premium taxes. [2] Transaction costs defined as costs related to 13-D filing and Loss Portfolio Transfer. [3] Total does not
Slide 9: Half Year and Quarterly Results Update
Half Year and Quarterly Results Update 9
Slide 10: Half Year Financial Results
$ numbers in USD millions HY 22 HY 23 GPW1 $1,820 $1,910 NPW1 $1,335 $1,397 UW Income1 $22 $189 Net Services Fee Income1 $25 $28 Total Investment Result2 ($347) $140 Net Income (Loss)3 ($278) $205 COR1 (%) 98.0% 84.4% AY COR1 (%) 98.6% 94.1% Common Shareholders' Equity4 1,8755 $2,055 Half Year Finan
Slide 11: Q2 2023 Financial Results
$ numbers in USD millions Q2'22 Q2'23 GPW1 $812 $850 NPW1 $623 $633 UW Income1 $10 $82 Net Services Fee Income1 $12 $9 Total Investment Result2 ($142) $66 Net Income (Loss)3 ($61) $66 COR1 (%) 98.3% 87.7% AY COR1 (%) 98.6% 91.4% Q2 2023 Financial Results 11 Notes: [1] Reflects Core business. [2] Tot
Slide 12: Key Comments: Trends in Gross Premium Written
$ numbers in USD millions Key Comments • Core premiums up 5% driven primarily by growth in Insurance & Services • Reinsurance premiums down 13% for HY 23, driven by International Reinsurance (-39%) • Insurance & Services premiums up 23% for HY 23, driven by both A&H (+12%) and our P&C Strategic busi
Slide 13: Underwriting Performance: Aim to Further Improve in 2023
Attritional ratio3 1 ppt Cat ratio 2 ppt PYD4 ratio 9 ppts Underwriting Performance: Aim to Further Improve in 2023 13 COR Walk1 $ numbers in USD millions Trends in Attritional Loss Ratio3 and Acquistion Cost Ratio Attritional Loss Ratio3 Acquisition Cost Ratio Key Comments (10 ppts) (3 ppts) Notes:
Slide 14: Investment Income: De-Risked and Benefiting from Rate Increases
Investment Income: De-Risked and Benefiting from Rate Increases 14 $ numbers in USD millions Key Comments Notes: [1] 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 fund
Slide 15: De-risked Investment Portfolio: In-line with Industry
TPE Short-term Investments (STI) De-risked Investment Portfolio: In-line with Industry 15 Q2'23: $6.7bn 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 attr
Slide 16: Strong Balance Sheet
16 Notes: [1] SiriusPoint Group BSCR calculated as available economic capital and surplus divided by the enhanced capital requirement as of December 31, 2022 and March 31, 2023, respectively. [2] Financial strength ratings for the operating subsidiaries, SiriusPoint International Insurance Corporati
Slide 17: sirius
sirius POINT