Slide 1: SiriusPoint Ltd. – A Global Underwriter: 2024 First Quarter Results
SIRIUSPOINT LTD. – A GLOBAL UNDERWRITER 2024 First Quarter Results April 30, 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 ◦ Diversified Business Model • Quarterly Results Update 3
Slide 4: Introduction
Introduction 4
Slide 5: Key Messages: Strong Results and Execution on Strategic Priorities
Key Messages: Strong Results and Execution on Strategic Priorities • Underwriting profit for the Core business at $44m with 91.4% Combined Ratio (vs. $17m and 96.8% in Q1'23 ex. LPT1) Sixth consecutive quarter of 1 • 5.1 ppts of COR improvement YoY on a like-for-like basis supported by 3 ppts of att
Slide 6: Diversified Business Model: All 3 Engines are Delivering
Diversified Business Model: All 3 Engines are Delivering $ numbers in USD millions 1 3 Underwriting Strategic Investments Investments 1 Q1'24 GPW by Specialism Consolidated Others Property 11% Investments with Q1'24 Net Investment Income: Casualty Arcadian 34% underwriting capacity: 13 $79 Specialty
Slide 7: Quarterly Results Update
Quarterly Results Update 7
Slide 8: Q1 2024 Financial Results
Q1 2024 Financial Results $ numbers in USD millions Q1'23 Q1'24 Key Comments 1 1 GPW $1,060 $881 • GPW decreased 17% YoY • Driven by Insurance & Services (-$140m) and Reinsurance (-$40m) 1 NPW $764 $627 • GPW down ~7% adjusting for exited lines like ex.LPT ex. LPT Cyber, Workers' Comp $17 $43 • Core
Slide 9: Trends in Gross Premium Written
Trends in Gross Premium Written $ numbers in USD millions Core Insurance & Services Reinsurance Exited programs in Cyber $1060 and Workers' Comp $881 $943 Exited programs in Cyber $664 and Workers' Comp $524 $549 $396 $356 Q1'23 Q1'24 Q1'23 Q1'24 Q1'23 Q1'24 Key Comments • 2024 premium growth is imp
Slide 10: Underwriting Performance: Continued Focus on Profitability
Underwriting Performance: Continued Focus on Profitability $ numbers in USD millions 1 COR Walk Key Comments 96.8% 1 ppt 0.3 ppt 91.4% 91.7% • Portfolio actions supporting results, headline Q1'24 COR 80.5% (1 ppt) 1 (5 ppts) at 91.4% supported by lower attritional losses and Cat 3 Attritional ratio
Slide 11: 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 1 $250-$265 • Investment strategy unchanged and focused on high quality fixed income (FI) instruments • NII higher at $79m in Q1'24 (vs. $62m in Q1'23) $79 • On track to deliv
Slide 12: De-risked Investment Portfolio: In-line with Industry
De-risked Investment Portfolio: In-line with Industry Investment Balances by Asset Class Key Comments 1% 1% ABS/MBS/CLO 5% 5% 5% 4% • Total investment portfolio stable at $7.3bn Corporate 15% 15% 33% 35% Gov’t • Average credit rating at AA for our fixed income portfolio Cash with limited exposure to
Slide 13: Strong Balance Sheet
Strong Balance Sheet $ numbers in USD millions 1 2: BSCR Financial Strength Rating (FSR) 255% A- Affirmed 237% $3,227 (Stable) April 26, 2024 $3,050 A- Affirmed (Stable) March 12, 2024 $1,285 $1,265 A3 Assigned (Stable) March 19, 2024 Q3'23 Q4'23 A- Affirmed Required Capital Available Capital (Stabl
Slide 14: Thank You
SiRiUs POINT