Slide 1: SiriusPoint Ltd. – A Global Underwriter: 2024 Nine Months and Third Quarter Results
SIRIUSPOINT LTD. – A GLOBAL UNDERWRITER 2024 Nine Months and Third Quarter Results October 31, 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 ◦ Strategic Priorities Update ◦ Track Record of Delivery ◦ Specialized Business Model • Nine Months and Quarterly Results Update 3
Slide 4: Introduction
Introduction 4
Slide 5: Key Messages: Execution of Strategic Priorities is Delivering Results
Key Messages: Execution of Strategic Priorities is Delivering Results 8th consecutive quarter • Q3'24 core COR of 88.5%, representing a 4 ppt improvement versus prior year of positive U/W result • 9M'24 core UW income of $144m, with 91.1% COR containing 3 ppts of attritional loss ratio improvement (
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: What we have done: Fully integrated “One SiriusPoint” with significant improvement on employee engagement metrics Ongoing rationalization of MGA equity stakes down to 22 from 36 Simplify th
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 Eight consecutive quarters of profitable underwriting performance Reserving prudence demonstrated by track record of favorable PYD $40.0 100.0%
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 9M'24 GPW by Specialism Consolidated Investments Property 16% IMG Total MGAs 3 100% owned 9M'24 Net Investment Income: Casualty 4 9M'24 SP Premium $200 $235 35% 8 A
Slide 9: Nine Months and Quarterly Results Update
Nine Months and Quarterly Results Update 9
Slide 10: Q3 2024 Financial Results
Q3 2024 Financial Results $ numbers in USD millions Q3'23 Q3'24 Key Comments 1 GPW $726 $691 1 • Headline GPW down 5% YoY, with continuing lines 2 GPW (ex. 2023 exited business ) up 10% YoY 4 6 NPW 1 $534 $504 • Net income of $5m, or $89m on an underlying basis ex. LPT ex. LPT increasing 69% YoY $40
Slide 11: Nine Months 2024 Financial Results
Nine Months 2024 Financial Results $ numbers in USD millions 9M'23 9M'24 Key Comments 1 1 GPW $2,591 $2,414 • Headline GPW down 7% YoY, with continuing lines 2 GPW (ex. 2023 exited business ) up 7% YoY 4 6 NPW 1 $1,886 $1,781 • Net income of $205m, up 33% YoY on an underlying ex. LPT ex. LPT basis t
Slide 12: Premium Trends: Continuing Lines Growth Continues
Premium Trends: Continuing Lines Growth Continues $ numbers represent Gross Premiums Written in USD millions Key Comments $2,5911 +7% YTD $2,414 • Core premiums decreased 7% on a headline basis for 9M'24, with exited business expected to impact GPW through 2024 $1,572 1 • Strong continuing lines gro
Slide 13: Premium Trends: Portfolio Growth Targeting Attractive Opportunities
Premium Trends: Portfolio Growth Targeting Attractive Opportunities 1 2 Continuing Lines Premium Growth by Specialism YTD Growing Premiums in Attractive Markets Lloyd's Syndicate 1945 Gross Premiums Gross Premiums Written Written +27% CAGR +18% YoY -10% YoY Property Accident & 16% 4 ppts Health Net
Slide 14: Underwriting Performance: 2.1 Points of Like-for-Like Improvement
Underwriting Performance: 2.1 Points of Like-for-Like Improvement 1 1 COR Walk Trends in Underlying Earnings Quality 5 Attritional Loss Ratio plus Total Expense Ratio 93.5% 94.3% 92.7% 2 ppts 0.3 ppt 91.1% 0.3 ppt 91.4% 87.6% 6.8% (4 ppts) 7.1% 3 24.1% 25.6% Attritional ratio 3 ppts Cat ratio 0.2 pp
Slide 15: Lower Volatility Portfolio Delivering Stable and Consistent Earnings
Lower Volatility Portfolio Delivering Stable and Consistent Earnings $ numbers in USD millions 2 Catastrophe Losses PML for 1-in-100 year event / Shareholders' Equity (ex. AOCI) % of 1 6.6% 1.6% 0.7% 5.9% 0.6% 0.4% SHE 14.0% $150.0 $137.7 12.0% $125.0 10.3% $114.6 10.0% 8.4% 8.2% $100.0 8.0% $75.0 5
Slide 16: 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 $295-$300 • NII higher at $235m in 9M'24 (vs. $205m in 9M'23) $275-$285 $235 $205 • Includes $78m of NII from Q3'24 • FY 24 NII trending ahead of previously guided range, 1
Slide 17: Strong Balance Sheet
Strong Balance Sheet $ numbers in USD millions 1 2: BSCR Financial Strength Rating (FSR) 265% A- Affirmed 288% (Stable) April 26, 2024 $3,692 $3,509 A- Affirmed (Stable) March 12, 2024 $1,281 $1,324 A3 Assigned (Stable) March 19, 2024 Q2'24 Q3'24 A- Affirmed Required Capital Available Capital (Stabl
Slide 18: Appendix
SiRiUs POINT
Slide 19: 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% 4% 1% • Total investment portfolio at $6.9bn 11% 12% Corporate Gov’t • Average credit rating at AA for our fixed income 39% 39% 18% 15% Cash portfolio with limi
Slide 20: Illustrative Example: Arcadian Deconsolidation
Appendix 2 Illustrative Example: Arcadian Deconsolidation No impact to Underwriting Relationship No impact to Core Underwriting Result No impact to Net Income available to SiriusPoint Numbers used within the tables do not Arcadian Consolidated P&L Arcadian Non-consolidated P&L reflect actual numbers
Slide 21: Thank You
SiRiUs POINT