Slide 1: SiriusPoint Ltd. – A Global Underwriter: 2023 Nine Months and Third Quarter Results
SIRIUSPOINT LTD. – A GLOBAL UNDERWRITER 2023 Nine Months and Third Quarter Results November 8, 2023
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 1 • Diversified Business Model • Reduced Volatility in Underwriting • Revised KPIs 2 2 Nine Months and Quarterly Results Update 3
Slide 4: Key Messages
Key Messages 4
Slide 5: Key Messages: Continued Progress on Strategic Priorities
Key Messages: Continued Progress on Strategic Priorities • Underwriting profit for the Core business at $213m for 9M'23 (vs. loss of $66m in 9M'22) with 87.6% COR1 Another quarter of strong • 12.0 ppts of COR2 improvement YoY on a like-for-like basis underwriting results • $14m Cat losses for 9M'23
Slide 6: Diversified Business Model: All Engines are Delivering
Diversified Business Model: All 3 Engines are Delivering $ numbers in USD millions Underwriting1 Strategic Investments2 Investments 9M'23 GPW by Specialism1 Consolidated Others Investments with 9M'23 Net Investment Income: Arcadian $205 underwriting capacity: 17 9M'23 Total Investment Result4: $208
Slide 7: Reduced Volatility in Underwriting
Reduced Volatility in Underwriting PML for 1-in-100 year event1 Historical Cat losses2 $ numbers in USD millions $ numbers in USD millions ~60% reduction Cats (as a 18.8% 1.2% 8.1% 0.8% since Q2'21 % of NPE3) • Portfolio actions having impact given significant reduction in Core Cat losses at $14m fo
Slide 8: Revised KPIs: No Material Change to Our Financial Results
Revised KPIs: No Material Change to Our Financial Results Q2’23 HY 23 Previously Previously Reported Revised4 Change Reported Revised4 Change $ numbers in USD millions, except per share data GPW1 $850 $805 ($45) $1,910 $1,865 ($45) • One control issue identified and actions taken to NEP1 $660 $596 (
Slide 9: Nine Months and Quarterly Results Update
Nine Months and Quarterly Results Update 9
Slide 10: Nine Months Financial Results
Nine Months Financial Results $ numbers in USD millions 9M'22 9M'23 Key Comments GPW1 $2,663 $2,591 • GPW1 down 3% despite rate increases • Driven by Reinsurance (-$202m) • Offset by growth in Insurance & Services ($129m) NPW1 $1,969 $1,886 • Core underwriting result up by $279m benefiting from lowe
Slide 11: Q3 2023 Financial Results
Q3 2023 Financial Results $ numbers in USD millions Q3'22 Q3'23 Key Comments GPW1 $843 $726 • GPW1 decreased 14% YoY • Driven by Insurance & Services (-$65m) and Reinsurance (-$53m) NPW1 $634 $534 • Core underwriting result up by $131m and benefited from lower Cat losses, favorable PYD4 and lower ex
Slide 12: 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 17% for 9M'23, driven by International Reinsurance (-36%) • Insurance & Services premiums up 9%
Slide 13: Underwriting Performance: Aim to Further Improve in 2023
Underwriting Performance: Aim to Further Improve in 2023 $ numbers in USD millions COR Walk1 Key Comments 6 ppts • Portfolio actions already yielding results, 12.0 ppts of (14 ppts) (2 ppts) (1 ppt) (~2 ppts) COR2 improvement on a like-for-like basis Attritional ratio3 1 ppt • Adjusted 9M'23 COR2 at
Slide 14: 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-$260 • Investment strategy unchanged and focused on high quality fixed income (FI) instruments • 2023 full year NII guidance increased to $250m to $260m from $220m to $24
Slide 15: 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 relatively stable at $6.8bn Gov’t • Average credit rating at AA for our fixed income portfolio Cash with limited exposure to below investment grade
Slide 16: Strong Balance Sheet
Strong Balance Sheet $ numbers in USD millions BSCR1 Financial Strength Rating (FSR)2: 219% 238% A- Affirmed (Stable) April 19, 2023 A- Revised (Stable) March 22, 2023 A- Reviewed (Negative) January 25, 2023 SiriusPoint Group Available Capital3 Key Comments • Continue to operate the business against
Slide 17: Thank You
SiRiUs POINT