SiriusPoint : Solvency And Financial Condition Report SiriusPoint International 2025

About this update from Siriuspoint Ltd.

Solvency and Financial Condition Report SiriusPoint International Försäkringsaktiebolag (publ) For the year ending 31 December 2025 Table of Contents Executive Summary 1 Business and Performance 4 Business 4 Underwriting Performance 8 Investment Performance 11 Performance of other activities 12 Any other material information 12 System of Governance 14 General Information on the System of Governance 14 Fit and proper requirements 17 Risk management system 18 ORSA 18 Internal control system 20 Internal Audit Function 21 Actuarial function 22 Outsourcing 24 Assessment of the adequacy of the system of governance 24 Any other material information 24 Risk Profile 26 Underwriting risk 26 Market Risk 27 Credit risk 30 Liquidity risk 30 Operational risk 31 Other material risks 32 Risk Sensitivity 32 Any other material information 32 Valuation for Solvency Purposes 34 Assets 34 Technical provisions 34 Other liabilities 44 Alternative methods for valuation 44 Any other material information 44 Capital Management 46 Own Funds 46 Solvency Capital Requirement and Minimum Capital Requirement 47 Use of the duration-based equity risk sub-module in the calculation of the SCR 49 Differences between the standard formula and any internal model used 49 Non-compliance with the MCR and non-compliance with the SCR 49 Any other material information 49 Additional voluntary information 49 Glossary of Terms and Abbreviations 50 Appendix - SFCR Solo Quantitative Reporting Templates 52 Table of Figures Figure 1: Simplified legal structure 5 Figure 2: Material lines of business and geographical areas 6 Figure 3: Underwriting Result 9 Figure 4: Investment portfolio composition (MSEK) 11 Figure 5: Operational structure 16 Figure 6: Solvency II adjustments before tax per main asset category 34 Figure 7: Valuation of the Solvency II technical provisions 35 Figure 8: Material differences between the IFRS and the solvency valuation of the technical provisions 38 Figure 09: Solvency II adjustments before tax per main liability category 44 Figure 10: Own Funds per year-end (MSEK) 46 Figure 11: Own Funds per prior year-end (MSEK) 47 Figure 12: SINT SCR and Eligible Own Funds at year-end (MSEK) 48 ‌Executive Summary This solo Solvency and Financial Condition Report (SFCR) provides public qualitative and quantitative Solvency II disclosures for SiriusPoint International Försäkringsaktiebolag (publ) ("SINT" or "the company") as per 31 December 2025. All amounts disclosed in this SFCR report are in millions of Swedish Krona (MSEK), unless stated otherwise. Section A contains a description of the company's business and performance. The profit from insurance operations amounted to MSEK 251. The combined ratio was 96%. The investments portfolio return was 0.24%. In January 2025 SINT distributed approximately MSEK 1,634 ($150m) and in the fourth quarter approximately MSEK 1,030 ($110m) to its owners. In November 2025, the company discontinued underwriting active MGA business out of Stockholm. Section B details the company's system of governance. Scott Egan and Thomas Leonardo were appointed to the Board of Directors during 2025. Also during 2025 chairman Karen Nordblom and board member Sarah Smith resigned from the Board of Directors. Following Karen Nordblom´s departure Scott Egan was elected Chairman of the Board. In early 2026, Anders Hjelm left his roles as Board member and Deputy CEO, and Robin Gibbs resigned as both Board member and CEO. Bernard Hoge was elected to the Board, and Rachel Conran was appointed CEO. Section C describes the risk profile of the company. Section D contains the valuation of assets, technical provisions and other liabilities under Solvency II, and the differences to IFRS. Section E details the company's capital management. SINT has available and eligible own funds of MSEK 9,766 (prior year: MSEK 11,171) and a solvency capital requirement of MSEK 4,237 (prior year: MSEK 5,540). Own Funds have reduced by (13)% or MSEK (1,405). The change in Solvency Capital Requirement is described under section E.2. The ratio of total eligible own funds to the solvency capital requirement increased to 230% (prior year: 202%). SINT is required to submit Quantitative Reporting Templates (QRTs) to the Swedish Financial Supervisory Agency (SFSA), Finansinspektionen. A subset of QRTs is presented in the appendix to this single SFCR. Amounts in QRTs are in thousands of Swedish Crowns (SEK '000), as required by Solvency II regulations. The Solvency and Financial Condition Report (SFCR) for SGI Group will be published on or before 20 May 2026. For an explanation of abbreviations refer to the Glossary of Terms and Abbreviations. Business and Performance ‌Business Name and legal form of the undertaking This report covers the business of SiriusPoint International Försäkringsaktiebolag (publ), (SINT), Corporate Identity Number 516401-8136. Financial supervisor is the Swedish Financial Supervisory Authority: Finansinspektionen Box 7821, 103 97 Stockholm, Sweden +46 8 408 980 00 [email protected] External auditors Öhrlings PricewaterhouseCoopers AB Torsgatan 21, SE-113 97, Stockholm, Sweden Tel: +46 10-212 40 00 Qualifying owners owning In February 2021, the Sirius Group's ultimate parent company, the Bermuda based holding company, Sirius International Insurance Group Ltd., merged with Third Point Reinsurance Ltd. (Bermuda). The merged company was renamed SiriusPoint Ltd. (Bermuda). Following the merger China Minsheng Investment Group Corp. Ltd. (CMIG) had a minority ownership of the Group, corresponding to 32.6% of the common shares. The voting interest of CM Bermuda and CMIG was however limited to 9.9%. SiriusPoint Ltd. repurchased certain CMIG shares on August 12, 2024, which resulted in CMIG 28.1% of the common shares. The ownership structure described below is correct and accurate as of 31 December 2025. SiriusPoint International Försäkringsaktiebolag (publ) is fully owned (100%) by Sirius Insurance Holdings Sweden AB (Sweden), which is in turn fully owned (100%) by Sirius Group International S.à r.l. (Luxembourg). These companies are, together with its subsidiaries, part of the European Solvency II-group, i.e., the group companies which are domiciled in the EU. Sirius Group International S.à r.l. is in turn fully owned (100%) by Sirius International UK Holdings II Ltd. (UK), which is fully owned (100%) by SiriusPoint Bermuda Insurance Company Ltd. (Bermuda), which is in turn fully owned (100%) by SiriusPoint Ltd. (Bermuda). SiriusPoint Ltd. (SPNT) is a publicly listed company whose shares are traded on the New York Stock Exchange (NYSE). CM Bermuda Ltd. (Bermuda) was 100% owned by CMIG International Holdings Pte. Ltd. (Singapore) which in turn was owned to 81.8% by CMIG (P.R. China) and to less than 10% each by three minority shareholders. CMIG was owned to 14.9% by Horgos Guoxin Baotai Venture Capital Co., Ltd (P.R. China) and by 60 Corporate Shareholders, each owning less than 5%. Following the announcement on February 28, 2025, CM Bermuda has no remaining ownership interest in SiriusPoint and ceases to have any representation on, or observer rights with respect to, SiriusPoint's board of directors. Refer to Significant events during and after the financial year below. Figure 1: Simplified legal structure The SiriusPoint Group, headed by the Bermuda based holding company SiriusPoint Ltd., is subject to Solvency II equivalent group supervision by the Bermuda Monetary Authority (BMA). Material lines of business and geographical areas SINT is a global (re)insurer domiciled in Sweden, writing property & casualty and accident & health insurance and reinsurance. The business is well-diversified, both in regard of lines of business and geographical presence. The major lines of business are Property; Life, Accident & Health; Casualty; Aviation & Space; Marine & Energy; and Credit & Bond. Figure 2: Material lines of business and geographical areas Significant events during and after the financial year Scott Egan and Thomas Leonardo joined the Board of Directors in 2025, while Karen Nordblom (chairman) and Sarah Smith resigned. Scott Egan became Chairman after Karen's departure. In early 2026, Anders Hjelm left his roles as Board member and Deputy CEO, and Robin Gibbs resigned as both Board member and CEO. Bernard Hoge was elected to the Board, and Rachel Conran was appointed CEO. In November 2025, the company discontinued underwriting active MGA business out of Stockholm. In December 2025, SINT renewed the group-internal quota share reinsurance agreement covering UWY 2026, with SiriusPoint Bermuda Insurance Company Ltd (SBDA). In January 2025, SINT participated in the wider SiriusPoint Group strategic initiative to repurchase all SiriusPoint common shares and warrants held by CM Bermuda Limited for an aggregate purchase price of $733 million without external funding. SINT´s contribution to this transaction amounted to approximately MSEK 1,634. The transaction was completed by one part Group contribution (MSEK 818.6), and one part extra dividends distribution of funds of available unrestricted equity (MSEK 816.0), distributable as of 31 December 2023, as set out in the latest annual accounts adopted at the annual general meeting of the company in 2024. Due considerations was taken to previous 2024 value transfers, and funds available pursuant to Chapter 17, section 3, first paragraph of the Swedish Companies Act. The CMIG transaction successfully closed on February 28, 2025. This marks the end for any further contribution from SINT in this regard. Following the announcement on February 28, 2025, CM Bermuda has no remaining ownership interest in SiriusPoint and ceases to have any representation on, or observer rights with respect to, SiriusPoint's board of directors. During the fourth quarter of 2025 SINT distributed approximately MSEK 1,030 to support the SPNT group termination of the $200m Series B preference shares at the ultimate parent, SPNT Bermuda Ltd in February 2026. ‌Underwriting Performance In 2025, SINT continued advancing its strategy to build a more stable business portfolio by targeting less volatile sectors and reducing its reliance on natural catastrophe risks. This intentional focus underscores the company's commitment to minimising fluctuations while enhancing resilience. Additionally, SINT has prioritised the growth of Insurance as a larger portion of its overall business operations. The strategy aims to achieve a balanced portfolio, aligning long- and short-term risks with sustainable premium volumes. By effectively managing volatility, SINT is successfully establishing a robust framework that promotes consistent performance and long-term growth. Gross premium income amounted to MSEK 11,751 (2024: MSEK 10,665). This growth is primarily attributed to higher premium volumes in direct insurance. The premium income for own account amounted to MSEK 4,980 (2024: MSEK 1,294). The increase in premium income for own account 2025 is mainly explained by a reinsurance contract the company entered during 2024, which protects the company from loss development from reinsurance contracts from underwriting years 2022 & 2023. Insurance operations delivered a profit of MSEK 251 (2024: MSEK 199), with a combined ratio of 96% (2024: 90%). These results highlight the strength of SINT's strategic approach, which enabled the company to withstand substantial losses caused by increased frequency and severity, while still achieving profitability. The table below summarises the company's underwriting performance by major line of business, split by direct insurance and assumed reinsurance. The table is excluding allocated investment return transferred from the non-technical account and non-recurring costs, amounting to MSEK 79 for the year (2024: MSEK 14). The Personal Accident & Health line, direct as well as assumed reinsurance, is mainly written out of the company's London office. This combined line also includes Life Reinsurance and produced a profit of MSEK 30 during 2025 (2024: MSEK 330). The decline in profit for the line is mainly related to a higher expense ratio due to business mix, as well as favourable impact of releases of reserves from prior underwriting years in 2024. The Marine, Aviation and Transport lines are written from all branch offices, with the exception of the Zürich office which mainly writes Aviation on a direct and assumed reinsurance basis. Aviation direct insurance is written by the Stockholm office per recommendation by Zurich. All in all, Marine, Aviation and Transport produced a combined loss of MSEK -98 (2024: MSEK -225). The Aviation line is substantially impacted by two large losses during the year, Air India and American Airlines. The line Fire and Other Property damage is written from all locations with the exception of the Zürich office, as mentioned above. On a combined basis including direct insurance as well as assumed reinsurance, this line produced a profit of MSEK 29 (2024: loss of MSEK -14). The Credit line, predominantly written out of the Liège office produced an underwriting profit of MSEK 145 for the year(2024: MSEK 116). The Credit line is benefiting from the absence of large losses during the year, as well as favourable prior year development. The Casualty line, predominantly written from the office in London, produced an underwriting profit of MSEK 43 (2024: MSEK 1). The Contingency line, predominantly previously written from the offices in London, Stockholm and Liège, produced an underwriting profit of MSEK 23 (2024: loss of MSEK -23). The Contingency line is put into run-off. Figure 3: Underwriting Result Solo - class analysis 2025 MSEK Personal Accident & Health Marine, Aviation and Transport Fire and Other Property by damage Credit Casualty Contingency Total Direct insurance Personal Accident & Health Marine, Aviation & Transport Fire & other Property damage Credit Casualty Contingency Total Assumed Reinsurance TOTAL Premium income, gross 1,453 765 1,820 798 1,747 - 6,582 2,336 1,870 155 756 12 41 5,169 11,751 Premiums earned, gross 1,296 829 1,513 615 1,524 - 5,777 2,042 1,923 164 750 -2 43 4,920 10,697 Incurred Claims, gross -867 -690 -742 -145 -1,051 - -3,496 -1,469 -1,918 227 -243 40 -32 -3,394 -6,891 Operating expenses, gross -439 -251 -522 -258 -508 - -1,978 -459 -545 -39 -361 -1 -14 -1,418 -3,396 Result, ceded reinsurance -34 61 -180 -205 72 - -286 -41 492 -392 -7 -32 26 47 -239 Equalization provision Underwriting result -44 -51 69 6 37 - 17 74 -48 -40 139 6 23 155 172 Solo - class analysis 2024 MSEK Personal Accident & Health Marine, Aviation and Transport Fire and Other Property by damage Credit Casualty Contingency Total Direct insurance Personal Accident & Health Marine, Aviation & Transport Fire & other Property damage Credit Casualty Contingency Total Assumed Reinsurance TOTAL Premium income, gross 1,227 822 1,055 580 1,742 - 5,426 1,786 2,404 206 854 18 -28 5,236 10,665 Premiums earned, gross 1,213 802 706 447 1,805 - 4,973 1,573 1,931 282 727 18 -27 4,505 9,478 Incurred Claims, gross -846 -376 -465 -223 -1,052 - -2,963 -1,092 -1,404 140 -219 3 -6 -2,578 -5,541 Operating expenses, gross -355 -259 -243 -164 -617 - -1,638 -324 -559 -73 -364 -17 7 -1,331 -2,969 Result, ceded reinsurance -7 -185 -56 -119 -285 - -651 168 -175 -306 31 146 3 -134 -784 Equalization provision Underwriting result 5 -19 -57 -59 -149 - -279 325 -206 43 174 150 -23 463 184 Profitability in 2025 was at a slightly lower level compared to the 2024 results, however reflecting strong underwriting practices and favourable market conditions. All lines except the segment "Marine, Aviation & Transport" contributed positively to profitability. The Aviation line was adversely affected mainly by the two substantial losses Air India and American Airlines as mentioned above. In 2025, the "Credit" segment continued to perform well, primarily due to the absence of large losses during the year and release of reserves from prior underwriting years. The company closely monitors available capital with the goal to have an efficient and forward looking capital management process over the insurance cycle, allowing the company to write the business targeted by its business model. In the planning process, as well as on a quarterly basis, the capital impact from our underwriting and investment strategies are reviewed. The analysis shows that the company is properly capitalised to support the medium term planning process and that the company is capable of sustaining its business model also under both internal and external deviations from the view in the base scenario. ‌Investment Performance Ensuring security for the policyholders of SINT is fundamental to all company endeavours. SiriusPoint Group's investment objective is to maximise risk-adjusted after-tax net investment income while maintaining liquidity, diversification and compliance with internal risk, external risk, and capital management requirements in support of policyholder obligations. We had no defaults across our fixed income portfolio in 2025. Notably, a number of SINT's investment portfolios are constrained by regulatory requirements, liquidity needs or other unique considerations. Such requirements must always be met. Primary Objective: Support Policyholder Liabilities (existing and future) and maintain compliance with regulatory and other requirements. Secondary Objective: Maximise long-term total returns on an after-tax basis. As a conceptual framework to simplify and facilitate investment deployment, guidelines ensure that the company holds high quality assets to support the Policyholder Liabilities. Investments in excess of this amount, Owners' Funds, may be invested across asset classes to maximise long-term total after-tax returns based on the owners' capital, liquidity requirements and risk appetite. Figure 4: Investment portfolio composition (MSEK) SINT Stand-alone investments 2025 2024 Equities 0 0 Government Bonds 2,106 2,942 Corporate Bonds 2,663 4,575 Collateralized Securities 158 342 Collective Investment Undertakings 133 283 Cash & Cash Equivalents 1,032 1,390 Derivatives 71 1 Total stand-alone investments 6,164 9,533 Duration 2.2 years 1.8 years Asset Return - excluding FX changes 399 396 Total return - including FX changes -155 921 Credit Quality A+ AA SINT Related undertakings (SII valuation) 2025 2024 S.I. Holdings S.À.R.L 2,461 3,433 Sirius International Corporate Member Ltd 3,054 2,978 Other related undertakings 71 101 Total Related undertakings 5,587 6,512 Asset Return excluding FX changes for 2025 amounted to MSEK 399 (396). Stated investment returns reflect SINT stand-alone portfolio investment return excluding management fees and other investment costs and income. Most of SINT's investments are in USD which generated substantial headwinds during the year as the USD depreciated against the SEK. Investment return including FX changes during 2025 was MSEK -155 (921), which include offset from FX derivatives. In alignment with its ongoing objective of mitigating foreign exchange exposures, SINT expanded its short USD/long SEK hedging program with SiriusPoint Bermuda in the fourth quarter of 2025, increasing the notional amount from $200m to $600m. The investment portfolio size decreased following two dividend distributions of about MSEK 2,664 in total (respectively approximately MSEK 1,634 and MSEK 1,030) during the first and fourth quarter of 2025. In addition to SINT's stand-alone investment portfolio SINT oversees a number of related undertakings, where the largest are S.I. Holdings S.À.R.L and Sirius International Corporate Member. S.I. Holdings S.À.R.L predominantly holds USD marketable fixed income securities with an average rating of AA- (AA- ). The decrease in S.I. Holdings S.À.R.L Solvency II valuation in 2025 is driven by a dividend distribution to SP International of MSEK 550 and USD depreciation. The Sirius International Corporate Member is the parent company to the Lloyd's Syndicate 1945 and its Solvency II valuation is based on a discounted cash-flow model. On December 31, 2025 (2024) the company held securitised assets (CMOs and Mortgage Backed securities) to the value of MSEK 104 (MSEK 15) and US Agency holdings of MSEK 54 (MSEK 327) . The securitisation assets are vetted at purchase to make sure they are allowable securitisations under Solvency II. The assets are monitored closely for any change in risk. ‌Performance of other activities There are no other activities to comment. ‌Any other material information SINT considers all other material information on the business and performance of the company to have been discussed above and/or in other sections. System of System of Governance ‌General Information on the System of Governance Decisions-making bodies and Key functions General meeting The general meeting is the highest decision-making body, where the shareholders exercise their rights to participate in company decisions. The general meeting appoints the Board and the chairman of the board. The General meeting appoints the external auditor. Board of Directors (Board) The Board has the ultimate responsibility for the compliance with laws, regulations, and administrative provisions. The Board also has the overall responsibility for the corporate governance system and adopts all policies (SINT solo and Group (where applicable)) on an annual basis. The Board appoints the CEO and adopts instructions for the CEO specifying the CEO's responsibilities and authorities. The obligations and authorities of the Board are outlined in the Responsibilities of the Board of Directors and the CEO (policy) and in the Rules of procedure for the Board of Directors (policy). According to the policy the Board of Directors discharge the tasks of an Audit Committee. The Board has appointed six committees. None of the committees have any decision-making mandate. Chief Executive Officer (CEO) The CEO is responsible for managing the Company's organization in accordance with the Responsibilities of the Board and Directors and the CEO (policy) from the Board. The CEO is the deciding body for several guidelines within the policy framework. The guidelines shall be adopted at least annually. The CEO has appointed one committee. Deputy Chief Executive Officer (Deputy CEO) In the event of absence of the CEO, the deputy CEO shall substitute for the CEO. The Deputy CEO shall act as a contact point to the SFSA. Key functions Risk Management function The Chief Risk Officer (CRO) is the duly appointed Risk Management function holder for SINT. The CRO is responsible for assisting the Board and the CEO to ensure an effective operation of the risk management system, in order to identify, measure, monitor, manage and report SINT risk exposure and development of SINT risk profile. The CRO is Head of the Risk Management function and is responsible for the coordination of the development, monitoring and reporting on risk management policies. The Risk Management Function is responsible for monitoring the risks of SINT, and for reporting an independent and comprehensive view of these risks to the SINT Risk and Capital Committee (RCC) and the SINT Board. Compliance function The Chief Compliance Officer (CCO) is the duly appointed Compliance function for SINT. The function is an independent key function with the responsibility to monitor and control compliance with the rules associated with SINT's license to conduct insurance and reinsurance business. The function identifies and reports risks that may arise as a result of non-compliance and makes recommendations for mitigating actions to the Board and the CEO. Compliance provides support and advice to the business with regard to compliance risks in the operations subject to the license. Compliance ensures that the organization is informed about new and amended regulations. The function reports quarterly to the Board and the CEO. Actuarial function The Chief Actuary is Head of the Actuarial function. The Actuarial function is responsible for coordination and monitoring of the calculation of technical provisions and related methodologies used within SINT Group. The Actuarial function reports to the Board on the appropriateness of the methodologies, assumptions and models used for calculation of the technical provisions. The function assesses the sufficiency and quality of the data used in the calculation of technical provisions and expresses an opinion on the Underwriting Policy and the adequacy of outwards reinsurance. Internal Audit Internal Audit (IA) will assist management and the Board of SINT in achieving corporate objectives and discharging their duties and responsibilities by bringing a systematic and disciplined approach to evaluating and improving the effectiveness of the Company's risk management activities, internal controls, and governance processes. IA shall function as an independent, objective assurance and advisory activity designed to add value and assist to improve SINT's operations. IA shall assess the Internal Control System and other parts of the System of Governance. Committees In order for the Board and the CEO to make strategic and overall decisions based on relevant information, committees are established to assist the Board and the CEO. All committees are established to consider, analyse and act on certain matters and provide advice and recommendations to the Board and the CEO ahead of decision making. Figure 5: Operational structure Remuneration Policy and practices The Remuneration Policy aims at mitigating the risk that the remuneration structure would promote excessive risk-taking, which could have a major impact on SINT's financial stability. In addition, the policy aims at securing that the remuneration to employees does not conflict with the interest of customers. The policy thereby contributes to the mitigation of operational and compliance risks. A key principle for compensation to SINT employees is that salaries and other remuneration are in line with the market level in the (re)insurance industry. There are both fixed and variable components in the remuneration guidelines. The variable remuneration component is based on a combination of the assessment of the individual and the collective performance, such as business area and the overall results of the undertaking or Group. The variable remuneration program contains a flexible, deferred component that considers the nature and time horizon of the undertaking's business in order to align the remuneration practices with the long term interest of shareholders. SINT applies the basic principle for occupational pension plans that are common for each different jurisdiction within which SINT operates. The CEO has a defined contribution-based pension plan which is safeguarded by insurance. Management is offered membership to the plans within each jurisdiction they are domiciled. Where applicable, and where the monthly employer's contributions exceed the individual's personal allowance threshold an alternative cash allowance is provided. Material transactions during the reporting period with shareholders, with persons who exercise a significant influence on the undertaking, and with members of the AMSB In January 2025, SINT contribution to a group transaction amounted to approximately MSEK 1,634. The transaction was completed by one part Group contribution (MSEK 818.6), and one part extra dividends distribution of funds of available unrestricted equity (MSEK 816.0). During the fourth quarter of 2025 SINT distributed approximately MSEK 1,030 to support the SPNT group termination of the $200m Series B preference shares at the ultimate parent, SPNT Bermuda Ltd in February 2026. ‌Fit and proper requirements Fit and proper policy SINT has a Fit and Proper Policy and Guidelines in place to ensure that identified key persons and employees directly involved in insurance distribution fulfil requirements of adequate professional qualifications, knowledge and experience to enable sound and prudent management (fit), and honesty, good reputation and integrity (proper). Key persons are the Board, CEO, Executive Leadership Team, Branch Managers and the four key functions (Actuarial, Compliance, Risk Management and Internal Audit). SINT further has procedures covering requirements from the Insurance Distribution Directive (IDD). Process for assessing fitness and proprietary The HR Director is responsible for the Fit & Proper process. The HR Director shall when appropriate liaise with the Legal and Compliance functions. The HR Director registers the Fit & Proper assessments. Key persons and employees directly involved in insurance distribution are assessed prior to their initial appointment; and reassessed annually or every third year depending on employee category. The assessment is based on a CV, a questionnaire, extract from criminal record and credit reference. ‌Risk management system Risk management is an ongoing process with the objective of creating a risk management culture that starts from the Board and spreads throughout the entire organisation. The risk management system within SINT and its subsidiaries is built upon the three lines of control concept (as detailed in section B.5 - Internal Control System). The Board is ultimately responsible for the company's risk management strategy, risk tolerances and policies. The Board deploys the responsibility through different committees. The RCC formalises the corporate management of critical risks across the group, consistent with the overall risk appetite of the SINT Board. The RCC meets quarterly. The Board approved Risk and Capital Tolerance Statement (RCTS) sets SINT's overall approach and attitude towards risk, based on current market conditions and strategic opportunities to deploy capital. It provides the framework for risk guidelines and risk limits governing the day-to-day business operations. The RCTS aims at ensuring that SINT controls its risk taking to acceptable tolerance levels when implementing strategies to yield shareholder return. For risk quantification, SINT utilises various internal aggregate exposure systems, and regulatory and rating agency capital models. The Risk Management function is responsible for assisting the Board and the RCC in the effective operation of the risk management system. The function assists with identification, measurement, monitoring, management and reporting of SINT risk exposure and analysis of the development of the risk profile. The Risk Management function is headed by the Chief Risk Officer (CRO). The CRO and Risk staff effectuate the responsibilities of the Risk Management function. ‌ORSA The objective of the ORSA is to assess the overall short-term and long-term solvency needs of SINT, consistent with the financial planning period. An ORSA policy describes the governance and the scope of the ORSA. The Board approves the ORSA policy and ensures that the ORSA process is appropriately designed, implemented and documented. The ORSA report is reviewed, challenged and approved at least yearly before the submission to the regulator. The Board can also request a non-regular ORSA, which will be considered by the Board following any significant change in the risk profile or in the company legal structure. The ORSA process is based on risk assessments, business reviews and risk monitoring processes both in the first and the second line of control. These activities are integrated in the normal business cycle of the organisation, and the risk management and ORSA process is therefore continuous. The Risk Management function works closely with capital management, the planning function, and the Board to identify scenarios to use in the multi-year ORSA analysis of solvency needs. The scenario selection and projection analysis is part of the company's planning process. Multiple capital requirement perspectives are analysed to determine the own solvency needs. The risk profile, approved risk tolerances and the business strategy are considered. The risk profile is analysed and projected with the Solvency II standard formula. Insight from the ORSA is used by the Board to assess the feasibility of the Business Plan. The Risk Management function manages the ORSA report. The assumptions and the conclusions in the ORSA report are challenged and approved in multiple steps; by the CRO, by the RCC and ultimately by the Board. The Board approved ORSA report is sent to supervisory authorities and it provides a comprehensive view of the ORSA process, highlights key observations from the analysis performed during the ORSA period, and focuses on the multi-year solvency. The finalisation of the ORSA report is undertaken as part of the annual planning cycle, or as part of an evaluation of strategic initiatives, and the ORSA is input to the Board's approval of the business plan. ‌Internal control system The Internal Control System of SINT is defined to provide reasonable assurance regarding the achievement of objectives when it comes to: effectiveness and efficiency of operations, reliability of financial reporting and compliance with laws and regulations. The latter through among other things the establishment of a compliance function. The system covers the entirety of SINT and is an integrated part of the company's organisation structure and decision-making process. SINT has implemented an internal control framework and an Risk Management system that consists of the three lines model. See figure 5 above on Operational structure. The three lines model ensures responsibility and clearly defines the roles of the risk management system as well as the internal control system. The responsibilities for each line are described below. Reporting within the three lines has been established to ensure that the board and the CEO are able to fulfil their responsibility in monitoring the effectiveness of the internal control system. The three lines ensure that roles and responsibilities are clearly defined and separated. First line The First line leads and directs actions (including managing risk) and application of resources to achieve the objectives of the organization. The First line ensures compliance with legal, regulatory, and ethical expectations and is responsible for managing risks an establishing controls in the daily business operations. Second line Second line provides complementary expertise, support, monitoring, and challenge related to the management of risk. The Second line provides analysis and reports on the adequacy and effectiveness of risk management. The Second line in SINT consists of the Risk Management Function, Actuarial function, Compliance function and the Data Protection Officer (DPO). These functions report directly to the CEO and the Board and do not take part in operational decision making. Third line The Third line is the Internal Audit function performing fully independent reviews of all areas. The function evaluates and test the effectiveness and efficiency of internal control, risk management and governance int he first and second line. Internal Framework In order to ensure clear and well-structured governing documents, SINT has set up an internal framework. The governing documents set out the principles, roles and responsibilities, main processes and procedures as well as reporting to Board and management for different areas of the business. All governing documents classified as policy are adopted annually by the board. Compliance function Details on the compliance function can be found above under B. 1. The Compliance function's work is governed by the Corporate Governance and Internal Control policy and the Compliance function Guideline, which has been adopted by the Board and CEO respectively. ‌Internal Audit Function Internal Audit assists Management and the Board in achieving corporate objectives and discharging their duties and responsibilities by bringing a systematic and disciplined approach to evaluating and improving the effectiveness of the Company's risk management activities, internal controls, and governance processes. Internal Audit functions as an independent, objective assurance and advisory activity designed to add value and assist in improving operations. Internal Audit provides the Board of Directors and the Company with an independent appraisal function to assess the Company's internal control and operating environment. Internal Audit has the responsibility to: Develop a flexible annual audit plan using appropriate risk-based methodology, including any risks or control concerns identified by management, and submit that plan to the Board for review and confirmation. The plan shall be developed in consultation with the Global Head of Internal Audit (GHIA) as part of the annual SPNT Internal Audit plan. Implement the annual audit plan, as approved, including, and as appropriate, any special tasks or projects requested by Management, the GHIA and the Board. Maintain a professional audit staff with sufficient knowledge, skills, experience, and professional certifications to meet the requirements of this charter. Implement a quality assurance program by which the GHIA assures the operation of internal auditing activities and report the results to the Board. Perform advisory services, beyond Internal Audit's assurance services, to assist Management or the Board in meeting its objectives. Evaluate and assess significant merging/consolidating functions and new or changing services, processes, operations, and control processes coincident with their development, implementation, and/or expansion to ensure that the resulting control environment is appropriate as to design and operating effectiveness. Issue written reports at the conclusion of each internal audit engagement and distribute such reports to appropriate members of operating and Executive Management, as well as the GHIA. Internal Audit reports will include management's response and corrective action to be taken in regard to specific observations and recommendations. Follow up on management's corrective action to ensure that issues arising from recommendations arising from internal audits have been appropriately resolved. Issue periodic reports to the Board, the GHIA and Management summarizing results of audit activities. Keep the Board informed of emerging trends and best practices in internal auditing. Provide a list of significant measurement goals and results to the Board and GHIA. Assist in the investigation of significant suspected fraudulent activities within the Company and notify the Board, and the GHIA of the results. Coordinate activities with the other members of the SPNT IA function, as well as external auditors and provide assistance as deemed necessary so as to best ensure an efficient audit and to allow for the maximum level of reliance on IA's work. Conduct, support and/or review investigations of potential violations of the Company's Code of Conduct. ‌Actuarial function General The activities of the Actuarial Department in SINT are divided between those analysing the premium calculation, profitability, and sufficiency of the company's reserve provisions, and the Actuarial function that provides independent oversight and validation. The reserve provisions (often referred to as technical provisions) are calculated by reserving specialists using mathematical methods. Actuarial function reviews the work of the reserving specialists independently and conducts an annual control of the technical provision calculation. The Actuarial function's control includes an independent assessment of the reserving needs and ensures that the calculation is consistent with Solvency II regulations. This control covers the results, the information used in the calculation, assumptions, approximations, and methods used. Additionally, the Actuarial function explains the results and any material changes during the reporting period, compares these changes to predicted developments, and shares its perspective on the uncertainties in the calculation. The Actuarial function also performs an annual review of underwriting performance and reinsurance protection (retrocession). Furthermore, the Actuarial function is responsible for parts of the yearly qualitative reporting to the financial supervisory authority and contributes to the company's risk control. The recommendations of the Actuarial function are presented yearly in the Actuarial Function Report to the SINT Board. Independence of the actuarial function The calculation of the reserve provisions is carried out by the actuarial reserving team. The Actuarial function is not involved in any of the steps, but carries out an independent review of the results, at least once a year. The Actuarial function is not involved in the decision processes for the underwriting policy or the retrocession strategy. ‌Outsourcing‌ SINT has an Outsourcing Policy to ensure that the development and implementation of any outsourcing activity is carried out in a rigorous and transparent way that maintains the interests of the company and sound internal control. The policy aims at governing the way SINT enters into outsourcing agreements and how these shall be monitored. The objective is to maintain the same internal control over the outsourced operations as if the operations were still performed in-house. SINT only outsources operations after a careful and objective analysis. All potential outsourcing is assessed to assure compliance with the Outsourcing Policy and that relevant contracts are notified to the supervisory authority. SINT has outsourced the IT operations to a group internal service provider, as well as to external IT service providers. Investment management and investment accounting system is outsourced to external providers who operate under the oversight of the Investment Committee as well as in accordance with the Investment Guidelines. Several claims handling and underwriting arrangements have been set up with external providers. SINT has outsourced the DPO role during 2025. ‌Assessment of the adequacy of the system of governance SINT is assessed to have an efficient system of governance that provides for sound and prudent management of the business. The system of governance is adapted to the nature, scale and complexity of the risks inherent in its business. The Board of Directors and management are aware of and handle both risks inherent in the business and regulatory requirements. Key functions are sufficiently equipped in terms of their role in the organisation, resources and competence. Processes are in place for fit and proper assessments and management of outsourcing. The risk management system is well developed and the ORSA is an integral part of the strategic business cycle. The internal control system promotes segregation of responsibilities and effective transmission of information within the business. Segregation of responsibilities has been implemented in the operations in order to avoid conflicts of interest. ‌Any other material information There is no other material information regarding the system of governance Risk Profile Risk Profile ‌Underwriting risk Measures used to assess the risks, including risk mitigation SINT's underwriting philosophy is grounded in disciplined, profit-focused decision-making aimed at improving overall return on capital and sustaining long-term shareholder value. Underwriting activities are performed within clearly defined risk appetite and authority structures, supported by strong accumulation controls and the use of reinsurance and structural protections to manage volatility and optimise portfolio outcomes. The company's approach emphasises responsiveness to clients and partners, outward-looking market awareness, and timely decision-making, while maintaining high standards of underwriting governance. Collaboration across underwriting, pricing, exposure management, and risk functions ensures consistent application of principles, robust risk selection. SINT writes a variety of classes of business in accordance with its license. The overall limits and aggregate limits for an event, as well as specific class of business risk or treaty limits, are specified in the Underwriting Guidelines. For a description on how SINT manages its risks within its RCTS, refer to section B.3, Risk Management system. Risk mitigation Underwriting risk, and thereby result volatility, is mitigated by diversification when it comes to inter alia territories and lines of business. Result volatility is further mitigated by retrocession programs. The implementation of retrocession purchases is based on the strategic direction of the inwards portfolio, overall risk tolerances and the search for an optimal portfolio mix. SiriusPoint International's MGA Centre of Excellence employs world-class oversight and program management. Reserve risk The reserve risk, i.e., the risk that insurance technical provisions will be insufficient to meet incurred claims, is mainly handled by actuarial methods and a careful continuous review of reported claims. Provisions are made to obtain a correct balance sheet and match revenues and costs with the period in which they emerged. The amount of the provisions shall correspond to the amount that is required to fulfil all expected obligations and reflect the best knowledge available to the company. Acknowledged and appropriate methods are used in these estimations. Refer to section D.2 Technical Provisions for details. Material risks SINT is committed to being a best in class (re)insurer, supported by strong controls and effective oversight frameworks including Exposure Management, Pricing, and broader performance monitoring. We maintain a strong focus on the continuous improvement of underwriting governance, processes, and decision-making disciplines. We are also supported by our Group Ceded reinsurance function. SINT is actively enhancing the quality and timeliness of the feedback loop between underwriting, claims, actuarial, exposure management, and performance insights, ensuring underwriting decisions remain responsive to market conditions and support profitable performance across the cycle. For a description of the material risk exposures anticipated over the business planning period given the company's business strategy, and relevant stress tests and scenario analysis carried out, please refer to the SINT solo ORSA and to the projections presented and discussed there. Further details that are consistent with multi-year plan are discussed in detail in the ORSA chapter 10. ‌Market Risk Measures used to assess the risks The Investment Guidelines state that the overall investment objective of SINT is to maximise long-term total returns (after-tax) without assuming risk to an amount that might jeopardise the viability of the Group's insurance franchise. The compositions of the investment portfolio must at all times comply with supervisory authorities' regulations and approved investments guidelines. The structure of SINT's technical provisions, risk bearing capacities, regulatory requirements, rating targets and risk tolerance are considered when defining asset allocation decisions and limits and setting return and liquidity targets. SINT outsources the investment management to Sirius Global Services (SGS), the Investment Manager, who acts as a discretionary advisor. Investment decisions are overseen by the Investment Committee. SINT, as well as the Investment Manager, are obliged to ensure compliance with the Investment Management Agreement, the investment strategy as described above, the Investment Guidelines and any local regulatory requirements. The Investment Manager manages the market risks defined in the Investment Guidelines on a day-to-day basis. SINT Treasury function is responsible to quarterly calculate the FX exposures in line with the Currency Risk Policy. The SINT Investment Committee reviews the investment portfolio, compliance with investment guidelines and regulatory restrictions and cash flows. It also reviews and provides feedback on Investment risks on a regular basis. The SINT Investment Committee reports their work to the SINT Board at the regular Board meetings. The SINT Investment Committee reports to the SINT Board and other relevant organisational units any major items or breaches in accordance with the Investment Policy. Further, the SINT RCC monitors compliance with the RCTS and reviews the outcome of a number of predefined stress- and scenario-tests on a quarterly basis. Material risks Under Solvency II's standard formula, market risk can be divided between the following sub-risks: Interest Rate risk - The risk of assets or liabilities being adversely affected by changes in current risk-free interest rates. Property risk - market risk from changes in the level or in the volatility of market prices of real estate Equity Risk - The risk of losses related to the level and volatility of market prices for equities and other risk assets. Spread and default risk - The risk of loss related to the level and volatility of the credit spreads above the risk-free rate, including any losses related to default events of investment asset counterparties. Currency risk -The risk of financial loss resulting from movements in foreign currency exchange rates. Concentration risk - The risk of exposure to losses associated with inadequate diversification of portfolios of assets. Macroeconomic Environment Risk - Fluctuations in the global economy and capital markets could impair our investment portfolio and financial position. All market risks are monitored on an ongoing basis by the SINT Investment Committee and RCC. Prudent person principle The SINT investment process is set up to support the prudent person principle. This includes, but is not limited to, the management and committees being staffed to ensure that SINT has the appropriate skills and resources, continuous independent control, appropriate procedures and appropriate reporting procedures to manage the SINT investment portfolio. The Company forecasts the cash needed based on existing insurance contracts. The bond portfolio is invested in combination with the cash and cash equivalents to align the nature and duration of the insurance liabilities. Risk concentration The Investment Committee reviews the investment portfolio and assesses the concentration risk that the Company is exposed to in order to ensure that it is within the risk tolerance and in accordance with the investment policy. The risk concentration in the bond portfolio is mitigated by limiting exposure to any one single name in the investment portfolio as set out in the investment policy. Ongoing monitoring of the concentration risk is undertaken by the Investment Committee which monitors investment holdings against the Investment Policy, which is reviewed at least annually. Risk mitigation The Investment Committee and the RCC assess the different market risks and review the effectiveness of the mitigating measures in accordance with the Investment Policy. Risk sensitivity For exhibits on the portfolio's risk sensitivity refer to the SINT annual report, Note 2, market risk. Also refer to section C.7 - Risk Sensitivity ‌Credit risk Credit risk is the risk of incurring a financial loss due to counterparties failing to meet their financial obligations. Material sources of credit risk stem from business ceded to reinsurers and from investment assets, further described below. Other sources of credit risk arise from amounts that are due (receivables) related to direct insurance, assumed and ceded reinsurance and from intermediaries. Retrocession Credit Risk Reinsurance/retrocession is used as a tool to actively mitigate insurance risk. This transfer of insurance risk brings credit risk exposures, which are carefully managed. SINT does not strive to take on credit risk and therefore the tolerance for reinsurance/retrocession credit risk is low. The implementation of the reinsurance purchase is based on the strategic direction of the inwards portfolio, overall risk tolerance and the search for an optimal portfolio mix. The Security Committee is responsible for managing the risk of reinsurer insolvency. To mitigate this risk, the financial condition of the Company's retrocessionaires is reviewed semi-annually, and periodically monitored. Counterparty ratings and changes are continuously updated for all retrocessionaires. For exhibits on the credit rating distribution of the reinsurers' share of technical provisions, refer to the SINT annual report, Note 2, credit risk. The Security Committee approves and determines the acceptable liability limit for each insurance/reinsurance company, based on external information published by credit rating agencies combined with internal credit analysis. Credit Risk in Investments SINT places its investments in liquid securities with high credit quality. To mitigate concentration risks SINT has limits on exposures to single issuers. Limits and exposures are monitored on a day-to-day basis by the Investment Manager and reported at least quarterly to the Investment Committee. ‌Liquidity risk Liquidity risk is defined as the potential inability of SINT to meet its payment obligations promptly and at an acceptable cost. SINT employs a comprehensive liquidity management strategy to ensure that sufficient funds are available to meet claims and other financial obligations under all circumstances, including adverse conditions. The SINT strategy must strike a balance between maintaining liquidity and committing funds to long-term investments to maximize return. A liquidity policy framework is in place to assess liquidity risk at the entity. This policy ensures liquidity risks are appropriately addressed within the current operating framework. SINT mitigates liquidity risk by maintaining a readily accessible portfolio of cash and marketable investments. The maturity structure of our investment portfolio is managed to provide liquid assets and generate steady liquidity. Bank and investment accounts are reviewed regularly to ensure the sufficiency of funds. To support liquidity across its operations, SINT has implemented a multi-currency cash pooling arrangement, enabling it to respond promptly and efficiently to funding requirements across its branch network. Excess cash is systematically transferred into investments, in accordance with SINT's investment guidelines, which balance liquidity with investment returns. In exceptional cases, SINT retains the ability to draw on group facilities to ensure all obligations are met without disruption. ‌Operational risk Measures used to assess risks Operational risk is the risk of loss arising from inadequate or failed internal processes, personnel or systems, or from external events. It is inherent in all business operations. Operational risk is actively managed throughout the company and the risk tolerance is low. The company has processes in place to identify, analyse, report and manage operational risks. Preventive and detective controls are in place to reduce operational risk exposure. Mitigating actions are continuously followed up by the organisation and by risk management, and reported regularly to the management and to the RCC who decides on further actions, if required. Risk mitigation Risk mitigation is an outcome from the continued assessments performed by the organisation. Both the organisation, the RCC and management place a strong focus on risk mitigation. The organisation uses incident reporting to collect information about incidents and near misses. This information is used for statistical reasons - but it is also a preventive measure for the organisation to adopt new controls in the operation and to set KRIs. Furthermore, a Business Continuity Policy, including a Business Continuity Plan and Disaster Recovery Plan are well implemented. Risk sensitivity Stress tests are performed to validate material risks and events that could have a material effect on the operations and viability of the company. The selection of stress tests that are performed on a regular basis is usually chosen from the most severe risks identified by the organisation but also from identification of potential external threats to the company. Also refer to section C.7 - Risk Sensitivity. ‌Other material risks‌ Other material risks the company faces and that are are rated Medium-High or High are Performance & Portfolio Management, Delegated Underwriting, Aggregating Exposure, ALM, FX, Agency Counterparty, Pricing, Product Wordings, Data Quality, Change, and Financial Process. ‌Risk Sensitivity Additional Risk Sensitivity and Stress Testing of the most material risk categories in the aggregated perspective for the Solo and Group perspective is undertaken as part of the ORSA process. ‌Any other material information There is no other material information regarding the risk profile. Valuation for Solvency Purposes • Valuation for Solvency Purposes ‌Assets The valuation principles applied to the assets are consistent with those used for IFRS with the following exceptions: Participations - Participations are valued at the lower of cost or impaired value in IFRS for SINT. This is adjusted to Solvency II valuation for participations. Pension benefit obligations are valued in accordance with IAS 19 for Solvency II purposes. No valuation adjustment has been made to Other Assets (typically receivables and deposits to cedants) with an expected duration of one year or shorter; hence the valuation for Solvency II purpose equals the valuation used in the financial statements. Other Assets with an expected duration longer than one year are valued based on discounting of future expected cash flows, which is deemed to approximate fair value. Discounting is made with the EIOPA official interest rate curves. Total adjustments before tax per main asset category are summarised in the table below (in MSEK). Please refer to section D.2 for details related to the adjustments for technical provisions. Figure 6: Solvency II adjustments before tax per main asset category Adjustment to assets 2025 2024 Removal of DAC -645 -562 Revaluation of reinsurance recoverables -10,637 -11098 Revaluation of pension benefits 83 78 Revaluation of participations 1,799 1904 Discounting of deposits -52 -73 Revaluation of other investments 0 0 Reversal of intangible assets -1 0 Total adjustments before tax -9,452 -9,751 ‌Technical provisions The technical provisions consist of a Best Estimate and a Risk Margin. The Best Estimate represents the discounted value of all future cash flows related to existing insurance obligations. The Risk Margin is calculated using the cost-of-capital approach and reflects the amount required to ensure that the technical provisions are equivalent to the value that another insurer would demand to assume the obligations. Valuation of the Solvency II technical provisions Valuation of the SINT solo and SGI Group technical provisions used for solvency purposes SINT Solo/SGI Group Figure 7: Valuation of the Solvency II technical provisions SII Line of Business Code SII Line of Business Best Estimate Risk Margin Technical Provision TP Yearly Change 1 & 13 Medical Expense 125 5 130 54 2 & 14 Income Protection 174 11 185 48 3 & 15 Workers Compensation 5 0 5 -1 4 & 16 Motor Vehicle Liability 4 0 4 0 6 & 18 Marine, Aviation and Transport 297 53 350 469 7 & 19 Property 608 25 633 28 8 & 20 General Liability 902 143 1045 -222 9 & 21 Credit and Suretyship 542 65 607 -2 11 & 23 Assistance 24 2 26 30 12 & 24 Financial Loss 1 1 2 2 25 Non-Proportional Health -2 2 0 20 26 Non-Proportional Casualty 0 3 2 -19 27 Non-Proportional MAT 18 35 53 4 28 Non-Proportional Property 149 5 154 151 36 Life Reinsurance 211 88 300 -56 Total 3057 439 3496 505 Methods and bases used in the valuation of the technical provisions used for solvency purposes The technical provisions are derived from the IFRS technical reserves and adjusted to comply with Solvency II valuation principles. IFRS reserves reflect incurred claims and unearned premium under accounting standards, whereas Solvency II requires a best-estimate economic valuation of all future cash flows for legally bound business, without prudence margins. Key adjustments from IFRS to Solvency II technical provisions include: Unearned premium reserves (UPR) and Deferred acquisition costs (DAC) are removed Inclusion of Future Cash Flows: Future claims on both earned and unearned components; Future premium cash flows, including premiums not yet written but relating to legally bound business; Expenses related to claims handling, administration, and ongoing portfolio servicing; Expected future reinsurance cash flows and expected counterparty defaults. Discounting of future cash flows Technical provisions are calculated separately for each Solvency II line of business and are based on recognised actuarial methods using appropriate and relevant data and assumptions in line with Solvency II requirements. Future cash flows are discounted using EIOPA risk-free interest rate term structures corresponding to the relevant currencies. The Risk Margin is calculated using the cost-of-capital approach prescribed in Solvency II, based on projected SCR for non-hedgeable risks and applying the standard cost-of-capital rate. A proportionate simplification for projecting the SCR is applied, in line with EIOPA guidance. A consistent valuation approach has been used across all lines of business and reporting periods. Technical provisions are reviewed regularly by the Actuarial Function, and the overall reserving process is subject to internal governance and independent validation. The results for SINT are summarised in Figure 8, which presents the Best Estimate, Risk Margin, and total Technical provisions by line of business, as well as the yearly change. Assumptions used in the valuation for technical provisions for solvency purposes Decisions about used methods and data segmentation are necessary for the analysis, there are several underlying assumptions used in the technical provision estimation process. Key assumptions concern the choice of methods, which factors are included or excluded in IFRS claim and premium reserve estimates, how data is classified, the selection of premium earning patterns, and profitability assessments for recent contracts. Historical internal data are used in estimation of future expenses. Events not captured within existing datasets (ENIDs) depend on expert judgment and external sources. All assumptions are documented and reviewed regularly by the actuarial department. Level of uncertainty in the technical provisions used for solvency purposes Uncertainty arises from the inherent variability in insurance liabilities and the reliance on assumptions about future experience, including: Claims development for longer-tailed business such as casualty and liability lines; Frequency and severity volatility in shorter-tailed business; Contributions from reinsurance programmes, including their credit quality; Future expense levels; and Potential events not fully represented in historical data. The uncertainty evaluation in technical provisions is performed as a combination of results from the Group internal capital model, and alternative calculations and stress tests of the various cash flows included in the calculation. The reserve risk is managed through a robust quarterly reserving process, during which findings from actuarial analyses are discussed and reviewed collaboratively with the business. Reserve experience in recent years has been stable in total, and external actuarial reviews of IFRS technical reserves have not indicated material deficiencies in total. Overall, SINT considers the level of uncertainty in the Solvency II technical provisions to be manageable and consistent with the nature, scale, and complexity of its risk profile.

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