Siriuspoint Ltd ( (SPNT) ) has released its Q3 earnings. Here is a breakdown of the information Siriuspoint Ltd presented to its investors.
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SiriusPoint Ltd., a global underwriter of insurance and reinsurance, is headquartered in Bermuda and operates internationally with a focus on Property & Casualty and Accident & Health sectors, strengthened by strategic partnerships with Managing General Agents and Program Administrators.
In its latest earnings report, SiriusPoint Ltd. highlighted its eighth consecutive quarter of underwriting profits and seventh consecutive quarter of positive net income, with a reported net income of $5 million for the third quarter of 2024, despite the impact of a significant shareholder transaction with CMIG. Underlying net income showed a robust increase to $89 million, driven by improved underwriting and investment income.
Key financial metrics from the report included a combined ratio of 88.5% for the core business, indicating a 4-point improvement from the previous year, and a 10% growth in gross premiums written for continuing lines. The book value per diluted common share increased to $14.73, marking a 3% rise for the quarter and 10% since the end of 2023. The company also faced pre-tax losses from Hurricane Milton estimated between $30 million and $40 million.
SiriusPoint’s strategic initiatives included the formation of six new distribution partnerships this quarter through its MGA Centre of Excellence and strong net investment income of $78 million, which exceeded previous guidance. The completion of a strategic transaction with CMIG contributed to the strengthening of its balance sheet, with a BSCR estimate of 265% for Q3 2024.
Looking ahead, SiriusPoint’s management remains focused on maintaining disciplined underwriting and strategic partnerships to enhance shareholder value, with a medium-term guidance of achieving a return on equity of 12-15%, reflecting confidence in the company’s ongoing growth and transformation initiatives.
