SiriusPoint reports Q3 EPS 3c, consensus 5c

Reports Q3 revenue $562.2M vs. $702.6M last year…Scott Egan, Chief Executive Officer, said: “It has been another strong quarter of delivery for SiriusPoint (SPNT), marking our eighth consecutive quarter of positive underwriting income. We have delivered a 4.0 point improvement in the combined ratio to 88.5% whilst growing continuing lines premium by 10% during the quarter. Our focus is resolute on building a strong business driven by disciplined underwriting to create a balanced portfolio that creates shareholder value.Our strategic partnerships are a powerful tool to help us deliver our growth and underwriting ambitions. We added six new distribution partnerships in the quarter through our MGA Centre of Excellence, which is earning a reputation in the market as an attractive and leading platform for program administrators and MGAs. Fee income from our two consolidated A&H MGAs grew 18% year to date. Net investment income was strong, at $78m for the quarter, and our FY 24 net investment income is now trending ahead of our previous guidance..We completed on an important two-part strategic transaction with CMIG in the quarter, deploying capital for the purchase and retirement of $125m of common shares and the settlement of Series A Preference Shares, both for cash. Our Q3 BSCR estimate of 265% demonstrates the strength of our balance sheet, and our annualized year to date underlying ROE of 14.4%, which excludes one-off actions, is in line with our medium-term guidance of 12-15% and demonstrates the strength of our earnings.