SiriusPoint has reported its financial results for the fourth quarter and full year ending Dec. 31, 2024, reflecting improvements in core underwriting performance and continued business repositioning efforts.
The company reported a fourth-quarter combined ratio of 90.2% for its core business, a 3.2-point improvement from the previous year. The full-year core combined ratio stood at 91.0%, contributing to US$200 million in core underwriting income.
Gross premiums written for continuing lines of business, excluding exited programs from 2023, increased 21% in the quarter and 10% for the full year.
SiriusPoint posted a fourth-quarter net loss of US$21 million, primarily due to three significant items: the CM Bermuda repurchase transaction, the closure of a previously announced loss portfolio transfer (LPT) transaction with Enstar, and the write-down of a single MGA investment.
The company described these adjustments as marking the completion of its restructuring efforts. Underlying net income was US$44 million for the quarter and US$304 million for the full year, reflecting a 14% increase from 2023.
Scott Egan (pictured above), chief executive officer, said 2024 marked a year of significant progress for SiriusPoint, with improved underlying business performance providing a foundation for 2025.
These latest results also follow an upward trend for SiriusPoint, with the company reporting 10% income growth and improved combined ratios in the third quarter.
Following the CM Bermuda transaction, SiriusPoint estimated its Bermuda Solvency Capital Requirement (BSCR) ratio at 214% for the fourth quarter. The repurchase of 45.7 million common shares from CM Bermuda permanently reduced the company’s outstanding shares, resulting in more than 20% accretion in earnings per share.
For the fourth quarter, net loss attributable to common shareholders was US$21.3 million, or US$0.13 per diluted common share. Core income totaled US$66.7 million, including US$56.3 million in core underwriting income.
Core net services fee income reached US$10.4 million, with a service margin of 20.2%. Net investment income for the quarter was US$68.9 million, while the total investment result was US$29 million.
For the full year, net income available to common shareholders was US$183.9 million, or US$1.04 per diluted common share. Core income reached US$244.6 million, with US$200 million in core underwriting income. Core net services fee income totaled US$46.7 million, with a 21% service margin.
Net investment income was US$303.6 million, and the total investment result was US$224.6 million. Book value per diluted common share increased US$1.25, or 9.4%, to US$14.60. The company's debt-to-capital ratio rose to 24.8% from 23.8% at the end of 2023.
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