SiriusPoint Ltd. reported its financial results for the third quarter and nine months ended September 30, 2024, revealing significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.
For Q3 2024, SiriusPoint generated total revenues of $562.2 million, a decrease of 19.9% from $702.6 million in Q3 2023. Net premiums earned also fell to $568.9 million from $613.0 million, reflecting a 7.1% decline. For the nine months ended September 30, 2024, total revenues were $1,991.0 million, down from $2,091.5 million in the same period of 2023. Net premiums earned for the nine months decreased to $1,753.2 million from $1,848.2 million.
The company's net income for Q3 2024 was $8.7 million, a sharp decline from $63.8 million in Q3 2023. For the nine months, net income decreased to $219.4 million from $264.0 million. The decline in profitability was attributed to a loss of $90.7 million related to the settlement of Series A Preference Shares and a loss of $26.7 million from the change in fair value of Merger Warrants.
SiriusPoint's total assets increased to $8,091.7 million as of September 30, 2024, up from $7,738.0 million at the end of 2023. Total liabilities also rose to $9,556.2 million from $9,358.1 million. The company reported an increase in retained earnings to $806.2 million, up from $601.0 million at the end of 2023.
Strategically, SiriusPoint engaged in significant transactions, including a Settlement Agreement and Share Repurchase Agreement with CM Bermuda Limited, totaling $261.3 million. The company repurchased 9,077,705 common shares for approximately $125.0 million. Additionally, a Master Agreement with Clarendon National Insurance Company for a Loss Portfolio Transfer covering approximately $400 million of reserves is expected to result in a loss of about $22.0 million.
The company’s underwriting performance showed mixed results. The loss ratio for Q3 2024 was 55.8%, with a combined ratio of 84.4%. In comparison, the loss ratio for Q3 2023 was 61.8%, with a combined ratio of 92.5%. The underwriting income for Q3 2024 increased to $89.0 million from $73.8 million in Q3 2023, driven by favorable prior year loss reserve development.
SiriusPoint's financial strength ratings remain stable, with an A- rating from AM Best and S&P, and an A3 rating from Moody’s. The company continues to focus on optimizing its investment portfolio and maintaining liquidity to support its strategic objectives.
About SiriusPoint Ltd
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