HAMILTON, Bermuda, Nov. 05, 2026 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT), a global specialty underwriter, today announced results for its third quarter ended September 30, 2026, and entered into a loss portfolio transfer (LPT) agreement to close the chapter on its legacy portfolio.
Third Quarter 2026 Highlights
- Net income available to SiriusPoint common shareholders of $87 million, or $0.74 per diluted common share
- Operating earnings per share increased 19% to $0.88
- Return on equity of 15.4%, with operating return on equity of 17.6%
- Core gross written premium increased 14%, driven by 20% growth in Insurance & Services
- Core combined ratio of 90.1%
- Book value per diluted common share (ex. AOCI) increased 4% from June 30, 2026 to $20.21
- Balance sheet remains strong with BSCR estimate of 232%
Nine Months 2026 Highlights
- Net income available to SiriusPoint common shareholders of $255 million, up 25% versus prior year
- Diluted earnings per common share of $2.14, with operating earnings per share up 17% to $2.29
- Return on equity of 15.1%, with operating return on equity of 15.8%
- Insurance & Services gross written premium growth of 14%; continued discipline in Reinsurance with premiums decreasing 6%
- Core combined ratio of 90.1% improved 1.3 points versus prior year
- Book value per diluted common share (ex. AOCI) increased 12% from December 31, 2025 to $20.21
SiriusPoint’s LPT agreement with RiverStone covers substantially all of the remaining run-off reserves and is supported by significant limit and strong collateral. The deal is expected to unlock over $200 million of capital currently supporting the run-off portfolio. The deal is subject to regulatory approval.
Scott Egan, Chief Executive Officer, said: “Our third quarter results represent continued strong performance, with our diversified, low-volatility portfolio again delivering on both growth and profitability. Our Insurance & Services segment grew by 20% and our core combined ratio was 90.1% both in the quarter and year to date. With an operating return on equity of 17.6% for the quarter and 15.8% year to date, the business continues to outperform against our 12-15% target.
“We continue to create value for our shareholders as our book value per share (ex. AOCI) grew by 4% in the quarter and 12% year to date. As we head into the final quarter, we believe our underwriting credentials and positive momentum position us well to close out the year with confidence. Our balance sheet and capital are very strong, and we have the agility to deploy capital where we see the best opportunities.
“We have also announced another important milestone in the quarter linked to our legacy run-off portfolio, agreeing a loss portfolio transfer with RiverStone. This will allow us to effectively close the door on this historical book of reserves, further simplifying our business and unlocking significant capital.”
Key Financial Metrics
The following table shows certain key financial metrics for the three and nine months ended September 30, 2026 and 2025 and as of September 30, 2026 and December 31, 2025:
| Three months ended | Nine months ended | ||||||||||||||
| September 30, 2026 |
September 30, 2025 |
September 30, 2026 |
September 30, 2025 |
||||||||||||
| ($ in millions, except for ratios) | |||||||||||||||
| Combined ratio | 86.5 | % | 85.9 | % | 87.6 | % | 87.8 | % | |||||||
| Core combined ratio ⁽¹⁾ | 90.1 | % | 89.1 | % | 90.1 | % | 91.4 | % | |||||||
| Core underwriting income ⁽¹⁾ | $ | 75.9 | $ | 69.6 | $ | 201.8 | $ | 165.7 | |||||||
| Core net services income ⁽¹⁾ | $ | 11.9 | $ | 10.1 | $ | 30.2 | $ | 37.7 | |||||||
| Operating net income ⁽¹⁾ | $ | 103.2 | $ | 87.4 | $ | 272.6 | $ | 231.1 | |||||||
| Operating earnings per share ⁽¹⁾ | $ | 0.88 | $ | 0.74 | $ | 2.29 | $ | 1.95 | |||||||
| Annualized ROE | 15.4 | % | 17.7 | % | 15.1 | % | 14.5 | % | |||||||
| Annualized Operating ROE ⁽¹⁾ | 17.6 | % | 18.3 | % | 15.8 | % | 16.5 | % | |||||||
| September 30, 2026 |
December 31, 2025 |
||||
| Book value per common share | $ | 19.37 | $ | 19.40 | |
| Book value per diluted common share | $ | 19.05 | $ | 18.61 | |
| Book value per diluted common share ex. AOCI ⁽¹⁾ | $ | 20.21 | $ | 18.10 | |
| Tangible book value per diluted common share ⁽¹⁾ | $ | 17.30 | $ | 17.62 | |
(1) Core combined ratio, Core underwriting income, and Core net services income are non-GAAP financial measures. See definitions in “Non-GAAP Financial Measures” and reconciliations in “Segment Reporting.” Operating net income, Operating earnings per share, Annualized Operating ROE, book value per diluted common share ex. AOCI and tangible book value per diluted common share are non-GAAP financial measures. See definitions and reconciliations in “Non-GAAP Financial Measures.”
Third Quarter and Nine Months 2026 Summary
Consolidated underwriting income for the three months ended September 30, 2026 was $103.5 million compared to $91.4 million for the three months ended September 30, 2025. The improvement was primarily driven by lower attritional loss ratios and increased favorable prior year loss reserve development, slightly offset by higher expense ratios.
Consolidated underwriting income for the nine months ended September 30, 2026 was $254.7 million compared to $235.7 million for the nine months ended September 30, 2025. The improvement was primarily driven by a decrease in catastrophe losses as the prior period included losses from the California wildfires and increased favorable prior year loss reserve development, partially offset by higher expenses. Increased acquisition costs primarily resulted from profit commission accruals related to favorable loss experience and increased other underwriting expense is largely driven by expenses related to incentive compensation award outperformance.
Reportable Segments
The determination of our reportable segments is based on the manner in which management monitors the performance of our operations, which consist of two reportable segments – Insurance & Services and Reinsurance. Collectively, the sum of our two segments, Insurance & Services and Reinsurance, constitute our “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See reconciliations in “Segment Reporting.” We believe it is useful to review Core results as they reflect how management views the business and reflects our decision to exit the run-off business. The sum of Core results and Corporate results are equal to the consolidated results of operations.
In the fourth quarter of 2026, SiriusPoint plans to realign its reportable segments to reflect how management now views and manages the business. Over recent years, SiriusPoint has evolved into a specialty underwriter, and management increasingly evaluates performance and allocates capital across its specialty markets. Our external financial reporting will be aligned with that approach.
Under the new structure, SiriusPoint plans to report two segments. Accident & Health, which now has over $1 billion of premiums, will become a standalone segment, reflecting its distinct product, risk, earnings and capital characteristics. The remaining specialty businesses will be reported in a new Specialty P&C segment, which management evaluates on a combined basis, allocating capital and resources and assessing underwriting performance across the portfolio. These segments will replace our previous Insurance & Services and Reinsurance segments, and together they will continue to make up our Core results.
Three months ended September 30, 2026 and 2025
Core Premium Volume
Gross written premium increased by $119.0 million, or 13.7%, to $990.6 million for the three months ended September 30, 2026 compared to $871.6 million for the three months ended September 30, 2025. Net written premium increased by $13.8 million, or 2.1%, to $678.7 million for the three months ended September 30, 2026 compared to $664.9 million for the three months ended September 30, 2025. Net earned premium increased by $121.3 million, or 18.9%, to $764.8 million for the three months ended September 30, 2026 compared to $643.5 million for the three months ended September 30, 2025. The increases in written premium were driven by our Insurance & Services segment, including growth in Surety business as well as an increase in our estimated premium for Professional Liability business, slightly offset by the exit of an International A&H program. The increase in net earned premium was primarily related to increases in our estimate of the earned premium in Professional Liability and A&H businesses. The Professional Liability and A&H premium estimate changes were largely offset by corresponding loss and acquisition costs, with no significant impact on underwriting income.
Core Underwriting Results
Core results for the three months ended September 30, 2026 included income of $87.8 million compared to $79.7 million for the three months ended September 30, 2025. Income for the three months ended September 30, 2026 consists of underwriting income of $75.9 million (90.1% combined ratio) and net services income of $11.9 million, compared to underwriting income of $69.6 million (89.1% combined ratio) and net services income of $10.1 million for the three months ended September 30, 2025. The improvement in underwriting income was primarily driven by lower attritional loss ratios and increased favorable prior year loss reserve development, slightly offset by higher expense ratios. For the three months ended September 30, 2026, favorable prior year loss reserve development was $18.3 million compared to $9.1 million for the three months ended September 30, 2025, primarily driven by favorable development on Property and A&H business.
The increase in net services income was due to growth in the IMG travel business and the acquisition of Assist America, partially offset by the deconsolidation of Armada. Service margin, which is calculated as Net service fee income as a percentage of services revenues, increased to 19.7% for the three months ended September 30, 2026 from 16.3% for the three months ended September 30, 2025, when adjusted to exclude Armada, driven by the acquisition of Assist America.
Nine months ended September 30, 2026 and 2025
Core Premium Volume
Gross written premium increased by $184.3 million, or 6.6%, to $2,975.9 million for the nine months ended September 30, 2026 compared to $2,791.6 million for the nine months ended September 30, 2025. Net written premium decreased by $31.7 million, or 1.5%, to $2,085.0 million for the nine months ended September 30, 2026 compared to $2,116.7 million for the nine months ended September 30, 2025. Net earned premium increased by $127.0 million, or 6.6%, to $2,041.9 million for the nine months ended September 30, 2026 compared to $1,914.9 million for the nine months ended September 30, 2025. The increases in gross written premium and net earned premium were driven by our Insurance & Services segment, primarily driven by an increase in premium estimates on Professional Liability and A&H businesses, new program growth, mainly in General Liability, as well as continued organic growth in existing programs and growth in A&H. These increases were partially offset by decreases in our Reinsurance segment, mainly in Casualty, Property Catastrophe, and Other Specialties. The Professional Liability and A&H premium estimate changes were largely offset by corresponding loss and acquisition costs, with no significant impact on underwriting income. The decrease in net written premium was primarily driven by the decreases in our Reinsurance segment and the ceded premium related to the inception of an aggregate reinsurance program in 2026.
Core Underwriting Results
Core results for the nine months ended September 30, 2026 included income of $232.0 million compared to $203.4 million for the nine months ended September 30, 2025. Income for the nine months ended September 30, 2026 consists of underwriting income of $201.8 million (90.1% combined ratio) and net services income of $30.2 million, compared to underwriting income of $165.7 million (91.4% combined ratio) and net services income of $37.7 million for the nine months ended September 30, 2025. The improvement in net underwriting results was primarily driven by decreased catastrophe losses, partially offset by higher acquisition costs and other underwriting expense. Catastrophe losses were $6.7 million, or 0.3 percentage points on the combined ratio, for the nine months ended September 30, 2026, compared to $67.4 million, or 3.5 percentage points on the combined ratio, for the nine months ended September 30, 2025, primarily driven by the California wildfires in the prior period. Increased acquisition costs primarily resulted from profit commission accruals related to favorable loss experience and increased other underwriting expense is largely driven by expenses related to incentive compensation award outperformance.
Insurance & Services Segment
Three months ended September 30, 2026 and 2025
Insurance & Services gross written premium were $673.0 million for the three months ended September 30, 2026, an increase of $111.0 million, or 19.8%, compared to the three months ended September 30, 2025, primarily driven by growth in Surety business as well as an increase in premium estimate on Professional Liability business, slightly offset by the exit of an International A&H program. The Professional Liability premium estimate change was largely offset by corresponding loss and acquisition costs, with no significant impact on underwriting income.
Insurance & Services generated income of $44.9 million for the three months ended September 30, 2026, compared to $47.8 million for the three months ended September 30, 2025. Income for the three months ended September 30, 2026 consists of underwriting income of $33.0 million (92.8% combined ratio) and net services income of $11.9 million, compared to underwriting income of $37.7 million (90.1% combined ratio) and net services income of $10.1 million for the three months ended September 30, 2025. The decrease in underwriting income was primarily a result of higher acquisition and other underwriting expense ratios, slightly offset by lower attritional loss ratios.
Nine months ended September 30, 2026 and 2025
Insurance & Services gross written premium were $2,002.2 million for the nine months ended September 30, 2026, an increase of $244.7 million, or 13.9%, for the nine months September 30, 2026 compared to the nine months ended September 30, 2025, primarily driven by an increase in premium estimate on Professional Liability business, Surety and new program growth, mainly in General Liability, as well as continued organic growth in existing programs and growth in North America A&H. The Professional Liability premium estimate change was largely offset by corresponding loss and acquisition costs, with no significant impact on underwriting income.
Insurance & Services generated income of $128.7 million for the nine months ended September 30, 2026, compared to $135.0 million for the nine months ended September 30, 2025. Income for the nine months ended September 30, 2026 consists of underwriting income of $98.5 million (92.0% combined ratio) and net services income of $30.2 million, compared to underwriting income of $97.3 million (91.1% combined ratio) and net services income of $37.7 million for the nine months ended September 30, 2025. The improvement in underwriting income was primarily driven by increased favorable prior year loss reserve development, partially offset by increased expenses. For the nine months ended September 30, 2026, favorable prior year loss reserve development was $40.3 million compared to $21.7 million for the nine months ended September 30, 2025, primarily driven by favorable development in A&H. Increased acquisition costs primarily resulted from profit commission accruals related to favorable loss experience and increased other underwriting expense is largely driven by expenses related to incentive compensation award outperformance.
Reinsurance Segment
Three months ended September 30, 2026 and 2025
Reinsurance gross written premium were $317.6 million for the three months ended September 30, 2026, an increase of $8.0 million, or 2.6%, compared to the three months ended September 30, 2025, primarily driven by increases in certain Other Specialties lines, specifically Property and Marine & Energy.
Reinsurance generated underwriting income of $42.9 million (86.0% combined ratio) for the three months ended September 30, 2026, compared to $31.9 million (87.9% combined ratio) for the three months ended September 30, 2025. The increase in underwriting income for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 was primarily driven by increased favorable prior year reserve development in Property and Energy.
Nine months ended September 30, 2026 and 2025
Reinsurance gross written premium were $973.7 million for the nine months ended September 30, 2026, a decrease of $60.4 million, or 5.8%, compared to the nine months ended September 30, 2025, primarily driven by deliberate reductions in Casualty, rate and exposure reductions in Property Catastrophe, and reductions in Other Specialties.
Reinsurance generated underwriting income of $103.3 million (87.4% combined ratio) for the nine months ended September 30, 2026, compared to $68.4 million (91.7% combined ratio) for the nine months ended September 30, 2025. The increase in underwriting income was primarily driven by decreased catastrophe losses, as the nine months ended September 30, 2025 included losses of $62.6 million, or 7.6 percentage points on the combined ratio, primarily from the California wildfires. This was partially offset by lower favorable prior year loss reserve development of $26.9 million for the nine months ended September 30, 2026, compared to $35.5 million for the nine months ended September 30, 2025, mainly from reserve releases in Property relating to prior year’s catastrophe events.
Investments
Three months ended September 30, 2026 and 2025
Net investment income decreased to $65.9 million for the three months ended September 30, 2026 compared to $66.5 million for the three months ended September 30, 2025 driven by lower yields on cash and short-term investments, as well as portfolio repositioning. Net investment gains (losses) decreased to $3.3 million for the three months ended September 30, 2026 compared to $6.2 million for the three months ended September 30, 2025. The decrease was primarily related to realized losses on sales of TPOC and other AFS debt securities, slightly offset by higher gains on sales of other long-term investments.
Nine months ended September 30, 2026 and 2025
Net investment income decreased to $197.8 million for the nine months ended September 30, 2026 compared to $205.9 million for the nine months ended September 30, 2025 driven by lower yields on cash and short-term investments, as well as portfolio repositioning. Net investment gains (losses) increased to $22.6 million for the nine months ended September 30, 2026 compared to $6.6 million for the nine months ended September 30, 2025 primarily due to gains from fair value changes in the Company’s investments managed by related parties, which are included in Other long-term investments, partially offset by the reversal of inception to date unrealized gains.
Webcast Details
The Company will hold a webcast to discuss its third quarter 2026 results at 08:30 a.m. Eastern Time on November 6, 2026. The webcast of the conference call will be available over the Internet from the Company’s website at www.siriuspt.com under the “Investor Relations” section. Participants should follow the instructions provided on the website to download and install any necessary audio applications. The conference call will be available by dialing 1-877-451-6152 (domestic) or 1-201-389-0879 (international). Participants should ask for the SiriusPoint Ltd. third quarter 2026 earnings call.
The online replay will be available on the Company’s website immediately following the call at www.siriuspt.com under the “Investor Relations” section.
Safe Harbor Statement Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “guidance,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases. These risks and uncertainties include, but are not limited to, the “Risk Factors” described in the Company’s most recent Annual Report on Form 10-K and other subsequent periodic reports filed with the Securities and Exchange Commission.
All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Non-GAAP Financial Measures and Other Financial Metrics
In presenting SiriusPoint’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). SiriusPoint’s management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of SiriusPoint’s financial performance, identifying trends in our results, and providing meaningful period-to-period comparisons. Core underwriting income, Core net services income, Core income, Core combined ratio, book value per diluted common share excluding accumulated other comprehensive income (loss) (“AOCI”), tangible book value per diluted common share, Operating net income, Core Operating net income, Operating earnings per share, Core Operating earnings per share, Operating ROE and Core Operating ROE are non-GAAP financial measures. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP figures are included in the attached financial information in accordance with Regulation G and Item 10(e) of Regulation S-K, as applicable.
About the Company
SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators. With approximately $3.0 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A from AM Best, S&P and Fitch, and A3 from Moody’s. For more information, please visit www.siriuspt.com.
Contacts
Investor Relations
Liam Blackledge – Investor Relations and Strategy Manager
Liam.Blackledge@siriuspt.com
+ 44 203 772 3082
Media
Natalie King – Global Head of Marketing and External Communications
Natalie.King@siriuspt.com
+ 44 770 728 8817
| SIRIUSPOINT LTD. CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of September 30, 2026 and December 31, 2025 (expressed in millions of U.S. dollars, except per share and share amounts) |
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| September 30, 2026 |
December 31, 2025 |
|||||
| Assets | ||||||
| Debt securities, available for sale, at fair value, net of allowance for credit losses of $0.0 (2025 – $0.0) (cost – $5,523.9; 2025 – $5,118.3) | $ | 5,364.8 | $ | 5,168.6 | ||
| Debt securities, trading, at fair value (cost – $80.6; 2025 – $114.6) | 55.3 | 90.3 | ||||
| Short-term investments, at fair value (cost -$16.6; 2025 – $28.4) | 17.1 | 28.3 | ||||
| Other long-term investments, at fair value (cost – $398.1; 2025 – $421.9) (includes related party investments at fair value of $215.8 (2025 – $216.1)) | 276.5 | 315.1 | ||||
| Total investments | 5,713.7 | 5,602.3 | ||||
| Cash and cash equivalents | 434.3 | 731.2 | ||||
| Restricted cash and cash equivalents | 127.4 | 171.2 | ||||
| Due from brokers | 6.5 | 7.5 | ||||
| Interest and dividends receivable | 46.2 | 47.1 | ||||
| Insurance and reinsurance balances receivable, net | 2,558.9 | 2,260.3 | ||||
| Deferred acquisition costs, net | 397.7 | 384.1 | ||||
| Unearned premiums ceded | 649.2 | 487.4 | ||||
| Loss and loss adjustment expenses recoverable, net | 1,966.4 | 2,102.3 | ||||
| Deferred tax asset | 280.5 | 267.7 | ||||
| Goodwill | 46.0 | — | ||||
| Intangible assets | 158.8 | 121.2 | ||||
| Other assets | 236.7 | 272.1 | ||||
| Assets held for sale | — | 115.2 | ||||
| Total assets | $ | 12,622.3 | $ | 12,569.6 | ||
| Liabilities | ||||||
| Loss and loss adjustment expense reserves | $ | 5,816.7 | $ | 5,782.5 | ||
| Unearned premium reserves | 2,050.6 | 1,855.4 | ||||
| Reinsurance balances payable | 1,472.5 | 1,447.6 | ||||
| Debt | 667.5 | 688.6 | ||||
| Due to brokers | 48.9 | 5.5 | ||||
| Deferred tax liability | 67.8 | 73.0 | ||||
| Other liabilities | 268.9 | 246.1 | ||||
| Total liabilities | 10,392.9 | 10,098.7 | ||||
| Commitments and contingent liabilities | ||||||
| Shareholders’ equity | ||||||
| Series B preference shares (2025 – par value $0.10; authorized and issued: 8,000,000) | — | 200.0 | ||||
| Common shares (issued and outstanding: 115,032,060; 2025 – 116,989,799) | 11.5 | 11.7 | ||||
| Additional paid-in capital | 869.2 | 967.7 | ||||
| Retained earnings | 1,483.5 | 1,228.5 | ||||
| Accumulated other comprehensive income (loss), net of tax | (135.9 | ) | 61.9 | |||
| Shareholders’ equity attributable to SiriusPoint shareholders | 2,228.3 | 2,469.8 | ||||
| Noncontrolling interests | 1.1 | 1.1 | ||||
| Total shareholders’ equity | 2,229.4 | 2,470.9 | ||||
| Total liabilities, noncontrolling interests and shareholders’ equity | $ | 12,622.3 | $ | 12,569.6 | ||
| SIRIUSPOINT LTD. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) For the three and nine months ended September 30, 2026 and 2025 (expressed in millions of U.S. dollars, except per share and share amounts) |
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| Three months ended | Nine months ended | ||||||||||||||
| September 30, 2026 |
September 30, 2025 |
September 30, 2026 |
September 30, 2025 |
||||||||||||
| Revenues | |||||||||||||||
| Net earned premium | $ | 767.6 | $ | 647.7 | $ | 2,046.8 | $ | 1,926.4 | |||||||
| Net investment income | 65.9 | 66.5 | 197.8 | 205.9 | |||||||||||
| Net investment gains (losses) | 3.3 | 6.2 | 22.6 | 6.6 | |||||||||||
| Other revenues | 30.8 | 35.5 | 119.1 | 92.5 | |||||||||||
| Total revenues | 867.6 | 755.9 | 2,386.3 | 2,231.4 | |||||||||||
| Expenses | |||||||||||||||
| Loss and loss adjustment expenses incurred, net | 415.9 | 372.9 | 1,137.0 | 1,147.3 | |||||||||||
| Acquisition costs, net | 195.2 | 139.8 | 499.8 | 410.4 | |||||||||||
| Other underwriting expenses | 53.0 | 43.6 | 155.3 | 133.0 | |||||||||||
| Net corporate and other expenses | 75.7 | 62.5 | 220.6 | 194.0 | |||||||||||
| Intangible asset amortization | 2.5 | 2.8 | 7.5 | 8.5 | |||||||||||
| Interest expense | 18.4 | 21.0 | 53.9 | 60.2 | |||||||||||
| Foreign exchange losses | 3.2 | 2.4 | 2.7 | 16.9 | |||||||||||
| Total expenses | 763.9 | 645.0 | 2,076.8 | 1,970.3 | |||||||||||
| Income before income tax expense | 103.7 | 110.9 | 309.5 | 261.1 | |||||||||||
| Income tax expense | (16.7 | ) | (20.2 | ) | (51.7 | ) | (45.1 | ) | |||||||
| Net income | 87.0 | 90.7 | 257.8 | 216.0 | |||||||||||
| Net (income) loss attributable to noncontrolling interests | (0.2 | ) | 0.1 | (0.2 | ) | (0.4 | ) | ||||||||
| Net income available to SiriusPoint | 86.8 | 90.8 | 257.6 | 215.6 | |||||||||||
| Dividends on Series B preference shares | — | (4.0 | ) | (2.6 | ) | (12.0 | ) | ||||||||
| Net income available to SiriusPoint common shareholders | $ | 86.8 | $ | 86.8 | $ | 255.0 | $ | 203.6 | |||||||
| Earnings per share available to SiriusPoint common shareholders | |||||||||||||||
| Basic earnings per share available to SiriusPoint common shareholders | $ | 0.75 | $ | 0.74 | $ | 2.19 | $ | 1.75 | |||||||
| Diluted earnings per share available to SiriusPoint common shareholders | $ | 0.74 | $ | 0.73 | $ | 2.14 | $ | 1.71 | |||||||
| Weighted average number of common shares used in the determination of earnings per share | |||||||||||||||
| Basic | 115,135,159 | 116,726,540 | 116,191,819 | 116,412,996 | |||||||||||
| Diluted | 117,166,671 | 118,817,903 | 119,150,790 | 118,655,606 | |||||||||||
| SIRIUSPOINT LTD. SEGMENT REPORTING |
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| Three months ended September 30, 2026 | |||||||||||||||||||||||||||
| Insurance & Services |
Reinsurance | Core | Eliminations(2) | Corporate | Segment Measure Reclass |
Total | |||||||||||||||||||||
| Gross written premium | $ | 673.0 | $ | 317.6 | $ | 990.6 | $ | — | $ | 4.3 | $ | — | $ | 994.9 | |||||||||||||
| Net written premium | 403.5 | 275.2 | 678.7 | — | 1.7 | — | 680.4 | ||||||||||||||||||||
| Net earned premium | 460.8 | 304.0 | 764.8 | — | 2.8 | — | 767.6 | ||||||||||||||||||||
| Loss and loss adjustment expenses incurred, net | 263.6 | 154.0 | 417.6 | (2.1 | ) | 0.4 | — | 415.9 | |||||||||||||||||||
| Acquisition costs, net | 136.9 | 86.2 | 223.1 | (28.7 | ) | 0.8 | — | 195.2 | |||||||||||||||||||
| Other underwriting expenses | 27.3 | 20.9 | 48.2 | — | 4.8 | — | 53.0 | ||||||||||||||||||||
| Underwriting income (loss) | 33.0 | 42.9 | 75.9 | 30.8 | (3.2 | ) | — | 103.5 | |||||||||||||||||||
| Services revenues | 61.5 | — | 61.5 | (31.2 | ) | — | (30.3 | ) | — | ||||||||||||||||||
| Services expenses | 49.4 | — | 49.4 | — | — | (49.4 | ) | — | |||||||||||||||||||
| Net services fee income | 12.1 | — | 12.1 | (31.2 | ) | — | 19.1 | — | |||||||||||||||||||
| Services noncontrolling income | (0.2 | ) | — | (0.2 | ) | — | — | 0.2 | — | ||||||||||||||||||
| Net services income | 11.9 | — | 11.9 | (31.2 | ) | — | 19.3 | — | |||||||||||||||||||
| Segment income (loss) | 44.9 | 42.9 | 87.8 | (0.4 | ) | (3.2 | ) | 19.3 | 103.5 | ||||||||||||||||||
| Net investment income | 65.9 | — | 65.9 | ||||||||||||||||||||||||
| Net investment gains (losses) | 3.3 | — | 3.3 | ||||||||||||||||||||||||
| Other revenues | 0.5 | 30.3 | 30.8 | ||||||||||||||||||||||||
| Net corporate and other expenses | (26.3 | ) | (49.4 | ) | (75.7 | ) | |||||||||||||||||||||
| Intangible asset amortization | (2.5 | ) | — | (2.5 | ) | ||||||||||||||||||||||
| Interest expense | (18.4 | ) | — | (18.4 | ) | ||||||||||||||||||||||
| Foreign exchange losses | (3.2 | ) | — | (3.2 | ) | ||||||||||||||||||||||
| Income before income tax expense | $ | 44.9 | $ | 42.9 | 87.8 | (0.4 | ) | 16.1 | 0.2 | 103.7 | |||||||||||||||||
| Income tax expense | — | — | (16.7 | ) | — | (16.7 | ) | ||||||||||||||||||||
| Net income (loss) | 87.8 | (0.4 | ) | (0.6 | ) | 0.2 | 87.0 | ||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interest | — | — | — | (0.2 | ) | (0.2 | ) | ||||||||||||||||||||
| Net income (loss) available to SiriusPoint | $ | 87.8 | $ | (0.4 | ) | $ | (0.6 | ) | $ | — | $ | 86.8 | |||||||||||||||
| Attritional losses | $ | 272.7 | $ | 163.2 | $ | 435.9 | $ | (2.1 | ) | $ | 1.9 | $ | — | $ | 435.7 | ||||||||||||
| Catastrophe losses | — | — | — | — | — | — | — | ||||||||||||||||||||
| Prior year loss reserve development | (9.1 | ) | (9.2 | ) | (18.3 | ) | — | (1.5 | ) | — | (19.8 | ) | |||||||||||||||
| Loss and loss adjustment expenses incurred, net | $ | 263.6 | $ | 154.0 | $ | 417.6 | $ | (2.1 | ) | $ | 0.4 | $ | — | $ | 415.9 | ||||||||||||
| Underwriting Ratios:(1) | |||||||||||||||||||||||||||
| Attritional loss ratio | 59.2 | % | 53.7 | % | 57.0 | % | 56.8 | % | |||||||||||||||||||
| Catastrophe loss ratio | — | % | — | % | — | % | — | % | |||||||||||||||||||
| Prior year loss development ratio | (2.0 | )% | (3.0 | )% | (2.4 | )% | (2.6 | )% | |||||||||||||||||||
| Loss ratio | 57.2 | % | 50.7 | % | 54.6 | % | 54.2 | % | |||||||||||||||||||
| Acquisition cost ratio | 29.7 | % | 28.4 | % | 29.2 | % | 25.4 | % | |||||||||||||||||||
| Other underwriting expenses ratio | 5.9 | % | 6.9 | % | 6.3 | % | 6.9 | % | |||||||||||||||||||
| Combined ratio | 92.8 | % | 86.0 | % | 90.1 | % | 86.5 | % | |||||||||||||||||||
| (1) | Underwriting ratios are calculated by dividing the related expense by net earned premium. |
| (2) | Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards. |
| Three months ended September 30, 2025 | |||||||||||||||||||||||||||
| Insurance & Services |
Reinsurance | Core | Eliminations(2) | Corporate | Segment Measure Reclass |
Total | |||||||||||||||||||||
| Gross written premium | $ | 562.0 | $ | 309.6 | $ | 871.6 | $ | — | $ | 2.8 | $ | — | $ | 874.4 | |||||||||||||
| Net written premium | 396.8 | 268.1 | 664.9 | — | 5.4 | — | 670.3 | ||||||||||||||||||||
| Net earned premium | 381.2 | 262.3 | 643.5 | — | 4.2 | — | 647.7 | ||||||||||||||||||||
| Loss and loss adjustment expenses incurred, net | 225.3 | 145.5 | 370.8 | (1.5 | ) | 3.6 | — | 372.9 | |||||||||||||||||||
| Acquisition costs, net | 98.3 | 64.7 | 163.0 | (26.9 | ) | 3.7 | — | 139.8 | |||||||||||||||||||
| Other underwriting expenses | 19.9 | 20.2 | 40.1 | — | 3.5 | — | 43.6 | ||||||||||||||||||||
| Underwriting income (loss) | 37.7 | 31.9 | 69.6 | 28.4 | (6.6 | ) | — | 91.4 | |||||||||||||||||||
| Services revenues | 58.5 | — | 58.5 | (32.7 | ) | — | (25.8 | ) | — | ||||||||||||||||||
| Services expenses | 48.5 | — | 48.5 | — | — | (48.5 | ) | — | |||||||||||||||||||
| Net services fee income | 10.0 | — | 10.0 | (32.7 | ) | — | 22.7 | — | |||||||||||||||||||
| Services noncontrolling loss | 0.1 | — | 0.1 | — | — | (0.1 | ) | — | |||||||||||||||||||
| Net services income | 10.1 | — | 10.1 | (32.7 | ) | — | 22.6 | — | |||||||||||||||||||
| Segment income (loss) | 47.8 | 31.9 | 79.7 | (4.3 | ) | (6.6 | ) | 22.6 | 91.4 | ||||||||||||||||||
| Net investment income | 66.5 | — | 66.5 | ||||||||||||||||||||||||
| Net investment gains (losses) | 6.2 | — | 6.2 | ||||||||||||||||||||||||
| Other revenues | 9.7 | 25.8 | 35.5 | ||||||||||||||||||||||||
| Net corporate and other expenses | (14.0 | ) | (48.5 | ) | (62.5 | ) | |||||||||||||||||||||
| Intangible asset amortization | (2.8 | ) | — | (2.8 | ) | ||||||||||||||||||||||
| Interest expense | (21.0 | ) | — | (21.0 | ) | ||||||||||||||||||||||
| Foreign exchange losses | (2.4 | ) | — | (2.4 | ) | ||||||||||||||||||||||
| Income before income tax expense | $ | 47.8 | $ | 31.9 | 79.7 | (4.3 | ) | 35.6 | (0.1 | ) | 110.9 | ||||||||||||||||
| Income tax expense | — | — | (20.2 | ) | — | (20.2 | ) | ||||||||||||||||||||
| Net income | 79.7 | (4.3 | ) | 15.4 | (0.1 | ) | 90.7 | ||||||||||||||||||||
| Net loss attributable to noncontrolling interest | — | — | — | 0.1 | 0.1 | ||||||||||||||||||||||
| Net income available to SiriusPoint | $ | 79.7 | $ | (4.3 | ) | $ | 15.4 | $ | — | $ | 90.8 | ||||||||||||||||
| Attritional losses | $ | 234.8 | $ | 145.1 | $ | 379.9 | $ | (1.5 | ) | $ | 3.4 | $ | — | $ | 381.8 | ||||||||||||
| Catastrophe losses | — | — | — | — | — | — | — | ||||||||||||||||||||
| Prior year loss reserve development | (9.5 | ) | 0.4 | (9.1 | ) | — | 0.2 | — | (8.9 | ) | |||||||||||||||||
| Loss and loss adjustment expenses incurred, net | $ | 225.3 | $ | 145.5 | $ | 370.8 | $ | (1.5 | ) | $ | 3.6 | $ | — | $ | 372.9 | ||||||||||||
| Underwriting Ratios:(1) | |||||||||||||||||||||||||||
| Attritional loss ratio | 61.6 | % | 55.3 | % | 59.0 | % | 59.0 | % | |||||||||||||||||||
| Catastrophe loss ratio | — | % | — | % | — | % | — | % | |||||||||||||||||||
| Prior year loss development ratio | (2.5 | )% | 0.2 | % | (1.4 | )% | (1.4 | )% | |||||||||||||||||||
| Loss ratio | 59.1 | % | 55.5 | % | 57.6 | % | 57.6 | % | |||||||||||||||||||
| Acquisition cost ratio | 25.8 | % | 24.7 | % | 25.3 | % | 21.6 | % | |||||||||||||||||||
| Other underwriting expenses ratio | 5.2 | % | 7.7 | % | 6.2 | % | 6.7 | % | |||||||||||||||||||
| Combined ratio | 90.1 | % | 87.9 | % | 89.1 | % | 85.9 | % | |||||||||||||||||||
| (1) | Underwriting ratios are calculated by dividing the related expense by net earned premium. |
| (2) | Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards. |
| Nine months ended September 30, 2026 | |||||||||||||||||||||||||||
| Insurance & Services |
Reinsurance | Core | Eliminations(2) | Corporate | Segment Measure Reclass |
Total | |||||||||||||||||||||
| Gross written premium | $ | 2,002.2 | $ | 973.7 | $ | 2,975.9 | $ | — | $ | 0.1 | $ | — | $ | 2,976.0 | |||||||||||||
| Net written premium | 1,287.0 | 798.0 | 2,085.0 | — | 0.9 | — | 2,085.9 | ||||||||||||||||||||
| Net earned premium | 1,222.6 | 819.3 | 2,041.9 | — | 4.9 | — | 2,046.8 | ||||||||||||||||||||
| Loss and loss adjustment expenses incurred, net | 695.8 | 428.1 | 1,123.9 | (5.7 | ) | 18.8 | — | 1,137.0 | |||||||||||||||||||
| Acquisition costs, net | 349.1 | 225.7 | 574.8 | (73.2 | ) | (1.8 | ) | — | 499.8 | ||||||||||||||||||
| Other underwriting expenses | 79.2 | 62.2 | 141.4 | — | 13.9 | — | 155.3 | ||||||||||||||||||||
| Underwriting income (loss) | 98.5 | 103.3 | 201.8 | 78.9 | (26.0 | ) | — | 254.7 | |||||||||||||||||||
| Services revenues | 174.9 | — | 174.9 | (84.1 | ) | — | (90.8 | ) | — | ||||||||||||||||||
| Services expenses | 145.1 | — | 145.1 | — | — | (145.1 | ) | — | |||||||||||||||||||
| Net services fee income | 29.8 | — | 29.8 | (84.1 | ) | — | 54.3 | — | |||||||||||||||||||
| Services noncontrolling loss | 0.4 | — | 0.4 | — | — | (0.4 | ) | — | |||||||||||||||||||
| Net services income | 30.2 | — | 30.2 | (84.1 | ) | — | 53.9 | — | |||||||||||||||||||
| Segment income (loss) | 128.7 | 103.3 | 232.0 | (5.2 | ) | (26.0 | ) | 53.9 | 254.7 | ||||||||||||||||||
| Net investment income | 197.8 | — | 197.8 | ||||||||||||||||||||||||
| Net investment gains (losses) | 22.6 | — | 22.6 | ||||||||||||||||||||||||
| Other revenues | 28.3 | 90.8 | 119.1 | ||||||||||||||||||||||||
| Net corporate and other expenses | (75.5 | ) | (145.1 | ) | (220.6 | ) | |||||||||||||||||||||
| Intangible asset amortization | (7.5 | ) | — | (7.5 | ) | ||||||||||||||||||||||
| Interest expense | (53.9 | ) | — | (53.9 | ) | ||||||||||||||||||||||
| Foreign exchange losses | (2.7 | ) | — | (2.7 | ) | ||||||||||||||||||||||
| Income before income tax expense | $ | 128.7 | $ | 103.3 | 232.0 | (5.2 | ) | 83.1 | (0.4 | ) | 309.5 | ||||||||||||||||
| Income tax expense | — | — | (51.7 | ) | — | (51.7 | ) | ||||||||||||||||||||
| Net income | 232.0 | (5.2 | ) | 31.4 | (0.4 | ) | 257.8 | ||||||||||||||||||||
| Net income attributable to noncontrolling interest | — | — | (0.6 | ) | 0.4 | (0.2 | ) | ||||||||||||||||||||
| Net income available to SiriusPoint | $ | 232.0 | $ | (5.2 | ) | $ | 30.8 | $ | — | $ | 257.6 | ||||||||||||||||
| Attritional losses | $ | 734.8 | $ | 449.6 | $ | 1,184.4 | $ | (5.7 | ) | $ | 4.3 | $ | — | $ | 1,183.0 | ||||||||||||
| Catastrophe losses | 1.3 | 5.4 | 6.7 | — | — | — | 6.7 | ||||||||||||||||||||
| Prior year loss reserve development | (40.3 | ) | (26.9 | ) | (67.2 | ) | — | 14.5 | — | (52.7 | ) | ||||||||||||||||
| Loss and loss adjustment expenses incurred, net | $ | 695.8 | $ | 428.1 | $ | 1,123.9 | $ | (5.7 | ) | $ | 18.8 | $ | — | $ | 1,137.0 | ||||||||||||
| Underwriting Ratios:(1) | |||||||||||||||||||||||||||
| Attritional loss ratio | 60.1 | % | 54.9 | % | 58.0 | % | 57.9 | % | |||||||||||||||||||
| Catastrophe loss ratio | 0.1 | % | 0.7 | % | 0.3 | % | 0.3 | % | |||||||||||||||||||
| Prior year loss development ratio | (3.3 | )% | (3.3 | )% | (3.3 | )% | (2.6 | )% | |||||||||||||||||||
| Loss ratio | 56.9 | % | 52.3 | % | 55.0 | % | 55.6 | % | |||||||||||||||||||
| Acquisition cost ratio | 28.6 | % | 27.5 | % | 28.2 | % | 24.4 | % | |||||||||||||||||||
| Other underwriting expenses ratio | 6.5 | % | 7.6 | % | 6.9 | % | 7.6 | % | |||||||||||||||||||
| Combined ratio | 92.0 | % | 87.4 | % | 90.1 | % | 87.6 | % | |||||||||||||||||||
| (1) | Underwriting ratios are calculated by dividing the related expense by net earned premium. |
| (2) | Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards. |
| Nine months ended September 30, 2025 | |||||||||||||||||||||||||||
| Insurance & Services |
Reinsurance | Core | Eliminations(2) | Corporate | Segment Measure Reclass |
Total | |||||||||||||||||||||
| Gross written premium | $ | 1,757.5 | $ | 1,034.1 | $ | 2,791.6 | $ | — | $ | 15.7 | $ | — | $ | 2,807.3 | |||||||||||||
| Net written premium | 1,273.1 | 843.6 | 2,116.7 | — | 1.0 | — | 2,117.7 | ||||||||||||||||||||
| Net earned premium | 1,086.6 | 828.3 | 1,914.9 | — | 11.5 | — | 1,926.4 | ||||||||||||||||||||
| Loss and loss adjustment expenses incurred, net | 644.4 | 497.2 | 1,141.6 | (5.0 | ) | 10.7 | — | 1,147.3 | |||||||||||||||||||
| Acquisition costs, net | 283.5 | 202.3 | 485.8 | (83.1 | ) | 7.7 | — | 410.4 | |||||||||||||||||||
| Other underwriting expenses | 61.4 | 60.4 | 121.8 | — | 11.2 | — | 133.0 | ||||||||||||||||||||
| Underwriting income (loss) | 97.3 | 68.4 | 165.7 | 88.1 | (18.1 | ) | — | 235.7 | |||||||||||||||||||
| Services revenues | 178.7 | — | 178.7 | (94.6 | ) | — | (84.1 | ) | — | ||||||||||||||||||
| Services expenses | 141.2 | — | 141.2 | — | — | (141.2 | ) | — | |||||||||||||||||||
| Net services fee income | 37.5 | — | 37.5 | (94.6 | ) | — | 57.1 | — | |||||||||||||||||||
| Services noncontrolling loss | 0.2 | — | 0.2 | — | — | (0.2 | ) | — | |||||||||||||||||||
| Net services income | 37.7 | — | 37.7 | (94.6 | ) | — | 56.9 | — | |||||||||||||||||||
| Segment income (loss) | 135.0 | 68.4 | 203.4 | (6.5 | ) | (18.1 | ) | 56.9 | 235.7 | ||||||||||||||||||
| Net investment income | 205.9 | — | 205.9 | ||||||||||||||||||||||||
| Net investment gains (losses) | 6.6 | — | 6.6 | ||||||||||||||||||||||||
| Other revenues | 8.4 | 84.1 | 92.5 | ||||||||||||||||||||||||
| Net corporate and other expenses | (52.8 | ) | (141.2 | ) | (194.0 | ) | |||||||||||||||||||||
| Intangible asset amortization | (8.5 | ) | — | (8.5 | ) | ||||||||||||||||||||||
| Interest expense | (60.2 | ) | — | (60.2 | ) | ||||||||||||||||||||||
| Foreign exchange losses | (16.9 | ) | — | (16.9 | ) | ||||||||||||||||||||||
| Income before income tax expense | $ | 135.0 | $ | 68.4 | 203.4 | (6.5 | ) | 64.4 | (0.2 | ) | 261.1 | ||||||||||||||||
| Income tax expense | — | — | (45.1 | ) | — | (45.1 | ) | ||||||||||||||||||||
| Net income | 203.4 | (6.5 | ) | 19.3 | (0.2 | ) | 216.0 | ||||||||||||||||||||
| Net income attributable to noncontrolling interest | — | — | (0.6 | ) | 0.2 | (0.4 | ) | ||||||||||||||||||||
| Net income available to SiriusPoint | $ | 203.4 | $ | (6.5 | ) | $ | 18.7 | $ | — | $ | 215.6 | ||||||||||||||||
| Attritional losses | $ | 661.3 | $ | 470.1 | $ | 1,131.4 | $ | (5.0 | ) | $ | 5.3 | $ | — | $ | 1,131.7 | ||||||||||||
| Catastrophe losses | 4.8 | 62.6 | 67.4 | — | — | — | 67.4 | ||||||||||||||||||||
| Prior year loss reserve development | (21.7 | ) | (35.5 | ) | (57.2 | ) | — | 5.4 | — | (51.8 | ) | ||||||||||||||||
| Loss and loss adjustment expenses incurred, net | $ | 644.4 | $ | 497.2 | $ | 1,141.6 | $ | (5.0 | ) | $ | 10.7 | $ | — | $ | 1,147.3 | ||||||||||||
| Underwriting Ratios:(1) | |||||||||||||||||||||||||||
| Attritional loss ratio | 60.9 | % | 56.7 | % | 59.1 | % | 58.8 | % | |||||||||||||||||||
| Catastrophe loss ratio | 0.4 | % | 7.6 | % | 3.5 | % | 3.5 | % | |||||||||||||||||||
| Prior year loss development ratio | (2.0 | )% | (4.3 | )% | (3.0 | )% | (2.7 | )% | |||||||||||||||||||
| Loss ratio | 59.3 | % | 60.0 | % | 59.6 | % | 59.6 | % | |||||||||||||||||||
| Acquisition cost ratio | 26.1 | % | 24.4 | % | 25.4 | % | 21.3 | % | |||||||||||||||||||
| Other underwriting expenses ratio | 5.7 | % | 7.3 | % | 6.4 | % | 6.9 | % | |||||||||||||||||||
| Combined ratio | 91.1 | % | 91.7 | % | 91.4 | % | 87.8 | % | |||||||||||||||||||
| (1) | Underwriting ratios are calculated by dividing the related expense by net earned premium. |
| (2) | Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards. |
SIRIUSPOINT LTD.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS & OTHER FINANCIAL MEASURES
Non-GAAP Financial Measures
Core Results
Collectively, the sum of the Company’s two segments, Insurance & Services and Reinsurance, constitute “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. We believe it is useful to review Core results as they reflect how management views the business and reflects our decision to exit the run-off business. The sum of Core results and Corporate results are equal to the consolidated results of operations.
Core underwriting income – calculated by subtracting loss and loss adjustment expenses incurred, net, acquisition costs, net, and other underwriting expenses from net premiums earned.
Core net services income – consists of services revenues which include commissions, brokerage and fee income related to consolidated MGAs, and other revenues, as well as services expenses which include direct expenses related to consolidated MGAs and services noncontrolling income which represent minority ownership interests in consolidated MGAs. Net services income is a key indicator of the profitability of the Company’s services provided.
Core income – consists of two components, core underwriting income and core net services income. Core income is a key measure of our segment performance.
Core combined ratio – calculated by dividing the sum of Core loss and loss adjustment expenses incurred, net, acquisition costs, net and other underwriting expenses by Core net premiums earned. Accident year loss ratio and accident year combined ratio are calculated by excluding prior year loss reserve development to present the impact of current accident year net loss and loss adjustment expenses on the Core loss ratio and Core combined ratio, respectively. Attritional loss ratio excludes catastrophe losses from the accident year loss ratio as they are not predictable as to timing and amount. These ratios are useful indicators of our underwriting profitability.
Book Value Per Diluted Common Share Metrics
Book value per diluted common share excluding AOCI and tangible book value per diluted common share, as presented, are non-GAAP financial measures and the most directly comparable U.S. GAAP measure is book value per diluted common share. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates. Tangible book value per diluted common share excludes goodwill and intangible assets. Management believes that effects of goodwill and intangible assets make book value comparisons to less acquisitive peer companies less meaningful.
The following table sets forth the computation of book value per common share, book value per diluted common share, book value per diluted common share excluding AOCI, and tangible book value per diluted common share as of September 30, 2026 and December 31, 2025:
| September 30, 2026 |
December 31, 2025 |
|||||
| ($ in millions, except share and per share amounts) | ||||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders | $ | 2,228.3 | $ | 2,269.8 | ||
| Accumulated other comprehensive income (loss), net of tax | (135.9 | ) | 61.9 | |||
| Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI | 2,364.2 | 2,207.9 | ||||
| Intangible assets | 158.8 | 121.2 | ||||
| Goodwill | 46.0 | — | ||||
| Tangible common shareholders’ equity attributable to SiriusPoint common shareholders | $ | 2,023.5 | $ | 2,148.6 | ||
| Common shares outstanding | 115,032,060 | 116,989,799 | ||||
| Effect of dilutive stock options and restricted share units | 1,949,637 | 4,983,345 | ||||
| Book value per diluted common share denominator | 116,981,697 | 121,973,144 | ||||
| Book value per common share | $ | 19.37 | $ | 19.40 | ||
| Book value per diluted common share | $ | 19.05 | $ | 18.61 | ||
| Book value per diluted common share ex. AOCI | $ | 20.21 | $ | 18.10 | ||
| Tangible book value per diluted common share | $ | 17.30 | $ | 17.62 | ||
Operating and Core Operating Metrics
Operating net income, Core Operating net income, Operating earnings per share and Core Operating earnings per share are non-GAAP financial measures and the most directly comparable U.S. GAAP measures are net income and diluted earnings per share. Operating net income excludes items which we believe are not indicative of the operations of our operating businesses, including realized and unrealized gains (losses) on other investments and liability-classified capital instruments, non-recurring costs associated with acquisitions or sales of subsidiaries, income (expense) related to loss portfolio transfers, deferred tax assets attributable to the enactment of the Bermuda corporate income tax, development on COVID-19 reserves resulting from the COVID-19 reserve study performed concurrently with the settlement of the Series A Preference shares in the third quarter of 2024, amortization of acquisition-related intangible assets, and foreign exchange gains (losses). Core Operating net income also excludes the Corporate (run-off) business. We believe it is useful to review Operating net income and Core Operating net income as they reflect how we view the business, as well as provides investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. Operating ROE is calculated by dividing annualized Operating net income for the period by average common shareholders’ equity, excluding AOCI, and after adjusting for the above noted items to arrive at Operating net income. Core Operating ROE also excludes the results of the Corporate (run-off) business. Prior-period results have been recast to reflect current period presentation.
The following table sets forth the computation of Operating net income, Core Operating net income, Operating earnings per share and Core Operating earnings per share for the three and nine months ended September 30, 2026 and 2025:
| Three months ended | Nine months ended | ||||||||||||||
| September 30, 2026 |
September 30, 2025 |
September 30, 2026 |
September 30, 2025 |
||||||||||||
| ($ in millions, except share and per share amounts) | |||||||||||||||
| Net income available to SiriusPoint common shareholders | $ | 86.8 | $ | 86.8 | $ | 255.0 | $ | 203.6 | |||||||
| Adjustments: | |||||||||||||||
| Gain on sale or deconsolidation of consolidated MGAs | — | — | (25.2 | ) | — | ||||||||||
| (Gains) losses on other investments | 6.6 | (1.1 | ) | 14.8 | (0.6 | ) | |||||||||
| MGA & other investment rationalization | 6.6 | (1.1 | ) | (10.4 | ) | (0.6 | ) | ||||||||
| Expense related to loss portfolio transfers | 5.1 | 7.7 | 16.0 | 20.2 | |||||||||||
| Foreign exchange (gains) losses | 3.2 | 2.4 | 2.7 | 16.9 | |||||||||||
| Amortization of acquisition-related intangible assets | 2.5 | 2.8 | 7.5 | 8.5 | |||||||||||
| Other non-recurring items | 2.8 | (11.0 | ) | 11.8 | (11.0 | ) | |||||||||
| Income tax expense on adjustments(1) | (3.8 | ) | (0.2 | ) | (10.0 | ) | (6.5 | ) | |||||||
| Operating net income | 103.2 | 87.4 | 272.6 | 231.1 | |||||||||||
| Corporate (run-off) underwriting results | 3.2 | 6.6 | 26.0 | 18.1 | |||||||||||
| Income tax expense on adjustments(1) | (0.6 | ) | (1.3 | ) | (5.0 | ) | (3.4 | ) | |||||||
| Core Operating net income | $ | 105.8 | $ | 92.7 | $ | 293.6 | $ | 245.8 | |||||||
| Weighted average number of diluted common shares used in the determination of earnings per share | 117,166,671 | 118,817,903 | 119,150,790 | 118,655,606 | |||||||||||
| Operating diluted earnings per share | $ | 0.88 | $ | 0.74 | $ | 2.29 | $ | 1.95 | |||||||
| Core Operating diluted earnings per share | $ | 0.90 | $ | 0.78 | $ | 2.46 | $ | 2.07 | |||||||
| (1) | For the three and nine months ended September 30, 2026 and 2025, an effective tax rate of 19% is applied to the above adjustments to calculate the income tax expense, where applicable. Periods may have a different effective tax rate based on the jurisdiction of specific transactions. |
The following table sets forth the computation of Operating Return on Average Common Shareholders’ Equity for the three and nine months ended September 30, 2026 and 2025:
| Three months ended | Nine months ended | ||||||||||||||
| September 30, 2026 |
September 30, 2025 |
September 30, 2026 |
September 30, 2025 |
||||||||||||
| ($ in millions, except for ratios) | |||||||||||||||
| Operating net income | $ | 103.2 | $ | 87.4 | $ | 272.6 | $ | 231.1 | |||||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders – beginning of period | 2,275.9 | 1,905.7 | 2,269.8 | 1,737.4 | |||||||||||
| Less: Accumulated other comprehensive income (loss), net of tax – beginning of period | (21.3 | ) | 46.5 | 61.9 | (4.1 | ) | |||||||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI – beginning of period | 2,297.2 | 1,859.2 | 2,207.9 | 1,741.5 | |||||||||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders – end of period | 2,228.3 | 2,009.9 | 2,228.3 | 2,009.9 | |||||||||||
| Adjustments to net income to arrive at Operating net income | 16.4 | 0.6 | 17.6 | 27.5 | |||||||||||
| Less: Accumulated other comprehensive income (loss), net of tax – end of period | (135.9 | ) | 52.3 | (135.9 | ) | 52.3 | |||||||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI – end of period | 2,380.6 | 1,958.2 | 2,381.8 | 1,985.1 | |||||||||||
| Average common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI | $ | 2,338.9 | $ | 1,908.7 | $ | 2,294.9 | $ | 1,863.3 | |||||||
| Annualized Operating ROE | 17.6 | % | 18.3 | % | 15.8 | % | 16.5 | % | |||||||
The following table sets forth the computation of Core Operating Return on Average Common Shareholders’ Equity for the three and nine months ended September 30, 2026 and 2025:
| Three months ended | Nine months ended | ||||||||||||||
| September 30, 2026 |
September 30, 2025 |
September 30, 2026 |
September 30, 2025 |
||||||||||||
| ($ in millions, except for ratios) | |||||||||||||||
| Core Operating net income | $ | 105.8 | $ | 92.7 | $ | 293.6 | $ | 245.8 | |||||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders – beginning of period | 2,275.9 | 1,905.7 | 2,269.8 | 1,737.4 | |||||||||||
| Less: Accumulated other comprehensive income (loss), net of tax – beginning of period | (21.3 | ) | 46.5 | 61.9 | (4.1 | ) | |||||||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI – beginning of period | 2,297.2 | 1,859.2 | 2,207.9 | 1,741.5 | |||||||||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders – end of period | 2,228.3 | 2,009.9 | 2,228.3 | 2,009.9 | |||||||||||
| Adjustments to net income to arrive at Core Operating net income | 19.0 | 5.9 | 38.6 | 42.2 | |||||||||||
| Less: Accumulated other comprehensive income (loss), net of tax – end of period | (135.9 | ) | 52.3 | (135.9 | ) | 52.3 | |||||||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI – end of period | 2,383.2 | 1,963.5 | 2,402.8 | 1,999.8 | |||||||||||
| Average common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI | $ | 2,340.2 | $ | 1,911.4 | $ | 2,305.4 | $ | 1,870.7 | |||||||
| Annualized Core Operating ROE | 18.1 | % | 19.4 | % | 17.0 | % | 17.5 | % | |||||||
Other Financial Measures
Annualized Return on Average Common Shareholders’ Equity Attributable to SiriusPoint Common Shareholders
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders is calculated by dividing annualized net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the three and nine months ended September 30, 2026 and 2025 was calculated as follows:
| Three months ended | Nine months ended | ||||||||||||||
| September 30, 2026 |
September 30, 2025 |
September 30, 2026 |
September 30, 2025 |
||||||||||||
| ($ in millions, except for ratios) | |||||||||||||||
| Net income available to SiriusPoint common shareholders | $ | 86.8 | $ | 86.8 | $ | 255.0 | $ | 203.6 | |||||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders – beginning of period | 2,275.9 | 1,905.7 | 2,269.8 | 1,737.4 | |||||||||||
| Common shareholders’ equity attributable to SiriusPoint common shareholders – end of period | 2,228.3 | 2,009.9 | 2,228.3 | 2,009.9 | |||||||||||
| Average common shareholders’ equity attributable to SiriusPoint common shareholders | $ | 2,252.1 | $ | 1,957.8 | $ | 2,249.1 | $ | 1,873.7 | |||||||
| Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders | 15.4 | % | 17.7 | % | 15.1 | % | 14.5 | % | |||||||
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