SiriusPoint Ltd. Q3 FY2024 earnings call

• SiriusPoint had its eighth consecutive quarter of underwriting profit with a combined ratio of 88.5% despite Hurricane Helene.
• Premiums for continuing lines business grew 10% Y/Y in Q3 and 7% YTD. Growth is from specialty and property segments.
• MGA distribution strategy strengthened with 6 new partnerships in Q3, 17 new programs this year.
• Catastrophe losses in Q3 were $11 million (Hurricane Helene), with initial estimate of $30-40 million for Hurricane Milton. Still expect reinsurance business to have strong full year performance.
• Net investment income for Q3 was $78 million, total investment result $93 million.
• Completed CMIG transaction: repurchased $125M of common stock and settled Series A preference shares, impacting Q3 net income but underlying net income up 69% Y/Y.

In the third quarter, SiriusPoint's continuing lines business saw 10% year-over-year growth, with 7% year-to-date growth. The property book is growing at double digits. The specialty segment had 41% year-to-date gross premiums written growth. Reinsurance premiums were flat year-to-date but saw growth in Q3 after two years. The accident & health book had premiums down in 2024 due to nonrenewal of a quota share agreement, but still makes up roughly a quarter of the total portfolio premium. Core combined ratio for Q3 was 88.5%, a 4-point improvement vs prior year. Net investment income for Q3 was $78 million, contributing to a total investment result of $93 million.

• Forecast for full year 2024 net investment income is between $295 million and $300 million.
• Underlying ROE at 9 months 2024 is 14.4% and remains within the 12% to 15% target range.
• Expect to build on strong Q3 and nine months performance and aim to deliver 12% to 15% return on average common equity through the cycle.

• Impact of hurricanes Helene and Milton, with Hurricane Milton loss estimate in range of $30-40 million, still a wide range of insured industry loss estimates.
• Potential downward pressure on pricing in property portfolio despite recent hurricanes' impact.
• Social inflation trends in casualty segment could affect results.

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