SiriusPoint Q3 results maintain success momentum
Bermuda-based specialty re/insurer SiriusPoint reported higher overall underwriting income, mainly due to fewer catastrophe losses, though this was partially reduced by less favourable loss reserve development.
The group achieved a combined ratio of 89.1% in the third quarter for core business with underwriting income up 11% to $70 million. Furthermore, it attained a third quarter return on equity of 17.7%, with operating return on equity of 17.9% in the quarter contributing to year-to-date operating return on equity of 16.1%, both exceeding its 12-15% ‘across the cycle’ target range.
SiriusPoint showed strong gross written premium growth of 26% for core business too, marking the sixth consecutive quarter of double-digit growth.
Regarding shares, it showed diluted earnings per common share of $0.73, with operating earnings per share of $0.72, representing a 41% increase from the prior year. Its book value per diluted common share (ex. AOCI) increased by 5.3% in the quarter to $16.47, with its balance sheet remaining strong with Q3’25’s Bermuda Solvency Capital Requirement (BSCR) estimate at 226%.
Gross written premium increased by $181.1 million, or 26.2%, to $871.6 million for the three months ended September 30, 2025 compared to $690.5 million for the same period in 2024.
Further to that, it said, net premiums earned increased by $97.2 million, or 17.8%, to $643.5 million for the three months ended September 30, 2025 compared to $546.3 million for the three months ended September 30, 2024.
According to the re/insurer, the increases in premium volume were primarily driven by its insurance and services segment, including expansion of surety within its other specialties business line, growth across A&H including life, and continued strategic organic and new programme growth in its international P&C business.
The net income attributable to SiriusPoint’s common shareholders totalled $86.8 million, or $0.73 per diluted common share.
Scott Egan (pictured), chief executive officer, said: “The third quarter marked another successful quarter of delivery for SiriusPoint. Strong underwriting performance, targeted growth, the announcement of two MGA disposals, and a positive outlook upgrade by S&P means there is a lot to be proud of.
“We achieved a strong operating return on equity of 17.9% in the quarter, significantly ahead of our ‘across the cycle’ 12-15% target range. More importantly, our year-to-date operating return on equity of 16.1% is still outperforming our range despite heightened losses from the California Wildfires and aviation sector in the first half of the year.
“Our third quarter core combined ratio of 89.1% delivered an 11% increase in underwriting income compared to last year, aided in part by no catastrophe losses in the quarter. We also continued to see strong top line growth with gross premiums written up 26% year over year for the quarter and 16% year to date, with Accident & Health being the most significant contributor.
“We expect the previously announced sale of two of our MGA investments, ArmadaCare and Arcadian, to unlock significant value for shareholders representing an increase of around $1.75 per share, which is not yet included in our book value.
“Our ambition remains unchanged: to build on the progress and momentum we have created. The third quarter marked another meaningful step forward on that journey.”
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