Nov 5, 2026, 4:11 PM ETFinancial Services

SiriusPoint — Third Quarter 2026 Earnings Summary

SPNTSIRIUSPOINT LTD

Financial Performance

Net income available to common shareholders was $87 million ($0.74 per diluted share) for the quarter, compared to $86.8 million ($0.73 per diluted share) in the prior year period.
Operating earnings per share increased 19% to $0.88 for the quarter and 17% to $2.29 for the nine months ended September 30, 2026.
Net income available to common shareholders for the nine months was $255 million, up 25% versus the prior year.
Return on equity was 15.4% for the quarter and 15.1% for the nine months; operating return on equity was 17.6% for the quarter and 15.8% for the nine months.
Core combined ratio was 90.1% for both the quarter and nine months, improving 1.3 percentage points year-over-year for the nine-month period (from 91.4%).
Core underwriting income was $75.9 million for the quarter and $201.8 million for the nine months.
Consolidated underwriting income was $103.5 million for the quarter and $254.7 million for the nine months.
Book value per diluted common share (ex. AOCI) increased 4% to $20.21 from June 30, 2026, and 12% to $20.21 from December 31, 2025.
Tangible book value per diluted common share was $17.30 as of September 30, 2026.
Balance sheet strength is indicated by a BSCR estimate of 232%.
Net investment income was $65.9 million for the quarter and $197.8 million for the nine months.
Net investment gains were $3.3 million for the quarter and $22.6 million for the nine months.

Management expressed confidence in closing out the year due to strong underwriting credentials and positive momentum.
The company plans to realign reportable segments in the fourth quarter of 2026 to reflect its evolution into a specialty underwriter.
New segment structure will include "Accident & Health" (over $1 billion in premiums) as a standalone segment and "Specialty P&C" for remaining specialty businesses.

Insurance & Services: Gross written premium increased 20% for the quarter and 14% for the nine months. Growth was driven by Surety, Professional Liability premium estimate increases, General Liability new programs, and North America A&H.
Reinsurance: Gross written premium decreased 6% for the nine months, driven by deliberate reductions in Casualty, Property Catastrophe, and Other Specialties.
Services: Net services income was $11.9 million for the quarter and $30.2 million for the nine months. Service margin increased to 19.7% for the quarter from 16.3% in the prior year.
Acquisitions and Exits: The segment benefited from the acquisition of Assist America and growth in IMG travel business, partially offset by the deconsolidation of Armada and the exit of an International A&H program.
Loss Development: Favorable prior year loss reserve development was $18.3 million for the quarter and $67.2 million for the nine months, primarily driven by Property and A&H business.

The company operates as a global specialty underwriter with licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally.
Operating companies hold financial strength ratings of A from AM Best, S&P, and Fitch, and A3 from Moody's.
The company manages a portfolio of strategic partnerships with Managing General Agents and Program Administrators.

Forward-looking statements are subject to risks including known and unknown uncertainties beyond the company's control, as detailed in the company's Form 10-K.
Acquisition costs increased due to profit commission accruals related to favorable loss experience.
Other underwriting expenses increased, largely driven by expenses related to incentive compensation award outperformance.
Net investment income decreased due to lower yields on cash and short-term investments and portfolio repositioning.

CEO Scott Egan stated results represent continued strong performance with a diversified, low-volatility portfolio delivering on growth and profitability.
Management noted the business continues to outperform its 12-15% operating return on equity target.
The tone was confident regarding the balance sheet, capital agility, and ability to deploy capital where opportunities exist.
Management highlighted the LPT agreement as a milestone to close the door on the historical run-off book, simplifying the business.

SiriusPoint entered into a Loss Portfolio Transfer (LPT) agreement with RiverStone covering substantially all remaining run-off reserves, subject to regulatory approval.
The LPT deal is expected to unlock over $200 million of capital currently supporting the run-off portfolio.
The deal is supported by significant limits and strong collateral.
The company will hold a webcast on November 6, 2026, at 08:30 a.m. Eastern Time to discuss results.
The Reinsurance segment generated underwriting income of $103.3 million for the nine months, significantly higher than the $68.4 million in the prior year, primarily due to decreased catastrophe losses (the prior year included $62.6 million in losses from California wildfires).