SiriusPoint marks another profitable quarter with Q2 2024 results

SiriusPoint marks another profitable quarter with Q2 2024 results | Insurance Business Asia

Insurance News

SiriusPoint marks another profitable quarter with Q2 2024 results

It is the re/insurer’s seventh consecutive quarter posting positive income

Insurance News

By
Kenneth Araullo

SiriusPoint Ltd has released its financial results for the second quarter ending June 30.

The company reported net income available to common shareholders of $109.9 million, or $0.57 per diluted common share. Core income for the quarter amounted to $46 million, which includes underwriting income of $36.9 million, and the core combined ratio stood at 93.3%.

Core net services fee income was $9.7 million, with a service margin of 16.9%. Net investment income totaled $78.2 million, contributing to a total investment result of $23.3 million.

The book value per diluted common share increased by $0.67, or 4.9%, from March 31, 2024, reaching $14.31. The return on average common equity was reported at 17.9%, and the debt to capital ratio declined to 19.3%, compared to 22.8% as of March 31.

For the first half of 2024, SiriusPoint reported net income available to common shareholders of $200.7 million, or $1.05 per diluted common share. Core income reached $108.4 million, including underwriting income of $81.2 million, with a core combined ratio of 92.5%.

The company recorded core net services fee income of $29.5 million, with a service margin of 23.9%. Net investment income was $157.0 million, resulting in a total investment result of $103.1 million.

The book value per diluted common share rose by $0.96, or 7.2%, from Dec. 31, 2023, to $14.31. The return on average common equity was 16.7%, and the debt to capital ratio decreased to 19.3%, down from 23.8% as of Dec. 31, 2023.

“We had another strong quarter, our seventh consecutive quarter of positive underwriting income,” said Scott Egan (pictured above), chief executive officer. “Bolstered by another quarter of strong underwriting results and the completion of our previously announced debt actions, our balance sheet is the strongest it has ever been. These actions attest to our belief in the compelling value of our shares and capital position, which is enhanced by strong performance and relentless execution.”

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