7th August 2022
SiriusPoint has announced results for its second quarter-highlights are:
-Net loss of $61m, or $0.38 per diluted common share
-Combined ratio of 93.1,
-underwriting income of $39m
-Tangible diluted book value per share decreased $0.43, or 3.6%, from 31st March 2022 to $11.45 per share
-Core income of $20m, which includes underwriting income of $10m, Core combined ratio of 98.3, and Core net services income of $11m
-Catastrophe losses were $16m or 3 percentage points on the combined ratio
-Net investment loss of $142m, including (12.5)% return from investment in the TP Enhanced Fund
-Annualized return on average common equity of (11.8)%
Half Year 2022 Highlights
N-et loss of $278m, or $1.74 per diluted common share
Combined ratio of 93.4, underwriting income of $72m.
Tangible diluted book value per share decreased $1.82, or 13.7%, from 31st December 2021 to $11.45 per share
Core income of $47m which includes underwriting income of $22m, Core combined ratio of 98, and Core net services income of $25m
Catastrophe losses were $23m or 2 percentage points on the combined ratio; Russia/Ukraine losses of $19m or 2 percentage points on the combined ratio
Net investment loss of $347m, including (25.9)% return from investment in the TP Enhanced Fund
Annualized return on average common equity of (25.7)%.
Interim ceo, Dan Malloy, said “Our performance this quarter reflects the strides we are making to transform our business. We continue to prioritise the improvement of our Reinsurance underwriting results and the growth of our Insurance & Services segment, which was a strong contributor to our underwriting profit this quarter.
While the economic environment impacted our investment returns this quarter, we have made significant progress de-risking our investment portfolio to reduce volatility going forward. We have a strong and stable balance sheet and we believe we are in a good position to capitalize on a rising rate environment.
I am excited by the opportunity ahead for SiriusPoint and proud to oversee our work and the progress we have achieved. I am confident that SiriusPoint remains on the right path to deliver long-term, sustainable and profitable growth.”
SiriusPoint Trends(28 articles)
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