SiriusPoint reports underwriting income of $200m for 2024

SiriusPoint has reported a full-year 2024 core income of $244.6 million, including underwriting income of $200 million, with a core combined ratio of 91%.

The firm’s 2024 total core income declined from $291.4 million in 2023, while underwriting income also fell from $250.2 million (89.1% combined ratio).

According to SiriusPoint, the decrease in net underwriting results in 2024 was primarily driven by lower favourable prior year loss reserve development as in 2023.

SiriusPoint’s 2024 catastrophe losses, net of reinsurance and reinstatement premiums, were $54.8 million, primarily driven by Hurricanes Milton and Helene, compared to $24.8 million, primarily driven by the Turkey Earthquake and Chile Wildfire.

Elsewhere, the firm reported that gross premiums written in 2024 decreased by $134.3 million (4.1%) from 2023, totalling $3.18 billion, while net premiums earned fell by $81.5 million (3.6%) to $2.2 billion.

Gross premiums written by SiriusPoint’s Reinsurance segment in 2024 were $1.34 billion, an increase of $64.6 million compared to 2023.

This was reportedly driven by new business and renewal growth across Specialty and Property, partially offset by reduced premiums written in Casualty reflecting underwriting actions to improve profitability.

SiriusPoint’s Reinsurance segment generated an underwriting income of $124.8 million (88.0% combined ratio) in 2024, compared to an underwriting income of $206.2 million (80.0% combined ratio) in 2023.

The firm explained that the downshift in net underwriting results in this segment was primarily due to decreased favourable prior year loss reserve development and higher catastrophe losses, partially offset by lower attritional losses.

As for the Insurance & Services segment, gross premiums written were $1.84 billion in 2024, a decrease of $198.9 million, or 9.8%, compared to 2023.

SiriusPoint noted that this was driven by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $421.8 million of gross premiums written in 2023, as well as lower A&H premiums, partially offset by strategic organic and new program growth.

Meanwhile, Insurance & Services generated segment income of $119.8 million in 2024, compared to income of $86.3 million for 2024.

This segment’s income in 2024 consisted of an underwriting income of $75.2 million (93.5% combined ratio) and net services income of $44.6 million, compared to an underwriting income of $44 million (96.5% combined ratio) and net services income of $42.3 million in 2023.

Scott Egan, Chief Executive Officer of SiriusPoint, commented, “2024 has been a remarkable year of delivery for SiriusPoint. We have strengthened our underlying business performance year-over-year, providing a strong basis for 2025.

“We see 2024 as the end of the repositioning and reshaping of the Company. Our efforts are now fully focused on both growing the business and continuing to enhance performance.

“I take great pride in the accomplishments of the SiriusPoint team, who have worked with commitment and dedication to produce improvements in our underlying results, quarter after quarter. I am immensely grateful for all that they do every day for our customers, partners and shareholders.”

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