SiriusPoint (SPNT) Q1 2025 earnings summary

Executive summary

• Achieved tenth consecutive quarter of underwriting profit, with Q1 2025 net income of $57.6M–$58M and EPS of $0.49, despite $59M in California wildfire losses; book value per share rose 5%–5.4%.

• Delivered double-digit growth in gross (12%–12.4%) and net (20%) written premiums year-over-year, driven by Insurance & Services segment.

• AM Best and Fitch affirmed ratings and upgraded outlook to Positive.

• Completed major share repurchases, including 500,000 shares from Daniel S. Loeb and 45.7M shares from CM Bermuda, using $490.8M in Q1 2025.

• Platform reshaped for profitable growth, with exits from non-core lines, cost savings, and capital structure simplification.

Financial highlights

• Net income for Q1 2025 was $57.6M–$58M; underwriting income was $28.5M–$29M, inclusive of wildfire losses.

• Combined ratio for core business was 95.4%, with a 10.9-point impact from catastrophe losses.

• Net investment income was $70.9M–$71.2M, tracking in line with full-year guidance.

• Book value per share increased to $15.15–$15.73, up 5%–5.4% from year-end 2024.

• Annualized return on equity was 12.9%, within the 12%–15% target range.

Outlook and guidance

• Management expects continued double-digit net premium growth and stable, consistent earnings for 2025.

• Expense ratio guidance for full year remains at 6.5%–7%.

• Net investment income guidance for FY25 reaffirmed at $265M–$275M.

• Higher tax expense anticipated in Bermuda due to new 15% corporate income tax.