SiriusPoint (SPNT) Q2 2026 earnings summary

Executive summary

• Net income for Q2 2026 rose to $69 million, up 44% year-over-year, with operating ROE at 13.8% and at the upper end of the 12%-15% target range.

• Core gross written premium increased 6% in Q2, led by a 15% rise in Insurance & Services and a 9% decline in Reinsurance.

• Book value per diluted share (excluding AOCI) increased 3% in Q2 and 8% year-to-date, reaching $19.48.

• $295 million in capital returned to shareholders year-to-date, including $95 million in share repurchases and preference share redemption.

• Strategic focus on specialty underwriting, diversification, and disciplined capital allocation has resulted in a more balanced and resilient portfolio.

Financial highlights

• Q2 2026 core combined ratio was 91.4%; underwriting income was $55 million; operating net income was $79 million ($0.67 per diluted share).

• Half-year operating net income was $165 million, with operating EPS up 17% year-over-year to $1.37.

• Net investment income for Q2 was $65.5 million; net investment gains were $7.9 million.

• Book value per diluted share (ex. AOCI) at June 30, 2026: $19.48; tangible book value per share: $17.98.

• BSCR solvency ratio estimated at 239%, with leverage ratio reduced to 22.9%.

Outlook and guidance

• On track to deliver full-year OUE ratio of approximately 7%, at the upper end of guidance.

• Management expects continued growth in Insurance & Services, with focus on niche MGA partnerships and disciplined underwriting.

• Confident in ability to deliver across-the-cycle ROE target of 12%-15%.