SiriusPoint (SPNT) Q3 2026 earnings summary

Executive summary

• Q3 core combined ratio was 90.1%; Operating ROE was 17.6% in Q3 and 15.8% for 9M, above the 12%–15% across-cycle target.

• Q3 Operating net income was $103m and Operating EPS rose 19% to $0.88; 9M Operating net income was $273m and Operating EPS was $2.29.

• RiverStone LPT covers substantially all remaining run-off reserves and is expected to release over $200m of capital, reduce legacy volatility and leave run-off exposures at de minimis levels, pending approvals.

Financial highlights

• Q3 Core GWP rose 14% to $991m; NWP increased 2% to $679m and net earned premium rose 19% to $767.6m.

• Q3 Core underwriting income increased 9% to $76m; net services fee income was $12m, up 44% for go-forward MGAs.

• 9M Core GWP rose 7% to $2,975.9m; Core underwriting income increased 22% to $201.8m, while NWP declined 1% to $2,085m.

• Q3 revenue was $867.6m and net income available to common shareholders was $86.8m; 9M revenue was $2,386.3m and common net income was $255.0m, including a $25.2m Arcadian sale gain.

• Diluted book value per share excluding AOCI increased 4% sequentially and 12% YTD to $20.21.

Outlook and guidance

• Across-cycle ROE target remains 12%–15%; management expects core operating ROE to meet or exceed the range following the LPT.

• Q4 A&H premiums are expected to return to low-single-digit growth; Specialty P&C premiums may be modestly lower YoY, with growth expected to resume in 2027.

• 2027 pipeline is encouraging, particularly in MGA global programs and A&H; further growth and planning details are planned with full-year results.

• RiverStone LPT closing is targeted for Dec. 31, 2026, subject to regulatory approvals and customary conditions; Q1 is possible if conditions are met later.