SiriusPoint (SPNT) Q1 2025 earnings summary

Executive summary

• Achieved tenth consecutive quarter of underwriting profit, with Q1 2025 net income of $57.6 million and EPS of $0.49 flat year-over-year, despite higher catastrophe losses from California wildfires.

• Return on equity reached 12.9%, within the 12%-15% target range, and book value per share grew 5%–5.4% in the quarter.

• Net premiums written grew 20% year-over-year, with gross premiums written up 12%–12.4%, driven by strong growth in the Insurance & Services segment.

• AM Best and Fitch upgraded outlooks to Positive, affirming ratings.

• Completed major share repurchases, including $753 million in 2024 and $490.8 million in Q1 2025, reducing outstanding shares and supporting EPS.

Financial highlights

• Net income for Q1 2025 was $57.6 million, down from $90.8 million in Q1 2024, mainly due to $59–$67.9 million in catastrophe losses from California wildfires.

• Core combined ratio was 95.4%, with a 10.9-point impact from wildfire losses; consolidated combined ratio was 91.4%.

• Net investment income was $71 million, 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 ROE was 12.9%, down from 15.4% in Q1 2024.

Outlook and guidance

• Management expects continued double-digit net premium growth and strong underwriting discipline for 2025.

• Expense ratio guidance for the 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 effective 2025.

• Ongoing monitoring of inflation, market volatility, and geopolitical risks.