SiriusPoint (SPNT) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 reached $102.3 million, up from $62.0 million in Q1 2025, with operating EPS of $0.70 and a core combined ratio of 88.9%, the lowest in six quarters.

• Insurance & Services gross written premium grew 8%, while Reinsurance premiums declined 10% due to disciplined risk selection and market participation.

• Book value per diluted common share (ex. AOCI) increased 5% to $18.98; book value per common share rose to $19.86.

• Financial strength ratings were upgraded to 'A' by S&P, Fitch, and AM Best in the last three months.

• $242 million in capital was returned to shareholders, including $42 million in share repurchases and $200 million in preference share redemptions.

Financial highlights

• Gross written premium was $1.0 billion, up 1% year-over-year; net earned premium increased 2% to $638.9 million.

• Underwriting income rose to $77.7 million from $54.1 million, with a core combined ratio of 88.9%.

• Operating net income was $86 million ($0.70 per diluted share), up 37% year-over-year.

• Net investment income totaled $66.4 million; total investment result was $78 million.

• Favorable prior year loss reserve development was $32.2 million, mainly from Credit and A&H lines.

Outlook and guidance

• Full-year gross written premium growth expected between 5%-10%, with growth weighted to the second half and led by Insurance & Services.

• Underwriting expense ratio guidance reaffirmed at 6.5%-7% for the year.

• Management targets operating ROE at the top end of its 12%-15% cycle range and expects continued growth in Insurance & Services.

• Positive growth prospects with a strong MGA pipeline and capital agility for reinsurance opportunities.

• Continued focus on underwriting discipline, portfolio diversification, and capital allocation to profitable opportunities.