SiriusPoint (SPNT) Q2 2024 earnings summary

Executive summary

• Achieved seventh consecutive quarter of underwriting profit, with Q2 2024 net income of $109.9 million and H1 net income of $201 million, reflecting improved and consistent earnings.

• Core premium growth was 22% in Q2 and 6% for the half-year, driven by strategic focus on North American, International, and London business.

• Book value per diluted common share increased 7.2% since year-end 2023 to $14.31, with headline H1 ROE of 16.7% and underlying ROE of 13.0%.

• Strategic actions included exiting non-core lines, rationalizing MGA equity stakes, and expanding new programs and partnerships.

• Employee engagement rose to 80%, with a 37-point increase in Net Promoter Score.

Financial highlights

• Net income available to common shareholders was $109.9 million in Q2 2024 and $201 million for the half-year, up significantly year-over-year.

• Combined ratio for core business was 93.3% in Q2 and 92.5% for the half-year.

• Net investment income for Q2 2024 was $78.2 million; half-year net investment income was $157 million.

• Diluted book value per share grew 7.2% year-to-date to $14.31.

• MGA actions contributed a $46 million pre-tax gain in Q2.

Outlook and guidance

• Full-year 2024 net investment income guidance increased to $275–$285 million, up from $250–$265 million.

• Targeting 12–15% return on average common equity through the cycle, with H1 underlying ROE of 13.0%.

• Expect runoff business impact to be insignificant in 2025.

• Anticipate a $20–$30 million loss on a workers' compensation loss portfolio transfer and a $55–$70 million net loss related to a settlement and share repurchase agreement in Q3 2024.