SiriusPoint (SPNT) Q4 2025 earnings summary

Executive summary

• Achieved strong financial performance in 2025, with net income up 141% to $444 million, 16% premium growth, and diluted book value per share rising 28% year-over-year.

• Operating ROE reached 16.2% for the year, exceeding the 12%-15% target for the third consecutive year.

• Maintained disciplined underwriting, delivering a core combined ratio of 91.7% for the year and 92.9% for Q4, with thirteen consecutive quarters of underwriting profit.

• Completed strategic sales of ArmadaCare and Arcadian MGAs, generating $390 million in liquidity and significant gains.

• Announced a $100 million share buyback and full redemption of $200 million preference shares, reducing leverage to a historic low.

Financial highlights

• Gross written premium grew 16% year-over-year to $3.7 billion for FY25; Q4 GWP up 18% to $897 million.

• Operating net income reached $310 million for FY25, with operating EPS of $2.55, up 49% year-over-year.

• Book value per diluted common share (ex. AOCI) rose 24% to $18.10.

• Net income for 2025 was $444 million; Q4 net income was $240 million.

• Investment income for FY25 was $275 million, at the upper end of guidance.

Outlook and guidance

• Expects to maintain current profitability levels in 2026 despite tougher market conditions, focusing on underwriting performance over growth.

• Insurance segment combined ratio run rate of 91.7%-91.8% expected to continue, with potential ±0.5 point variation depending on business mix.

• Fee income for 2026 guided to $30 million, with bolt-on acquisitions expected to increase run rate to $40 million+ post-integration.

• $100 million share buyback planned over the next 12 months, expected to be accretive to EPS and ROE.

• FY26 net investment income expected to be similar to FY25.