HAMILTON, Bermuda, May 07, 2026 (GLOBE NEWSWIRE) -- SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT), a specialty underwriter, today announced results for its first quarter ended March 31, 2026.
First Quarter 2026 Highlights
- Net income available to SiriusPoint common shareholders of $100 million, or $0.82 per diluted common share
- Operating earnings per share of $0.70, up 37% versus prior year
- Annualized return on equity of 17.4%, with operating return on equity of 15.3%
- Core combined ratio of 88.9% improved 6.5 points versus prior year
- Insurance & Services gross written premium growth of 8%; discipline in Reinsurance with premiums decreasing 10%
- Book value per diluted common share (ex. AOCI) increased 5% from December 31, 2025 to $18.98
- Total capital returned to shareholders of $242 million, including $42 million of common share repurchases(1). Increasing 2026 share repurchase commitment by a further $74 million to our full authorization of $174 million
- Balance sheet remains strong with BSCR estimate of 242%
- Financial Strength Ratings upgraded to ‘A’ by three Rating Agencies in the last three months
(1) As at May 6, 2026.
Scott Egan, Chief Executive Officer, said: “We began 2026 with continued strong momentum. Our first quarter results provide further evidence of our consistent delivery with a Core combined ratio of 88.9%. With an operating return on equity of 15.3%, we are once again operating at the top end of our 12-15% across the cycle target range.
“We believe our strategy and nimbleness positions us well to grow where we see attractive returns, despite market conditions softening in places. During the quarter we have grown our Insurance & Services premium by 8% versus prior year, while being disciplined in the Reinsurance market where we reduced premiums by 10%. We continue to be positive about growth opportunities for the remainder of 2026 in Insurance and will maintain our disciplined approach in Reinsurance.
“We were pleased by the ratings upgrades from S&P, AM Best and Fitch in the last three months, with each recognizing our continued progress and financial strength.
“With a strong balance sheet, clear underwriting strategy, a lower volatility portfolio, and three ratings upgrades, we believe we are positioned well to deliver sustained strong performance.”
Key Financial Metrics
The following table shows certain key financial metrics for the three months ended March 31, 2026 and 2025 and as of March 31, 2026 and December 31, 2025:
| 2026 | 2025 | ||||||
| ($ in millions, except for ratios) | |||||||
| Combined ratio | 87.8 | % | 91.4 | % | |||
| Core combined ratio ⁽¹⁾ | 88.9 | % | 95.4 | % | |||
| Core underwriting income ⁽¹⁾ | $ | 70.9 | $ | 28.5 | |||
| Core net services income ⁽¹⁾ | $ | 8.4 | $ | 18.9 | |||
| Operating net income ⁽¹⁾ | $ | 85.7 | $ | 61.0 | |||
| Operating earnings per share ⁽¹⁾ | $ | 0.70 | $ | 0.51 | |||
| Annualized ROE | 17.4 | % | 12.9 | % | |||
| Annualized Operating ROE ⁽¹⁾ | 15.3 | % | 13.8 | % | |||
| March 31, 2026 |
December 31, 2025 |
||||
| Book value per common share | $ | 19.86 | $ | 19.40 | |
| Book value per diluted common share | $ | 19.03 | $ | 18.61 | |
| Book value per diluted common share ex. AOCI ⁽¹⁾ | $ | 18.98 | $ | 18.10 | |
| Tangible book value per diluted common share ⁽¹⁾ | $ | 17.72 | $ | 17.62 | |
| (1) | Core combined ratio, Core underwriting income, and Core net services income are non-GAAP financial measures. See definitions in “Non-GAAP Financial Measures” and reconciliations in “Segment Reporting.” Operating net income, Operating earnings per share, Annualized Operating ROE, book value per diluted common share ex. AOCI and tangible book value per diluted common share are non-GAAP financial measures. See definitions and reconciliations in “Non-GAAP Financial Measures.” |
First Quarter 2026 Summary
Consolidated underwriting income for the three months ended March 31, 2026 was $77.7 million compared to $54.1 million for the three months ended March 31, 2025. The improvement was primarily driven by premium growth and a decrease in catastrophe losses of $62.5 million, partially offset by a decrease in favorable prior year development of $16.3 million.
Reportable Segments
The determination of our reportable segments is based on the manner in which management monitors the performance of our operations, which consist of two reportable segments - Insurance & Services and Reinsurance. Collectively, the sum of our two segments, Insurance & Services and Reinsurance, constitute our “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See reconciliations in “Segment Reporting.” We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the run off business. The sum of Core results and Corporate results are equal to the consolidated results of operations.
Core Premium Volume
Gross written premium increased by $13.9 million, or 1.4%, to $1,003.8 million for the three months ended March 31, 2026 compared to $989.9 million for the three months ended March 31, 2025. Net written premium decreased by $55.2 million, or 7.3%, to $696.8 million for the three months ended March 31, 2026 compared to $752.0 million for the three months ended March 31, 2025. Net earned premium increased by $12.5 million, or 2.0%, to $638.3 million for the three months ended March 31, 2026 compared to $625.8 million for the three months ended March 31, 2025. The increases in gross written premium and net earned premium were driven by our Insurance & Services segment, including growth in Accident & Health (“A&H”), General Liability, and Surety, partially offset by decreases in our Reinsurance segment, primarily in Property Catastrophe, Bermuda and London Specialty, and New York Casualty. The decrease in net written premium was primarily driven by the decreases in our Reinsurance segment and the ceded premium related to the inception of an aggregate reinsurance program in the current quarter, as well as a large one-time assumed reinsurance contract with a single MGA in our Surety business in the first quarter of 2025.
Core Underwriting Results
Core results for the three months ended March 31, 2026 included income of $79.3 million compared to $47.4 million for the three months ended March 31, 2025. Income for the three months ended March 31, 2026 consists of underwriting income of $70.9 million (88.9% combined ratio) and net services income of $8.4 million, compared to underwriting income of $28.5 million (95.4% combined ratio) and net services income of $18.9 million for the three months ended March 31, 2025. The improvement in underwriting income was primarily driven by decreased catastrophe losses and a lower attritional loss ratio, partially offset by a decrease in favorable prior year development and higher expense ratios.
Catastrophe losses were minimal for the three months ended March 31, 2026, compared to $67.9 million, or 10.9 percentage points on the combined ratio, for the three months ended March 31, 2025, primarily from the California wildfires. Losses incurred included $32.2 million of favorable prior year loss reserve development for the three months ended March 31, 2026 primarily driven by favorable development in Credit, mainly from better than expected loss experience, as well as favorable development in A&H, due to lower than expected reported attritional losses, compared to $34.3 million for the three months ended March 31, 2025 primarily driven by favorable development in Property, mainly from reserve releases relating to prior year’s catastrophe events, as well as favorable development in A&H, due to lower than expected reported attritional losses. The increased acquisition cost ratio primarily resulted from profit commission accruals related to prior year programs, and the increased other underwriting expense ratio is largely driven by timing items.
The decrease in net services income was due to the deconsolidation of Armada, partially offset by growth in IMG and the acquisition of Assist America. Service margin, which is calculated as Net service fee income as a percentage of services revenues, increased to 14.6% for the three months ended March 31, 2026 from 13.8% for the three months ended March 31, 2025, when adjusted to exclude Armada, driven by the acquisition of Assist America.
Insurance & Services Segment
Insurance & Services gross written premium were $684.6 million for the three months ended March 31, 2026, an increase of $49.5 million, or 7.8%, compared to the three months ended March 31, 2025, primarily driven by growth in A&H, General Liability, and Surety.
Insurance & Services generated income of $38.5 million for the three months ended March 31, 2026, compared to $39.0 million for the three months ended March 31, 2025. Income for the three months ended March 31, 2026 consists of underwriting income of $30.1 million (92.0% combined ratio) and net services income of $8.4 million, compared to underwriting income of $20.1 million (94.0% combined ratio) and net services income of $18.9 million for the three months ended March 31, 2025. The improvement in underwriting income was primarily driven by a lower attritional loss ratio and increased favorable prior year loss reserve development, partially offset by increased expense ratios. For the three months ended March 31, 2026, favorable prior year loss reserve development was $15.1 million compared to $2.5 million for the three months ended March 31, 2025, primarily driven by increases in A&H due to lower than expected reported attritional losses. The increased acquisition cost ratio primarily resulted from profit commission accruals related to prior year programs, and the increased other underwriting expense ratio is largely driven by timing items. The decrease in net services income was due to the deconsolidation of Armada, partially offset by growth in IMG and the acquisition of Assist America.
Reinsurance Segment
Reinsurance gross written premium were $319.2 million for the three months ended March 31, 2026, a decrease of $35.6 million, or 10.0%, compared to the three months ended March 31, 2025, primarily driven by decreases in Property Catastrophe, Bermuda and London Specialty, and New York Casualty.
Reinsurance generated underwriting income of $40.8 million (84.2% combined ratio) for the three months ended March 31, 2026, compared to $8.4 million (97.1% combined ratio) for the three months ended March 31, 2025. The improvement in net underwriting results for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily driven by a decrease in catastrophe losses of $57.7 million and a lower attritional loss ratio, partially offset by a decrease in favorable prior year loss reserve development of $14.7 million.
Investments
Net investment income decreased to $66.4 million for the three months ended March 31, 2026 compared to $71.2 million for the three months ended March 31, 2025 driven by lower yields in the current period. Net investment gains (losses) increased to $11.4 million for the three months ended March 31, 2026 compared to $(0.3) million for the three months ended March 31, 2025 primarily due to gains on private equity funds classified in Other long-term investments.
Webcast Details
The Company will hold a webcast to discuss its first quarter 2026 results at 8:30 a.m. Eastern Time on May 8, 2026. The webcast of the conference call will be available over the Internet from the Company’s website at www.siriuspt.com under the “Investor Relations” section. Participants should follow the instructions provided on the website to download and install any necessary audio applications. The conference call will be available by dialing 1-877-451-6152 (domestic) or 1-201-389-0879 (international). Participants should ask for the SiriusPoint Ltd. first quarter 2026 earnings call.
The online replay will be available on the Company's website immediately following the call at www.siriuspt.com under the “Investor Relations” section.
Safe Harbor Statement Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “guidance,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases. These risks and uncertainties include, but are not limited to, the "Risk Factors" described in the Company's most recent Annual Report on Form 10-K and other subsequent periodic reports filed with the Securities and Exchange Commission.
All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Non-GAAP Financial Measures and Other Financial Metrics
In presenting SiriusPoint’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). SiriusPoint’s management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of SiriusPoint’s financial performance, identifying trends in our results, and providing meaningful period-to-period comparisons. Core underwriting income, Core net services income, Core income, Core combined ratio, book value per diluted common share excluding accumulated other comprehensive income (loss) ("AOCI"), tangible book value per diluted common share, Operating net income, Core Operating net income, Operating earnings per share, Core Operating earnings per share, Operating ROE and Core Operating ROE are non-GAAP financial measures. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP figures are included in the attached financial information in accordance with Regulation G and Item 10(e) of Regulation S-K, as applicable.
About the Company
SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators. With approximately $3.0 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A from AM Best, S&P and Fitch, and A3 from Moody’s. For more information, please visit www.siriuspt.com.
Contacts
Investor Relations
Liam Blackledge - Investor Relations and Strategy Manager
Liam.Blackledge@siriuspt.com
+ 44 203 772 3082
Media
Natalie King - Global Head of Marketing and External Communications
Natalie.King@siriuspt.com
+ 44 770 728 8817
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