SiriusPoint has posted its strongest annual results since the Bermuda-based reinsurer was formed in 2021, reporting net income of US$444 million for the year ended December 31.
The results are the culmination of a three-year turnaround from a US$403 million loss that required what CEO Scott Egan (pictured above) previously called "major surgery".
Operating earnings per share rose 49% year over year to US$2.55, while return on equity reached 22.1%, SiriusPoint said in its earnings release. The operating return on equity of 16.2% exceeded the company's 12–15% across-the-cycle target for a third consecutive year. Full-year gross written premiums grew 16% to US$3.7 billion, with net written premiums up 19%.
The core combined ratio came in at 91.7% for the full year and 92.9% for the fourth quarter.
SiriusPoint was created through the 2021 merger of Sirius International and Third Point Re, the vehicle founded by billionaire activist investor Daniel Loeb. By mid-2022, the firm had posted a first-half net loss of US$278 million, weighed down by underwriting volatility and a US$202 million investment loss from the Third Point Enhanced Fund.
Read more: SiriusPoint reports strong Q3 performance
SiriusPoint swung to a US$339 million profit in 2023, and its combined ratio improved from 96.4% that year to the current 91.7%.
Among Bermuda-headquartered specialty re/insurers, Hamilton Insurance Group is the closest peer by size and business mix. Hamilton reported gross premiums of US$2.4 billion and net income of US$400 million for 2024 - its most recent full year - with a combined ratio of 91.3% and return on equity of 18.3%.
SiriusPoint's 22.1% ROE and larger premium base place it ahead on both measures, though Hamilton was growing faster at 24.2%. Both carry A- financial strength ratings from Fitch. AM Best revised SiriusPoint's outlook to positive in April 2025.
The company announced the redemption of its Series B preference shares, expected to bring its leverage ratio to 23%, alongside a planned US$100 million common share buyback. Year-end regulatory capital stood at an estimated 247% BSCR ratio.
"Our operating return on equity of 16.2% has improved for the third consecutive year," Egan said, adding that SiriusPoint enters 2026 "positioned to navigate current insurance market conditions."
Previously, Egan set a share price target of US$25 to US$30 within two to three years, noting the stock had traded at US$4 five years earlier.
