Q3 2024 Siriuspoint Ltd Earnings Call Transcript
Key Points
- SiriusPoint Ltd (SPNT) achieved its eighth consecutive quarter of underwriting profit with a combined ratio of 88.5%, marking a four-point improvement from the previous year.
- The company reported a 10% year-over-year growth in premiums for its continuing lines of business, demonstrating increasing momentum.
- Net investment income for the third quarter was strong at $78 million, contributing to a total investment result of $93 million.
- SiriusPoint Ltd (SPNT) has entered into 17 new MGA partnerships this year, strengthening its distribution strategy.
- The company's book value per share grew by 3% in the quarter and has increased by 10% year-to-date, indicating strong financial health.
- Hurricane Milton is expected to result in net losses of $30 to $40 million, impacting future financial results.
- The deconsolidation of Arcadian led to a reduction in MGA revenues and net service fee income.
- The company's headline net income for the third quarter was only $5 million, impacted by the CMIG transaction.
- Gross premiums written decreased by 5% quarter-on-quarter on a headline basis due to business exits in 2023.
- The attritional loss ratio increased by 1.5 points due to a shift in business mix, affecting the overall combined ratio.
Good morning, ladies and Shannon and welcome to Serious Point third quarter, 2024 earnings conference call.
During today's presentation, all parties will be in a listen-only more as a reminder, this conference call is being recorded and a replay is available through 11:59 p.m. Eastern Time on November 15th, 2024.
With that, I would like to turn the call over to Liam Blackledge, Senior Associate, Investor Relations and Strategy. Please go ahead, sir.
Thank you, operator and good morning or good afternoon to everyone listening.
I welcome you to the Sirius Point earnings call for the 2024 9 month and third quarter results.
Last night, we issued our earnings press release. Thank you filing and financial supplement which are available on our website www dot siriuspt dotcom.
Additionally, a webcast presentation will coincide with today's discussion and is available on our website with me here. Today are Scott Tgan, our Chief Executive
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