SiriusPoint Announces 2021 Q3 Earnings Results
In a filing with the Bermuda Stock Exchange, SiriusPoint Ltd. announces third quarter 2021 earnings results.
The full filing stated: “SiriusPoint Ltd. today announced results for its third quarter ended September 30, 2021.
Third Quarter 2021 Highlights and Recent Developments
- Net loss of $48 million, or $0.34 per diluted common share
- Tangible diluted book value per share decreased $0.23, or 1.6%, from the second quarter of 2021 to $14.07
- Combined ratio of 152% and net underwriting loss of $266 million
- Catastrophe losses were $287 million or 56 percentage points on the Company’s combined ratio, including $132 million for the European floods and $100 million for Hurricane Ida
- Annualized return on average common equity of [7.8]%
- Net investment income of $200 million, including 16.3% return from our investment in the TP Enhanced Fund
- $369 million loss portfolio transfer transaction with the Compre Group executed on October 29 will be reflected in 4Q financials
Sid Sankaran, Chairman and Chief Executive Officer, SiriusPoint, said: “The losses the industry has reported – not just this quarter but in the past few years – serve to validate our focus on managing the volatility of our Property business, as we continue to implement the changes identified by our line-by-line business review. We are making strong progress exiting risks that no longer fit our risk profile or where we do not see attractive risk adjusted returns – the full impact of our efforts will materialize next year due to the heavy January renewal nature of the business. Our losses are offset this quarter by strong returns from our investment portfolio.
“Our focus remains on delivering sustainable underwriting profitability to create value for our shareholders. This will be achieved by reallocating capital away from property cat and investment risk into our MGA platform within Insurance & Services, combined with rigorous risk management and disciplined underwriting. We expect our actions and improvements each quarter to deliver progress towards the transformational and profitable company we are seeking to become.”
