SiriusPoint posts six month loss, foresees turnaround
SiriusPoint Ltd, the Bermudian-headquartered global specialty re/insurer, has reported a net loss of $61 million for the second quarter of the year.
That result takes the company’s net loss for the first half of 2022 to $278 million.
The company had a second quarter combined ratio of 93.1 per cent, and underwriting income of $39 million.
Second quarter gross premiums written were $813 million with a split of 53 per cent insurance and 47 per cent reinsurance reflecting the execution of the company’s strategic shift towards insurance and services.
Tangible diluted book value per share decreased $0.43, or 3.6 per cent, from March 31 to $11.45 per share.
Core income was $20 million, which includes underwriting income of $10 million, while the core combined ratio was 98.3 per cent, and SiriusPoint had core net services income of $11 million.
Catastrophe losses were $16 million or three percentage points on the combined ratio.
The company reported a net investment loss of $142 million in the quarter, including a minus 12.5 per cent return from its investment in the TP Enhanced Fund.
The annualised return on average common equity was minus 11.8 per cent.
Interim CEO Dan Malloy said: “Our performance this quarter reflects the strides we are making to transform our business. We continue to prioritise the improvement of our reinsurance underwriting results and the growth of our insurance & services segment, which was a strong contributor to our underwriting profit this quarter.
“While the economic environment impacted our investment returns this quarter, we have made significant progress de-risking our investment portfolio to reduce volatility going forward. We have a strong and stable balance sheet and we believe we are in a good position to capitalise on a rising rate environment.
“I am excited by the opportunity ahead for SiriusPoint and proud to oversee our work and the progress we have achieved. I am confident that SiriusPoint remains on the right path to deliver long-term, sustainable and profitable growth.”