SiriusPoint Ltd, the Bermudian-headquartered global specialty insurer and reinsurer, recorded a $742 million turnaround in 2023 as efforts to restructure the company began to take root.

The company reported record net income available to common shareholders of $339 million, which compares with a loss of $403 million in 2022.

The company had a consolidated combined ratio of 84.5 per cent and underwriting income of $376 million, while net investment income was $284 million.

SiriusPoint reported a record return on average common equity of 16.2 per cent.

During the fourth quarter of the year, SiriusPoint recorded a one-time deferred tax benefit of $101 million attributable to the enactment of the Bermuda corporate income tax in December of last year.

The company ended 2023 with equity stakes in 26 entities (MGAs, Insurtech and others) compared with 36 as of December 31, 2022.

Scott Egan, the chief executive, said: “At full year 2022, we set out our ambition to create a business which is simpler, generating less volatile earnings and delivering a double-digit return on equity by 2024. We have made significant progress against these objectives in 2023.

“As we look ahead following significant restructuring, our ambition in the medium-term is to create a business with an underwriting-first approach which can grow and deliver strong profitability in a more consistent manner.

“2023 was a turnaround year and marks the end of restructuring. It gives us a more stable platform to build from having exceeded our initial expectations.

“We delivered our fifth consecutive quarter of positive underwriting result with the full year 2023 combined ratio for the group’s core operations at 89.1 per cent.

“Our underwriting results were supported by the completion of our cost savings programme, which delivered more than $50 million of savings ahead of schedule.

“We have simplified the business and have taken great strides to improve our performance-driven culture.”

Mr Egan added: “Our balance sheet is strong and we had upward revisions to our financial strength rating outlook to stable from Fitch and S&P during 2023.

“Our results are ahead of our financial targets but 2023 is not a destination as we look to improve returns and achieve an ROE of 12-15 per cent in the medium term. Our approach will be to remain prudent stewards of capital while maintaining a conservative capital position.

“Our improvement in profitability reflects the significant rebalancing and enhancements we have made across all areas of our business.

“In 2024, we look to further improve and deliver as we continue to build on last year’s strong foundation.”