SiriusPoint Ltd. reported its financial results for the first quarter of 2025, revealing a total revenue of $727.3 million, a 6.1% increase from $685.5 million in the same period last year. The company’s net income for the quarter was $62.0 million, down from $95.9 million in Q1 2024, resulting in earnings per share of $0.50, consistent with the previous year. The decline in net income was attributed to increased loss and loss adjustment expenses, which rose to $401.8 million from $317.5 million year-over-year, primarily due to higher catastrophe losses from California wildfires.
In terms of operational performance, SiriusPoint's gross premiums written increased by 12.4% to $989.9 million, driven by growth in its Insurance & Services segment, particularly in Accident & Health and Surety lines. The company reported a combined ratio of 91.4%, an increase from 84.9% in the prior year, reflecting the impact of catastrophe losses. The attritional loss ratio for the Reinsurance segment was 67.4%, up from 49.1% in the previous year, indicating a challenging underwriting environment.
SiriusPoint's total assets decreased to $12.3 billion as of March 31, 2025, from $12.5 billion at the end of 2024. The company’s investment portfolio, which includes debt securities available for sale, totaled $4.6 billion, down from $5.1 billion. The decrease in total investments was primarily due to share repurchases and a reduction in cash and cash equivalents, which increased to $740.3 million from $682.0 million. The company repurchased 500,000 shares during the quarter, reflecting its ongoing capital management strategy.
Looking ahead, SiriusPoint remains focused on enhancing its underwriting performance and managing its investment portfolio amid fluctuating market conditions. The company has reaffirmed its commitment to strategic growth, particularly in its Insurance & Services segment, while navigating the challenges posed by increased claims and market volatility. Management anticipates that the ongoing transformation efforts will position the company for improved profitability in the future, despite the current pressures on underwriting results.
About SiriusPoint Ltd
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