Annual Financial Overview
SiriusPoint has announced its full-year 2024 financial results, revealing a core income of $244.6 million. This figure includes an underwriting income of $200 million, resulting in a core combined ratio of 91%. This represents a decrease compared to the 2023 total core income of $291.4 million and an underwriting income of $250.2 million with an 89.1%% combined ratio.
The reduction in net underwriting results for 2024 is attributed primarily to a decline in favorable prior year loss reserve development.
Catastrophe Losses and Premiums
In 2024, SiriusPoint experienced catastrophe losses, net of reinsurance and reinstatement premiums, amounting to $54.8 million, driven largely by Hurricanes Milton and Helene. This compares to the $24.8 million losses recorded in 2023, primarily due to the Turkey Earthquake and Chile Wildfire.
Gross premiums written by SiriusPoint in 2024 decreased by $134.3 million (4.1%) from the previous year, totaling $3.18 billion. Concurrently, net premiums earned fell by $81.5 million (3.6%), resulting in a total of $2.2 billion.
Reinsurance Segment Performance
The Reinsurance segment saw an increase in gross premiums written, reaching $1.34 billion in 2024, an uptick of $64.6 million from 2023. This growth was fueled by new business and renewal expansion in Specialty and Property, albeit partially offset by a reduction in Casualty premiums due to strategic underwriting adjustments aimed at boosting profitability.
Underwriting income from the Reinsurance segment was $124.8 million with an 88.0%% combined ratio in 2024, down from $206.2 million (80.0% combined ratio) in 2023. The decline is largely attributed to less favorable prior year loss reserve development and increased catastrophe losses, although partly balanced by lower attritional losses.
Insurance & Services Segment
The Insurance & Services segment reported gross premiums written at $1.84 billion for 2024, marking a decrease of $198.9 million or 9.8%% compared to the previous year. This reduction was influenced by the transfer of certain lines to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, which together accounted for $421.8 million in gross premiums in 2023, alongside a drop in A&H premiums. However, this was partially offset by strategic organic growth and new program expansion.
The segment generated an income of $119.8 million in 2024, up from $86.3 million in 2023. This income includes an underwriting income of $75.2 million (93.5% combined ratio) and net services income of $44.6 million, compared to an underwriting income of $44 million (96.5% combined ratio) and net services income of $42.3 million in the prior year.
CEO’s Statement
Scott Egan, Chief Executive Officer of SiriusPoint, remarked, “2024 has been a remarkable year of delivery for SiriusPoint. We have strengthened our underlying business performance year-over-year, providing a strong basis for 2025.
We see 2024 as the end of the repositioning and reshaping of the Company. Our efforts are now fully focused on both growing the business and continuing to enhance performance.
I take great pride in the accomplishments of the SiriusPoint team, who have worked with commitment and dedication to produce improvements in our underlying results, quarter after quarter. I am immensely grateful for all that they do every day for our customers, partners, and shareholders.”
