SiriusPoint (SPNT) Q4 2025 Earnings Transcript

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Thursday, Feb. 19, 2026 astatine 8:30 a.m. ET

• Chief Executive Officer — Scott Egan

• Chief Financial Officer — James J. McKinney

• Chief Underwriting Officer — Liam Blackledge

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Thanks, Liam, and welcome, everyone, to our 4th fourth and afloat twelvemonth 2025 results call. The 4th fourth rounded retired different precise beardown show twelvemonth for SiriusPoint Ltd. A disciplined underwriting strategy, lawsuit archetypal mindset, and relentless absorption connected transportation means we person a batch to beryllium pleased astir arsenic we look backmost connected our advancement successful 2025. Our apical enactment for the twelvemonth grew 16%, We improved the prime of our underwriting net twelvemonth implicit twelvemonth by 1.5 points. We grew our diluted publication worth per stock by 28%. We delivered a 49% summation successful operating net per stock implicit anterior twelvemonth and our leverage volition trim to an all-time debased of 23% by the February.

Our 2025 operating instrumentality connected equity of 16.2% has improved for the 3rd consecutive twelvemonth and much importantly outperformed against the 12% to 15% crossed the rhythm target. The show momentum I person talked astir galore times successful these calls tin beryllium seen successful the metrics we person delivered successful 2025. Looking astatine the 4th fourth successful isolation, we delivered operating instrumentality connected equity of 17.1%, with a 44.9% instrumentality connected equity connected a GAAP ground arsenic we closed the merchantability of Armada for $250,000,000. Our diluted publication worth accrued by $1.70 successful the 4th arsenic a result.

We continued to nutrient beardown underwriting results with a halfway combined ratio of 92.9% contempt immoderate humanities one-offs successful acquisition costs which James J. McKinney volition unpack for you. In addition, the 4th fourth saw a beardown maturation inclination proceed with gross written premiums increasing 18%. Turning backmost to look astatine 2025 arsenic a whole, determination is overmuch to beryllium arrogant of beyond the fiscal headlines. We simplified our ownership operation done the closing of the Centimeters Bermuda transaction successful the archetypal quarter. We earned affirmative outlook upgrades from 3 of our standing agencies.

We saw worker engagement scores emergence again to an all-time high, We completed the merchantability of Armada MGA and announced the merchantability of Acadian MGA which crystallized $390,000,000 of liquidity and astir $200,000,000 of disconnected equilibrium expanse worth portion agreeing semipermanent capableness deals connected underwriting. Finally, it has been important to pull apical endowment to the institution portion increasing endowment internally. We person had large momentum, and successful 2025, we welcomed 18 elder leaders to the institution arsenic good arsenic promoting six from within. Focusing backmost connected our afloat twelvemonth 2025 operating instrumentality connected equity of 16.2%, There are a fig of important points would similar to make.