Corrects Q4 gross premiums to $898.3 mln from $556 mln, and correctly labels net income as operating net income in Key Details; changes net income to $244.1 mln from $240 mln in Overview
Overview
Bermuda-based insurance underwriter's Q4 gross written premiums grew 17.6% yr/yr
Net income for Q4 rises to $244.1 mln, marking substantial improvement
Outlook
SiriusPoint plans to repurchase $100 mln of common shares over the next 12 months
Company expects leverage ratio to drop to historic low of 23% post Series B redemption
Result Drivers
PREMIUM GROWTH - Gross written premium increased by 17.6% in Q4, driven by expansion in Surety and growth across Accident & Health
UNDERWRITING IMPROVEMENT - Q4 underwriting income improved due to decreased catastrophe losses and premium growth, despite lower favorable prior year loss reserve development
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q4 Gross Premiums | $898.3 | ||
Q4 Operating Net Income | Beat | $85.80 mln | $62.65 mln (2 Analysts) |
Q4 Combined Ratio | 90% | ||
Q4 Core Combined Ratio | 92.9% |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the reinsurance peer group is "buy"
Wall Street's median 12-month price target for Siriuspoint Ltd is $23.50, about 12% above its February 17 closing price of $20.99
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 8 three months ago
Press Release: ID:nGNX3jQJ49
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)
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