Strong Return on Equity
SiriusPoint's underlying return on equity for the quarter was 17%, 2 points ahead of the target range of 12% to 15%. Year-to-date, the return on equity is 15.4%, at the upper end of the target range.
Improvement in Combined Ratio
The core combined ratio for the second quarter was 89.5%, a 3.8 point improvement year-over-year, marking the 11th consecutive quarter of underwriting profit.
Continued Premium Growth
Gross written premiums grew by 10%, marking the fifth straight quarter of double-digit growth. Net premium growth increased by 8% in the quarter and 14% in the first half of the year.
New MGA Partnerships
Four new MGA partnerships were entered in the quarter, expanding relationships with existing long-term partners.
Recognition as Program Insurer of the Year
SiriusPoint was awarded Program Insurer of the Year at the Program Manager awards in New York.
Strong Net Investment Income
Net investment income for the quarter was $68 million, tracking in line with the full year guidance of $265 million to $275 million.
Improved Employee Engagement
The annual engagement survey showed significant improvements, with the Net Promoter Score increasing by 16 points year-over-year.
Increase in Book Value Per Share
Book value per diluted share increased by 4% in the quarter and 10% year-to-date.