UPDATE: SiriusPoint (SPNT) Tops Q2 EPS by 7c
SiriusPoint (NYSE: SPNT) reported Q2 EPS of $0.37, $0.07 better than the analyst estimate of $0.30.
- Net income of $64.5 million, or $0.37 per diluted common share
- Tangible diluted book value per share increased $0.33, or 2.4%, from the first quarter of 2021 to $14.30
- Combined ratio of 92.8% and net underwriting income of $33.3 million
- Catastrophe losses were $12.7 million or 2.7 percentage points on the Company's combined ratio
- Annualized return on average common equity of 10.6%
- Net investment income of $77.4 million
- $417 million loss portfolio transfer transaction with Compre
Sid Sankaran, Chairman and Chief Executive Officer, SiriusPoint, said: "I am very pleased with our team's execution through SiriusPoint's first full quarter. Underwriting this quarter has been keenly focused on remediation. We have made progress on re-balancing the portfolio between reinsurance and insurance to stabilize our book, manage volatility and deliver underwriting profit, over time. We are off to a great start and have established strong momentum that is reflected in the number of deals closed in our first four months of operations. We have attracted experienced and innovative partners and launched businesses including insurtech Joyn Insurance, with Seraina Macia, Banyan Risk, with Tim Usher-Jones, and Hestia Capital with Jean Francois Bahier and Peter Norris. Our existing partnerships with MGUs including Pie, and Arcadian Risk led by industry veteran John Boylan, also continue to add value and offer long term opportunity."
For earnings history and earnings-related data on Shopnet.com, Inc. (SPNT) click here.