SiriusPoint reported full-year 2025 net income to common shareholders of $444 million, while consolidated underwriting revenue for the year expanded to $302.8 million from $276.4 million in 2024.
The company explained that the improvement in underwriting revenue was primarily driven by premium growth and higher attrition rates, but was partially offset by lower favorable reserve development and higher catastrophe losses in the prior year.
SiriusPoint also disclosed that total premiums increased from $3.176 billion in 2024 to $3.688 billion in 2025, an increase of $512.1 million, or 16.1%.
At the same time, net premiums earned increased by $392.4 million, or 17.8%, to $2.591 billion from $2.199 billion in the same period last year.
The company said premium growth was primarily driven by the Insurance and Services segment, including growth in the A&H business, expansion of the surety business in other specialty business lines, and continued strategic organic and new project growth in the international business, particularly the London MGA.
SiriusPoint’s core underwriting results for 2025 included revenue of $256.2 million, compared with $244.6 million in 2024.
Results for 2025 include underwriting revenue of $214.3 million (combined ratio of 91.7%) and net service revenue of $41.9 million.
This compares to underwriting revenue of $200 million in 2024 (combined ratio of 91%) and net service revenue of $44.6 million.
According to SiriusPoint, the improvement in net underwriting results was primarily driven by premium growth and lower attrition rates, but was partially offset by lower favorable reserve development and higher catastrophe losses in the prior year.
SiriusPoint’s favorable prior-year reserve development totaled $72.2 million in 2025, primarily in real estate (driven by reserve releases related to prior-year catastrophic events) and in A&H, reflecting lower-than-expected reported losses.
This compares to favorable developments of $100.7 million in 2024, mainly in real estate and other specialty sectors, also related to the release of catastrophe reserves in the previous year.
By 2025, catastrophe losses will increase to $74.4 million, equivalent to 2.9 percentage points of the combined ratio, primarily due to the California wildfires.
In 2024, catastrophe losses will be $54.8 million, equivalent to 2.5 percentage points of the combined ratio.
For SiriusPoint’s reinsurance business alone, total premiums written in 2025 were $1.375 billion, an increase of $39.4 million, or 2.9%, from 2024.
The company observed that this was primarily driven by new business and organic growth in London and New York casualty, other specialty credit and New York real estate, but was partially offset by declines in Bermuda real estate (due to lower base rates and lower growth) and aviation.
SiriusPoint’s reinsurance segment generated underwriting revenue of $90.5 million in 2025 (combined ratio of 91.8%), compared with $124.8 million in 2024 (combined ratio of 88.0%).
The decrease in net underwriting results in 2025 compared to 2024 is primarily due to an increase in catastrophe losses of $17.6 million and a decrease of $34.9 million from favorable developments in the prior year.
In the fourth quarter of 2025 alone, SiriusPoint reported net income to common shareholders of $240 million.
For the quarter, the company had an annualized return on equity of 44.9% and an operating return on equity of 17.1%. Gross and net premiums increased 18% in the fourth quarter of 2025, while the core combined ratio was 92.9%.
SiriusPoint CEO Scott Egan commented: “The fourth quarter capped off another very strong year for SiriusPoint. Our disciplined underwriting strategy, customer mindset and relentless focus on delivery mean we have a lot to be happy about in 2025.”
“We enter 2026 with strong momentum and determination. We are well-positioned to respond to insurance market conditions and we look forward to continuing to execute on our goals and move toward becoming a top-tier specialty underwriter. Our 2025 results are another important proof point for the company.
“I would like to thank my colleagues for their hard work and unwavering support every day. These results would not have been possible without their dedication and commitment.”