Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): August 2, 2023 (August 2, 2023)

SIRIUSPOINT LTD.

(Exact name of registrant as specified in its charter)

Bermuda

001-36052

98-1599372

(State or other jurisdiction
of incorporation)

(Commission
File Number)

(I.R.S. Employer
Identification No.)

Point Building

3 Waterloo Lane

Pembroke HM 08 Bermuda

(Address of principal executive offices and Zip Code)

Registrant’s telephone number, including area code: +1 441 542-3300

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Shares, $0.10 par value	SPNT	New York Stock Exchange
8.00% Resettable Fixed Rate Preference Shares, Series B, $0.10 par value, $25.00 liquidation preference per share	SPNT PB	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐


Item 2.02			Results of Operations and Financial Condition.

On August 2, 2023, SiriusPoint Ltd. issued a press release reporting its financial results for the second quarter ended June 30, 2023 attached hereto as Exhibit 99.1.

The information contained in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished pursuant to this Item 2.02. This information shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, or incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.


Item 7.01			Regulation FD Disclosure.

On August 2, 2023, SiriusPoint Ltd. made available to investors its second quarter financial supplement attached hereto as Exhibit 99.2, and slide presentation attached hereto as Exhibit 99.3 by SiriusPoint Ltd. in presentations to investors.

The information contained in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 and Exhibit 99.3 attached hereto, are being furnished pursuant to this Item 7.01. This information shall not deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section, or incorporated by reference into any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 8.01 Other Events.

On August 2, 2023, the Board of Directors of SiriusPoint Ltd. approved a quarterly cash dividend of $0.50 per share on its 8.00% Resettable Fixed Rate Preference Shares, Series B, $0.10 par value, $25.00 liquidation preference per share payable on August 31, 2023 to Series B shareholders of record as of August 15, 2023. A copy of the press release is attached hereto as Exhibit 99.4.


Item 9.01			Financial Statements and Exhibits.

(d) Exhibits



Exhibit No.						Description

99.1						Press Release dated August 2, 2023, announcing the earnings of SiriusPoint Ltd. for the Second Quarter Ended June 30, 2023.
99.2						Second Quarter Ended June 30, 2023 Financial Supplement.
99.3						SiriusPoint Ltd. Presentation to Investors, dated August 2, 2023.
99.4						Press Release dated August 2, 2023, announcing the quarterly dividend on the 8.00% Resettable Fixed Rate Preference Shares, Series B, $0.10 par value.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



Date: August 2, 2023	/s/ Scott Egan
	Name:	Scott Egan
	Title:	Chief Executive Officer

SiriusPoint reports 84.4% Combined ratio for its Core operations at Q2’23 with Net Income up $483m from half year 2022

HAMILTON, Bermuda, August 2, 2023 - SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT) today announced results for its second quarter ended June 30, 2023.

•Building on the progress made during the last three quarters as we report positive capital generation across all business areas and deliver on key strategic priorities

•Capital position is even stronger following the closure of the loss portfolio transfer, asset and financial leverage remains stable while our investment portfolio remains defensively positioned

•Targeting double-digit return on average common equity in 2023, reiterating guidance on 2024 cost savings of >$50 million and 2023 net investment income of $220-240 million

Scott Egan, Chief Executive Officer, said: “This quarter has been a positive one for SiriusPoint with all three areas of our business performing well as we continue our journey to improve the performance of the company.

Our underwriting results are strong, with a combined ratio of 84.4% for our core operations. Our investment portfolio remains focused on high quality, fixed income instruments and we are tracking to the top-end of our full year 2023 net investment income guidance of $220 million to $240 million. Run-rate costs have been reduced by $35 million to $40 million versus previous year on an underlying basis and we are confident on our target of more than $50 million reduction by the end of 2024. The balance sheet is even stronger now given we have closed the loss portfolio transfer deal, releasing more than $150 million of capital and aligning our balance sheet to the go forward strategy. Finally, all areas of our business are capital generating and we are on track to hit double-digit ROE this year.

We are also making significant progress to improve culture and employee engagement with the intention to create a high performing organization. We have great talent across the organization and I am proud of their efforts in delivering these results.

Exploratory discussions with Mr. Daniel Loeb regarding a potential acquisition began and concluded this quarter, following his 13-D filing, and we appreciate the Special Committee of the Board’s support of our strategy. We welcomed Bronek Masojada to the role of Chair of the Board. He is a proven industry leader with over 30 years of insurance experience, who will further strengthen our Board.

Our focus on executing well against our strategy continues and with each quarter that passes, we build more credibility and track record. Our aim is to keep doing this and I look forward to sharing further progress later in the year.”

Second Quarter 2023 Highlights

•Net income available to SiriusPoint common shareholders of $66 million, or $0.37 per diluted common share

•Consolidated combined ratio of 81.9%, underwriting income of $127 million

•Core income of $85 million, which includes underwriting income of $82 million, Core combined ratio of 87.7%

•Net investment income of $69 million and total investment result of $66 million

•Tangible book value per diluted common share remained relatively stable from March 31, 2023

•Annualized return on average common equity of 13.0%

•Asset duration increased to 2.5 years, from 2.1 years at March 31, 2023

Half Year 2023 Highlights

•Net income available to SiriusPoint common shareholders of $205 million, or $1.14 per diluted common share

•Consolidated combined ratio of 78.2%, underwriting income of $284 million

•Core income of $206 million, which includes underwriting income of $189 million, Core combined ratio of 84.4%

•Core net services fee income of $28 million, up 9.5% from the six months ended June 30, 2022, with service margin stable at 22.5%

•Net investment income of $130 million and total investment result of $140 million

•Tangible book value per diluted common share increased $0.96, or 9.2%, from December 31, 2022 to $11.39 per share

•Annualized return on average common equity of 20.9%

Key Financial Metrics

The following table shows certain key financial metrics for the three and six months ended June 30, 2023 and 2022:


	Three months ended						Six months ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
	($ in millions, except for per share data and ratios)
Combined ratio	81.9		%	93.1		%	78.2		%	93.4		%
Core underwriting income (1)	$	81.7		$	9.6		$	189.1		$	22.3
Core net services income (1)	$	3.6		$	10.6		$	16.4		$	24.6
Core income (1)	$	85.3		$	20.2		$	205.5		$	46.9
Core combined ratio (1)	87.7		%	98.3		%	84.4		%	98.0		%
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders	13.0		%	(11.8)		%	20.9		%	(25.7)		%
Book value per common share (2)	$	12.59		$	11.56		$	12.59		$	11.56
Book value per diluted common share (2)	$	12.29		$	11.32		$	12.29		$	11.32
Tangible book value per diluted common share (1)(2)	$	11.39		$	10.43		$	11.39		$	10.43

(1)Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See definitions in “Non-GAAP Financial Measures” and reconciliations in “Segment Reporting.” Tangible book value per diluted common share is a non-GAAP financial measure. See definition and reconciliation in “Non-GAAP Financial Measures.”

(2)Prior year comparatives represent amounts as of December 31, 2022.

Second Quarter 2023 Summary

Consolidated underwriting income for the three months ended June 30, 2023 was $127.3 million compared to $38.8 million for the three months ended June 30, 2022. The improvement in net underwriting results was driven by improved favorable prior year loss reserve development of $33.0 million for the three months ended June 30, 2023 compared to $6.4 million for the three months ended June 30, 2022. This increase in favorable prior year loss reserve development was primarily the result of management reflecting the continued favorable reported loss emergence through June 30, 2023 in its best estimate of reserves, which was further validated by the pricing of the loss portfolio transfer transaction (“2023 LPT”) from external reinsurers, including $16.6 million resulting from a reduction in unallocated loss adjustment expenses related to the claims that will no longer be managed by SiriusPoint under the terms of the 2023 LPT. In addition, there were no property catastrophe losses for the three months ended June 30, 2023 compared to $16.2 million for the three months ended June 30, 2022.

Consolidated underwriting income for the six months ended June 30, 2023 was $283.8 million compared to $72.3 million for the six months ended June 30, 2022. The improvement in net underwriting results was driven by improved favorable prior year loss reserve development of $138.4 million for the six months ended June 30, 2023 compared to $11.9 million for the six months ended June 30, 2022. This increase in favorable prior year loss reserve development was primarily the result of management reflecting the continued favorable reported loss emergence through June 30, 2023 in its best estimate of reserves, which was further validated by the pricing of the 2023 LPT from external reinsurers, which represents $118.2 million of the favorable prior year loss reserve development. In addition, catastrophe losses, net of reinsurance and reinstatement premiums, were $12.9 million, or 1.0 percentage points on the combined ratio, for the six months ended June 30, 2023, compared to $23.1 million, or 2.1 percentage points on the combined ratio, for the six months ended June 30, 2022. The lower catastrophe losses were a result of the Company’s significant reduction in catastrophe exposed business.

Reportable Segments

The determination of our reportable segments is based on the manner in which management monitors the performance of our operations, which consist of two reportable segments - Reinsurance and Insurance & Services.

Core Underwriting Results

Collectively, the sum of our two segments, Reinsurance and Insurance & Services, constitute our “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See reconciliations in “Segment Reporting”. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

Three months ended June 30, 2023 and 2022

Core results for the three months ended June 30, 2023 included income of $85.3 million compared to income of $20.2 million for the three months ended June 30, 2022. Income for the three months ended June 30, 2023 consists of underwriting income of $81.7 million (87.7% combined ratio) and net services income of $3.6 million, compared to underwriting income of $9.6 million (98.3% combined ratio) and net services income of $10.6 million for the three months ended June 30, 2022. The improvement in net underwriting results was primarily driven by increased favorable prior year loss reserve development, lower catastrophe losses and favorable expense ratios (both commission and other underwriting expense ratios), which results in a higher underwriting gain. Net services income for the three months ended June 30, 2023 included net investment losses from Strategic Investments of $4.1 million compared to losses of $0.5 million for the three months ended June 30, 2022.

Losses incurred included $25.2 million of favorable prior year loss reserve development for the three months ended June 30, 2023, compared to $1.5 million for the three months ended June 30, 2022. For the three months ended June 30, 2023, favorable prior year loss reserve development was driven by decreases in the domestic and international property and casualty lines of business in the Reinsurance segment, partially offset by loss emergence in the property and casualty business lines in the Insurance & Service segment. This increase in favorable prior year loss reserve development was primarily the result of management reflecting the continued favorable reported loss emergence through June 30, 2023 in its best estimate of reserves, which was further validated by the pricing of the 2023 LPT from external reinsurers, in addition to a reduction in unallocated loss adjustment expense reserves related to the claims that will no longer be managed by SiriusPoint under the terms of the 2023 LPT.

For the three months ended June 30, 2023, there were no significant catastrophe losses compared to $16.2 million, or 2.9 percentage points on the combined ratio, for the three months ended June 30, 2022.

Six months ended June 30, 2023 and 2022

Core results for the six months ended June 30, 2023 included income of $205.5 million compared to income of $46.9 million for the six months ended June 30, 2022. The income for the six months ended June 30, 2023 consists of an underwriting income of $189.1 million (84.4% combined ratio) and net services income of $16.4 million, compared to an underwriting income of $22.3 million (98.0% combined ratio) and net services income of $24.6 million for the six months ended June 30, 2022. The improvement in net underwriting results was primarily driven by favorable prior year loss reserve development, lower catastrophe losses, and favorable expense ratios (both commission and other underwriting expense ratios), which results in a higher underwriting gain. Net services income for the six months ended June 30, 2023 included net investment losses from Strategic Investments of $8.0 million compared to losses of $0.8 million for the six months ended June 30, 2022.

Losses incurred included $117.1 million of favorable prior year loss reserve development for the six months ended June 30, 2023 compared to favorable prior year loss reserve development of $6.5 million for the six months ended June 30, 2022. This increase in favorable prior year loss reserve development was primarily the result of management reflecting the continued favorable reported loss emergence through June 30, 2023 in its best estimate of reserves, which was further validated by the pricing of the 2023 LPT from external reinsurers, in addition to a reduction in unallocated loss adjustment expense reserves related to the claims that will no longer be managed by SiriusPoint under the terms of the 2023 LPT.

For the six months ended June 30, 2023, catastrophe losses, net of reinsurance and reinstatement premiums, were $7.0 million, or 0.6 percentage points on the combined ratio, compared to $23.1 million, or 2.1 percentage points on the combined ratio for the six months ended June 30, 2022. For the six months ended June 30, 2022, losses from the Russia/Ukraine conflict, including losses from the political risk, trade credit, and aviation lines of business, were $13.2 million, or 1.2 percentage points on the combined ratio.

Reinsurance Segment

Three months ended June 30, 2023 and 2022

Reinsurance generated underwriting income of $79.3 million (75.3% combined ratio) for the three months ended June 30, 2023, compared to an underwriting loss of $0.2 million (100.1% combined ratio) for the three months ended June 30, 2022. The improvement in net underwriting results was primarily due to increased favorable prior year loss reserve development and lower catastrophe losses.

Reinsurance gross premiums written were $387.1 million for the three months ended June 30, 2023, an increase of $8.8 million, or 2.3%, compared to the three months ended June 30, 2022, driven by growth in the property and casualty lines of business in the North America reinsurance business, partially offset by lower writings in International reinsurance, primarily in the property lines, as we execute the Restructuring Plan.

Six months ended June 30, 2023 and 2022

Reinsurance generated underwriting income of $156.4 million (72.5% combined ratio) for the six months ended June 30, 2023, compared to $2.9 million (99.6% combined ratio) for the six months ended June 30, 2022. The improvement in net underwriting results for the six months ended June 30, 2023 compared to the six months ended June 30, 2022 was primarily due to higher favorable prior year loss reserve development and lower catastrophe losses.

Reinsurance gross premiums written were $783.3 million for the six months ended June 30, 2023, a decrease of $119.2 million, or 13.2%, compared to the six months ended June 30, 2022, driven by lower writings in International reinsurance, primarily in the property lines, as we execute the Restructuring Plan.

Insurance & Services Segment

Three months ended June 30, 2023 and 2022

Insurance & Services generated segment income of $8.8 million for the three months ended June 30, 2023, compared to $20.4 million for the three months ended June 30, 2022. Segment income for the three months ended June 30, 2023 consists of underwriting income of $2.4 million (99.2% combined ratio) and net services income of $6.4 million, compared to underwriting income of $9.8 million (96.1% combined ratio) and net services income of $10.6 million for the three months ended June 30, 2022. The decrease in underwriting results was primarily due to decreased favorable prior year loss reserve development from loss emergence from certain strategic partnerships. The decrease in services income was primarily due to net investment losses from Strategic Investments of $4.1 million for the three months ended June 30, 2023 compared to $0.5 million for the three months ended June 30, 2022.

Insurance & Services gross premiums written were $462.7 million for the three months ended June 30, 2023, an increase of $28.8 million, or 6.6%, compared to the three months ended June 30, 2022, primarily driven by growth across Insurance & Services, including growth in premiums from strategic partnerships, mainly Arcadian.

Six months ended June 30, 2023 and 2022

Insurance & Services generated segment income of $49.1 million for the six months ended June 30, 2023, compared to $44.0 million for the six months ended June 30, 2022. Segment income for the six months ended June 30, 2023 consists of underwriting income of $30.1 million (95.2% combined ratio) and net services income of $19.0 million, compared to underwriting income of $19.4 million (95.8% combined ratio) and net services income of $24.6 million for the six months ended June 30, 2022. The increase in underwriting results was primarily driven by the increased favorable prior loss reserve development from better than expected reported loss emergence in A&H. The decrease in services income was primarily due to net investment losses from Strategic Investments of $8.0 million for the six months ended June 30, 2023 compared to $0.8 million for the six months ended June 30, 2022.

Insurance & Services gross premiums written were $1,126.7 million for the six months ended June 30, 2023, an increase of $209.3 million, or 22.8%, compared to the six months ended June 30, 2022, primarily driven by growth across Insurance & Services, including growth in premiums from strategic partnerships, mainly Arcadian and Corvus Insurance, and A&H.

Investments

Three months ended June 30, 2023 and 2022

Total realized and unrealized investment gains (losses) and net investment income was $65.8 million for the three months ended June 30, 2023, compared to $(141.5) million for the three months ended June 30, 2022.

Total realized and unrealized investment gains and net investment income for the three months ended June 30, 2023 was primarily attributable to investment results from our debt and short-term investment portfolio of $64.9 million. These fixed income positions returned 0.1% in U.S. dollars and an original currency basis, inclusive of marked to market losses on available for sale securities of $52.7 million. Investment results were driven by dividend and interest income primarily on U.S. treasury bills and corporate debt positions which make up 46.6% of our total investments as of June 30, 2023, compared to 28.5% of our portfolio as of June 30, 2022.

Investment results for the three months ended June 30, 2022 were primarily attributable to the net investment loss of $57.3 million from our investment in the TP Enhanced Fund, corresponding to a (12.5)% return.

Six months ended June 30, 2023 and 2022

Total realized and unrealized investment gains (losses) and net investment income was $139.6 million for the six months ended June 30, 2023, compared to $(346.6) million for the six months ended June 30, 2022.

Total realized and unrealized investment gains and net investment income for the six months ended June 30, 2023 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $137.5 million. Increased dividend and investment income is due to the ongoing re-positioning of the portfolio to focus on investing in high grade fixed income securities.

Investment results for the six months ended June 30, 2022 were primarily attributable to the net investment loss of $185.6 million from our investment in the TP Enhanced Fund, corresponding to a (25.9)% return.

SiriusPoint International Loss Portfolio Transfer

On March 2, 2023, the Company agreed, subject to applicable regulatory approvals and other closing conditions, to enter into a loss portfolio transfer transaction (“2023 LPT”), on a funds withheld basis, with Pallas Reinsurance Company Ltd., a subsidiary of the Compre Group, an insurance and reinsurance legacy specialist. The transaction covered loss reserves ceded initially estimated at $1.3 billion as of the valuation date of September 30, 2022, which were reduced to $905.6 million as of June 30, 2023, as a result of paid losses and favorable prior accident year reserve development recognized during the interim period. Upon closing, the Company recorded funds held payable of $884.4 million and an initial estimate of a deferred gain of $21.2 million, which will be amortized over the claim payout period of the subject business. The 2023 LPT comprises several classes of business from 2021 and prior underwriting years. The aggregate limit under the 2023 LPT is 130% of the booked reserves as of the inception of the contract.

Indication of Interest

On April 12, 2023, the Company acknowledged that Dan Loeb, and certain of his affiliates, disclosed in a Schedule 13D/A filing an indication of interest to explore a potential acquisition of all, or substantially all, of the outstanding common shares of the Company (“Indication of Interest”).

On May 12, 2023, the Company acknowledged that Dan Loeb, and certain of his affiliates, disclosed in a Schedule 13D/A filing the decision to conclude discussions regarding a potential transaction to acquire the Company.

Webcast Details

The Company will hold a webcast to discuss its second quarter 2023 results at 8:30 a.m. Eastern Time on August 3, 2023. The webcast of the conference call will be available over the Internet from the Company’s website at www.siriuspt.com under the “Investor Relations” section. Participants should follow the instructions provided on the website to download and install any necessary audio applications. The conference call will be available by dialing 1-877-451-6152 (domestic) or 1-201-389-0879 (international). Participants should ask for the SiriusPoint Ltd. second quarter 2023 earnings call.

The online replay will be available on the Company's website immediately following the call at www.siriuspt.com under the “Investor Relations” section.

Safe Harbor Statement Regarding Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases. Actual events, results and outcomes may differ materially from the Company’s expectations due to a variety of known and unknown risks, uncertainties and other factors. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: our ability to execute on our strategic transformation, including re-underwriting to reduce volatility and improving underwriting performance, de-risking our investment portfolio, and transforming our business, including re-balancing our portfolio and growing the Insurance & Services segment; the impact of unpredictable catastrophic events including uncertainties with respect to current and future COVID-19 losses across many classes of insurance business and the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs, changing interest rates and equity market volatility; inadequacy of loss and loss adjustment expense reserves, the lack of available capital, and periods characterized by excess underwriting capacity and unfavorable premium rates; the performance of financial markets, impact

of inflation, and foreign currency fluctuations; our ability to compete successfully in the (re)insurance market and the effect of consolidation in the (re)insurance industry; technology breaches or failures, including those resulting from a malicious cyber-attack on us, our business partners or service providers; the effects of global climate change, including increased severity and frequency of weather-related natural disasters and catastrophes and increased coastal flooding in many geographic areas; our ability to retain key senior management and key employees; a downgrade or withdrawal of our financial ratings; fluctuations in our results of operations; legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint; the outcome of legal and regulatory proceedings and regulatory constraints on our business; reduced returns or losses in SiriusPoint’s investment portfolio; our potential exposure to U.S. federal income and withholding taxes and our significant deferred tax assets, which could become devalued if we do not generate future taxable income or applicable corporate tax rates are reduced; risks associated with delegating authority to third party managing general agents; future strategic transactions such as acquisitions, dispositions, investments, mergers or joint ventures; SiriusPoint’s response to any acquisition proposal that may be received from any party, including any actions that may be considered by the Company’s board of directors or any committee thereof; and other risks and factors listed under "Risk Factors" in the Company's most recent Annual Report on Form 10-K and other subsequent periodic reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures and Other Financial Metrics

In presenting SiriusPoint’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). SiriusPoint’s management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of SiriusPoint’s financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. Core underwriting income, Core net services income, Core income, and Core combined ratio are non-GAAP financial measures. Management believes it is useful to review Core results as it better reflects how management views the business and reflects the Company’s decision to exit the runoff business. Tangible book value per diluted common share is also a non-GAAP financial measure and the most comparable U.S. GAAP measure is book value per common share. Tangible book value per diluted common share excludes the total number of unvested restricted shares, at period end, and intangible assets. While restricted shares are outstanding, they are excluded because they are unvested. Further, management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. The tangible book value per diluted common share is also useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets. Reconciliations of such measures to the most comparable GAAP figures are included in the attached financial information in accordance with Regulation G.

About the Company

SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents within our Insurance & Services segment. With over $3.0 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. For more information please visit www.siriuspt.com.

Contacts

Investor Relations

Dhruv Gahlaut, Head of Investor Relations and Chief Strategy Officer

Dhruv.gahlaut@siriuspt.com

+44 7514 659 918

Media

Clare Kerrigan - Chief Communications Officer

Clare.kerrigan@siriuspt.com

+ 44 7720 163 949

SIRIUSPOINT LTD.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

As of June 30, 2023 and December 31, 2022

(expressed in millions of U.S. dollars, except per share and share amounts)



	June 30, 2023		December 31, 2022
Assets
Debt securities, available for sale, at fair value, net of allowance for credit losses of $0.0 (2022 - $0.0) (cost - $4,241.3; 2022 - $2,678.1)	$	4,172.1	$	2,635.5
Debt securities, trading, at fair value (cost - $802.3; 2022 - $1,630.1)	753.2		1,526.0
Short-term investments, at fair value (cost - $555.1; 2022 - $984.5)	559.2		984.6
Investments in related party investment funds, at fair value	111.3		128.8
Other long-term investments, at fair value (cost - $377.6; 2022 - $392.0) (includes related party investments at fair value of $199.4 (2022 - $201.2))	355.4		377.2
Equity securities, trading, at fair value (cost - $1.8; 2022 - $1.8)	1.6		1.6
Total investments	5,952.8		5,653.7
Cash and cash equivalents	676.2		705.3
Restricted cash and cash equivalents	95.2		208.4

Redemption receivable from related party investment fund	5.0		18.5
Due from brokers	18.2		4.9
Interest and dividends receivable	36.8		26.7
Insurance and reinsurance balances receivable, net	2,252.1		1,876.9
Deferred acquisition costs, net	340.3		294.9
Unearned premiums ceded	481.3		348.8
Loss and loss adjustment expenses recoverable, net	2,276.7		1,376.2
Deferred tax asset	164.3		200.3
Intangible assets	158.5		163.8

Other assets	165.4		157.9
Total assets	$	12,622.8	$	11,036.3
Liabilities
Loss and loss adjustment expense reserves	$	5,338.8	$	5,268.7
Unearned premium reserves	1,819.2		1,521.1
Reinsurance balances payable	1,845.4		813.6
Deposit liabilities	137.8		140.5
Deferred gain on retroactive reinsurance	21.2		—
Debt	765.9		778.0
Securities sold, not yet purchased, at fair value	—		27.0
Securities sold under an agreement to repurchase	11.0		18.0
Due to brokers	28.1		—
Deferred tax liability	61.0		59.8
Liability-classified capital instruments	65.4		60.4
Accounts payable, accrued expenses and other liabilities	261.3		266.6
Total liabilities	10,355.1		8,953.7
Commitments and contingent liabilities
Shareholders’ equity

Series B preference shares (par value $0.10; authorized and issued: 8,000,000)	200.0		200.0
Common shares (issued and outstanding: 163,200,630; 2022 - 162,177,653)	16.3		16.2
Additional paid-in capital	1,645.6		1,641.3
Retained earnings	467.1		262.2
Accumulated other comprehensive loss, net of tax	(74.2)		(45.0)
Shareholders’ equity attributable to SiriusPoint shareholders	2,254.8		2,074.7
Noncontrolling interests	12.9		7.9
Total shareholders’ equity	2,267.7		2,082.6
Total liabilities, noncontrolling interests and shareholders’ equity	$	12,622.8	$	11,036.3

SIRIUSPOINT LTD.

CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)

For the three and six months ended June 30, 2023 and 2022

(expressed in millions of U.S. dollars, except per share and share amounts)


	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Revenues
Net premiums earned	$	703.8	$	568.8	$	1,299.3	$	1,098.1
Net realized and unrealized investment gains (losses)	(1.8)		(98.4)		9.5		(180.3)
Net realized and unrealized investment losses from related party investment funds	(0.9)		(60.5)		(0.1)		(191.5)
Net investment income	68.5		17.4		130.2		25.2
Net realized and unrealized investment gains (losses) and net investment income	65.8		(141.5)		139.6		(346.6)
Other revenues	(1.7)		45.8		14.1		83.0
Total revenues	767.9		473.1		1,453.0		834.5
Expenses
Loss and loss adjustment expenses incurred, net	407.0		360.3		674.1		700.4
Acquisition costs, net	126.2		123.6		245.9		232.1
Other underwriting expenses	43.3		46.1		95.5		93.3
Net corporate and other expenses	70.3		72.0		130.3		149.4
Intangible asset amortization	2.9		2.0		5.3		3.9
Interest expense	11.7		9.4		24.5		18.7
Foreign exchange (gains) losses	17.4		(56.5)		17.5		(75.9)
Total expenses	678.8		556.9		1,193.1		1,121.9
Income (loss) before income tax (expense) benefit	89.1		(83.8)		259.9		(287.4)
Income tax (expense) benefit	(16.8)		27.7		(42.6)		18.0
Net income (loss)	72.3		(56.1)		217.3		(269.4)
Net income attributable to noncontrolling interests	(2.0)		(0.7)		(4.4)		(0.4)
Net income (loss) available to SiriusPoint	70.3		(56.8)		212.9		(269.8)
Dividends on Series B preference shares	(4.0)		(4.0)		(8.0)		(8.0)
Net income (loss) available to SiriusPoint common shareholders	$	66.3	$	(60.8)	$	204.9	$	(277.8)
Earnings (loss) per share available to SiriusPoint common shareholders
Basic earnings (loss) per share available to SiriusPoint common shareholders	$	0.38	$	(0.38)	$	1.18	$	(1.74)
Diluted earnings (loss) per share available to SiriusPoint common shareholders	$	0.37	$	(0.38)	$	1.14	$	(1.74)
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic	162,027,831		160,258,883		161,473,011		160,064,319
Diluted	166,708,932		160,258,883		165,997,198		160,064,319

SIRIUSPOINT LTD.

SEGMENT REPORTING


	Three months ended June 30, 2023
	Reinsurance			Insurance & Services			Core			Eliminations (2)		Corporate		Segment Measure Reclass		Total
Gross premiums written	$	387.1		$	462.7		$	849.8		$	—	$	37.3	$	—	$	887.1
Net premiums written	341.3			291.6			632.9			—		37.3		—		670.2
Net premiums earned	320.7			339.6			660.3			—		43.5		—		703.8
Loss and loss adjustment expenses incurred, net	167.0			227.7			394.7			(1.5)		13.8		—		407.0
Acquisition costs, net	62.4			84.0			146.4			(35.9)		15.7		—		126.2
Other underwriting expenses	12.0			25.5			37.5			—		5.8		—		43.3
Underwriting income	79.3			2.4			81.7			37.4		8.2		—		127.3
Services revenues	(2.8)			62.2			59.4			(37.0)		—		(22.4)		—
Services expenses	—			50.0			50.0			—		—		(50.0)		—
Net services fee income (loss)	(2.8)			12.2			9.4			(37.0)		—		27.6		—
Services noncontrolling income	—			(1.7)			(1.7)			—		—		1.7		—
Net investment losses from Strategic Investments	—			(4.1)			(4.1)			—		—		4.1		—
Net services income (loss)	(2.8)			6.4			3.6			(37.0)		—		33.4		—
Segment income	76.5			8.8			85.3			0.4		8.2		33.4		127.3
Net realized and unrealized investment gains (losses)												2.3		(4.1)		(1.8)
Net realized and unrealized investment losses from related party investment funds												(0.9)		—		(0.9)
Net investment income												68.5		—		68.5
Other revenues												(24.1)		22.4		(1.7)
Net corporate and other expenses												(20.3)		(50.0)		(70.3)
Intangible asset amortization												(2.9)		—		(2.9)
Interest expense												(11.7)		—		(11.7)
Foreign exchange losses												(17.4)		—		(17.4)
Income before income tax expense	$	76.5		$	8.8		85.3			0.4		1.7		1.7		89.1
Income tax expense							—			—		(16.8)		—		(16.8)
Net income (loss)							85.3			0.4		(15.1)		1.7		72.3
Net income attributable to noncontrolling interest							—			—		(0.3)		(1.7)		(2.0)
Net income (loss) available to SiriusPoint							$	85.3		$	0.4	$	(15.4)	$	—	$	70.3

Underwriting Ratios: (1)
Loss ratio	52.1		%	67.0		%	59.8		%							57.8		%
Acquisition cost ratio	19.5		%	24.7		%	22.2		%							17.9		%
Other underwriting expenses ratio	3.7		%	7.5		%	5.7		%							6.2		%
Combined ratio	75.3		%	99.2		%	87.7		%							81.9		%

(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.

(2)Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.


	Three months ended June 30, 2022
	Reinsurance			Insurance & Services			Core			Eliminations (2)		Corporate		Segment Measure Reclass		Total
Gross premiums written	$	378.3		$	433.9		$	812.2		$	—	$	0.4	$	—	$	812.6
Net premiums written	321.5			301.4			622.9			—		0.1		—		623.0
Net premiums earned	319.5			244.3			563.8			—		5.0		—		568.8
Loss and loss adjustment expenses incurred, net	204.7			154.8			359.5			(1.1)		1.9		—		360.3
Acquisition costs, net	86.3			63.9			150.2			(26.8)		0.2		—		123.6
Other underwriting expenses	28.7			15.8			44.5			—		1.6		—		46.1
Underwriting income (loss)	(0.2)			9.8			9.6			27.9		1.3		—		38.8
Services revenues	—			56.6			56.6			(36.7)		—		(19.9)		—
Services expenses	—			44.8			44.8			—		—		(44.8)		—
Net services fee income	—			11.8			11.8			(36.7)		—		24.9		—
Services noncontrolling income	—			(0.7)			(0.7)			—		—		0.7		—
Net investment losses from Strategic Investments	—			(0.5)			(0.5)			—		—		0.5		—
Net services income	—			10.6			10.6			(36.7)		—		26.1		—
Segment income (loss)	(0.2)			20.4			20.2			(8.8)		1.3		26.1		38.8
Net realized and unrealized investment losses												(97.9)		(0.5)		(98.4)
Net realized and unrealized investment losses from related party investment funds												(60.5)		—		(60.5)
Net investment income												17.4		—		17.4
Other revenues												25.9		19.9		45.8
Net corporate and other expenses												(27.2)		(44.8)		(72.0)
Intangible asset amortization												(2.0)		—		(2.0)
Interest expense												(9.4)		—		(9.4)
Foreign exchange gains												56.5		—		56.5
Income (loss) before income tax benefit	$	(0.2)		$	20.4		20.2			(8.8)		(95.9)		0.7		(83.8)
Income tax benefit							—			—		27.7		—		27.7
Net income (loss)							20.2			(8.8)		(68.2)		0.7		(56.1)
Net income attributable to noncontrolling interest							—			—		—		(0.7)		(0.7)
Net income (loss) available to SiriusPoint							$	20.2		$	(8.8)	$	(68.2)	$	—	$	(56.8)

Underwriting Ratios: (1)
Loss ratio	64.1		%	63.4		%	63.8		%							63.3		%
Acquisition cost ratio	27.0		%	26.2		%	26.6		%							21.7		%
Other underwriting expenses ratio	9.0		%	6.5		%	7.9		%							8.1		%
Combined ratio	100.1		%	96.1		%	98.3		%							93.1		%

(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.


	Six months ended June 30, 2023
	Reinsurance			Insurance & Services			Core			Eliminations (2)		Corporate		Segment Measure Reclass		Total
Gross premiums written	$	783.3		$	1,126.7		$	1,910.0		$	—	$	87.6	$	—	$	1,997.6
Net premiums written	652.3			744.2			1,396.5			—		65.4		—		1,461.9
Net premiums earned	580.2			630.8			1,211.0			—		88.3		—		1,299.3
Loss and loss adjustment expenses incurred, net	252.6			400.2			652.8			(2.8)		24.1		—		674.1
Acquisition costs, net	128.4			155.7			284.1			(68.4)		30.2		—		245.9
Other underwriting expenses	40.2			44.8			85.0			—		10.5		—		95.5
Underwriting income	159.0			30.1			189.1			71.2		23.5		—		283.8
Services revenues	(2.6)			125.8			123.2			(71.3)		—		(51.9)		—
Services expenses	—			95.5			95.5			—		—		(95.5)		—
Net services fee income (loss)	(2.6)			30.3			27.7			(71.3)		—		43.6		—
Services noncontrolling income	—			(3.3)			(3.3)			—		—		3.3		—
Net investment losses from Strategic Investments	—			(8.0)			(8.0)			—		—		8.0		—
Net services income (loss)	(2.6)			19.0			16.4			(71.3)		—		54.9		—
Segment income	156.4			49.1			205.5			(0.1)		23.5		54.9		283.8
Net realized and unrealized investment gains (losses)												17.5		(8.0)		9.5
Net realized and unrealized investment losses from related party investment funds												(0.1)		—		(0.1)
Net investment income												130.2		—		130.2
Other revenues												(37.8)		51.9		14.1
Net corporate and other expenses												(34.8)		(95.5)		(130.3)
Intangible asset amortization												(5.3)		—		(5.3)
Interest expense												(24.5)		—		(24.5)
Foreign exchange losses												(17.5)		—		(17.5)
Income before income tax expense	$	156.4		$	49.1		205.5			(0.1)		51.2		3.3		259.9
Income tax expense							—			—		(42.6)		—		(42.6)
Net income							205.5			(0.1)		8.6		3.3		217.3
Net income attributable to noncontrolling interests							—			—		(1.1)		(3.3)		(4.4)
Net income available to SiriusPoint							$	205.5		$	(0.1)	$	7.5	$	—	$	212.9

Underwriting Ratios: (1)
Loss ratio	43.5		%	63.4		%	53.9		%							51.9		%
Acquisition cost ratio	22.1		%	24.7		%	23.5		%							18.9		%
Other underwriting expenses ratio	6.9		%	7.1		%	7.0		%							7.4		%
Combined ratio	72.5		%	95.2		%	84.4		%							78.2		%

(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.


	Six months ended June 30, 2022
	Reinsurance			Insurance & Services			Core			Eliminations (2)		Corporate		Segment Measure Reclass		Total
Gross premiums written	$	902.5		$	917.4		$	1,819.9		$	—	$	2.4	$	—	$	1,822.3
Net premiums written	696.4			638.9			1,335.3			—		1.6		—		1,336.9
Net premiums earned	627.1			457.1			1,084.2			—		13.9		—		1,098.1
Loss and loss adjustment expenses incurred, net	399.2			288.8			688.0			(2.3)		14.7		—		700.4
Acquisition costs, net	166.2			117.4			283.6			(52.4)		0.9		—		232.1
Other underwriting expenses	58.8			31.5			90.3			—		3.0		—		93.3
Underwriting income (loss)	2.9			19.4			22.3			54.7		(4.7)		—		72.3
Services revenues	—			113.4			113.4			(67.5)		—		(45.9)		—
Services expenses	—			88.1			88.1			—		—		(88.1)		—
Net services fee income	—			25.3			25.3			(67.5)		—		42.2		—
Services noncontrolling loss	—			0.1			0.1			—		—		(0.1)		—
Net investment losses from Strategic Investments	—			(0.8)			(0.8)			—		—		0.8		—
Net services income	—			24.6			24.6			(67.5)		—		42.9		—
Segment income (loss)	2.9			44.0			46.9			(12.8)		(4.7)		42.9		72.3
Net realized and unrealized investment losses												(179.5)		(0.8)		(180.3)
Net realized and unrealized investment losses from related party investment funds												(191.5)		—		(191.5)
Net investment income												25.2		—		25.2
Other revenues												37.1		45.9		83.0
Net corporate and other expenses												(61.3)		(88.1)		(149.4)
Intangible asset amortization												(3.9)		—		(3.9)
Interest expense												(18.7)		—		(18.7)
Foreign exchange gains												75.9		—		75.9
Income (loss) before income tax benefit	$	2.9		$	44.0		46.9			(12.8)		(321.4)		(0.1)		(287.4)
Income tax benefit							—			—		18.0		—		18.0
Net income (loss)							46.9			(12.8)		(303.4)		(0.1)		(269.4)
Net (income) loss attributable to noncontrolling interests							—			—		(0.5)		0.1		(0.4)
Net income (loss) available to SiriusPoint							$	46.9		$	(12.8)	$	(303.9)	$	—	$	(269.8)

Underwriting Ratios: (1)
Loss ratio	63.7		%	63.2		%	63.5		%							63.8		%
Acquisition cost ratio	26.5		%	25.7		%	26.2		%							21.1		%
Other underwriting expenses ratio	9.4		%	6.9		%	8.3		%							8.5		%
Combined ratio	99.6		%	95.8		%	98.0		%							93.4		%

(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.

SIRIUSPOINT LTD.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS & OTHER FINANCIAL MEASURES

Non-GAAP Financial Measures

Core Results

Collectively, the sum of the Company's two segments, Reinsurance and Insurance & Services, constitute "Core" results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

Core underwriting income - calculated by subtracting loss and loss adjustment expenses incurred, net, acquisition costs, net, and other underwriting expenses from net premiums earned.

Core net services income - consists of services revenues which include commissions, brokerage and fee income related to consolidated MGAs, and other revenues, services expenses which include direct expenses related to consolidated MGAs, services noncontrolling income which represent minority ownership interests in consolidated MGAs, and net investment gains from Strategic Investments which are net investment gains/losses from investment in our strategic partners. Net services income is a key indicator of the profitability of the Company's services provided, including investment returns on non-consolidated investment positions held.

Core income - consists of two components, core underwriting income and core net services income. Core income is a key measure of our segment performance.

Core combined ratio - calculated by dividing the sum of Core loss and loss adjustment expenses incurred, net, acquisition costs, net and other underwriting expenses by Core net premiums earned. Accident year loss ratio and accident year combined ratio are calculated by excluding prior year loss reserve development to present the impact of current accident year net loss and loss adjustment expenses on the Core loss ratio and Core combined ratio, respectively. Attritional loss ratio excludes catastrophe losses from the accident year loss ratio as they are not predictable as to timing and amount. These ratios are useful indicators of our underwriting profitability.

Tangible Book Value Per Diluted Common Share

Tangible book value per diluted common share, as presented, is a non-GAAP financial measure and the most comparable U.S. GAAP measure is book value per common share. Tangible book value per diluted common share excludes the total number of unvested restricted shares, at period end, and intangible assets. While restricted shares are outstanding, they are excluded because they are unvested. Further, management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. The tangible book value per diluted common share is also useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets.

The following table sets forth the computation of book value per common share, book value per diluted common share and tangible book value per diluted common share as of June 30, 2023 and December 31, 2022:


	June 30, 2023		December 31, 2022
	($ in millions, except share and per share amounts)


Common shareholders’ equity attributable to SiriusPoint common shareholders	$	2,054.8	$	1,874.7


Intangible assets	(158.5)		(163.8)
Tangible diluted common shareholders' equity attributable to SiriusPoint common shareholders	$	1,896.3	$	1,710.9

Common shares outstanding	163,200,630		162,177,653
Effect of dilutive stock options, restricted share units, warrants and Series A preference shares	3,964,586		3,492,795
Book value per diluted common share denominator	167,165,216		165,670,448
Unvested restricted shares	(649,528)		(1,708,608)
Tangible book value per diluted common share denominator	166,515,688		163,961,840

Book value per common share	$	12.59	$	11.56
Book value per diluted common share	$	12.29	$	11.32
Tangible book value per diluted common share	$	11.39	$	10.43

Other Financial Measures

Annualized Return on Average Common Shareholders’ Equity Attributable to SiriusPoint Common Shareholders

Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders is calculated by dividing annualized net income (loss) available to SiriusPoint common shareholders for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.

Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the three and six months ended June 30, 2023 and 2022 was calculated as follows:


	Three months ended						Six months ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
	($ in millions)
Net income (loss) available to SiriusPoint common shareholders	$	66.3		$	(60.8)		$	204.9		$	(277.8)

Common shareholders’ equity attributable to SiriusPoint common shareholders - beginning of period	2,036.6			2,088.2			1,874.7			2,303.7


Common shareholders’ equity attributable to SiriusPoint common shareholders - end of period	2,054.8			2,023.3			2,054.8			2,023.3
Average common shareholders’ equity attributable to SiriusPoint common shareholders	$	2,045.7		$	2,055.8		$	1,964.8		$	2,163.5

Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders	13.0		%	(11.8)		%	20.9		%	(25.7)		%

SiriusPoint Ltd.

Financial Supplement

June 30, 2023

(UNAUDITED)

This financial supplement is for informational purposes only. It should be read in conjunction with documents filed with the Securities and Exchange Commission by SiriusPoint Ltd., including the Company’s Quarterly Report on Form 10-Q.


Point Building						Dhruv Gahlaut - Head of Investor Relations and Chief Strategy Officer
3 Waterloo Lane						Tel: (044) 20 3772 3111
Pembroke HM 08						Email: investor.relations@siriuspt.com
Bermuda						Website: www.siriuspt.com

SiriusPoint Ltd.

Basis of Presentation and Non-GAAP Financial Measures:

Unless the context otherwise indicates or requires, as used in this financial supplement references to “we,” “our,” “us,” the “Company,” and "SiriusPoint" refer to SiriusPoint Ltd. and its directly and indirectly owned subsidiaries, as a combined entity, except where otherwise stated or where it is clear that the terms mean only SiriusPoint Ltd. exclusive of its subsidiaries. We have made rounding adjustments to reach some of the figures included in this financial supplement and, unless otherwise indicated, percentages presented in this financial supplement are approximate.

In presenting SiriusPoint’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). SiriusPoint’s management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of SiriusPoint’s financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. Core underwriting income, Core net services income, Core income, Core combined ratio, accident year loss ratio, accident year combined ratio and attritional loss ratio are non-GAAP financial measures. Management believes it is useful to review Core results as it better reflects how management views the business and reflects the Company’s decision to exit the runoff business. Tangible book value per diluted common share is also a non-GAAP financial measure. SiriusPoint's management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. The tangible book value per diluted common share is also useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets. Reconciliations and definitions of such measures to the most comparable GAAP figures are included in the attached financial information in accordance with Regulation G.

Safe Harbor Statement Regarding Forward-Looking Statements:

This financial supplement includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this financial supplement is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this financial supplement. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases. Actual events, results and outcomes may differ materially from the Company’s expectations due to a variety of known and unknown risks, uncertainties and other factors. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: our ability to execute on our strategic transformation, including re-underwriting to reduce volatility and improving underwriting performance, de-risking our investment portfolio, and transforming our business, including re-balancing our portfolio and growing the Insurance & Services segment; the impact of unpredictable catastrophic events including uncertainties with respect to current and future COVID-19 losses across many classes of insurance business and the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs, changing interest rates and equity market volatility; inadequacy of loss and loss adjustment expense reserves, the lack of available capital, and periods characterized by excess underwriting capacity and unfavorable premium rates; the performance of financial markets, impact of inflation, and foreign currency fluctuations; our ability to compete successfully in the (re)insurance market and the effect of consolidation in the (re)insurance industry; technology breaches or failures, including those resulting from a malicious cyber-attack on us, our business partners or service providers; the effects of global climate change, including increased severity and frequency of weather-related natural disasters and catastrophes and increased coastal flooding in many geographic areas; our ability to retain key senior management and key employees; a downgrade or withdrawal of our financial ratings; fluctuations in our results of operations; legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint; the outcome of legal and regulatory proceedings and regulatory constraints on our business; reduced returns or losses in SiriusPoint’s investment portfolio; our potential exposure to U.S. federal income and withholding taxes and our significant deferred tax assets, which could become devalued if we do not generate future taxable income or applicable corporate tax rates are reduced; risks associated with delegating authority to third party managing general agents; future strategic transactions such as acquisitions, dispositions, investments, mergers or joint ventures; SiriusPoint’s response to any acquisition proposal that may be received from any party, including any actions that may be considered by the Company’s board of directors or any committee thereof; and other risks and factors listed under "Risk Factors" in the Company's most recent Annual Report on Form 10-K and other subsequent periodic reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Page 2 of 19

SiriusPoint Ltd.

Table of Contents



Key Performance Indicators
Key Performance Indicators						4

Consolidated Financial Statements
Consolidated Balance Sheets - by Quarter						5
Consolidated Statements of Income (Loss)						6
Consolidated Statements of Income (Loss) - by Quarter						7

Operating Segment Information
Segment Reporting - Three months ended June 30, 2023						8
Segment Reporting - Three months ended June 30, 2022						9
Segment Reporting - Six months ended June 30, 2023						10
Segment Reporting - Six months ended June 30, 2022						11


Consolidated Results - by Quarter						12
Core Results - by Quarter						13
Reinsurance Segment - by Quarter						14
Insurance & Services Segment - by Quarter						15

Investments
Investments - by Quarter						16


Other

Earnings (loss) per Share - by Quarter						17
Annualized Return on Average Common Shareholders’ Equity - by Quarter						18
Book Value per Share - by Quarter						19

Page 3 of 19

SiriusPoint Ltd.

Key Performance Indicators

June 30, 2023 and 2022

(expressed in millions of U.S. dollars, except per share data and ratios)


	Three months ended						Six months ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022

Combined ratio	81.9		%	93.1		%	78.2		%	93.4		%
Core underwriting income (1)	$	81.7		$	9.6		$	189.1		$	22.3
Core net services income (1)	$	3.6		$	10.6		$	16.4		$	24.6
Core income (1)	$	85.3		$	20.2		$	205.5		$	46.9
Core combined ratio (1)	87.7		%	98.3		%	84.4		%	98.0		%
Accident year loss ratio (1)	63.6		%	64.0		%	63.6		%	64.1		%
Accident year combined ratio (1)	91.4		%	98.6		%	94.1		%	98.6		%
Attritional loss ratio (1)	63.6		%	61.2		%	53.3		%	62.0		%
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders	13.0		%	(11.8)		%	20.9		%	(25.7)		%
Book value per common share (2)	$	12.59		$	11.56		$	12.59		$	11.56
Book value per diluted common share (2)	$	12.29		$	11.32		$	12.29		$	11.32
Tangible book value per diluted common share (1) (2)	$	11.39		$	10.43		$	11.39		$	10.43

(1)Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See reconciliations in “Segment Reporting.” Accident year combined ratio, accident year loss ratio and attritional loss ratio are non-GAAP financial measures. See definitions in “Core Results by Quarter.” Tangible book value per diluted common share is a non-GAAP financial measure. See reconciliation in “Book Value per Share - by Quarter.”

(2)Prior year comparatives represent amounts as of December 31, 2022.

Page 4 of 19

SiriusPoint Ltd.

Consolidated Balance Sheets - by Quarter

(expressed in millions of U.S. dollars)


	June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022
Assets
Debt securities, available for sale, at fair value, net of allowance for credit losses	$	4,172.1	$	3,565.9	$	2,635.5	$	1,324.0	$	715.5
Debt securities, trading, at fair value	753.2		1,120.2		1,526.0		1,697.1		2,210.5
Short-term investments, at fair value	559.2		594.0		984.6		1,991.6		1,378.0
Investments in related party investment funds, at fair value	111.3		117.9		128.8		309.0		318.1
Other long-term investments, at fair value	355.4		361.9		377.2		414.9		436.4
Equity securities, trading, at fair value	1.6		1.6		1.6		1.4		1.6
Total investments	5,952.8		5,761.5		5,653.7		5,738.0		5,060.1
Cash and cash equivalents	676.2		763.6		705.3		647.3		746.6
Restricted cash and cash equivalents	95.2		211.0		208.4		144.2		630.6

Redemption receivable from related party investment fund	5.0		11.6		18.5		—		—
Due from brokers	18.2		6.5		4.9		20.2		72.8
Interest and dividends receivable	36.8		33.5		26.7		17.0		14.6
Insurance and reinsurance balances receivable, net	2,252.1		2,261.0		1,876.9		1,952.7		1,934.8
Deferred acquisition costs, net	340.3		357.1		294.9		278.6		271.3
Unearned premiums ceded	481.3		462.3		348.8		379.1		375.6
Loss and loss adjustment expenses recoverable, net	2,276.7		1,392.0		1,376.2		1,309.2		1,257.5
Deferred tax asset	164.3		175.7		200.3		197.6		180.1
Intangible assets	158.5		161.9		163.8		165.9		168.0
Assets held for sale	—		—		—		20.9		—
Other assets	165.4		209.5		157.9		127.4		129.2
Total assets	$	12,622.8	$	11,807.2	$	11,036.3	$	10,998.1	$	10,841.2
Liabilities
Loss and loss adjustment expense reserves	$	5,338.8	$	5,318.9	$	5,268.7	$	5,200.5	$	4,940.8
Unearned premium reserves	1,819.2		1,833.1		1,521.1		1,572.8		1,557.2
Reinsurance balances payable	1,845.4		1,004.9		813.6		793.9		759.0
Deposit liabilities	137.8		141.2		140.5		138.9		143.5
Deferred gain on retroactive reinsurance	21.2		—		—		—		—
Debt	765.9		779.2		778.0		762.0		781.3
Securities sold, not yet purchased, at fair value	—		19.4		27.0		41.7		83.4
Securities sold under an agreement to repurchase	11.0		20.3		18.0		17.3		17.5
Due to brokers	28.1		60.1		—		16.6		18.0
Deferred tax liability	61.0		59.4		59.8		66.9		59.2
Liability-classified capital instruments	65.4		47.0		60.4		48.9		50.7
Accounts payable, accrued expenses and other liabilities	261.3		275.7		266.6		245.8		206.5
Total liabilities	10,355.1		9,559.2		8,953.7		8,905.3		8,617.1
Commitments and contingent liabilities

Shareholders’ equity

Series B preference shares	200.0		200.0		200.0		200.0		200.0
Common shares	16.3		16.2		16.2		16.2		16.2
Additional paid-in capital	1,645.6		1,642.6		1,641.3		1,633.2		1,630.3
Retained earnings	467.1		400.8		262.2		288.8		387.2
Accumulated other comprehensive loss, net of tax	(74.2)		(23.0)		(45.0)		(53.7)		(10.4)
Shareholders’ equity attributable to SiriusPoint shareholders	2,254.8		2,236.6		2,074.7		2,084.5		2,223.3
Noncontrolling interests	12.9		11.4		7.9		8.3		0.8
Total shareholders’ equity	2,267.7		2,248.0		2,082.6		2,092.8		2,224.1
Total liabilities, noncontrolling interests and shareholders’ equity	$	12,622.8	$	11,807.2	$	11,036.3	$	10,998.1	$	10,841.2

Page 5 of 19

SiriusPoint Ltd.

Consolidated Statements of Income (Loss)

(expressed in millions of U.S. dollars, except share and per share data)


	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Revenues
Net premiums earned	$	703.8	$	568.8	$	1,299.3	$	1,098.1
Net realized and unrealized investment gains (losses)	(1.8)		(98.4)		9.5		(180.3)
Net realized and unrealized investment losses from related party investment funds	(0.9)		(60.5)		(0.1)		(191.5)
Net investment income	68.5		17.4		130.2		25.2
Net realized and unrealized investment gains (losses) and net investment income	65.8		(141.5)		139.6		(346.6)
Other revenues	(1.7)		45.8		14.1		83.0
Total revenues	767.9		473.1		1,453.0		834.5
Expenses
Loss and loss adjustment expenses incurred, net	407.0		360.3		674.1		700.4
Acquisition costs, net	126.2		123.6		245.9		232.1
Other underwriting expenses	43.3		46.1		95.5		93.3
Net corporate and other expenses	70.3		72.0		130.3		149.4
Intangible asset amortization	2.9		2.0		5.3		3.9
Interest expense	11.7		9.4		24.5		18.7
Foreign exchange (gains) losses	17.4		(56.5)		17.5		(75.9)
Total expenses	678.8		556.9		1,193.1		1,121.9
Income (loss) before income tax (expense) benefit	89.1		(83.8)		259.9		(287.4)
Income tax (expense) benefit	(16.8)		27.7		(42.6)		18.0
Net income (loss)	72.3		(56.1)		217.3		(269.4)
Net income attributable to noncontrolling interests	(2.0)		(0.7)		(4.4)		(0.4)
Net income (loss) available to SiriusPoint	70.3		(56.8)		212.9		(269.8)
Dividends on Series B preference shares	(4.0)		(4.0)		(8.0)		(8.0)
Net income (loss) available to SiriusPoint common shareholders	$	66.3	$	(60.8)	$	204.9	$	(277.8)
Earnings (loss) per share available to SiriusPoint common shareholders
Basic earnings (loss) per share available to SiriusPoint common shareholders (1)	$	0.38	$	(0.38)	$	1.18	$	(1.74)
Diluted earnings (loss) per share available to SiriusPoint common shareholders (1)	$	0.37	$	(0.38)	$	1.14	$	(1.74)
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic	162,027,831		160,258,883		161,473,011		160,064,319
Diluted	166,708,932		160,258,883		165,997,198		160,064,319

(1) Basic earnings (loss) per share is based on the weighted average number of common shares and participating securities outstanding during the period. The weighted average number of common shares excludes any dilutive effect of outstanding warrants, options and unvested restricted shares. Diluted earnings (loss) per share is based on the weighted average number of common shares and participating securities outstanding and includes any dilutive effects of warrants, options and unvested restricted shares under share plans and are determined using the treasury stock method. U.S. GAAP requires that participating securities be treated in the same manner as outstanding shares for earnings per share calculations. The Company treats certain of its unvested restricted shares as participating securities. In the event of a net loss, all participating securities, outstanding warrants, options and restricted shares are excluded from both basic and diluted loss per share since their inclusion would be anti-dilutive.

Page 6 of 19

SiriusPoint Ltd.

Consolidated Statements of Income (Loss) - by Quarter

(expressed in millions of U.S. dollars, except share and per share data)


	June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022
Revenues
Net premiums earned	$	703.8	$	595.5	$	607.4	$	612.6	$	568.8
Net realized and unrealized investment gains (losses)	(1.8)		11.3		10.9		(56.1)		(98.4)
Net realized and unrealized investment gains (losses) from related party investment funds	(0.9)		0.8		(10.7)		(8.3)		(60.5)
Net investment income	68.5		61.7		51.9		36.2		17.4
Net realized and unrealized investment gains (losses) and net investment income	65.8		73.8		52.1		(28.2)		(141.5)
Other revenues	(1.7)		15.8		14.1		13.1		45.8
Total revenues	767.9		685.1		673.6		597.5		473.1
Expenses
Loss and loss adjustment expenses incurred, net	407.0		267.1		390.1		497.9		360.3
Acquisition costs, net	126.2		119.7		113.0		116.8		123.6
Other underwriting expenses	43.3		52.2		46.4		44.8		46.1
Net corporate and other expenses	70.3		60.0		92.6		70.8		72.0
Intangible asset amortization	2.9		2.4		2.1		2.1		2.0
Interest expense	11.7		12.8		10.5		9.4		9.4
Foreign exchange (gains) losses	17.4		0.1		61.5		(51.6)		(56.5)
Total expenses	678.8		514.3		716.2		690.2		556.9
Income (loss) before income tax (expense) benefit	89.1		170.8		(42.6)		(92.7)		(83.8)
Income tax (expense) benefit	(16.8)		(25.8)		19.6		(0.9)		27.7
Net income (loss)	72.3		145.0		(23.0)		(93.6)		(56.1)
Net (income) loss attributable to noncontrolling interests	(2.0)		(2.4)		0.4		(0.8)		(0.7)
Net income (loss) available to SiriusPoint	70.3		142.6		(22.6)		(94.4)		(56.8)
Dividends on Series B preference shares	(4.0)		(4.0)		(4.0)		(4.0)		(4.0)
Net income (loss) available to SiriusPoint common shareholders	$	66.3	$	138.6	$	(26.6)	$	(98.4)	$	(60.8)
Earnings (loss) per share available to SiriusPoint common shareholders
Basic earnings (loss) per share available to SiriusPoint common shareholders (1)	$	0.38	$	0.80	$	(0.17)	$	(0.61)	$	(0.38)
Diluted earnings (loss) per share available to SiriusPoint common shareholders (1)	$	0.37	$	0.78	$	(0.17)	$	(0.61)	$	(0.38)
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic	162,027,831		160,905,860		160,459,088		160,321,270		160,258,883
Diluted	166,708,932		164,130,946		160,459,088		160,321,270		160,258,883

(1) Basic income (loss) per share is based on the weighted average number of common shares and participating securities outstanding during the period. The Company treats certain of its unvested restricted shares and preference shares as participating securities. The weighted average number of common shares excludes any dilutive effect of outstanding warrants, options or restricted share awards and units. Diluted earnings (loss) per share is based on the weighted average number of common shares outstanding and includes any dilutive effects of warrants, options, restricted share awards and units, and is determined using the treasury stock method. In the event of a net loss, all participating securities, outstanding warrants, options and restricted shares and units are excluded from both basic and diluted loss per share since their inclusion would be anti-dilutive.

Page 7 of 19

SiriusPoint Ltd.

Segment Reporting - Three months ended June 30, 2023

(expressed in millions of U.S. dollars, except ratios)



	Reinsurance			Insurance & Services			Core			Eliminations (2)		Corporate		Segment Measure Reclass		Total
Gross premiums written	$	387.1		$	462.7		$	849.8		$	—	$	37.3	$	—	$	887.1
Net premiums written	341.3			291.6			632.9			—		37.3		—		670.2
Net premiums earned	320.7			339.6			660.3			—		43.5		—		703.8
Loss and loss adjustment expenses incurred, net	167.0			227.7			394.7			(1.5)		13.8		—		407.0
Acquisition costs, net	62.4			84.0			146.4			(35.9)		15.7		—		126.2
Other underwriting expenses	12.0			25.5			37.5			—		5.8		—		43.3
Underwriting income	79.3			2.4			81.7			37.4		8.2		—		127.3
Services revenues	(2.8)			62.2			59.4			(37.0)		—		(22.4)		—
Services expenses	—			50.0			50.0			—		—		(50.0)		—
Net services fee income (loss)	(2.8)			12.2			9.4			(37.0)		—		27.6		—
Services noncontrolling income	—			(1.7)			(1.7)			—		—		1.7		—
Net investment losses from Strategic Investments	—			(4.1)			(4.1)			—		—		4.1		—
Net services income (loss)	(2.8)			6.4			3.6			(37.0)		—		33.4		—
Segment income	76.5			8.8			85.3			0.4		8.2		33.4		127.3
Net realized and unrealized investment gains (losses)												2.3		(4.1)		(1.8)
Net realized and unrealized investment losses from related party investment funds												(0.9)		—		(0.9)
Net investment income												68.5		—		68.5
Other revenues												(24.1)		22.4		(1.7)
Net corporate and other expenses												(20.3)		(50.0)		(70.3)
Intangible asset amortization												(2.9)		—		(2.9)
Interest expense												(11.7)		—		(11.7)
Foreign exchange losses												(17.4)		—		(17.4)
Income before income tax expense	$	76.5		$	8.8		85.3			0.4		1.7		1.7		89.1
Income tax expense							—			—		(16.8)		—		(16.8)
Net income (loss)							85.3			0.4		(15.1)		1.7		72.3
Net income attributable to noncontrolling interest							—			—		(0.3)		(1.7)		(2.0)
Net income (loss) available to SiriusPoint							$	85.3		$	0.4	$	(15.4)	$	—	$	70.3

Underwriting Ratios: (1)
Loss ratio	52.1		%	67.0		%	59.8		%							57.8		%
Acquisition cost ratio	19.5		%	24.7		%	22.2		%							17.9		%
Other underwriting expenses ratio	3.7		%	7.5		%	5.7		%							6.2		%
Combined ratio	75.3		%	99.2		%	87.7		%							81.9		%

(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.

Page 8 of 19

SiriusPoint Ltd.

Segment Reporting - Three months ended June 30, 2022

(expressed in millions of U.S. dollars, except ratios)



	Reinsurance			Insurance & Services			Core			Eliminations (2)		Corporate		Segment Measure Reclass		Total
Gross premiums written	$	378.3		$	433.9		$	812.2		$	—	$	0.4	$	—	$	812.6
Net premiums written	321.5			301.4			622.9			—		0.1		—		623.0
Net premiums earned	319.5			244.3			563.8			—		5.0		—		568.8
Loss and loss adjustment expenses incurred, net	204.7			154.8			359.5			(1.1)		1.9		—		360.3
Acquisition costs, net	86.3			63.9			150.2			(26.8)		0.2		—		123.6
Other underwriting expenses	28.7			15.8			44.5			—		1.6		—		46.1
Underwriting income (loss)	(0.2)			9.8			9.6			27.9		1.3		—		38.8
Services revenues	—			56.6			56.6			(36.7)		—		(19.9)		—
Services expenses	—			44.8			44.8			—		—		(44.8)		—
Net services fee income	—			11.8			11.8			(36.7)		—		24.9		—
Services noncontrolling income	—			(0.7)			(0.7)			—		—		0.7		—
Net investment losses from Strategic Investments	—			(0.5)			(0.5)			—		—		0.5		—
Net services income	—			10.6			10.6			(36.7)		—		26.1		—
Segment income (loss)	(0.2)			20.4			20.2			(8.8)		1.3		26.1		38.8
Net realized and unrealized investment losses												(97.9)		(0.5)		(98.4)
Net realized and unrealized investment losses from related party investment funds												(60.5)		—		(60.5)
Net investment income												17.4		—		17.4
Other revenues												25.9		19.9		45.8
Net corporate and other expenses												(27.2)		(44.8)		(72.0)
Intangible asset amortization												(2.0)		—		(2.0)
Interest expense												(9.4)		—		(9.4)
Foreign exchange gains												56.5		—		56.5
Income (loss) before income tax benefit	$	(0.2)		$	20.4		20.2			(8.8)		(95.9)		0.7		(83.8)
Income tax benefit							—			—		27.7		—		27.7
Net income (loss)							20.2			(8.8)		(68.2)		0.7		(56.1)
Net income attributable to noncontrolling interest							—			—		—		(0.7)		(0.7)
Net income (loss) available to SiriusPoint							$	20.2		$	(8.8)	$	(68.2)	$	—	$	(56.8)

Underwriting Ratios: (1)
Loss ratio	64.1		%	63.4		%	63.8		%							63.3		%
Acquisition cost ratio	27.0		%	26.2		%	26.6		%							21.7		%
Other underwriting expenses ratio	9.0		%	6.5		%	7.9		%							8.1		%
Combined ratio	100.1		%	96.1		%	98.3		%							93.1		%

(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.

Page 9 of 19

SiriusPoint Ltd.

Segment Reporting - Six months ended June 30, 2023

(expressed in millions of U.S. dollars, except ratios)



	Reinsurance			Insurance & Services			Core			Eliminations (2)		Corporate		Segment Measure Reclass		Total
Gross premiums written	$	783.3		$	1,126.7		$	1,910.0		$	—	$	87.6	$	—	$	1,997.6
Net premiums written	652.3			744.2			1,396.5			—		65.4		—		1,461.9
Net premiums earned	580.2			630.8			1,211.0			—		88.3		—		1,299.3
Loss and loss adjustment expenses incurred, net	252.6			400.2			652.8			(2.8)		24.1		—		674.1
Acquisition costs, net	128.4			155.7			284.1			(68.4)		30.2		—		245.9
Other underwriting expenses	40.2			44.8			85.0			—		10.5		—		95.5
Underwriting income	159.0			30.1			189.1			71.2		23.5		—		283.8
Services revenues	(2.6)			125.8			123.2			(71.3)		—		(51.9)		—
Services expenses	—			95.5			95.5			—		—		(95.5)		—
Net services fee income (loss)	(2.6)			30.3			27.7			(71.3)		—		43.6		—
Services noncontrolling income	—			(3.3)			(3.3)			—		—		3.3		—
Net investment losses from Strategic Investments	—			(8.0)			(8.0)			—		—		8.0		—
Net services income (loss)	(2.6)			19.0			16.4			(71.3)		—		54.9		—
Segment income	156.4			49.1			205.5			(0.1)		23.5		54.9		283.8
Net realized and unrealized investment gains (losses)												17.5		(8.0)		9.5
Net realized and unrealized investment losses from related party investment funds												(0.1)		—		(0.1)
Net investment income												130.2		—		130.2
Other revenues												(37.8)		51.9		14.1
Net corporate and other expenses												(34.8)		(95.5)		(130.3)
Intangible asset amortization												(5.3)		—		(5.3)
Interest expense												(24.5)		—		(24.5)
Foreign exchange losses												(17.5)		—		(17.5)
Income before income tax expense	$	156.4		$	49.1		205.5			(0.1)		51.2		3.3		259.9
Income tax expense							—			—		(42.6)		—		(42.6)
Net income							205.5			(0.1)		8.6		3.3		217.3
Net income attributable to noncontrolling interests							—			—		(1.1)		(3.3)		(4.4)
Net income available to SiriusPoint							$	205.5		$	(0.1)	$	7.5	$	—	$	212.9

Underwriting Ratios: (1)
Loss ratio	43.5		%	63.4		%	53.9		%							51.9		%
Acquisition cost ratio	22.1		%	24.7		%	23.5		%							18.9		%
Other underwriting expenses ratio	6.9		%	7.1		%	7.0		%							7.4		%
Combined ratio	72.5		%	95.2		%	84.4		%							78.2		%

(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.

Page 10 of 19

SiriusPoint Ltd.

Segment Reporting - Six months ended June 30, 2022

(expressed in millions of U.S. dollars, except ratios)



	Reinsurance			Insurance & Services			Core			Eliminations (2)		Corporate		Segment Measure Reclass		Total
Gross premiums written	$	902.5		$	917.4		$	1,819.9		$	—	$	2.4	$	—	$	1,822.3
Net premiums written	696.4			638.9			1,335.3			—		1.6		—		1,336.9
Net premiums earned	627.1			457.1			1,084.2			—		13.9		—		1,098.1
Loss and loss adjustment expenses incurred, net	399.2			288.8			688.0			(2.3)		14.7		—		700.4
Acquisition costs, net	166.2			117.4			283.6			(52.4)		0.9		—		232.1
Other underwriting expenses	58.8			31.5			90.3			—		3.0		—		93.3
Underwriting income (loss)	2.9			19.4			22.3			54.7		(4.7)		—		72.3
Services revenues	—			113.4			113.4			(67.5)		—		(45.9)		—
Services expenses	—			88.1			88.1			—		—		(88.1)		—
Net services fee income	—			25.3			25.3			(67.5)		—		42.2		—
Services noncontrolling loss	—			0.1			0.1			—		—		(0.1)		—
Net investment gains (losses) from Strategic Investments	—			(0.8)			(0.8)			—		—		0.8		—
Net services income	—			24.6			24.6			(67.5)		—		42.9		—
Segment income (loss)	2.9			44.0			46.9			(12.8)		(4.7)		42.9		72.3
Net realized and unrealized investment losses												(179.5)		(0.8)		(180.3)
Net realized and unrealized investment losses from related party investment funds												(191.5)		—		(191.5)
Net investment income												25.2		—		25.2
Other revenues												37.1		45.9		83.0
Net corporate and other expenses												(61.3)		(88.1)		(149.4)
Intangible asset amortization												(3.9)		—		(3.9)
Interest expense												(18.7)		—		(18.7)
Foreign exchange gains												75.9		—		75.9
Income (loss) before income tax expense	$	2.9		$	44.0		46.9			(12.8)		(321.4)		(0.1)		(287.4)
Income tax benefit							—			—		18.0		—		18.0
Net income (loss)							46.9			(12.8)		(303.4)		(0.1)		(269.4)
Net loss attributable to noncontrolling interest							—			—		(0.5)		0.1		(0.4)
Net income (loss) available to SiriusPoint							$	46.9		$	(12.8)	$	(303.9)	$	—	$	(269.8)

Underwriting Ratios: (1)
Loss ratio	63.7		%	63.2		%	63.5		%							63.8		%
Acquisition cost ratio	26.5		%	25.7		%	26.2		%							21.1		%
Other underwriting expenses ratio	9.4		%	6.9		%	8.3		%							8.5		%
Combined ratio	99.6		%	95.8		%	98.0		%							93.4		%

(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.

Page 11 of 19

SiriusPoint Ltd.

Consolidated Results - by Quarter

(expressed in millions of U.S. dollars, except ratios)


	June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022
Revenues
Gross premiums written	$	887.1		$	1,110.5		$	743.7		$	843.8		$	812.6

Net premiums written	670.2			791.7			577.9			634.4			623.0

Net premiums earned	703.8			595.5			607.4			612.6			568.8
Expenses
Loss and loss adjustment expenses incurred, net	407.0			267.1			390.1			497.9			360.3
Acquisition costs, net	126.2			119.7			113.0			116.8			123.6
Other underwriting expenses	43.3			52.2			46.4			44.8			46.1

Underwriting income (loss)	$	127.3		$	156.5		$	57.9		$	(46.9)		$	38.8

Underwriting Ratios (1):
Loss ratio	57.8		%	44.9		%	64.2		%	81.3		%	63.3		%
Acquisition cost ratio	17.9		%	20.1		%	18.6		%	19.1		%	21.7		%
Other underwriting expenses ratio	6.2		%	8.8		%	7.6		%	7.3		%	8.1		%
Combined ratio	81.9		%	73.8		%	90.4		%	107.7		%	93.1		%

Catastrophe losses, net of reinsurance and reinstatement premiums	$	—		$	12.9		$	0.2		$	114.6		$	16.2
Russia/Ukraine losses	—			—			(0.7)			(0.3)			(0.1)
Favorable prior year loss reserve development	$	(33.0)		$	(105.4)		$	(4.1)		$	(5.3)		$	(6.4)

(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned.

Page 12 of 19

SiriusPoint Ltd.

Core Results - by Quarter (1)

(expressed in millions of U.S. dollars, except ratios)


	June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022
Revenues
Gross premiums written	$	849.8		$	1,060.2		$	742.4		$	843.3		$	812.2

Net premiums written	632.9			763.6			576.5			633.8			622.9

Net premiums earned	660.3			550.7			605.8			609.9			563.8
Expenses
Loss and loss adjustment expenses incurred, net	394.7			258.1			382.5			504.1			359.5
Acquisition costs, net	146.4			137.7			149.1			150.8			150.2
Other underwriting expenses	37.5			47.5			43.0			43.3			44.5

Underwriting income (loss)	81.7			107.4			31.2			(88.3)			9.6
Services revenues	59.4			63.8			46.2			55.9			56.6
Services expenses	50.0			45.5			43.9			47.2			44.8
Net services fee income	9.4			18.3			2.3			8.7			11.8
Services noncontrolling (income) loss	(1.7)			(1.6)			0.5			0.5			(0.7)
Net investment gains (losses) from Strategic Investments	(4.1)			(3.9)			(9.0)			3.7			(0.5)
Net services income (loss)	3.6			12.8			(6.2)			12.9			10.6
Segment income (loss)	$	85.3		$	120.2		$	25.0		$	(75.4)		$	20.2

Underwriting Ratios (2):
Loss ratio	59.8		%	46.9		%	63.1		%	82.7		%	63.8		%
Acquisition cost ratio	22.2		%	25.0		%	24.6		%	24.7		%	26.6		%
Other underwriting expenses ratio	5.7		%	8.6		%	7.1		%	7.1		%	7.9		%
Combined ratio	87.7		%	80.5		%	94.8		%	114.5		%	98.3		%

Accident year loss ratio	63.6		%	63.6		%	64.7		%	82.2		%	64.0		%
Accident year combined ratio	91.4		%	97.2		%	96.4		%	114.1		%	98.6		%
Attritional loss ratio	63.6		%	62.3		%	64.7		%	63.4		%	61.2		%

Catastrophe losses, net of reinsurance and reinstatement premiums	$	—		$	7.0		$	0.2		$	114.6		$	16.2
Russia/Ukraine losses	—			—			(0.7)			(0.3)			(0.1)
(Favorable) adverse prior year loss reserve development	$	(25.2)		$	(91.9)		$	(9.6)		$	2.6		$	(1.5)

(1)Collectively, the sum of our two segments, Reinsurance and Insurance & Services, constitute our "Core" results. Core underwriting income, Core net services income, Core income, Core combined ratio, accident year loss ratio, accident year combined ratio and attritional loss ratio are non-GAAP financial measures. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

(2)Underwriting ratios are calculated by dividing the related expense by net premiums earned. Accident year loss ratio and accident year combined ratio exclude prior year loss reserve development to present the impact of current accident year net loss and loss adjustment expenses on the loss ratio and combined ratio, respectively. Attritional loss ratio excludes catastrophe losses from the accident year loss ratio as they are not predictable as to timing and amount.

Page 13 of 19

SiriusPoint Ltd.

Reinsurance Segment - by Quarter

(expressed in millions of U.S. dollars, except ratios)


	June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022
Revenues
Gross premiums written	$	387.1		$	396.2		$	300.5		$	318.4		$	378.3

Net premiums written	341.3			311.0			236.1			267.1			321.5

Net premiums earned	320.7			259.5			281.5			304.5			319.5
Expenses
Loss and loss adjustment expenses incurred, net	167.0			85.6			170.4			286.3			204.7
Acquisition costs, net	62.4			66.0			74.3			69.8			86.3
Other underwriting expenses	12.0			28.2			27.0			28.0			28.7

Underwriting income (loss)	79.3			79.7			9.8			(79.6)			(0.2)
Services revenues	(2.8)			0.2			(3.6)			3.4			—

Net services fee income (loss)	(2.8)			0.2			(3.6)			3.4			—

Net investment gains (losses) from Strategic Investments	—			—			(4.2)			0.3			—
Net services income (loss)	(2.8)			0.2			(7.8)			3.7			—
Segment income (loss)	$	76.5		$	79.9		$	2.0		$	(75.9)		$	(0.2)

Underwriting Ratios (1):
Loss ratio	52.1		%	33.0		%	60.5		%	94.0		%	64.1		%
Acquisition cost ratio	19.5		%	25.4		%	26.4		%	22.9		%	27.0		%
Other underwriting expenses ratio	3.7		%	10.9		%	9.6		%	9.2		%	9.0		%
Combined ratio	75.3		%	69.3		%	96.5		%	126.1		%	100.1		%

Accident year loss ratio	60.1		%	61.7		%	59.5		%	99.4		%	62.6		%
Accident year combined ratio	83.3		%	98.0		%	95.5		%	131.5		%	98.6		%
Attritional loss ratio	60.1		%	59.4		%	60.0		%	61.7		%	57.6		%

Catastrophe losses, net of reinsurance and reinstatement premiums	$	—		$	6.0		$	(1.4)		$	114.6		$	16.2
Russia/Ukraine losses	—			—			(0.7)			(0.3)			(0.1)
(Favorable) adverse prior year loss reserve development	$	(25.9)		$	(74.6)		$	3.0		$	(16.3)		$	4.6

(1)Underwriting ratios are calculated by dividing the related expense by net premiums earned. Accident year loss ratio, accident year combined ratio and attritional loss ratio are non-GAAP financial measures. Accident year loss ratio and accident year combined ratio exclude prior year loss reserve development to present the impact of current accident year net loss and loss adjustment expenses on the loss ratio and combined ratio, respectively. Attritional loss ratio excludes catastrophe losses from the accident year loss ratio as they are not predictable as to timing and amount.

Page 14 of 19

SiriusPoint Ltd.

Insurance & Services Segment - by Quarter

(expressed in millions of U.S. dollars, except ratios)


	June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022
Revenues
Gross premiums written	$	462.7		$	664.0		$	441.9		$	524.9		$	433.9

Net premiums written	291.6			452.6			340.4			366.7			301.4

Net premiums earned	339.6			291.2			324.3			305.4			244.3
Expenses
Loss and loss adjustment expenses incurred, net	227.7			172.5			212.1			217.8			154.8
Acquisition costs, net	84.0			71.7			74.8			81.0			63.9
Other underwriting expenses	25.5			19.3			16.0			15.3			15.8

Underwriting income (loss)	2.4			27.7			21.4			(8.7)			9.8
Services revenues	62.2			63.6			49.8			52.5			56.6
Services expenses	50.0			45.5			43.9			47.2			44.8
Net services fee income	12.2			18.1			5.9			5.3			11.8
Services noncontrolling (income) loss	(1.7)			(1.6)			0.5			0.5			(0.7)
Net investment gains (losses) from Strategic Investments	(4.1)			(3.9)			(4.8)			3.4			(0.5)
Net services income	6.4			12.6			1.6			9.2			10.6
Segment income	$	8.8		$	40.3		$	23.0		$	0.5		$	20.4

Underwriting Ratios (1):
Loss ratio	67.0		%	59.2		%	65.4		%	71.3		%	63.4		%
Acquisition cost ratio	24.7		%	24.6		%	23.1		%	26.5		%	26.2		%
Other underwriting expenses ratio	7.5		%	6.6		%	4.9		%	5.0		%	6.5		%
Combined ratio	99.2		%	90.4		%	93.4		%	102.8		%	96.1		%

Accident year loss ratio	66.8		%	65.2		%	69.3		%	65.1		%	65.9		%
Accident year combined ratio	99.1		%	96.4		%	97.3		%	96.7		%	98.5		%
Attritional loss ratio	66.8		%	64.8		%	68.8		%	65.1		%	65.9		%

Catastrophe losses, net of reinsurance and reinstatement premiums	$	—		$	1.0		$	1.6		$	—		$	—
(Favorable) adverse prior year loss reserve development	$	0.7		$	(17.3)		$	(12.6)		$	18.9		$	(6.1)

Page 15 of 19

SiriusPoint Ltd.

Investments - by Quarter

(expressed in millions of U.S. dollars)


	June 30, 2023				March 31, 2023				December 31, 2022				September 30, 2022				June 30, 2022
	Fair Value		%		Fair Value		%		Fair Value		%		Fair Value		%		Fair Value		%
Asset-backed securities	$	704.8	11.8	%	$	414.4	7.2	%	$	230.7	4.1	%	$	133.9	2.3	%	$	125.1	2.5	%
Residential mortgage-backed securities	684.4		11.5	%	417.8		7.3	%	340.7		6.0	%	212.8		3.7	%	112.0		2.2	%
Commercial mortgage-backed securities	133.7		2.2	%	92.8		1.6	%	61.2		1.1	%	18.6		0.3	%	14.3		0.3	%

Corporate debt securities	1,483.5		24.9	%	943.4		16.4	%	415.7		7.4	%	386.0		6.7	%	157.7		3.1	%
U.S. government and government agency	1,083.5		18.2	%	1,637.1		28.4	%	1,550.6		27.4	%	552.3		9.6	%	291.5		5.8	%
Non-U.S. government and government agency	82.2		1.4	%	60.4		1.0	%	36.6		0.6	%	20.4		0.4	%	14.9		0.3	%



Total debt securities, available for sale	4,172.1		70.0	%	3,565.9		61.9	%	2,635.5		46.6	%	1,324.0		23.0	%	715.5		14.2	%
Asset-backed securities	358.8		6.0	%	443.5		7.7	%	553.7		9.8	%	642.0		11.2	%	672.5		13.3	%
Residential mortgage-backed securities	80.5		1.4	%	132.4		2.3	%	133.6		2.4	%	141.2		2.5	%	292.5		5.8	%
Commercial mortgage-backed securities	72.7		1.2	%	111.2		1.9	%	113.4		2.0	%	117.0		2.0	%	126.3		2.5	%

Corporate debt securities	101.4		1.7	%	294.4		5.1	%	363.5		6.4	%	404.4		7.0	%	667.2		13.2	%
U.S. government and government agency	108.9		1.8	%	91.2		1.6	%	270.4		4.8	%	297.1		5.2	%	323.9		6.4	%
Non-U.S. government and government agency	30.9		0.5	%	44.3		0.9	%	88.2		1.6	%	92.2		1.6	%	124.9		2.4	%

Preferred stocks	—		—	%	3.2		—	%	3.2		—	%	3.2		0.1	%	3.2		0.1	%

Total debt securities, trading	753.2		12.6	%	1,120.2		19.5	%	1,526.0		27.0	%	1,697.1		29.6	%	2,210.5		43.7	%



Total equity securities	1.6		—	%	1.6		—	%	1.6		—	%	1.4		—	%	1.6		—	%
Short-term investments	559.2		9.6	%	594.0		10.3	%	984.6		17.4	%	1,991.6		34.7	%	1,378.0		27.2	%
Other long-term investments	235.0		3.9	%	227.8		4.0	%	227.3		4.0	%	196.8		3.4	%	173.5		3.4	%

Cost and equity method investments	88.2		1.5	%	95.0		1.6	%	104.8		1.9	%	128.0		2.3	%	144.6		2.9	%
Investments in funds valued at net asset value	143.5		2.4	%	157.0		2.7	%	173.9		3.1	%	399.1		7.0	%	436.4		8.6	%
Total investments	$	5,952.8	100.0	%	$	5,761.5	100.0	%	$	5,653.7	100.0	%	$	5,738.0	100.0	%	$	5,060.1	100.0	%

Page 16 of 19

SiriusPoint Ltd.

Earnings (loss) per Share - by Quarter

(expressed in millions of U.S. dollars, except share and per share data)


	June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022
Weighted-average number of common shares outstanding:
Basic number of common shares outstanding	162,027,831		160,905,860		160,459,088		160,321,270		160,258,883
Dilutive effect of options, warrants, restricted share awards, restricted share units, and Series A preference shares(1)	4,681,101		3,225,086		—		—		—
Diluted number of common shares outstanding	166,708,932		164,130,946		160,459,088		160,321,270		160,258,883

Basic income (loss) per common share:


Net income (loss) allocated to SiriusPoint common shareholders	$	61.5	$	128.1	$	(26.6)	$	(98.4)	$	(60.8)

Basic earnings (loss) per share available to SiriusPoint common shareholders (2)	$	0.38	$	0.80	$	(0.17)	$	(0.61)	$	(0.38)

Diluted earnings (loss) per common share:



Net income (loss) allocated to SiriusPoint common shareholders	$	61.5	$	128.1	$	(26.6)	$	(98.4)	$	(60.8)

Diluted earnings (loss) per share available to SiriusPoint common shareholders (2)	$	0.37	$	0.78	$	(0.17)	$	(0.61)	$	(0.38)

(1)For the quarters ended December 31, 2022, September 30, 2022 and June 30, 2022, there was no dilution as a result of the net loss allocated to SiriusPoint common shareholders in the quarter.

(2)Basic income (loss) per share is based on the weighted average number of common shares and participating securities outstanding during the period. The Company treats certain of its unvested restricted shares and preference shares as participating securities. The weighted average number of common shares excludes any dilutive effect of outstanding warrants, options or restricted share awards and units. Diluted earnings (loss) per share is based on the weighted average number of common shares outstanding and includes any dilutive effects of warrants, options, restricted share awards and units, and is determined using the treasury stock method. In the event of a net loss, all participating securities, outstanding warrants, options and restricted shares and units are excluded from both basic and diluted loss per share since their inclusion would be anti-dilutive.

Page 17 of 19

SiriusPoint Ltd.

Annualized Return on Average Common Shareholders’ Equity - by Quarter

(expressed in millions of U.S. dollars, except share and per share data and ratios)


	June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022
Net income (loss) available to SiriusPoint common shareholders	$	66.3		$	138.6		$	(26.6)		$	(98.4)		$	(60.8)
Common shareholders’ equity attributable to SiriusPoint common shareholders - beginning of period	2,036.6			1,874.7			1,884.5			2,023.3			2,088.2


Common shareholders’ equity attributable to SiriusPoint common shareholders - end of period	2,054.8			2,036.6			1,874.7			1,884.5			2,023.3
Average common shareholders’ equity attributable to SiriusPoint common shareholders	$	2,045.7		$	1,955.7		$	1,879.6		$	1,953.9		$	2,055.8
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders (1)	13.0		%	28.3		%	(5.7)		%	(20.1)		%	(11.8)		%

(1)Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders is calculated by dividing annualized net income (loss) available to SiriusPoint common shareholders for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.

Page 18 of 19

SiriusPoint Ltd.

Book Value per Share - by Quarter

(expressed in millions of U.S. dollars, except share and per share data)


	June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022


Common shareholders’ equity attributable to SiriusPoint common shareholders	$	2,054.8	$	2,036.6	$	1,874.7	$	1,884.5	$	2,023.3


Intangible assets	(158.5)		(161.9)		(163.8)		(165.9)		(168.0)

Tangible diluted common shareholders' equity attributable to SiriusPoint common shareholders	$	1,896.3	$	1,874.7	$	1,710.9	$	1,718.6	$	1,855.3

Common shares outstanding	163,200,630		162,367,173		162,177,653		162,312,938		162,328,831
Effect of dilutive stock options, restricted share units, warrants and Series A preference shares	3,964,586		3,023,030		3,492,795		1,963,861		1,790,110
Book value per diluted common share denominator	167,165,216		165,390,203		165,670,448		164,276,799		164,118,941
Unvested restricted shares	(649,528)		(1,134,473)		(1,708,608)		(1,890,932)		(2,051,368)




Tangible book value per diluted common share denominator	166,515,688		164,255,730		163,961,840		162,385,867		162,067,573

Book value per common share	$	12.59	$	12.54	$	11.56	$	11.61	$	12.46

Book value per diluted common share	$	12.29	$	12.31	$	11.32	$	11.47	$	12.33
Tangible book value per diluted common share (1)	$	11.39	$	11.41	$	10.43	$	10.58	$	11.45

(1)Tangible book value per diluted common share, as presented, is a non-GAAP financial measure and the most comparable U.S. GAAP measure is book value per common share. Tangible book value per diluted common share excludes the total number of unvested restricted shares, at period end, and intangible assets. While restricted shares are outstanding, they are excluded because they are unvested. Further, management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. The tangible book value per diluted common share is also useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets.

Page 19 of 19

SIRIUSPOINT LTD. – A GLOBAL UNDERWRITER 2023 Half Year and Second Quarter Results August 2, 2023

Basis of Presentation and Non-GAAP Financial Measures: Unless the context otherwise indicates or requires, as used in this presentation references to “we,” “our,” “us,” the “Company,” and "SiriusPoint" refer to SiriusPoint Ltd. and its directly and indirectly owned subsidiaries, as a combined entity, except where otherwise stated or where it is clear that the terms mean only SiriusPoint Ltd. exclusive of its subsidiaries. We have made rounding adjustments to reach some of the figures included in this presentation and, unless otherwise indicated, percentages presented in this presentation are approximate. In presenting SiriusPoint’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). SiriusPoint’s management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of SiriusPoint’s financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. Core underwriting income, Core net services income, Core income, Core combined ratio, accident year loss ratio, accident year combined ratio and attritional loss ratio are non-GAAP financial measures. Management believes it is useful to review Core results as it better reflects how management views the business and reflects the Company’s decision to exit the runoff business. Tangible book value per diluted common share is also a non-GAAP financial measure. SiriusPoint's management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. The tangible book value per diluted common share is also useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets. Safe Harbor Statement Regarding Forward-Looking Statements: This presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this presentation is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this presentation. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases. Actual events, results and outcomes may differ materially from the Company’s expectations due to a variety of known and unknown risks, uncertainties and other factors. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: our ability to execute on our strategic transformation, including re-underwriting to reduce volatility and improving underwriting performance, de-risking our investment portfolio, and transforming our business, including re-balancing our portfolio and growing the Insurance & Services segment; the impact of unpredictable catastrophic events including uncertainties with respect to current and future COVID-19 losses across many classes of insurance business and the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs, changing interest rates and equity market volatility; inadequacy of loss and loss adjustment expense reserves, the lack of available capital, and periods characterized by excess underwriting capacity and unfavorable premium rates; the performance of financial markets, impact of inflation, and foreign currency fluctuations; our ability to compete successfully in the (re)insurance market and the effect of consolidation in the (re)insurance industry; technology breaches or failures, including those resulting from a malicious cyber-attack on us, our business partners or service providers; the effects of global climate change, including increased severity and frequency of weather-related natural disasters and catastrophes and increased coastal flooding in many geographic areas; our ability to retain key senior management and key employees; a downgrade or withdrawal of our financial ratings; fluctuations in our results of operations; legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint; the outcome of legal and regulatory proceedings and regulatory constraints on our business; reduced returns or losses in SiriusPoint’s investment portfolio; our potential exposure to U.S. federal income and withholding taxes and our significant deferred tax assets, which could become devalued if we do not generate future taxable income or applicable corporate tax rates are reduced; risks associated with delegating authority to third party managing general agents; future strategic transactions such as acquisitions, dispositions, investments, mergers or joint ventures; SiriusPoint’s response to any acquisition proposal that may be received from any party, including any actions that may be considered by the Company’s board of directors or any committee thereof; and other risks and factors listed under "Risk Factors" in the Company's most recent Annual Report on Form 10-K and other subsequent periodic reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. 2 Disclaimer

Agenda 3 2 1 Introduction • Key Messages • Diversified Business Model • De-risked Liability Profile • Continued Focus on Cost Efficiencies Half Year and Quarterly Results Update2

Key Messages 4

5 Key Messages: Making Progress on Strategic Priorities Notes: [1] COR = Combined Ratio. Reflects Core business. [2] COR = Combined Ratio. Reflects Core business and adjusted for $100m of HY 23 reserve releases linked to LPT and $19m of expenses re-allocated from net corporate and other expenses to the underwriting result. [3] PMLs are on a per occurrence basis for 1-in-100 year events, net of restatements and after-tax. PMLs are an estimate based on industry standard catastrophe modeling with proprietary adjustments. [4] Loss Portfolio Transfer. [5] SiriusPoint Group BSCR calculated as available economic capital and surplus divided by the enhanced capital requirement. [6] LPT benefit includes reserve releases linked to LPT and transaction costs. [7] Total asset leverage calculated as sum of total investments including cash and equivalents over tangible diluted common shareholders’ equity attributable to SiriusPoint common shareholders. [8] Debt to Capital Ratio calculated as debt divided by total capital. Total capital represents the sum of shareholders’ equity and debt. Debt in this calculation excludes preference shares. [9] Financial strength ratings for the operating subsidiaries, SiriusPoint International Insurance Corporation, SiriusPoint Bermuda Insurance Company, SiriusPoint America Insurance Company and SiriusPoint Specialty Insurance Corporation. [10] Return on average common shareholders’ equity attributable to SiriusPoint common shareholders. • LPT closed and >$150m of capital released on S&P model and BSCR5 benefit of >15 ppts, as expected • $115m of positive benefit6 to P&L during HY 23. Expect deal economics to be neutral during 2024-end of the contract • Equity stakes in MGAs down to 33 (vs. 36 at Q4’22); two sold since Q1 LPT4 closed and further progress on rationalizing MGA stakes Cost reduction target and ROE guidance on track Net investment income remains on track to meet guidance Another quarter of strong underwriting results Strong balance sheet • Underwriting profit for the Core business at $189m for HY 23 (vs. $22m in HY 22) with 84.4% COR1 • 6.9 ppts of COR2 improvement YoY on a like-for-like basis • No Cat losses in Q2'23 • PMLs3 down ~58% since Q2’21 and ~10% since Q4’22 following portfolio actions which are mostly complete • $130m of net investment income in HY 23; tracking to the top-end of FY guidance of $220m to $240m • >$1bn invested year to date at >4% new-money yield rate • Duration of assets backing loss reserves increased to 2.7 years (vs. Q1’23: 2.5 years) and we remain fully matched • Average credit rating at AA and have seen no defaults • Reaffirming double-digit ROE10 in 2023 including $115mm of positive benefit6 from LPT • Run-rate costs savings of $35-40m already achieved and well on track for total savings to be >$50m by 2024 • Bermuda Solvency Capital Ratio (BSCR)5 improved to 219% as of Q1’23 vs. 217% in Q4’22 • Total asset leverage7 (Q2'23: 3.5x) and debt to capital ratio8 stable (Q2'23: 25.4%) • FSR9 ratings and outlooks: Fitch: A- and ‘Stable’; AM Best: A- and ‘Stable’; S&P: A- and ‘Negative’

6 Diversified Business Model with 3 Sources of Uncorrelated Earnings Notes: [1] Reflects Core business. [2] PMLs are on a per occurrence basis for 1-in-100 year events, net of restatements and after-tax. PMLs are an estimate based on industry standard catastrophe modeling with proprietary adjustments. [3] Investments also include holdings in Venture Capital (VC) funds. [4] SP premium refers to SiriusPoint Gross Premium Written. [5] Total investment result calculated as the sum of Net realized and unrealized investment gains (losses), Net realized and unrealized investment gains from related party investment funds and Net investment income. [6] Fixed income investments excludes short-term investments. Underwriting1 InvestmentsStrategic Investments3 HY 2023 GPW by Specialism1 HY 23 GPW $1,910 HY 23 COR 84.4% HY 23 UW Income $189 6.9 ppts YoY improvement in COR during HY 23 on a like-for-like basis Rebalanced portfolio with lower exposure to Property PMLs2 reduced by further ~10% since YE 22 Total MGAs 5 HY 23 SP Premium4 $368 HY 23 Net Services Fee Income $28 Q2'23 Book Value $91 Consolidated Others HY 23 Net Investment Income: $130 HY 23 Total Investment Result5: $140 Arcadian IMG Armada Banyan Alta Signa Investments with underwriting capacity: 18 Other Investments: 10 Fee income from MGAs provides a diversified, capital-light source of earnings Consolidated MGA premiums grew by 10%+ YoY, with service margin of 22% Tracking to the top-end of FY net investment income guidance of $220m to $240m for 2023 Seeing reduction in P&L volatility given higher percentage of available for sale ("AFS") assets 85% of our fixed income investments6 classified as AFS (vs. 63% as of Q4’22 and none as of Q4’21) HY 23 SP Premium4: $315 $ numbers in USD millions

7 De-risked Liability Profile Notes: [1] All figures reflect impact to pre-tax income. [2] PYD = Prior Year Development. [3] ULAE = Unallocated Loss Adjustment Expense. [4] PMLs are on a per occurrence basis for 1-in-100 year events, net of restatements and after-tax. PMLs are an estimate based on industry standard catastrophe modeling with proprietary adjustments. PML for 1-in-100 year event4Loss Portfolio Transfer1 • Loss Portfolio Transfer closed as expected • Capital release of >$150m on S&P basis and >15 points of improvement on BSCR • No material future P&L impact • LPT covers 76% Property and 24% Casualty reserves • ~58% reduction in PML since Q2’21 and ~10% reduction during the year supported by exposure reduction and retro-purchase at 1/1 • Portfolio actions mostly done • Property accounts for 13% of business mix vs. 23% at HY 22 • Operating model simplified with governance improved $102mQ1'23 $13mQ2'23 ~58% reduction since Q2'21 Neutral 2024-Lifetime (estimate) Favorable PYD2 linked to LPT Favorable ULAE3, offset by broker fees Deferred gain offset by investment income $ numbers in USD millions

8 Continued Focus on Cost Efficiencies Notes: [1] Non-personnel expenses include IT related costs, professional fees and occupancy fees. FY 22 and HY 22 includes non-personnel premium taxes. [2] Transaction costs defined as costs related to 13-D filing and Loss Portfolio Transfer. [3] Total does not include MGA costs. • Run-rate cost reductions of $35-40m achieved as we create globally integrated functions as part of “One SiriusPoint” strategy • Underlying cost reduction calculated as we adjust for one-off costs at HY 23 and HY 22 from the headline cost savings of ~$25m • Overall, we are targeting a cost base reduction of >$50m by end of 2024 • $25m restructuring charge expected in 2023, of which we have taken $19m during H1'23 Other underwriting expenses (Consolidated) Net Corporate and Other Expenses HY 22 HY 23 $185m $134m Total3 $318m of which: Personnel $103m Non-personnel1 $82m of which: Restructuring $30m FY 22 $93m $61m $155m of which: Restructuring $0m $96m $35m of which: Restructuring $19m Transaction Costs2 $8m $130m of which: Personnel $54m Non-personnel1 $39m of which: Personnel $62m Non-personnel1 $35m $19m re-allocated Headline cost reduction ~$25m Underlying cost reduction $35-40m

Half Year and Quarterly Results Update 9

$ numbers in USD millions HY 22 HY 23 GPW1 $1,820 $1,910 NPW1 $1,335 $1,397 UW Income1 $22 $189 Net Services Fee Income1 $25 $28 Total Investment Result2 ($347) $140 Net Income (Loss)3 ($278) $205 COR1 (%) 98.0% 84.4% AY COR1 (%) 98.6% 94.1% Common Shareholders' Equity4 1,8755 $2,055 Half Year Financial Results 10 Notes: [1] Reflects Core business. [2] Total investment result calculated as the sum of net realized and unrealized investment gains (losses), net realized and unrealized investment gains from related party investment funds and net investment income. [3] Net income (loss) available to SiriusPoint common shareholders. [4] Common shareholders’ equity attributable to SiriusPoint common shareholders at end of period. [5] Common shareholders' equity as of 12/31/22. [6] PYD = Prior Year Development. [7] MTM = Mark to Market. [8] LPT benefit includes reserve releases linked to LPT and transaction costs. • GPW1 increased 5% and supported by rate increases • Driven by Insurance & Services (+$209m) • Offset by Reinsurance (-$119m) • Core underwriting result up by $167m benefiting from reduction in expenses, favorable PYD6 and lower Cat losses • Net services fee income1 up at $28m and grew 9% • Total investment result2 at $140m vs. a loss of $347m in HY 22 • Net investment income ("NII") at $130m • Net realized and unrealized gains, including related party investment funds at $9m • Other notable items impacting income during the quarter: • $19m restructuring charge with remaining $6m to occur during H2'23 • $44m impact from MTM7 on liability-classified capital instruments • $115m overall net benefit8 linked to LPT (pre-tax) • Net income3 of $205m, improved $483m vs. HY 22 and supported by positive underwriting, investment result and net services fee income • Common shareholders' equity4 at $2.1bn, up 10% since FY 22 and stable during the quarter Key Comments

$ numbers in USD millions Q2'22 Q2'23 GPW1 $812 $850 NPW1 $623 $633 UW Income1 $10 $82 Net Services Fee Income1 $12 $9 Total Investment Result2 ($142) $66 Net Income (Loss)3 ($61) $66 COR1 (%) 98.3% 87.7% AY COR1 (%) 98.6% 91.4% Q2 2023 Financial Results 11 Notes: [1] Reflects Core business. [2] Total investment result calculated as the sum of net realized and unrealized investment gains (losses), net realized and unrealized investment gains from related party investment funds and net investment income. [3] Net income (loss) available to SiriusPoint common shareholders. [4] PYD = Prior Year Development. [5] MTM = Mark to Market. [6] LPT benefit includes reserve releases and transaction costs. • GPW1 increased 5% • Driven by Insurance & Services (+$29m) and Reinsurance (+$9m) • Core underwriting result up by $72m and benefited from lower Cat losses, favorable PYD4 and lower expenses • Net services fee income1 lower at $9m and impacted by one off items. Underlying trends stable with 5% revenue growth and service margin ~20% • Total investment result2 at $66m vs. a loss of $142m in Q2'22 • NII at $69m vs. $17m in Q2'22 • Other notable items impacting income during the quarter: • $12m restructuring charge and expect the remaining $6m to occur during H2'23 • $19m impact from MTM5 on liability-classified capital instruments • $13m overall net benefit6 linked to LPT (pre-tax) • Net income3 of $66m supported by positive underwriting, investment result and net services fee income • Book Value stable and impacted by MTM5 losses on fixed income portfolio Key Comments

$ numbers in USD millions Key Comments • Core premiums up 5% driven primarily by growth in Insurance & Services • Reinsurance premiums down 13% for HY 23, driven by International Reinsurance (-39%) • Insurance & Services premiums up 23% for HY 23, driven by both A&H (+12%) and our P&C Strategic business (+35%) • Continue to prioritize underwriting profitability over premium growth as we look to improve returns. Our top-line has been stable during 2023 • 7/1 renewals - around 11% of our premiums are renewed and we experienced rating trends similar to 1/1 and 4/1 • Average rate increases of around 7% across our portfolio (ex NA Program Business1), mainly driven by ~30% rate increases in US Property • Property now accounts for 13% of the total gross premium written vs. 23% at HY 22 Core Insurance & Services Reinsurance 12 Trends in Gross Premium Written Notes: [1] North America Program Business.

Attritional ratio3 1 ppt Cat ratio 2 ppt PYD4 ratio 9 ppts Underwriting Performance: Aim to Further Improve in 2023 13 COR Walk1 $ numbers in USD millions Trends in Attritional Loss Ratio3 and Acquistion Cost Ratio Attritional Loss Ratio3 Acquisition Cost Ratio Key Comments (10 ppts) (3 ppts) Notes: [1] Reflects Core business. [2] Reflects Core business adjusted for $100m of HY 23 reserve releases linked to LPT and $19m of expenses re-allocated from net corporate and other expenses to the underwriting result. [3] Attritional loss ratio excludes catastrophe losses from the accident year loss ratio. [4] PYD = Prior Year Development. [5] Adjusted for HY 23 reserve releases linked to LPT. [6] Total expense ratio calculated as the sum of acquisition cost ratio and other underwriting expense (OUE) ratio. (1 ppt) 8 ppts (~2 ppts) • Portfolio actions already yielding results, 6.9 ppts of COR2 improvement on a like-for-like basis • Adjusted HY 23 COR2 at 91.1% vs. 98.0% at HY 22 • COR1 at 84.4%, improved by 14 ppts and supported by lower Cat losses, higher favorable PYD4 and reduction in expense ratio • No Cat losses (net of reinsurance and reinstatement premiums) during Q2 • PYD4 ratio is 9 ppts higher than HY 22 and includes benefits linked to the LPT transaction • Total Expense ratio at 30.5%1,6, 6 ppts improvement vs. previous year on a like-for-like basis • $19m (~2 ppts) moved from net corporate and other expenses to the underwriting result • Increase in attritional loss ratio3 predominately driven by mix change. Attritional loss ratio increase more than offset by lower acquisition cost ratio, which is supported by reduction in variable commissions 5 88.1% 86.5% 91.3% 90.6% 85.8% 81.9% Attritional Loss3 + Acquisition Cost Ratio 5

Investment Income: De-Risked and Benefiting from Rate Increases 14 $ numbers in USD millions Key Comments Notes: [1] Total investment result calculated as the sum of net realized and unrealized investment gains (losses), net realized and unrealized investment gains from related party investment funds and net investment income. [2] MTM = Mark to Market. $220-$240 Net Investment Income Total Investment Result1 • Investment strategy unchanged and focused on high quality fixed income (FI) instruments • NII higher at $130m (vs. $25m in HY 22). NII of $69m in Q2'23 vs. $62m in Q1'23 • Total investment result1 higher at $140m (vs. $347m loss in HY 22) as last year's results were significantly impacted by MTM2 movements and lower NII • P&L volatility lower in part due to designation of the new fixed income investments as available for sale (“AFS”) • 85% of our FI investments classified as “AFS” (vs. 76% as of Q1'23 and none as of Q4'21) • Q2'23 MTM2 losses on FI securities were $53m in relation to the AFS securities • Invested >$1bn during HY 23 into Corporate and Asset Backed Securities with average re-investment rate >4% during HY 23

TPE Short-term Investments (STI) De-risked Investment Portfolio: In-line with Industry 15 Q2'23: $6.7bn Notes: [1] Other includes Strategics, TP Ventures and Legacy & Other Alts. [2] Third Point Enhanced Fund. [3] Excludes short-term investments. [4] Tangible diluted common shareholders’ equity attributable to SiriusPoint common shareholders. [5] Total asset leverage calculated as sum of total investments including cash and equivalents over tangible diluted common shareholders’ equity attributable to SiriusPoint common shareholders. Q1'23: $6.7bn 1 2 AAA AA A BBB Not Rated / Below IG Gov’t ABS/MBS/CLO Cash Corporate Other Q2'23 Fixed Income Portfolio Credit Quality3 Key Comments • Total investment portfolio relatively stable at $6.7bn • Average credit rating at AA for our fixed income portfolio with limited exposure to below investment grade/non- rated fixed income instruments • No defaults across portfolio, while Upgrades to Downgrades ratio at 10:1 (all $12m of Downgrades maintain at least A- rating) • As a percentage of tangible common shareholders’ equity4: • BBB represents 23% (vs. Q1'23: 22%) • Below investment grade / non-rated represents 20% (vs. Q1'23: 19%) • Assets backing loss reserves duration at ~2.7 years (vs. ~2.5 years at Q1'23) and we are fully matched • Overall asset duration increased to ~2.5 years up from ~2.1 years at Q1’23 (~1.8 years at Q4'22) • Total asset leverage5 at 3.5x (vs. Q1'23: 3.6x and Q4'22: 3.8x) Investment Balances by Asset Class

16 Notes: [1] SiriusPoint Group BSCR calculated as available economic capital and surplus divided by the enhanced capital requirement as of December 31, 2022 and March 31, 2023, respectively. [2] Financial strength ratings for the operating subsidiaries, SiriusPoint International Insurance Corporation, SiriusPoint Bermuda Insurance Company, SiriusPoint America Insurance Company and SiriusPoint Specialty Insurance Corporation. [3] Q1'23 available capital split is our internal view. [4] Debt to Capital Ratio calculated as debt divided by total capital. Total capital represents the sum of shareholders’ equity and debt. Debt in this calculation excludes preference shares. Strong Balance Sheet 217% 219% • Continue to operate the business against 'AA’ rating requirement under S&P model • Capital release of ~$150m from LPT has further strengthened our balance sheet post closing • BSCR up to 219% as of Q1'23 (Q4'22: 217%). We expect it to further improve by >15 ppts when adjusted for closing of LPT in Q2'23 • Financial leverage stable during Q2'23 and remains within target range at 25.4% debt to capital ratio4 (vs. Q1'23: 25.8%) • Fitch upgraded outlook to ‘Stable’ and reaffirmed rating. AM Best affirmed rating and outlook Financial Strength Rating (FSR)2: Key Comments A- (Stable) A- (Negative) A- (Stable) Revised March 22, 2023 Reviewed January 25, 2023 Affirmed April 19, 2023 SiriusPoint Group Available Capital3 BSCR1 $ numbers in USD millions

Thank You

SiriusPoint Announces Dividend on Series B Preference Shares

HAMILTON, Bermuda August 2, 2023 -- SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), an international specialty insurer and reinsurer, has announced that the Board of Directors of SiriusPoint Ltd. approved a quarterly cash dividend of $0.50 per share on its 8.00% Resettable Fixed Rate Preference Shares, Series B, $0.10 par value, $25.00 liquidation preference per share payable on August 31, 2023 to Series B shareholders of record as of August 15, 2023.

About SiriusPoint

SiriusPoint Contacts

Investor Relations

Dhruv Gahlaut, Head of Investor Relations and Chief Strategy Officer

Dhruv.gahlaut@siriuspt.com

+44 7514 659 918

Media

Sarah Hills, Rein4ce

Sarah.hills@rein4ce.co.uk

+ 44 7718882011

Cover Document	Aug. 02, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Aug. 02, 2023
Entity Registrant Name	SIRIUSPOINT LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-1599372
Entity Address, Street Address	Point Building
Entity Address, Street Address 2	3 Waterloo Lane
Entity Address, City	Pembroke
Entity Address, Postal Zip Code	HM 08
Entity Address, Country	BM
City Area Code	441
Local Phone Number	542-3300
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001576018
Amendment Flag	false
Entity File Number	001-36052
Common Stock
Cover [Abstract]
Title of each class	Common Shares, $0.10 par value
Trading Symbol	SPNT
Name of each exchange on which registered	NYSE
Document Information [Line Items]
Title of each class	Common Shares, $0.10 par value
Trading Symbol	SPNT
Name of each exchange on which registered	NYSE
8.00% Resettable Fixed Rate Preference Shares, Series B
Cover [Abstract]
Title of each class	8.00% Resettable Fixed Rate Preference Shares, Series B, $0.10 par value, $25.00 liquidation preference per share
Trading Symbol	SPNT PB
Name of each exchange on which registered	NYSE
Document Information [Line Items]
Title of each class	8.00% Resettable Fixed Rate Preference Shares, Series B, $0.10 par value, $25.00 liquidation preference per share
Trading Symbol	SPNT PB
Name of each exchange on which registered	NYSE

SiriusPoint (NYSE:SPNT-B)
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From Oct 2024 to Nov 2024

SiriusPoint (NYSE:SPNT-B)
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From Nov 2023 to Nov 2024

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