SiriusPoint Ltd. has reported a net investment loss of $142 million in the second quarter of 2022, taking the company’s total net investment loss for 1H22 to $347 million.
At the same time, the company reported a core income of $20 million for the quarter, which included an underwriting income of $10 million, core combined ratio of 98.3%, and core net services income of $11 million.
The company’s reinsurance segment incurred a segment loss of $0.2 million for the quarter, compared to a segment income of $28.8 million from the same period last year.
However, reinsurance gross premiums written for Q2 22 were $378.3 million, an increase of $0.7 million, from Q2 21, which was primarily driven by the growth in the company’s casualty business.
Additionally, reinsurance gross premiums written were $902.5 million for 1H22, an increase of $366.2 million compared to 1H21, which was primarily driven by a full quarter of legacy Sirius Group premiums in the first quarter of 2022 and the growth in the company’s casualty business, partially offset by the lower premiums written from reduced exposure and enhanced risk selection in the property business.
In addition, insurance and services gross premiums written for the quarter were $433.9 million, a huge $237.4 million increase from the same period last year.
Catastrophe losses for Q2 22 was $16 million, while catastrophe losses for 1H22 was $23 million.
Furthermore, consolidated underwriting income for the quarter was $38.8 million compared to underwriting income of $49.3 million from the same period last year, while consolidated underwriting income for 1H22 was $72.3 million, compared to $57.8 million from 1H21.
Interim CEO, Dan Malloy, commented: “Our performance this quarter reflects the strides we are making to transform our business. We continue to prioritize the improvement of our Reinsurance underwriting results and the growth of our Insurance & Services segment, which was a strong contributor to our underwriting profit this quarter.
“While the economic environment impacted our investment returns this quarter, we have made significant progress de-risking our investment portfolio to reduce volatility going forward. We have a strong and stable balance sheet and we believe we are in a good position to capitalize on a rising rate environment.
“I am excited by the opportunity ahead for SiriusPoint and proud to oversee our work and the progress we have achieved. I am confident that SiriusPoint remains on the right path to deliver long-term, sustainable and profitable growth.”
