SiriusPoint : Earnings Document

SIRIUSPOINT LTD. - A

GLOBAL UNDERWRITER

2024 First Quarter

Results

April 30, 2024

Disclaimer

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. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measure is contained in our earnings release and our Form 10-K for the fiscal year ended December 31, 2023.

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; 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 interest rates, and foreign currency fluctuations; our ability to compete successfully in the insurance and reinsurance market and the effect of consolidation in the insurance and reinsurance 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; geopolitical uncertainty, including the ongoing conflicts in Europe and the Middle East; 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 exposure or potential exposure to corporate income tax in Bermuda and the E.U., 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, managing general underwriters and/or program administrators; 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

Agenda

• Introduction
• • Key Messages
  • Diversified Business Model
• Quarterly Results Update

3

Introduction

4

Key Messages: Strong Results and Execution on Strategic Priorities

Sixth consecutive quarter of strong underwriting results

Net investment income remains strong, on track for 2024 guidance

Distribution enhanced and further progress on rationalizing MGA stakes

• Underwriting profit for the Core business at $44m with 91.4% Combined Ratio (vs. $17m and 96.8% in Q1'23 ex. LPT1)
• • 5.1 ppts of COR1 improvement YoY on a like-for-like basis supported by 3 ppts of attritional loss ratio improvement
• Favorable Prior Year Development (PYD) in Q1'24 of $7m for the Core business (excluding LPT)
• No material exposure to Baltimore's Key bridge collapse
• Net investment income (NII) is strong at $79m in Q1'24
• Duration of assets backing loss reserves increased to ~2.9 years and remains fully matched
• Average fixed income portfolio credit rating of AA with no defaults across the portfolio
• 5 new partnerships added and 2 existing relationships expanded since start of 2024
• $20m of net services fee income2, up 8% vs. Q1'23 with 30% service margin (up 1 ppt vs. Q1'23)
• MGA equity stakes down to 24 (vs. 36 at Q4'22)

Material weakness remediated

Optimized debt structure strengthens balance sheet even further

• Material weakness relating to internal controls over financial reporting disclosed in Q3'23 was remediated as of Q4'23
• Debt redemption to reduce leverage by ~2.5 ppts
• Bermuda Solvency Capital Ratio (BSCR)3 strong at 255% as of Q4'23. Debt refinancing expected to add another ~20 ppts
• Loss Portfolio Transfer agreed in relation to the already exited Workers' Comp Program
• Q1 performance is within the medium term ROE guidance of 12% to 15%

Notes: [1] Reflects Core business and adjusted for $90m of Q1'23 reserve releases linked to LPT. [2] Net services fee income includes services noncontrolling income. [3] SiriusPoint Group BSCR calculated as available economic capital and surplus divided by the enhanced capital requirement. Q4'23 figure is an estimate. [4] ROE calculated as annualized net income available to SiriusPoint common shareholders divided by average common shareholders' equity.

5

Diversified Business Model: All 3 Engines are Delivering

$ numbers in USD millions

Underwriting1

Strategic Investments3

Investments

Q1'24 GPW by Specialism1

Property 11%

Consolidated	Others
	Investments with

Q1'24 Net Investment Income:

Specialty 21%

Casualty 34%

Arcadian	underwriting capacity: 13
IMG
Armada
	Other Investments: 7

$79

Q1'24 Total Investment Result7:

$80

FY net investment income guidance

A&H
34%
Q1'24 GPW	$881
Q1'24 COR	91.4%
Q1'24 UW Income	$44

5.1 ppts YoY improvement in COR1 during Q1'24 on a like-for-like basis2

No Cat losses1 for Q1'24 vs. $7m in Q1'23

Rebalanced portfolio with lower exposure to Property

Alta Signa
Total MGAs	4
Q1'24 SP Premium4	$156
5	$20	Q1'24 SP Premium6: $46
Q1'24 Net Services Fee Income
Q1'24 Book Value	$103

Q1'24 Consolidated MGA service revenue grew 3% YoY

Net services fee income5 grew 8% YoY, with service margin at 30%

Fee income from MGAs provides a diversified, capital-light source of earnings

of $250m to $265m for 2024

Reduction in P&L volatility given higher percentage of available for sale ("AFS") assets

93% of our fixed income investments8 classified as AFS (vs. 90% as of Q4'23 and none as of Q4'21)

Notes: [1] Reflects Core business. [2] Excludes reserve releases linked to LPT and deferred gain. [3] Strategic investments as of March 31, 2024. Investments also include holdings in Venture Capital (VC) funds. [4] SP premium refers to Gross Premium Written from Arcadian, IMG, Armada and Alta Signa on
like-for-like basis. [5] Net services fee income includes services noncontrolling income. [6] SP premium refers to SiriusPoint Gross Premium Written from non-consolidated partnerships where we have equity stakes. [7] Total investment result calculated as the sum of Net realized and unrealized investment	6
gains (losses), Net realized and unrealized investment gains (losses) from related party investment funds and Net investment income. [8] Fixed income investments exclude short-term investments.

Quarterly Results Update

7

Q1 2024 Financial Results

$ numbers in USD millions

GPW1

NPW1

UW Income1

Net Services Fee Income1

Total Investment Result2

Net Income (Loss)3

COR1 (%)

Q1'23

$1,060

$764

ex.LPT

$17

$107

$18

$74

ex. LPT $52 $132

ex. LPT 96.8%

80.5%

Q1'24

$881

$627

ex. LPT $43

$44

$20

$80

ex. LPT

$96

$91

ex. LPT 91.7%

91.4%

Key Comments

• GPW1 decreased 17% YoY
	•	Driven by Insurance & Services (-$140m) and
		Reinsurance (-$40m)
	•	GPW down ~7% adjusting for exited lines like
		Cyber, Workers' Comp
•	Core underwriting result up $25m excluding benefits
	linked to LPT. Improvement mainly driven by lower
	attritional losses and no Cat losses
• Net services fee income1 grew 8% to $20m, with
	service margin increasing 1 ppt to 30%
•	Total investment result2 at $80m vs. $74m in Q1'23. NII
	at $79m vs. $62m in Q1'23
• Other notable items impacting Q1'24 income:
	• $4m of foreign exchange gains
	•	$16m impact from MTM5 on liability-classified
		capital instruments
	•	$21m interest expense of which $7m relates to
		LPT
• Net income3 of $91m supported by underwriting,
	investment result and net services fee income
• Common shareholders' equity5 at $2.4bn, up 4% in

	Q4'23
Common Shareholders'	$2,314
Equity4

Q1'24

$2,403

the quarter

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] MTM = Mark to Market.	8

Trends in Gross Premium Written

$ numbers in USD millions

Core

	Exited programs in Cyber
$1060	and Workers' Comp
	$881
$943

Insurance & Services

	Exited programs in Cyber
$664	and Workers' Comp
	$524
$549

Reinsurance

$396	$356

Q1'23

Q1'24

Q1'23

Q1'24

Q1'23

Q1'24

Key Comments

• 2024 premium growth is impacted by actions taken during 2023
• Core premiums down 17%, but reduction lower at ~7% after adjusting for exited programs in Cyber and Workers' Comp
• • Insurance & Services premiums down 21% on headline basis and ~4% when adjusted for program exits
  • Reinsurance premiums down 10% for Q1'24, driven by lower US casualty premiums and structured deals
• Overall, rate increase at 4% across the book (ex. North America Insurance business) during Q1'24 driven by US Casualty and non-US Property portfolios

9

Underwriting Performance: Continued Focus on Profitability

$ numbers in USD millions

COR Walk1

96.8%	1 ppt	91.4%	0.3 ppt	91.7%

80.5%	(5 ppts)	(1 ppt)

Attritional ratio3 3 ppts

Cat ratio 1 ppt

PYD4 ratio 1 ppt

Q1'23	Q1'23	2	Loss Ratio Acquisition OUE Ratio	Q1'24	LPT	Q1'24
	ex. LPT	Ratio			ex. LPT

Trends in Attritional Loss Ratio3 and Acquisition Cost Ratio

Attritional		Core	Insurance & Services	Reinsurance
Loss3 +	87.3%	85.8%	89.4%	90.6%	84.8%	80.7%
Acquisition
Cost Ratio
	25.0%	26.1%	24.6%	24.7%	25.4%	27.5%

62.3%	59.7%		64.8%	65.9%		59.4%	53.2%
Q1'23	Q1'24	Q1'23	Q1'24	Q1'23	Q1'24
	Attritional Loss Ratio3	Acquisition Cost Ratio

Key Comments

• Portfolio actions supporting results, headline Q1'24 COR at 91.4%1 supported by lower attritional losses and Cat losses
• • 3 ppts improvement in attritional loss ratio3 to 59.7%
  • No Cat losses1 (net of reinsurance and reinstatement premiums) during Q1'24 vs. $7m in Q1'23
• PYD1,4 ratio at 1.5% (1.2% ex. LPT transaction). Q1'23 PYD
  ratio was at 16.7% including benefits linked to the LPT transaction2 (0.3% ex. LPT)
• Total Expense ratio stable at 33.3%1,5 vs. Q1'23
• 5.1 ppts of COR improvement on a like-for-like basis1 (91.7% in Q1'24 vs. 96.8% at Q1'23 ex. LPT)

Notes: [1] Reflects Core business. [2] Reflects Core business adjusted for $90m of Q1'23 reserve releases linked to LPT. [3] Attritional loss ratio excludes catastrophe losses and prior year loss reserve development from the loss ratio. [4]	10
PYD = Prior Year Development. [5] Total expense ratio calculated as the sum of acquisition cost ratio and other underwriting expense (OUE) ratio.