Insurer SiriusPoint posts 120% jump in Q2 underlying EPS
Overview
SiriusPoint Q2 core combined ratio improves 3.8 points to 89.5%
Diluted EPS of $0.50, underlying EPS at $0.66, up 120% yr/yr
Gross premiums written grow 10%, fifth consecutive quarter of double-digit growth
Outlook
Company does not provide specific future financial guidance
Result Drivers
UNDERWRITING STRATEGY - Improved core combined ratio driven by decreased catastrophe losses and favorable prior year loss reserve development
PREMIUM GROWTH - Strong gross premiums written growth of 10% for Core business, marking fifth consecutive quarter of double-digit growth
INSURANCE & SERVICES EXPANSION - Growth in Insurance & Services segment, including expansion in Surety and strategic organic growth initiatives
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Net Income | $59.20 mln | ||
Q2 Combined Ratio | 86.1% | ||
Q2 Core Combined Ratio | 89.5% |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the reinsurance peer group is "buy"
Wall Street's median 12-month price target for Siriuspoint Ltd is $25.00, about 21.7% above its August 1 closing price of $19.58
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 8 three months ago
Press Release:
