The balance sheet remains conservatively leveraged with a debt-to-equity ratio of 0.28, and equity has grown to $2.3B, supporting capital flexibility for buybacks and M&A.
SiriusPoint Ltd. (SPNT) balance sheet — 15-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Assets | 12.65B | 12.57B | 12.52B | 12.87B | 11.04B | 10.62B | 3.54B | 3.44B | 3.09B | 4.67B | 3.9B | 3.55B | 2.85B | 2.16B | 1.4B | 605.26M |
| Asset Growth % | 2.65% | 0.36% | -2.69% | 16.63% | 3.94% | 200.36% | 2.78% | 11.45% | -33.94% | 19.92% | 9.89% | 24.28% | 32.07% | 54.06% | 131.64% | - |
| Total Investment Assets | 4M | 5.6B | 5.71B | 6.08B | 8.77B | 4.53B | 1.16B | 989.7M | 1.52B | 2.96B | 2.56B | 2.27B | 1.75B | 1.4B | 883.13M | 1.31M |
| Long-Term Investments | 11.79B | 2.98B | 2.58B | 6.08B | 5.15B | 1.37B | 105.3M | 125.07M | 1.52B | 2.96B | 2.56B | 2.27B | 1.75B | 1.4B | 883.13M | 0 |
| Short-Term Investments | 5.16B | 2.62B | 3.12B | 2.72B | 3.62B | 1.08B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 8.55B | 8.43B | 0 | 969.2M | 5.26B | 8.55B | 0 | 0 | 711.39M | 11.76M | 16.46M | 30.78M | 31.34M | 34.24M | 252.16M | 603.84M |
| Cash & Equivalents | 745.9M | 731.2M | 682M | 969.2M | 705.3M | 999.8M | 526M | 639.41M | 104.18M | 8.2M | 9.95M | 20.41M | 28.73M | 31.63M | 34.01M | 603.84M |
| Receivables | 16.1B | 4.42B | 4.42B | 4.31B | 3.3B | 3.2B | 552.1M | 603.82M | 0 | 0 | 6.5M | 0 | 2.6M | 2.62M | 218.15M | 0 |
| Other Current Assets | 0 | 171.2M | -8.69B | 5.3B | 3.62B | 3.04B | -1.1B | -1.26B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 1.73B | 505.3M | 468.3M | 152.7M | 163.8M | 390.7M | 0 | 0 | 203.84M | 258.79M | 221.62M | 197.09M | 155.9M | 91.19M | 45.38M | 0 |
| Goodwill | 18.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 137.4M | 505.3M | 468.3M | 152.7M | 163.8M | 390.7M | 0 | 0 | 203.84M | 258.79M | 221.62M | 197.09M | 155.9M | 91.19M | 45.38M | 0 |
| PP&E (Net) | 0 | 0 | 0 | 25.6M | 25.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.18M | 0 |
| Other Assets | -3.12B | 387.3M | 9.47B | -435.2M | -5.17B | 308.7M | -105.3M | -125.07M | -203.84M | -258.79M | -221.62M | -197.09M | -155.9M | -91.19M | -884.31M | 0 |
| Total Liabilities | 10.38B | 10.1B | 10.59B | 10.34B | 8.95B | 8.12B | 1.97B | 2.03B | 1.88B | 2.9B | 2.45B | 2.15B | 1.3B | 649.49M | 473.7M | 19.84M |
| Total Debt | 700.9M | 688.6M | 639.1M | 786.2M | 778M | 816.7M | 114.3M | 114.09M | 113.91M | 113.73M | 113.56M | 113.38M | 569.65M | 441.42M | 0 | 0 |
| Net Debt | -45M | -42.6M | -42.9M | -183M | 72.7M | -183.1M | -411.7M | -525.33M | 9.73M | 105.54M | 103.6M | 92.97M | 540.91M | 409.8M | -34.01M | -603.84M |
| Long-Term Debt | 675.5M | 688.6M | 639.1M | 786.2M | 778M | 816.7M | 114.3M | 114.09M | 113.91M | 113.73M | 113.56M | 113.38M | 0 | 0 | 0 | 0 |
| Short-Term Debt | 3.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 9.43B | 5.32B | 5.94B | 6.2M | 4.89B | 0 | 0 | 0 | 76.96M | 846.45M | 113.56M | 611.05M | 349.73M | 63.41M | 71.37M | 19.32M |
| Accounts Payable | 1.48B | 1.45B | 1.8B | 2.02B | 1.08B | 924.6M | 95.7M | 99.76M | 76.96M | 846.45M | 953.09M | 611.05M | 349.73M | 63.41M | 71.39M | 19.32M |
| Deferred Revenue | 0 | 1.86B | 0 | 0 | -18M | 0 | 0 | 0 | 0 | 816.83M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 7.94B | 2.01B | 4.15B | -2.01B | 3.83B | -924.6M | -98.78M | -102.81M | -79.26M | -1.66B | -956.54M | -611.05M | -349.73M | -63.41M | -72.64M | -19.32M |
| Deferred Taxes | 298M | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | -1000K | -1000K | -1000K | -1000K | 0 | 0 | 0 | 0 |
| Other Liabilities | 6.98B | 4.02B | 3.92B | 9.45B | 3.23B | 5.71B | -115.3M | -114.26M | 0 | 827.79M | 2.33B | 950.87M | 0 | 0 | 0 | 0 |
| Total Equity | 2.28B | 2.47B | 1.94B | 2.53B | 2.08B | 2.5B | 1.57B | 1.41B | 4.46B | 1.77B | 1.45B | 1.4B | 1.55B | 1.51B | 928.32M | 585.42M |
| Equity Growth % | 31.16% | 27.44% | -23.39% | 21.51% | -16.81% | 59.92% | 10.69% | -68.32% | 152.19% | 22.07% | 3.86% | -10.06% | 2.76% | 62.7% | 58.57% | - |
| Shareholders Equity | 2.28B | 2.47B | 1.94B | 2.51B | 2.07B | 2.5B | 1.56B | 1.41B | 1.2B | 1.66B | 1.41B | 1.38B | 1.45B | 1.39B | 868.54M | 585.42M |
| Minority Interest | 800K | 1.1M | 1.4M | 16.7M | 7.9M | -400K | 1.4M | 0 | 3.26B | 113.63M | 35.67M | 16.16M | 100.14M | 118.73M | 59.78M | 0 |
| Retained Earnings | 1.4B | 1.23B | 784.9M | 601M | 262.2M | 665M | 620.4M | 476.95M | 276.33M | 594.02M | 316.22M | 288.59M | 375.98M | 325.58M | 98.27M | -1.13M |
| Common Stock | 11.6M | 11.7M | 11.6M | 16.8M | 16.2M | 16.2M | 9.6M | 9.42M | 9.36M | 10.72M | 10.65M | 10.55M | 10.45M | 10.39M | 7.84M | 7.84M |
| Accumulated OCI | -21.3M | 61.9M | -4.1M | 3.1M | -45M | -200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Equity (ROE) | 21.84% | 20.84% | 8.95% | 15.38% | -16.87% | 2.86% | 9.65% | 6.83% | -10.19% | 17.26% | 1.94% | -5.93% | 3.29% | 18.64% | 13.13% | -0.19% |
| Return on Assets (ROA) | 4.03% | 3.66% | 1.57% | 2.97% | -3.57% | 0.82% | 4.12% | 6.15% | -8.19% | 6.49% | 0.74% | -2.73% | 2.01% | 12.76% | 9.9% | -0.19% |
| Equity / Assets | 18% | 19.66% | 15.48% | 19.66% | 18.87% | 23.58% | 44.28% | 41.11% | 144.61% | 37.88% | 37.21% | 39.37% | 54.41% | 69.93% | 66.21% | 96.72% |
| Debt / Equity | 0.31x | 0.28x | 0.33x | 0.31x | 0.37x | 0.33x | 0.07x | 0.08x | 0.03x | 0.06x | 0.08x | 0.08x | 0.37x | 0.29x | - | - |
| Book Value per Share | 19.13 | 20.31 | 11.44 | 14.92 | 13.00 | 16.67 | 16.84 | 15.26 | 45.99 | 16.82 | 13.73 | 13.42 | 14.59 | 16.98 | 9.23 | 5.82 |
| Tangible BV per Share | 17.82 | 16.16 | 8.68 | 14.02 | 11.98 | 14.07 | 16.84 | 15.26 | 43.89 | 14.36 | 11.63 | 11.53 | 13.12 | 15.95 | 8.78 | 5.82 |
Quick answers to the most common questions about buying SPNT stock.
As of 2025, SiriusPoint Ltd. (SPNT) had total assets of $12.57B including $8.43B in current assets.
SiriusPoint Ltd. (SPNT) carries total debt of $688.6M, offset by $3.35B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
SiriusPoint Ltd. (SPNT) has total shareholders' equity (book value) of $2.47B ($20.31 book value per share). Book value represents the net worth of the company belonging to common stock holders.
SiriusPoint Ltd. (SPNT) reported a current ratio of 1.59x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Social inflation casualty reserve risk
Metrics are mathematically derived from official filings.
Premium Growth Outpaces Capital Base
SiriusPoint's total assets grew from $12.3B in Q1 2025 to $12.7B in Q2 2026, while equity expanded from $2.0B to $2.3B, according to balance sheet data, indicating a strengthening capital position.
The balance sheet is expanding, with total assets increasing by $400M over the period, driven by premium growth in a hard market. Equity has grown by $300M, reflecting retained earnings and improved underwriting performance. This trajectory suggests the company is generating capital internally to support future growth, though the pace of asset growth may outpace equity growth, potentially increasing leverage.
Investment Portfolio Yield Remains Opaque
Investment income data is unavailable for all quarters, but the $731.2M cash position and $1,000K invested assets suggest a conservative allocation, as per balance sheet figures, with limited yield visibility.
The investment portfolio appears to be conservatively positioned, with a significant cash balance relative to total investments. The lack of investment income data limits assessment of portfolio yield, but the shift from the legacy Third Point Re model to a more conservative allocation may reduce volatility. Investors should monitor future disclosures for yield trends, as rising rates could improve reinvestment income.
Reserve Releases Mask Underlying Trends
Loss ratios improved dramatically from 80.5% in Q4 2024 to 38.2% in Q4 2025, as reported in quarterly data, suggesting favorable reserve development that may not reflect current accident-year performance.
The sharp decline in loss ratios, particularly in Q4 2025, appears to be driven by favorable reserve development rather than solely underwriting improvement. This is consistent with prior income statement analysis indicating reserve releases bolstering earnings. However, the risk of social inflation in casualty lines could lead to adverse development in the future, potentially reversing these gains. Analysts should distinguish between accident-year and calendar-year loss ratios to assess underlying profitability.
Conservative Leverage Supports Capital Flexibility
SiriusPoint's debt-to-equity ratio is 0.28%, as per balance sheet data, indicating minimal financial leverage and substantial capital buffer for potential buybacks or M&A.
The extremely low debt-to-equity ratio suggests a very conservative capital structure, likely a result of the post-merger restructuring. This provides significant financial flexibility for capital management actions, such as share repurchases or strategic investments. However, the low leverage may also indicate underutilization of debt capacity, which could be optimized to enhance shareholder returns.
Liquidity Position Appears Adequate
With $731.2M in cash and total assets of $12.7B, SiriusPoint maintains a liquid position to meet claims, though reinsurance recoverables are not disclosed, based on balance sheet data.
The cash position provides a solid liquidity buffer for claims-paying obligations. However, the lack of disclosure on reinsurance recoverables limits full assessment of liquidity risk. The company's ability to meet unexpected claim spikes appears adequate given the cash balance, but investors should monitor the quality of reinsurance counterparties, as credit risk could impact liquidity in a stress scenario.
Social Inflation Threatens Casualty Reserves
Despite strong recent results, rising social inflation in US casualty lines could necessitate reserve strengthening, potentially eroding underwriting profits, as highlighted in recent context flags.
The company's improved loss ratios may be partly due to favorable reserve development, but the increasing severity of casualty claims due to social inflation poses a significant risk. If reserve releases were masking underlying deterioration, future adverse development could be substantial. This risk is not fully captured in the balance sheet data, but warrants close monitoring given the long-tail nature of casualty lines.