Underwriting profitability has shown a marked recovery, with the combined ratio improving from 102.0% in 2024Q4 to 84.3% in 2026Q1, signaling successful portfolio remediation.
| 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 |
|---|
| Revenue | 3.23B | 3.21B | 2.61B | 2.7B | 2.17B | 2.22B | 884.5M | 979M | 377.51M | 926.71M | 708.54M | 577.95M | 530.11M | 478.79M | 233.35M | 0 |
| Revenue Growth % | 21.83% | 22.62% | -3.28% | 24.44% | -2.39% | 151.52% | -9.65% | 159.33% | -59.26% | 30.79% | 22.6% | 9.02% | 10.72% | 105.18% | - | - |
| Medical Costs & Claims | 1.76B | 1.52B | 1.89B | 1.85B | 2.05B | 1.71B | 652.4M | 699.1M | 654.52M | 571.64M | 626.47M | 615.02M | 427.75M | 212.68M | 105.36M | 0 |
| Medical Cost Ratio % | 54.47% | 47.41% | 72.13% | 68.61% | 94.41% | 77.06% | 73.76% | 71.41% | 173.38% | 61.68% | 88.42% | 106.41% | 80.69% | 44.42% | 45.15% | - |
| Gross Profit | 1.47B | 1.69B | 728.4M | 848.4M | 121.3M | 510.4M | 232.1M | 279.9M | -277.01M | 355.07M | 82.07M | -37.08M | 102.37M | 266.11M | 127.99M | 0 |
| Gross Margin % | 45.53% | 52.59% | 27.87% | 31.39% | 5.59% | 22.94% | 26.24% | 28.59% | -73.38% | 38.32% | 11.58% | -6.41% | 19.31% | 55.58% | 54.85% | - |
| Gross Profit Growth % | - | 131.41% | -14.14% | 599.42% | -76.23% | 119.91% | -17.08% | 201.04% | -178.01% | 332.66% | 321.35% | -136.22% | -61.53% | 107.91% | - | - |
| Operating Expenses | 884.5M | 1.14B | 495.3M | 529.7M | 544M | 465.3M | 80.2M | 78.6M | 44.47M | 61.33M | 47.6M | 53.27M | 40.01M | 33.04M | 27.38M | -1.13M |
| OpEx / Revenue % | 27.36% | 35.7% | 18.95% | 19.6% | 25.05% | 20.92% | 9.07% | 8.03% | 11.78% | 6.62% | 6.72% | 9.22% | 7.55% | 6.9% | 11.73% | - |
| Depreciation & Amortization | 8.2M | 1.5M | 11.9M | 11.1M | 8.1M | 5.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Combined Ratio % | 81.83% | 83.11% | 91.08% | 88.21% | 119.46% | 97.97% | 82.83% | 79.44% | 185.16% | 68.3% | 95.14% | 115.63% | 88.24% | 51.32% | 56.88% | - |
| Operating Income | 587.5M | 541.3M | 233.1M | 318.7M | -422.7M | 45.1M | 151.9M | 201.3M | -321.48M | 293.75M | 34.47M | -90.34M | 62.36M | 233.08M | 100.62M | -1.13M |
| Operating Margin % | 18.17% | 16.89% | 8.92% | 11.79% | -19.46% | 2.03% | 17.17% | 20.56% | -85.16% | 31.7% | 4.86% | -15.63% | 11.76% | 48.68% | 43.12% | - |
| Operating Income Growth % | - | 132.22% | -26.86% | 175.4% | -1037.25% | -70.31% | -24.54% | 162.62% | -209.44% | 752.21% | 138.15% | -244.88% | -73.25% | 131.65% | 9004.16% | - |
| EBITDA | 615.2M | 542.8M | 245M | 329.8M | -414.6M | 51M | 160.1M | 209.5M | -313.25M | 301.97M | 42.7M | -83.11M | 62.36M | 233.08M | 100.62M | -1.13M |
| EBITDA Margin % | 19.03% | 16.94% | 9.37% | 12.2% | -19.09% | 2.29% | 18.1% | 21.4% | -82.98% | 32.59% | 6.03% | -14.38% | 11.76% | 48.68% | 43.12% | - |
| Interest Expense | 78.4M | 79.7M | 69.6M | 64.1M | 38.6M | 34M | 8.2M | 8.2M | 8.23M | 8.22M | 8.23M | 7.24M | 0 | 0 | 0 | 0 |
| Non-Operating Income | -78.3M | -79.7M | -69.6M | -64.1M | -38.6M | -34M | -8.2M | -8.2M | -8.23M | -8.22M | -8.23M | -7.24M | 0 | 0 | 0 | 0 |
| Pretax Income | 587.5M | 541.3M | 233.1M | 318.7M | -422.7M | 45.1M | 151.9M | 201.3M | -321.48M | 293.75M | 34.47M | -90.34M | 62.36M | 233.08M | 100.62M | -1.13M |
| Pretax Margin % | 18.17% | 16.89% | 8.92% | 11.79% | -19.46% | 2.03% | 17.17% | 20.56% | -85.16% | 31.7% | 4.86% | -15.63% | 11.76% | 48.68% | 43.12% | - |
| Income Tax | 87.1M | 81.2M | 30.7M | -45M | -36.7M | -10.7M | 8.1M | 700K | -4.01M | 11.98M | 5.59M | -2.9M | 5.65M | 0 | 0 | 0 |
| Effective Tax Rate % | 14.83% | 15% | 13.17% | -14.12% | 8.68% | -23.73% | 5.33% | 0.35% | 1.25% | 4.08% | 16.23% | 3.22% | 9.06% | 0% | 0% | 0% |
| Net Income | 500.2M | 459.6M | 199.9M | 354.8M | -386.8M | 58.1M | 143.8M | 200.6M | -317.69M | 277.8M | 27.64M | -87.39M | 50.4M | 227.31M | 99.4M | -1.13M |
| Net Margin % | 15.47% | 14.34% | 7.65% | 13.13% | -17.81% | 2.61% | 16.26% | 20.49% | -84.15% | 29.98% | 3.9% | -15.12% | 9.51% | 47.48% | 42.6% | - |
| Net Income Growth % | 200.06% | 129.91% | -43.66% | 191.73% | -765.75% | -59.6% | -28.32% | 163.14% | -214.36% | 905.24% | 131.62% | -273.41% | -77.83% | 128.68% | 8896.55% | - |
| EPS (Diluted) | 4.11 | 3.65 | 1.04 | 1.85 | -2.51 | 0.27 | 1.53 | 2.16 | -3.27 | 2.64 | 0.26 | -0.84 | 0.47 | 2.54 | 0.98 | -0.01 |
| EPS Growth % | 319.87% | 250.96% | -43.78% | 173.71% | -1029.63% | -82.35% | -29.17% | 166.06% | -223.86% | 915.38% | 130.95% | -278.72% | -81.5% | 159.18% | 8850% | - |
| EPS (Basic) | - | 3.81 | 1.06 | 1.93 | -2.51 | 0.28 | 1.54 | 2.18 | -3.27 | 2.71 | 0.26 | -0.84 | 0.48 | 2.58 | 0.98 | -0.01 |
| Diluted Shares Outstanding | 121.84M | 121.65M | 169.47M | 169.61M | 160.23M | 150.16M | 92.96M | 92.65M | 97.05M | 105.23M | 105.56M | 104M | 106.39M | 88.97M | 100.58M | 100.58M |
Casualty reserve development volatility
As reported in recent financial statements, SiriusPoint achieved a combined ratio of 84.3% in 2026Q1, reflecting a significant improvement from the 102.0% level observed in 2024Q4, which suggests that the company's portfolio remediation efforts are successfully driving a more disciplined and profitable underwriting outcome.
The compression of the combined ratio below the 90% threshold indicates that the company is successfully generating core underwriting profit rather than relying solely on investment returns. Investors should monitor whether this margin expansion is sustainable or if it remains highly sensitive to seasonal catastrophe activity.
Based on the company's reported figures, top-line revenue reached $774.6 million in 2026Q1, representing a 6.2% year-over-year growth rate that follows a period of significant quarterly fluctuations, including a 20.6% contraction in 2024Q3, highlighting the inherent cyclicality of the firm's reinsurance treaty renewals.
The erratic revenue trajectory appears to be a function of both market-wide pricing cycles and the company's strategic pivot away from volatile property catastrophe lines. This transition suggests a shift toward higher-quality, albeit potentially slower-growing, specialty insurance premiums that may provide more predictable long-term cash flows.
According to historical data, the loss ratio fluctuated from a high of 80.5% in 2024Q4 to 38.2% in 2025Q4, a variance that warrants further investigation into whether prior-year reserve releases are artificially inflating current earnings or if the company is successfully managing its long-tail casualty exposures.
The significant volatility in the loss ratio suggests that the company's actuarial estimates remain subject to substantial revision. Analysts should remain cautious, as any future strengthening of reserves for older accident years could quickly erode the underwriting gains currently being reported in the income statement.
As noted in industry-wide risk assessments, the potential for rising litigation costs and jury awards in US casualty lines poses a material threat to SiriusPoint's profitability, potentially offsetting the gains achieved through the company's recent strategic shift toward more stable, fee-oriented MGA partnership models.
While the company's move into MGA equity stakes provides a unique fee-based revenue stream, it does not insulate the firm from the underlying severity of the risks it underwrites. The market may be underestimating the potential for social inflation to create a long-term drag on the company's net income.
Quick answers to the most common questions about buying SPNT stock.
For fiscal year 2025, SiriusPoint Ltd. (SPNT) reported total revenue of $3.21B.
SiriusPoint Ltd. (SPNT) is profitable, generating $459.6M in net income for the fiscal year ending 2025 with a net profit margin of 14.3%.
SiriusPoint Ltd. (SPNT) reported an operating income of $541.3M, resulting in an operating profit margin of 16.9%. This margin reflects the operational efficiency of the business before interest and taxes.
SiriusPoint Ltd. (SPNT) generated $1.69B in gross profit for the year, representing a gross profit margin of 52.6%. This demonstrates the company's core pricing power and production efficiency.