Revenue growth accelerated to 55.6% YoY in Q4 2025, with the combined ratio improving to 71.2% from 102.0% a year earlier, though reserve releases may be masking underlying accident-year performance.
SiriusPoint Ltd. (SPNT) annual income statement — 15-year revenue, gross profit & net income 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 |
|---|
| Revenue | 3.25B | 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 % | 22.68% | 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 | 1.61B | 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 % | 49.48% | 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 | 1.64B | 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 % | 50.52% | 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 | 1.04B | 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 % | 32.13% | 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 | 10.2M | 1.5M | 11.9M | 11.1M | 8.1M | 5.9M | 0 | 3.96M | 4.94M | 4.94M | 0 | 0 | 0 | 0 | 0 | 0 |
| Combined Ratio % | 81.61% | 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 | 596.9M | 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 % | 18.39% | 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 | 607.1M | 542.8M | 245M | 329.8M | -414.6M | 51M | 160.1M | 205.26M | -316.54M | 298.69M | 42.7M | -83.11M | 62.36M | 233.08M | 100.62M | -1.13M |
| EBITDA Margin % | 18.7% | 16.94% | 9.37% | 12.2% | -19.09% | 2.29% | 18.1% | 20.97% | -83.85% | 32.23% | 6.03% | -14.38% | 11.76% | 48.68% | 43.12% | - |
| Interest Expense | 76M | 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 | -76M | -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 | 596.9M | 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 % | 18.39% | 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 | 91.3M | 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 % | 15.3% | 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 | 505.6M | 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 % | 15.58% | 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 % | 335.86% | 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) | 4.25 | 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 % | 363.05% | 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 | 119.01M | 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 |
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.
Key Metrics
Top Statement Risk
Social inflation casualty reserve risk
Metrics are mathematically derived from official filings.
Premium Growth Accelerates in Hard Market
SiriusPoint's revenue surged 55.6% year-over-year in Q4 2025, reaching $973.7M, according to the latest quarterly data, reflecting a hard market and strategic expansion.
The revenue trajectory shows a clear inflection point starting in Q3 2025, with growth accelerating from 34.7% to 55.6% in Q4, before moderating to 6.2% in Q1 2026 and 1.7% in Q2 2026. This pattern suggests the company capitalized on favorable pricing conditions in late 2025, but the recent deceleration may indicate a normalization or capacity constraints. The sustained double-digit growth in 2025, compared to negative growth in 2024, underscores the cyclical upturn and SPNT's ability to write new business at improved rates.
Underwriting Profitability Reaches New Highs
The combined ratio improved to 71.2% in Q4 2025, a dramatic drop from 102.0% a year earlier, as reported in the income statement, indicating strong underwriting discipline.
The combined ratio has shown a remarkable improvement from 102.0% in Q4 2024 to 71.2% in Q4 2025, driven by a sharp decline in the loss ratio from 80.5% to 38.2%. This suggests that the company's portfolio remediation and focus on specialty lines are paying off, with underwriting margins expanding significantly. However, the loss ratio in Q2 2026 (48.1%) is slightly higher than Q1 2026 (46.9%), but still well below historical levels, indicating sustained profitability. The expense ratio appears to be stable, but the overall margin improvement is primarily loss-ratio driven, which warrants monitoring for sustainability.
Reserve Releases Bolster Recent Earnings
Favorable reserve development appears to have contributed to the exceptionally low loss ratios in late 2025, as per the quarterly data, potentially masking underlying accident-year performance.
The dramatic improvement in the loss ratio from 80.5% in Q4 2024 to 38.2% in Q4 2025 is unlikely to be solely from underwriting improvements; it likely includes significant favorable prior-year reserve development. This release of reserves inflates current earnings and may not be repeatable. Investors should distinguish between accident-year loss ratios and calendar-year ratios to assess the true underwriting profitability. If reserve releases fade, the combined ratio could revert to higher levels, as seen in the 2024 quarters when the combined ratio was above 98%.
Investment Income Contribution Remains Opaque
Investment income data is unavailable for all quarters, but the company's cash position of $731.2 million suggests a meaningful contribution to earnings, based on reported balance sheet figures.
The income statement does not disclose investment income separately, but given the size of the investment portfolio typical for a reinsurer, it likely provides a stable earnings stream. In a rising rate environment, reinvestment yields may improve, but unrealized losses on fixed-income holdings could offset gains. The lack of disclosure limits the ability to assess the investment yield's impact on overall profitability, but the net income figures suggest that investment income is not the primary driver, as underwriting profits are strong.
Expense Ratio Efficiency Improves with Scale
The expense ratio appears to have declined as revenue grew, with Q4 2025 revenue of $973.7M supporting a combined ratio of 71.2%, according to the income statement, indicating operating leverage.
The combined ratio improvement is partly due to lower expense ratios, as fixed costs are spread over a larger premium base. The revenue surge in Q4 2025 likely contributed to a lower expense ratio, enhancing overall efficiency. However, the company's investment in technology and MGA partnerships may keep expense ratios elevated compared to pure-play reinsurers. The low debt-to-equity ratio of 0.28% suggests a conservative capital structure, but the expense ratio's trajectory should be monitored for any upward pressure from growth initiatives.
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 risk of adverse development from social inflation remains. If casualty claims severity increases, SPNT may need to strengthen reserves for older accident years, which would negatively impact future earnings. The lack of formal guidance for the upcoming period may signal management's uncertainty about loss trends. Investors should monitor the accident-year loss ratio excluding catastrophes and any commentary on reserve adequacy in the casualty book.