Executive Summary

Q2 2025 delivered a clean underwriting beat: Core combined ratio improved 3.8 pts YoY to 89.5% and consolidated combined ratio was 86.1% as catastrophe losses were minimal and prior-year development was favorable .
Revenue and normalized EPS exceeded S&P Global consensus: revenue $748.2M vs $720.1M est., and normalized EPS $0.66 vs $0.57 est. (3 estimates)*; GAAP diluted EPS was $0.50 as FX losses and interest expense partially offset underwriting strength .
Mix shift and operating execution continued: GPW grew 10% in Core (5th consecutive quarter of double-digit growth) led by Insurance & Services, while BVPS ex-AOCI rose 3.2% QoQ to $15.64 and BSCR stood at an estimated 223% .
Management tone remained confident—reiterating the 12–15% across-the-cycle ROE framework—citing lower volatility, underwriting discipline, and talent additions as catalysts for sustained performance .

What Went Well and What Went Wrong

What Went Well
- Underwriting outperformance: Core combined ratio improved to 89.5% (−3.8 pts YoY), with underwriting income up 83% YoY to $67.6M; consolidated combined ratio was 86.1% .
- Top-line momentum: Core GPW +10% YoY with strength in Insurance & Services; Core NPE +16.7% YoY, marking the fifth straight quarter of double-digit Core GPW growth .
- Management confidence and culture: “Our second quarter results reflect the strength of our disciplined underwriting strategy...another purposeful step towards our goal of becoming a best-in-class underwriter.” — CEO Scott Egan .
What Went Wrong
- Investment and FX headwinds: Net investment income decreased YoY due to a smaller asset base; FX losses were $16.7M in the quarter .
- Services margin compression: Service margin declined to 14.7% vs 16.9% in Q2’24 as mix and normalization weighed on margins .
- Higher interest burden: Interest expense increased to $21.1M in Q2; management flagged a portion relates to LPTs .

Financial Results

Metric	Q2 2024	Q1 2025	Q2 2025
Total Revenues ($M)	$743.3	$727.3	$748.2
Net Premiums Earned ($M)	$590.5	$626.7	$652.0
Diluted EPS (GAAP) ($)	$0.57	$0.49	$0.50
Underlying Diluted EPS ($)	$0.30	$0.52	$0.66
Combined Ratio – Consolidated (%)	89.0%	91.4%	86.1%
Core Combined Ratio (%)	93.3%	95.4%	89.5%

Segment performance (Core segments)

Segment	Metric	Q2 2024	Q2 2025
Insurance & Services	Gross Premiums Written ($M)	$490.2	$560.4
	Net Premiums Earned ($M)	$297.2	$369.2
	Combined Ratio (%)	96.0%	89.3%
	Underwriting Income ($M)	$11.9	$39.5
Reinsurance	Gross Premiums Written ($M)	$352.5	$369.7
	Net Premiums Earned ($M)	$256.2	$276.4
	Combined Ratio (%)	90.2%	89.8%
	Underwriting Income ($M)	$25.0	$28.1

Key KPIs

KPI	Q2 2024	Q1 2025	Q2 2025
BVPS ex-AOCI (Diluted) ($)	$14.64	$15.15	$15.64
Annualized ROE (%)	17.9%	12.9%	12.7%
Net Investment Income ($M)	$78.2	$71.2	$68.2
Service Margin (%)	16.9%	30.6%	14.7%
Favorable PYD ($M)	$4.9	$34.3	$13.8

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Net Investment Income (NII)	FY 2025	$265–$275M	$265–$275M; “on target”	Maintained
Across-the-cycle ROE framework	Multi-year	12–15%	12–15% reiterated; HY underlying ROE 15.4%	Maintained
Series B Preference Dividend	Q3 2025 Payable Aug 29, 2025	—	$0.50 per share declared; record Aug 14, 2025	Dividend declared

Earnings Call Themes & Trends

Note: The Q2 2025 earnings call transcript could not be retrieved due to a document issue. The below synthesizes disclosures from the Q2 press release and investor presentation (prepared remarks-equivalent).

Topic	Previous Mentions (Q4 2024 & Q1 2025)	Current Period (Q2 2025)	Trend
Underwriting discipline & COR	FY24 Core COR 91.0%; steady attritional improvement; 10th straight quarter of UW profit in Q1’25	Core COR 89.5% (−3.8 pts YoY); 11th consecutive UW profit; Insurance & Services COR 89.3%	Improving
Cat volatility & risk	Cat ratio among the lowest in peer group in 2023/24; Q1’25 CA wildfires $59–68M guided impact	Cat impacts limited in Q2; favorable PYD continued; stronger retro and portfolio mix reaffirmed	Improving/Contained
Capital & solvency	BSCR 214% at FY24; CMIG repurchase completed; debt-to-cap within range	BSCR est. 223%; BVPS ex-AOCI +3.2% QoQ	Stable to better
Investment income	FY25 NII guidance $265–275M; Q1’25 NII $71M on track	Q2 NII $68.2M; full-year guidance reaffirmed; smaller asset base lowers NII YoY	In line
MGA rationalization & services	100%-owned A&H MGA fee income strong in FY24; Arcadian deconsolidated	Net services fee income stable; service margin 14.7% vs 16.9% YoY	Mixed (margin lower)
Taxes/regulatory	Bermuda corporate income tax increased Q1 effective tax rate	Q2: +4.5 pt YoY effective tax increase due to Bermuda tax	Headwind persists
Large loss/aviation	Minimal details previously	Reinsurance noted a $9M large aviation loss (“Air India crash”) in HY commentary	Isolated impact

Management Commentary

Strategic focus: “With each quarter, we demonstrate our ability to deliver consistent and stable earnings...another purposeful step towards our goal of becoming a best-in-class underwriter.” — Scott Egan, CEO .
Performance narrative: Underwriting gains driven by reduced cats and favorable PYD (Property and A&H), with Insurance & Services seeing significant loss ratio improvement and Reinsurance benefitting from lower acquisition costs and fewer cats in Q2 .
Operating momentum: Management highlighted being named Program Insurer of the Year, record employee engagement, and senior talent additions as reinforcing execution and culture .

Q&A Highlights

The Q2 2025 earnings call transcript was unavailable for retrieval. Based on the investor presentation’s “Key Comments,” management emphasized:

Profit bridge and non-operating items: Q2 saw $16.7M FX losses and $21M interest expense, of which ~$8M relates to LPTs; effective tax rate increased ~4.5 pts YoY due to Bermuda corporate tax .
Investment outlook: NII tracking to $265–$275M FY25 guidance despite a smaller asset base post capital actions .
Loss environment: Reinsurance experienced an isolated $9M aviation large loss; otherwise cat exposure was limited in Q2 with continued favorable PYD .

Estimates Context

Beat vs S&P Global consensus:
- Normalized EPS (Primary/Normalized): $0.66 actual vs $0.57 est.; +$0.09 beat (3 est.)*
- Revenue: $748.2M actual vs $720.1M est.; +$28.1M beat (3 est.)*
  Drivers: Better underwriting (attritional improvements, limited cats) and favorable PYD, partially offset by lower NII vs prior year and FX/interest headwinds .
Potential estimate revisions: Core margin trajectory and strong Insurance & Services performance suggest upward bias to underwriting assumptions; however, lower services margin and FX/tax headwinds could temper EPS flow-through .
Values retrieved from S&P Global.*

Estimates table (S&P Global)

Metric	Q2 2025 Estimate	Q2 2025 Actual
EPS Normalized (Primary) ($)	0.57 (3 est.)*	0.66*
Revenue ($M)	720.1 (3 est.)*	748.2*

Key Takeaways for Investors

Underwriting quality is compounding: Core COR at 89.5% and double-digit Core premium growth underpin durable earnings power even with lighter investment tailwinds .
Insurance & Services is the engine: Loss ratio improvements and scale are driving outsized contribution, with COR dropping to 89.3% from 96.0% YoY .
Risk normalization is sticking: Limited Q2 cats and consistent favorable PYD validate portfolio actions, retro structure, and reserving prudence .
Capital strength intact: BVPS ex-AOCI up 3.2% QoQ and BSCR est. 223% offer flexibility while maintaining discipline on growth and risk .
Watch the non-operating noise: FX and tax (Bermuda) are headwinds, and services margin moderated; these may cap near-term EPS leverage despite margin gains .
Thesis: Mix shift to lower-volatility specialty insurance and disciplined reinsurance, plus capital optimization, supports the 12–15% across-the-cycle ROE framework over the medium term .

Sources: Q2 2025 8-K/press release, financial supplement, and investor presentation; Q1 2025 and Q4 2024 8-Ks for trends.
Key citations by section:

Financials, segments, KPIs, underwriting and investment results - -; -; -.
Guidance and capital ; ; .
Management quotes .

Footnote: Values retrieved from S&P Global.*

SiriusPoint Ltd (SPNT)·Q2 2025 Earnings Summary