SiriusPoint Ltd. Q1 2023 Earnings Call

Income of which 93% is investment grade.

The average rating of our fixed income book as double leg, which is 9% of the securities being triple B and 7% being below investment grade non rated fixed income instruments.

Given the quality of our portfolio. We believe we are well positioned going into market turbulence.

We are monitoring our exposures and proactively making changes to our investment portfolio.

We have no direct exposure to SBB signature Bank first Republic bank and other small regional banks or any 81 instrument exposure to credit Suisse and our investment portfolio.

Even from the underwriting side, our exposure to SBB signature bank and first Republic, including the D&O book is less than five months.

As I've already highlighted net investment income for the quarter was $62 million versus $8 million last year. While the overall investment result was $74 million versus a loss of $205 million in the first quarter of 'twenty two.

Volatility was lower in Q1, and we expect our actions to designate new fixed income investments as available for sale will help us going forward.

At quarter end more than 70% of the fixed income portfolio was designated as available for sale and that will continue to grow in 2023, as we continue to rebalance the fixed income portfolio reducing volatility.

Slide 12 looks at our balance sheet.

Our balance sheet is strong.

Ending the quarter with $2 2 billion of shareholders' equity up from $2 1 billion since year end 'twenty two.

Total capital, including debt was $3 billion, while tangible book value per diluted share was $11 41.

Our Bermuda solvency capital ratio was strong and improved to 270% at year end 'twenty. Two we expect it to further improve by more than 15 points post the completion of the loss portfolio transfer.

Also our issue that is unchanged, while our debt to capital ratio reduced to 25, 8% from 27, 3% at year end 'twenty, two and is within our target range.

With this we conclude the financial section of our presentation.

I would like to remind you again, we had a good start to 2023 and a good tower in a good position to deal with market volatility.

We expect significant improvement in profitability in 2023, while 2024 should be the year in which we realized full run rate benefits of all of our strategic actions and we expect to deliver a double digit return on average common equity.

I would like to thank you again for your time. This morning for any questions. Please contact our Investor relations team at Investor Relations at serious P. T Dot com.

With this I will turn the call back over to the operator.

Thank you. The conference has now concluded. Thank you for attending today's presentation you may now disconnect.

Turn the call back over to the operator.

Thank you.