good joining us. ahead good you SiriusPoint. months year morning, Thank I a now full and X confident and our opportunities quarter call. busy about everyone. for of I results have with remain very completed afternoon, you Thank productive fourth and Dhruv, the
sheet, realize deliver We to and determined the business its potential have has and a healthy be excited model that here, and a company excellent people relationships to help and broker performance I’m resources, returns. diversified its I’m client higher potential. to strong and improve balance
ethos. deliver profitability progress of to significant underwriting-first have against helping XXXX against business on Since we’re simplification. not our place I robust for organization, priorities We there and ingredients plan be made have but a strategic the reducing these now. we our We CEO, joined outstanding an we each improving volatility, have in recognize believe SiriusPoint we of areas as
strategy execute high-performing required we confident elements the The in our that vision have a to underwriter, I and am SiriusPoint and that for to is right business against deliver. be
I we early are in recognize stages. However, the
already seeing the culture. and are company’s we in changes performance positive said, That
capital. as we approach of reestablish build and disciplined our will with stakeholders our be in consistent good aim confidence We as to and stewards credentials our
meaningful yields improvement implemented see as to investment benefit income. expect from during and stable XXXX and we fee in We locked-in profitability underwriting MGA actions, already cost-saving
rate to on We we XXXX expect all benefits deliver return double-digit in actions taken of XXXX realize full our and XXXX, a when equity. run expect during to strategic
is model insurer. a and to traditional business P&C differentiated Our compared diversified
of We light income, have X X uncorrelated our and underwriting income MGA from investment capital sources partnerships earnings: fee consolidated income.
better we for that past these continue some power we value performance, and full success. by deliver not franchise which the taken have stable actions impacted do the aim were performance, and our reflect of to more We Recognizing attractive believe results have drivers positioned volatility and of ultimately returns. improve that implement to challenging earnings deliver
we X outline agenda on Investor The will during plans. of we can intention details presentation, our our Slide and webcast XXXX pages and journey on can key of results are transparent through clarity provide XXXX sharing navigate today’s our progress beyond. as the and and also updates be is on be My of overview found I found to further website. morning, on points year provide full our which our this of This strategic
disciplined organization, would I towards same core organization The to point on the areas our X through and simplify One working walk globally our the franchise is a now one, the to of focus the SiriusPoint be strategy a look we and integrated emphasis underwriting. with approach. want to you quality as targets. key like uncompromised collaborative, We improve culture profitable model create starting fully underwriting with connected,
working and and towards transition following merger XXXX. in full still effective is in integration the organization The
and We delivery. that are and focused culture establishing on an operating a model performance efficient drives
performance look a remuneration creating align changes and engagement structure for to good to one-team making to approach, employee we XXXX are the made better where improve and pay. We on progress have
higher And medium and sustainable in Our we improvement underwriting top prioritize term. underwriting will of the profitability. to over approach growth translate a level line must
portfolio. of of exposure to uncertainty has the on-going results volatility has for refinement in in our of been Property level cat and the and reduction been two, point underwriting the volatility, an this Moving company. addressing priority the main source
that I would $XXX and have like already of around to premiums. done emphasize million we exited have lot a property
in this Our XX PMLs refinements around have based year. and substantially events months, per further XXX-year reduced on on a by during X expect in occurrence basis XX% last we the
market. versus The retro us X/X premiums reliance now our cat around our reduction of property Property significantly the group for only year. at in the portfolio lowered on accounts XX% renewals XX% benefited gross last it as
Despite for been bought reinsurance attachment our a sheet. protect points balance our protection lower with have have in further exposure, significant cautious approach in we reduction XXXX and to
on protection priorities. the reinsurance portfolio our We market costs rebalancing levels continue but mix to now associated of the remained property portfolio based our we at that strategic believe similar and and refine years. the previous is our review complete, will conditions have majority the Pleasingly, largely to with
we of like term, increase the business medium the develop Lloyd’s and program hub as of would platform to develop continue North leveraging business. our proportion lines, A&H and specialty our In specialty a to London American
starting pay seeing and out off, Our we carried to work the in underwriting. are the of are positive actions impact
XXXX lower insurance in Our the $XXX cat heavy versus results in XXXX $XXX our million global a cat million at losses significantly within despite core for being industry. year were XXXX
Our $XX book remained loss Ian or unchanged of at value. million X points for Hurricane our estimate
our both in the During QX year-on-year loss improvement points QX, half ratio in X year saw while of improved discrete and XXXX. by ratios around year second combined accident we accident XXXX, during
we with them into platform to we better XXXX. where momentum Our now underwriting ratios are be, but want not a have would
our improvement. support will margins of target of XXXX, see the with positive returns. went with disciplined we focused ex-property trends, X/X above renewals remain book We advantage rate on loss experienced going and but very still lines in well. significant seeing profitable increases cost our We approach, was majority conditions room our took forward. cat Our rates for market which
including of at overall the As portfolio portfolio. of XX% to more a XX% reminder, XX% our than X/X, property renews reinsurance
to three, derisk we’ve on now focuses point Turning the strategy. to investment taken which actions our
consumer XXXX XXXX and of and a portfolio been volatility investment earnings Our heavy of has a capital. during source
a our on line insurers. predictable. returns them Given other investment higher-performing maximize aim have to portfolio actions in to optimize our rather be We underwriter, than taken with we investment our more and focus derisked much to have more income make becoming
short XXXX, Today, between In net fixed a and $XXX of reduced is deliver income primarily to our quality. capital to expect we with $XXX million income-focused, million high charge. investment duration portfolio
portfolio BBB We below average while AA. exposure investment-grade fixed have limited credit to our of bonds income is and rating
around XXXX, and changes mainly fund-focused portfolio fair overall QX XX% our Enhanced fund, Point hedge value a at our which Third was of volatility in in accounted created strategy, for P&L.
the substantially down is the total of We position, reduced or this the investment portfolio. now million portfolio, capital around $XXX lowering thereby have intensity X% which of to
capital. match XX% versus Also, to available volatility sale designation ties to contributing also none help our we our investment which available assets new sale in aim XXXX, philosophy our of fixed as within assets albeit reduce our the for The investments for liabilities. to hold we end to with believe of forward, to of income still P&L income now held maturity at fixed are as will going
this year, last of and Investment risen advantage have to significantly we proactively trend. yields take invested have
our and of regards loss the eliminate holdings investments duration reduced reserves. to to invested cash have have us fixed longer-dated gap into and income with helping short-term We instruments,
relationships distribution a these part to of partnerships an and aim XX% are income. partnerships We we’ll of as and Next, leverage underwriting group premiums. of strategy, to expertise. contributor generate develop as our further turn our fee attractive our MGAs capabilities around our the important value we
Within more than in million growth and they segment, Premium which in have growth generated value via at X of These ones. our our Armada, and businesses, SiriusPoint partnerships Signa, consolidate in and growth Arcadian, XX% are believe also had through strong have some than underappreciated. last Alta been we premiums year. for MGAs premium year, IMG, developed we during Banyan MGA accounts namely more predominantly whilst new last and significant XX% XXXX the partnerships has we existing this organic $XXX
book net I other the too size believe of for These MGAs million and had well MGAs, market insurtechs value reviewing we capital-light this XXXX total, are of also of in during In million, we our have last valuations. only and having year. end stakes generated aim equity the stakes was is at below XXXX. we the high XX our of services options the $XX income end with deeper. number the to manage of investments group, and of Their at fee [ph] optimize $XX to fewer equity
the owners do expect not will be our space And or active in this in investors we near underwriting. complements it happy term. be where acquirers MGAs to in We
by target also should will only reductions capital our to optimization. loss believe have by Moving The from by already cost lower high, not we our loss base set actions. million we five, be supported the benefit Improvement is actions income a ratio but point $XX our and and more to underwriting cost than cost by ratio XXXX. in we costs But discussed. have
geographic to is already X We footprint efficiently. improve of now our opportunities rationalization our and other ratio improvement. and savings The around combined looking advanced, function points our majority should of closely overall at to streamlining operations actions the cost last the the operating in This announced and process quarter framework. deliver significant of support more we of needed are to are are
is still collaboration going room integration. cost as improve And improve through as culture. our coordination we a earlier, connected as and well believe savings outlined restructuring is further expect $XX As savings globally to will year, and charges I company organization, million deliver This we cost on there goal. we of the create an further support which group connectivity,
XXXX aim with and to investment we'll sources our ensuring meaningfully underwriting, higher to levels earnings consolidated generation earnings; on by from whilst goal all by and improve be returns adequate a across remain the profitability, return income the are MGAs double-digit we our need and higher risk disciplined deployment to will X supported appetite. deliver to income. capital of within We fee achieve Overall, of as capital equity regards
operate balance sheet the S&P look requirement under continue AA we Overall, sheet. the our healthy, rating at company our balance against Finally, is we model. and will healthy to the
Our And expect XXXX. improvement was end capital the on preliminary Bermuda of based solvency XXXX. at as we QX ratio at see to XXX% an calculations,
to prudent approach help which impacts. mitigate a reserving, will inflationary have We
approach our setting remain with our reserving recognizing Our reserving inherent for events ratios, And the philosophy we favorable loss considers cat loss initial of the when benefit in uncertainty trends. conservative and business.
saying SiriusPoint. a summarize I'd at executing conclusion, In at to things we and we to and are pace diversified make business strong be have by model We to insurer, want a like better. high-performing
to to our and portfolio our capital. We and everything ratios unturned our have left from our premium are reviewing investment our to no stone costs loss mix
double-digit is target Our achieve XXXX. to by equity return on
results. and expertise and done I to in specialisms expect operate. look grow go positive the and we already, can significant sharing as our the we having see will shareholders, look leverage knowledge as for where be year. feeling hard XXXX, to in we into forward drive We our on am where again complacency areas meaningful as deliver no we through our I we to our and progress There much improvement to I customers will go and updates
these remarks, will financials. Steve, pass take through who to With you over will year I full the
