Siriuspoint Ltd (SPNT) 2023 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the SiriusPoint Limited Fourth Quarter and Full Year 2023 financial results conference call. (Operator Instructions) As a reminder, this conference call is being recorded and a replay is available through 11.59 PM Eastern time on March 6, 2024. With that, I would like to turn the call over to Sarah Singh, Vice President, Investor Relations. Please go ahead.

早安，女士們、先生們，歡迎參加 SiriusPoint Limited 2023 年第四季和全年財務業績電話會議。（操作員說明）謹此提醒，本次電話會議正在錄音，並可在東部時間 2024 年 3 月 6 日晚上 11 點 59 分之前重播。說到這裡，我想把電話轉給投資者關係副總裁莎拉辛格(Sarah Singh)。請繼續。

Thank you, operator, and good morning, good afternoon to everyone listening. I welcome you to the SiriusPoint earnings call for the 2023 full year and fourth quarter results. Last time, we issued our earnings press release and financial supplement, which are available on our website www.siriuspt.com. Additionally, a webcast presentation will coincide with today's discussion and is available on our website, Let me hear today, our Scott Egan, our Chief Executive Officer and Steve Yendall, our Chief Financial Officer.

謝謝接線員，各位聽眾早安，下午好。歡迎您參加 SiriusPoint 財報電話會議，以了解 2023 年全年及第四季業績。上次，我們發布了收益新聞稿和財務補充資料，可在我們的網站 www.siriuspt.com 上取得。此外，網路廣播演示將與今天的討論同時進行，並可在我們的網站上觀看，今天讓我聽聽我們的首席執行官斯科特·伊根(Scott Egan) 和我們的首席財務官史蒂夫·延德爾(Steve Yendall) 的發言。

Before we start, I would like to remind you that today's remarks contain forward-looking statements based on management's current expectations. Actual results may differ. Certain non-GAAP financial measures will also be discussed.

在開始之前，我想提醒您，今天的言論包含基於管理層當前預期的前瞻性陳述。實際結果可能有所不同。也將討論某些非公認會計準則財務指標。

Management uses the non-GAAP financial measures in its internal analysis of results and believes that they may be informative to investors in gauging the quality of our financial performance and identifying trends in our results. However, these measures should not be considered as a substitute for point's superior to measures of financial performance prepared in accordance with GAAP. Please refer to page 2 of our investor presentation for additional information and the company's greatest public filings.

管理階層在其內部結果分析中使用非公認會計原則財務指標，並相信它們可以為投資者衡量我們財務表現的品質和識別我們結果的趨勢提供資訊。然而，這些指標不應被視為取代根據 GAAP 制定的財務績效指標優於點的指標。請參閱我們投資者簡報的第 2 頁，以了解更多資訊和公司最重要的公開文件。

At this time, I will turn the call over to Scott.

這時候，我會把電話轉給史考特。

Thank you very much, Sarah and good morning. Good afternoon, everyone. Thanks for joining our fourth quarter and full year 2023 Results Call. 2023 has been a busy turnaround year for SiriusPoint. We restructured our organization to create a business which is simpler, less volatile, and now generating double digit return on equity. Our actions of other beneficial impact on performance.

非常感謝你，莎拉，早安。大家下午好。感謝您參加我們的 2023 年第四季和全年業績電話會議。 2023 年對 SiriusPoint 來說是忙碌的轉型年。我們重組了我們的組織，以創建一個更簡單、波動更小的業務，並且現在產生了兩位數的股本回報率。我們的行為對績效產生其他有益的影響。

We delivered our fifth consecutive quarter of positive underwriting results, improve the quality of our earnings on strengthen the balance sheet. We are looking to build on this progress as we go into 2024. 2023 year is not a destination.

我們連續第五個季度取得了積極的承保業績，透過加強資產負債表提高了獲利品質。進入 2024 年，我們希望在這一進展的基礎上再接再厲。2023 年並不是終點。

Our longer-term ambition is to become a best-in-class insurer reinsurer. Before hearing the key messages relating to our results for the year, I want to recap on two developments from the quarter. Firstly, as previously announced, it might be International Holding has been taken into private receivership by its lenders in Singapore. International Holdings, the parent company of [CEM], Bermuda of 33% shareholder of SiriusPoint was 9.9% voting rights.

我們的長期目標是成為一流的保險公司再保險公司。在聽取與我們今年業績相關的關鍵資訊之前，我想回顧一下本季度的兩項進展。首先，正如先前所宣布的，國際控股公司可能已被新加坡的貸方接受私人接管。百慕達國際控股公司[CEM]持股33%，股東SiriusPoint擁有9.9%投票權。

I would like to emphasize that this development has no impact on the ongoing progress of the day-to-day running of our business. We are in dialogue with the receiver. I'm trying to be as helpful as possible. S&P Global Ratings has communicated to us that this development is a neutral factor to the ratings, and it's unlikely to affect assessment of our business position or financial strength. Our focus remains on simplifying our business, reducing volatility, and further improving the profitability of the company.

我想強調的是，這項發展不會對我們日常業務的持續進展產生影響。我們正在與接收者對話。我正在盡力提供協助。標準普爾全球評級已告知我們，這項發展對評級而言是一個中性因素，不太可能影響對我們業務地位或財務實力的評估。我們的重點仍然是簡化業務、減少波動性並進一步提高公司的獲利能力。

Secondly, in November, S&P Global Ratings revised their financial strength rating outlook from negative to stable. This reflects an expectation that cities point will continue to post strong and improving underwriting results during 2023 to 2025. But this change or do you have a rating agencies know harbors on a stable outlook, which is an important document for our progress. I'm incredibly proud of the collective effort made by our people to get us to this point and then strengthening our platform.

其次，11月，標準普爾全球評等將財務實力評等展望從負面調整為穩定。這反映出人們預計城市點將在 2023 年至 2025 年期間繼續發布強勁且不斷改善的承保業績。但這變化或評級機構知道，前景穩定，這是我們取得進展的重要文件。我對我們的員工為實現這一目標並加強我們的平台所做的集體努力感到無比自豪。

Moving back now to the key messages, which are outlined on slide 5, I will provide an update on the progress we have made across our strategic initiatives. Overall, we are very pleased to report strong fourth quarter with a combined ratio of 93.4% for our core business and net income of $94 million.

現在回到幻燈片 5 中概述的關鍵信息，我將提供有關我們戰略舉措所取得進展的最新信息。整體而言，我們很高興報告第四季表現強勁，核心業務綜合成本率為 93.4%，淨利潤為 9,400 萬美元。

Together with the first three quarters, we have delivered record net income of $339 million for 2023, an improvement of $742 million as compared to 2022. We also accelerated our cost savings program and completed in one year ahead of schedule as we lower the cost base by more than $50 million versus 2022 and achieve an above guidance, return on equity of 16.2%.

加上前三個季度，我們在 2023 年實現了創紀錄的淨利潤 3.39 億美元，比 2022 年增加了 7.42 億美元。我們還加快了成本節約計劃，並提前一年完成，與 2022 年相比，我們將成本基礎降低了 5000 萬美元以上，並實現了高於指導的 16.2% 股本回報率。

In our formative years of 2023 our ROE was unsurprisingly impacted by one-off items and adjusting for these, we still delivered a double-digit ROE of 10.2%. Q2 2023, we also strengthened our capital position and improved the quality of our balance sheet.

在 2023 年的形成期，我們的 ROE 毫不奇怪地受到一次性專案的影響，並根據這些因素進行調整，我們仍然實現了 10.2% 的兩位數 ROE。2023 年第二季度，我們也加強了資本狀況並提高了資產負債表的品質。

We completed a loss portfolio transfer deliberately added to our reserve strength and grew our diluted book value per share by 18%. This has helped to reduce or offset on debt leverage during 2023. Given the strong performance of the company in 2023 versus for 2022 on the targets, we have paid our employees above target bonuses, rightly rewarding the hard work and dedication to improving and creating shareholder value.

我們完成了虧損投資組合轉移，刻意增加了我們的儲備實力，並將稀釋後的每股帳面價值增加了 18%。這有助於減少或抵消 2023 年的債務槓桿。鑑於公司 2023 年與 2022 年目標相比表現強勁，我們向員工支付了高於目標的獎金，合理地獎勵了為提高和創造股東價值而付出的辛勤工作和奉獻精神。

With this, I will now take you through the three sources of income. Underwriting, investment income and net service fee income from our controlled consolidated MGUs. All of which have delivered a higher return than last year and been strong contributors to our organic capital generation.

接下來，我將帶您了解三種收入來源。來自我們控制的合併 MGU 的承銷、投資收入和淨服務費收入。所有這些都帶來了比去年更高的回報，並為我們的有機資本生成做出了強有力的貢獻。

Beginning with a strong underwriting result for 2023, we delivered a combined ratio of 89.1% for our core business, which was supported by five points of one-off reserve, which is linked to the LPT transaction announced in 2023. Excluding the LPT benefits and other one-off items, our adjusted core combined ratio stood at a record 91.2%. This is 10.4 points of like-for-like improvement versus 2022 on shoes became part of the decisive portfolio actions taken during the last 15 months.

從 2023 年強勁的核保績效開始，我們的核心業務綜合成本率為 89.1%，這得益於與 2023 年宣布的 LPT 交易相關的 5 個百分點的一次性準備金的支持。排除LPT福利和其他一次性項目，我們調整後的核心綜合成本率達到創紀錄的91.2%。與 2022 年相比，鞋類產品年增了 10.4 個百分點，成為過去 15 個月採取的決定性投資組合行動的一部分。

The combined ratio has been supported by both loss and expense ratio improvement with the loss ratio improvement helped by lower catastrophe losses, which were $14 million for the full year 2023, a 90% reduction from $158 million a year ago. This ties in with our one in 100 year event PMLs, which are considerably lower note, are around 5% of common shareholders' equity, down from 11% of second quarter 2021.

綜合成本率得到了損失率和費用率改善的支撐，損失率的改善得益於巨災損失的降低，2023 年全年巨災損失為1,400 萬美元，比一年前的1.58 億美元減少了90 %。這與我們 100 年一遇的事件 PML 相關，PML 的註釋要低得多，佔普通股股東權益的 5% 左右，低於 2021 年第二季的 11%。

However, we continue to remain conservative with regards to volatility, and I'll talk just to make the retro protection via more limits on board retention or and of course, US property cat program for 2024. Pleasingly, this was achieved a similar course to [2023], reflecting a better than market outcome driven on the back of our underwriting progress.

然而，我們在波動性方面繼續保持保守，我只想透過對董事會保留的更多限製或當然還有 2024 年美國房地產巨災計劃來進行復古保護。令人高興的是，這一目標的實現與[2023]類似，反映出在我們承保進展的支持下取得了優於市場的結果。

Our underwriting first approach remains unchanged, and we will continue to prioritize underwriting profits over premium growth in 2024. That said, we expect underlying premium growth during 2024 in the areas we are targeting, as evidenced by the newly onboarded MGA partnerships, offset by the impact from the already undertaken underwriting actions in the second half of 2023 approved specific parts of the portfolio, such as workers' comp and cyber. These will impact overall premium in 2024. But this should be the last year of significant impact to the top-line progression.

我們承保第一的方針保持不變，2024年我們將繼續優先考慮承保利潤而不是保費增長。也就是說，我們預計2024 年我們目標領域的潛在保費增長（新加入的MGA 合作夥伴關係就證明了這一點），但被2023 年下半年已採取的承保行動所帶來的影響所抵消，批准了投資組合的特定部分，例如作為工人補償和網路。這些將影響 2024 年的整體保費。但這應該是對營收成長產生重大影響的最後一年。

Turning to investments, our investment results are strong, supported by higher net investment income, which is ahead of our Q3 revised guidance of $250 million to $260 million. Net investment income of $284 million in 2023 for costs or revised expectations, mainly due to the strong rate performance in the first part of the fourth quarter as well as continued rotation into high-quality spread products.

談到投資，我們的投資業績強勁，這得益於較高的淨投資收入，這超出了我們第三季修訂後的指導價值 2.5 億至 2.6 億美元。2023 年因成本或修正預期而產生的淨投資收益為 2.84 億美元，主要得益於第四季度上半年強勁的利率表現以及持續轉向優質利差產品。

Our portfolio continues to perform well, and we saw no defaults across our fixed income portfolio during [2023]. Overall investment strategy remains unchanged as we continue to operate our fixed income portfolio with an average credit rating at doubling.

我們的投資組合持續表現良好，期間我們的固定收益投資組合沒有出現違約情況[2023]。整體投資策略保持不變，我們繼續以平均信用評級翻倍的方式經營固定收益投資組合。

Looking forward to 2024, we expect net investment income to be in the range of $250 million to $265 million based on the current forward yield curve.

展望2024年，根據目前的遠期殖利率曲線，我們預期淨投資收益將在2.5億美元至2.65億美元之間。

Next, we come to a distribution strategy of consolidating entities, which have delivered record fee income. Our distribution strategy remains important to us, and we have continued to onboard new MGA underwriting Partners whilst rationalizing our existing equity stakes during the fourth quarter.

接下來，我們討論了合併實體的分配策略，這些實體已經創造了創紀錄的費用收入。我們的分銷策略對我們仍然很重要，我們在第四季度繼續聘請新的 MGA 承銷合作夥伴，同時合理化我們現有的股權。

We made great progress towards concentrating on deeper and more meaningful MGA relationships with the sale of nine equity space in 2023. This includes [Silcea], which we no longer consolidate, but continue to provide underwriting capacity to. We have since sold their stake in Corpus in January, bringing our total holdings to 25 MGAs to be down from 56 at the end of 2022.

透過在 2023 年出售九個股權空間，我們在專注於更深入、更有意義的 MGA 關係方面取得了巨大進展。這包括[Silcea]，我們不再合併，但繼續為其提供承保能力。此後，我們在 1 月出售了 Corpus 的股份，使我們持有的 MGA 總數從 2022 年底的 56 家減少到 25 家。

Approved year '22, we outlined our intention to enhance our MGA platform, focusing on partnering as a pay-for and capacity provider with both safety and efficacy stakes. We added a total of nine new MGAs in 2023 closings to partner with teams that the Street is on the right hand column and proven track records.

22 年批准後，我們概述了增強 MGA 平台的意圖，重點是作為付費和容量提供者進行合作，同時兼顧安全性和有效性。我們在 2023 年關閉時總共增加了 9 家新的 MGA，與華爾街位於右側且擁有良好業績記錄的團隊合作。

During the fourth quarter, we provided new capacity to pull basically underwriters on the pharma, strengthening our footprint and professional liability, and non [sweet] commercial outlook. In first half of 2024, we have onboarded a new partnership with past sales focused on supply chain marine insurance on launch a new European moving business with hold to Cigna one of our consolidated MGAs.

在第四季度，我們提供了新的能力，基本上吸引了製藥公司的承銷商，加強了我們的足跡和專業責任，以及非[甜蜜的]商業前景。2024 年上半年，我們與過去專注於供應鏈海上保險的銷售建立了新的合作夥伴關係，並持有我們合併的 MGA 之一的 Cigna，推出了新的歐洲搬家業務。

More recently, we partnered with Ryan Specialty in Opics offering coverage for onshore wind farms as well as packages for small to medium-sized enterprises, which includes commercial property and legal liability insurance. Whilst we are taking underwriting action as part of our transformation, you can also see strong evidence of building and growing and have targeted areas.

最近，我們與 Ryan Specialty in Opics 合作，為陸上風電場提供保險，並為中小型企業提供套餐，其中包括商業財產和法律責任保險。在我們採取承保行動作為轉型的一部分的同時，您還可以看到建設和成長的有力證據，並有針對性的領域。

Consolidated NGA's stand-alone performance was strong, with revenue growth of 10%, margin improvement of four points to 21% and a record $50 billion of mix service fee income. Also, we saw a 2% increase percentage point premiums underwritten to $651 million from these four consolidated MGAs. Despite the strong underlying performance with book value of our consolidated MGAs is only $90 million, and we continue to believe that the actual economic value is significantly higher. I will again reemphasize that I believe the bar you'll see them move is not fully reflected in cities point shift, right.

Consolidated NGA 的獨立業績強勁，營收成長 10%，利潤率提高四個百分點，達到 21%，混合服務費收入創紀錄的 500 億美元。此外，我們還看到這四家合併後的 MGA 的承保保費增加了 2%，達到 6.51 億美元。儘管我們的綜合 MGA 的帳面價值強勁，但我們仍然相信實際經濟價值要高得多。我將再次強調，我相信你會看到他們移動的酒吧並沒有完全反映在城市點的變化中，對吧。

Moving on to our reserves and a philosophy around reserving we continue to maintain a prudent approach to reserving, as evidenced by a positive prior year development in 2023. For Q4 discrete, this was $55 million for our core business and $63 million for the full year excluding any benefits related to the LPP.

繼續討論我們的儲備金和圍繞儲備金的理念，我們繼續保持審慎的儲備金態度，2023 年上一年的積極發展就證明了這一點。對於第四季的分立元件，我們的核心業務為 5,500 萬美元，全年為 6,300 萬美元，不包括與 LPP 相關的任何收益。

Finally, residential usage was positive for the consolidated business, excluding LPP at $6 million in Q4 and $46 million for the full year 2023, which includes increasing our reserve prudence by $50 million during Q4 after a strong performance here. Our strong results, coupled with the LPP was completed the half year, allowed us to further strengthen our balance sheet position as we move forward into 2024.

最後，住宅使用量對合併業務產生正面影響，不包括LPP，第四季為600 萬美元，2023 年全年為4,600 萬美元，其中包括在第四季度表現強勁後，我們的儲備金審慎增加了5000 萬美元。我們的強勁業績，加上半年完成的 LPP，使我們能夠在進入 2024 年時進一步加強我們的資產負債表狀況。

Overall, our balance sheet is strong. Bermuda solvency capital ratio is 257% at the end of the third quarter after asset and leverage has improved following the 10% growth in diluted book value per share during the fourth quarter.

整體而言，我們的資產負債表強勁。繼第四季稀釋後每股帳面價值成長10%後，資產和槓桿率有所改善，第三季末百慕達償付能力資本比率為257%。

Growth in book value was driven by mark-to-market gains on the fixed income portfolio on the positive earnings generation during the quarter. New year book value per share growth was strong at 18%. Our goal of capital leverage a strong restructuring is not to be optimal, and we are reviewing our capital instruments to make true before today's with an efficient framework.

帳面價值的成長是由本季固定收益投資組合按市值計價的收益成長所推動的。新年每股帳面價值成長強勁，達 18%。我們的資本槓桿和強有力的重組目標並不是最優的，我們正在審查我們的資本工具，以便在今天之前透過一個有效的框架來實現這一目標。

Our aim is to be as prudent stewards of capital, and we are uptaking our ROE guidance to 12% to 15% during the medium term. We are pleased and proud to have not only hit but surpass all of the financial targets that we set for 2023, I'm grateful to my colleagues who have pushed hard this year to create shareholder value. That said the numbers we delivered this year are not a destination and we aim to do better.

我們的目標是成為審慎的資本管理者，我們正在將中期 ROE 指導提高至 12% 至 15%。我們很高興也很自豪，不僅達到而且超越了我們為 2023 年設定的所有財務目標，我感謝今年努力創造股東價值的同事。也就是說，我們今年交付的數字並不是終點，我們的目標是做得更好。

I have set before there is no complacency. As we move away from restructuring, we are focused on being a value-creation company that delivers consistent profit while operating at best-in-class levels. We know this is an ambition, but one which we feel has more credibility after strong 2023 performance.

我之前就已經定下了，沒有任何的自滿。隨著我們擺脫重組，我們專注於成為一家創造價值的公司，在以一流水平運營的同時提供持續的利潤。我們知道這是一個雄心壯志，但我們認為在 2023 年的強勁表現之後，這一雄心壯志更加可信。

I would like to thank all of stakeholders, shareholders, customers and employees for their support and patience during the [coming] year, which is never taken for granted. We believe the future is bright at this point and we are excited for 2024. With these remarks, I will pass it over to Steve, who will take you through the financials.

我要感謝所有利害關係人、股東、客戶和員工在新的一年裡的支持和耐心，這從來都不是理所當然的。我們相信，此時此刻，未來是光明的，我們對 2024 年感到興奮。講完這些話，我會將其轉交給史蒂夫，他將帶您了解財務狀況。

Thank you, Scott, and good morning and good afternoon, everyone. I will now take you through the financial section of the presentation, starting with our full year financials on slide 13. We had a strong year and delivered net record net income to common shareholders of $339 million, an impressive $742 million improvement on 2022.

謝謝你，斯科特，大家早安，下午好。現在，我將帶您瀏覽簡報的財務部分，從投影片 13 上的全年財務資料開始。我們度過了強勁的一年，為普通股股東創造了創紀錄的淨利潤 3.39 億美元，比 2022 年增加了 7.42 億美元，令人印象深刻。

All three sources of earnings underwriting MGA theme income and investments contributed positively to the results. Our underwriting results improved significantly as we delivered record underwriting profits of $250 million. Our 2023 results include a one-off benefit of $105 million due to reserve redundancies linked to the Loss Portfolio Transfer transaction, which itself demonstrates our prudent reserving philosophy.

承保 MGA 主題收入和投資的所有三個收益來源都對績效做出了積極貢獻。我們的承保業績顯著改善，承保利潤達到創紀錄的 2.5 億美元。我們 2023 年的表現包括因與損失投資組合轉移交易相關的準備金冗餘而獲得的 1.05 億美元的一次性收益，這本身就體現了我們審慎的準備金理念。

Excluding the releases linked to the LPT, the result was still a record for us with underwriting profits of $145 million and a combined ratio of 93.7%. Our portfolio actions are having a clear impact with catastrophe losses for the core business, down 90% to $14 million, and other parts of the portfolio are also improving.

排除與 LPT 相關的發行，承保利潤為 1.45 億美元，綜合成本率為 93.7%，這一結果仍然創下了我們的記錄。我們的投資組合行動產生了明顯的影響，核心業務的災難性損失下降了 90% 至 1,400 萬美元，而投資組合的其他部分也在改善。

More detail on our reduction of underwriting volatility is available on slide 8. Whilst our consolidated gross written premium was stable, the top line for our core business decreased 3%, reflecting the ongoing portfolio actions.

有關我們降低承保波動性的更多詳細信息，請參閱幻燈片 8。雖然我們的綜合總承保保費保持穩定，但我們核心業務的收入下降了 3%，反映了持續的投資組合行動。

Reinsurance premiums decreased by $250 million, largely due to pulling back in the international properties. This was partially offset by growth in the Insurance and Services segment, which increased by $156 million. During 2023, we took additional actions on our workers' comp and cyber portfolios, which will have an impact on our 2024 premiums and offset the underlying growth in the portfolio.

再保險保費下降了 2.5 億美元，主要是因為國際財產業務的減少。這被保險和服務部門的成長部分抵消，該部門增加了 1.56 億美元。2023 年，我們對員工薪資和網路投資組合採取了額外行動，這將對我們 2024 年的保費產生影響，並抵消投資組合的潛在成長。

Capital-light net services fee income increased 37% to a record $50 million, driven by higher fees from Arcadian and IMG. Service revenues are up 10% versus last year, while service margins increased four points to 21% for 2023.

受 Arcadian 和 IMG 費用上漲的推動，輕資本淨服務費收入成長 37%，達到創紀錄的 5,000 萬美元。到 2023 年，服務收入將比去年成長 10%，而服務利潤率將成長 4 個百分點，達到 21%。

Total investment result was strong at $273 million and driven by $281 million of net investment income, which surpassed the revised net investment income guidance of $250 million to 260 million given in the third quarter.

總投資業績強勁，達到 2.73 億美元，這得益於 2.81 億美元的淨投資收益，超過了第三季修訂後的 2.5 億至 2.6 億美元的淨投資收益指引。

Unrealized and realized losses, including from related party investment funds, were $11 million and significantly better than the $436 million loss in 2022. Net corporate and other expenses were down to $258 million for the year, a $55 million improvement versus the prior year.

未實現和已實現的損失（包括來自關聯方投資基金的損失）為 1,100 萬美元，明顯優於 2022 年 4.36 億美元的損失。本年度公司及其他費用淨額下降至 2.58 億美元，較上年減少 5,500 萬美元。

We have two moving parts here. One, we moved $42 billion of expenses, above the line within our core underwriting result, which supported an improvement. And on the other end, we had $38 million of one-off expenses in relation to restructuring costs and transaction costs. Transaction costs of $8 million were in relation to the third [13D] process and loss portfolio transfer, whilst restructuring costs were $30 million for the year as we accelerated our cost savings program.

我們這裡有兩個活動部件。第一，我們將 420 億美元的支出移至核心核保績效線之上，這支持了績效的改善。另一方面，我們有 3800 萬美元的與重組成本和交易成本相關的一次性費用。800 萬美元的交易成本與第三次 [13D] 流程和損失投資組合轉移有關，而隨著我們加快成本節約計劃，今年的重組成本為 3000 萬美元。

Other notable items impacting net income during the period included a $59 million loss from mark to market on liability classified capital instruments, $35 million foreign exchange loss and a $101 million tax benefit from the creation of a deferred tax asset as a result of the changes to the Bermuda income tax groups.

其他影響該期間淨收入的顯著項目包括負債分類資本工具以市價計算的 5,900 萬美元損失、3,500 萬美元外匯損失以及因遞延稅項資產的變更而產生的 1.01 億美元稅收優惠百慕達所得稅集團。

Moving to slide 14, I'll talk briefly about fourth quarter financials. Overall, it was a strong quarter with all three earnings engines positively contributing to net income and up year-on-year. For the underwriting result, this marked the fifth consecutive quarter of positive income since we committed to building a culture driven by strong underwriting.

前往投影片 14，我將簡要討論第四季的財務狀況。總體而言，這是一個強勁的季度，所有三個獲利引擎都對淨利潤和同比增長做出了積極貢獻。就承保業績而言，這標誌著我們致力於建立由強大承保驅動的文化以來連續第五個季度實現正收入。

Our core underwriting profits increased 19% to $37 million, with the combined ratio down 1.4 points to 93.4%. This includes 2.9 points of short-term incentives for staff, which when excluded would equate to a 90.5% combined ratio for the core business compared to 94.8% in 2022, or improvement of 4.3 points.

我們的核心承保利潤成長 19%，達到 3,700 萬美元，綜合成本率下降 1.4 個百分點，達到 93.4%。其中包括 2.9 個員工短期激勵，如果將其排除，核心業務的綜合成本率為 90.5%，而 2022 年為 94.8%，提高了 4.3 個百分點。

Gross premiums written decreased 3% quarter-on-quarter in our core business. Top line growth was impacted by reductions in premiums in the reinsurance segment, where premiums are down $49 million compared to the fourth quarter last year. This was partially offset by insurance and service premiums, which increased by $26 million or 6%.

我們的核心業務毛保費較上季下降 3%。收入成長受到再保險領域保費減少的影響，與去年第四季相比，該領域保費減少了 4,900 萬美元。這被保險和服務保費部分抵消，增加了 2,600 萬美元，即 6%。

Core MGA revenues increased by 21% to $56 million compared to the prior quarter and were driven mainly by growth from our KBN and ING margins increased from improved by 16.7 points to a strong 22% while we grew our MGA net service fee income to $12 million for the quarter.

與上一季相比，核心MGA 收入成長了21%，達到5,600 萬美元，主要是由於我們的KBN 和ING 利潤率從提高了16.7 個百分點，強勁增長了22%，同時我們的MGA 淨服務費營收成長到了1,200 萬美元對於本季。

The total investment result for the quarter was strong $65 million. this was driven by $78 million of net investment income, which is up by $27 million compared to the prior quarter, as the derisked portfolio continues to benefit from rate increases.

該季度的總投資結果高達 6,500 萬美元。這是由 7,800 萬美元的淨投資收入推動的，與上一季相比增加了 2,700 萬美元，因為去創投組合繼續受益於升息。

Unrealized and realized losses, including from related party investment funds with $13 billion. Net income of $94 million was a significant improvement versus the $27 million loss during the prior year quarter. Other items impacting income included a $6 million restructuring charge, $19 million of foreign exchange losses and the previously mentioned one-time deferred tax benefit of $101 million related to Bermuda's new income tax law.

未實現和已實現的損失，其中包括 130 億美元的關聯方投資基金損失。淨利潤達到 9,400 萬美元，與去年同期的 2,700 萬美元虧損相比有了顯著改善。其他影響收入的項目包括 600 萬美元的重組費用、1,900 萬美元的外匯損失以及前面提到的與百慕達新所得稅法相關的 1.01 億美元一次性遞延稅項福利。

This quarter also includes a $30 million increase to our reserve margin within the corporate segment. As Scott mentioned earlier, this has been done from a position of strength on the back of strong performance, and we look to improve the quality of our balance sheet.

本季我們的企業部門準備率也增加了 3,000 萬美元。正如斯科特之前提到的，這是在強勁業績的基礎上實現的，我們希望提高資產負債表的品質。

Common shareholders' equity grew 15% during the quarter, supported by the mark to market movements on fixed income investments and growth in net income. Adjusting for AOCI common shareholders' equity growth was 6% in the quarter.

在固定收益投資以市價計算的變動和淨利潤成長的支撐下，本季普通股股東權益增加了 15%。經 AOCI 調整後，本季普通股股東權益成長率為 6%。

Moving to slide 15 and focus on premium trends, including one, one renewals. During 2023, we continue to take actions to improve the profitability of the book with additional actions during the second half of '23 related to cyber and workers' compensation segments.

前往投影片 15，重點關注優質趨勢，包括一對一續訂。2023 年，我們將繼續採取行動提高本書的獲利能力，並在 23 年下半年採取與網路和工人賠償部分相關的其他行動。

We believe these actions will impact our underlying premium growth during 2024, which will be driven by positive rates across our portfolio and volume growth in the areas like North American programs business, accident and health and international, which we are actively looking to grow.

我們相信，這些行動將影響我們在 2024 年的基本保費增長，這將受到我們投資組合的正利率以及北美計劃業務、意外與健康以及國際等領域的銷量增長的推動，我們正在積極尋求增長。

Trading trends in Q4 have remained broadly similar to the first nine months of 2023, less than 10% of our overall book gets renewed in Q4, excluding North America program business, which has experienced average rate increases of around 7%.

第四季的交易趨勢與 2023 年前 9 個月大體相似，第四季我們的總帳簿中只有不到 10% 得到更新，不包括北美專案業務，該業務的平均成長率約為 7%。

North American program business, a 6% rate increases during Q4, excluding cyber and workers' compensation, which have both been under pressure and where we have taken portfolio actions to manage the profitability of our book.

北美節目業務，第四季度增長率為 6%，不包括網絡和工人薪酬，這兩個方面都面臨壓力，我們已採取投資組合行動來管理我們賬簿的盈利能力。

Moving to the topic of renewals, at the January 2024 renewal period, we experienced positive rate increases across the majority of the business with an average rate change at around 3% across our reinsurance portfolio. This was mainly driven by US casualty and US property business. Overall, the renewals were orderly and in line with our expectations.

談到續保主題，在 2024 年 1 月的續保期內，我們的大部分業務的費率都出現了正增長，我們的再保險投資組合的平均費率變化約為 3%。這主要是由美國傷亡和美國房地產業務推動的。整體而言，續簽工作有秩序地進行，符合我們的預期。

Next slide 16, shows the year to date change in combined ratio for our core business and breaks the movement into individual subcomponents. Our portfolio actions have significantly improved the underwriting profitability with the combined ratio for our core business, 10.4 points better year-over-year on a like-for-like basis.

下一張投影片 16 顯示了我們核心業務的綜合比率今年迄今的變化，並將這項變更分解為各個子部分。我們的投資組合行動顯著提高了承保獲利能力，核心業務的綜合成本率比去年同期提高了 10.4 個百分點。

Our headline combined ratio of 89.1% has benefited from 4.6-percentage-points of reserve releases linked to the Health Care transaction. However, the expense reallocation of $42 million results in around to 2-percentag-point drag. Adjusting for these two and the short-term incentives previously mentioned results on a like-for-like combined ratio of 91.2% compared to 101.6% in 2022.

我們 89.1% 的整體綜合成本率受益於與醫療保健交易相關的 4.6 個百分點的準備金釋放。然而，4,200 萬美元的費用重新分配導致了約 2 個百分點的拖累。在這兩項以及前面提到的短期激勵措施進行調整後，同類綜合成本率為 91.2%，而 2022 年為 101.6%。

The core attritional loss ratio is marginally better at 64% or 1-percentage-points up on the previous year and is partly impacted from mix changes between the insurance services and the reinsurance segment and also from the large losses in the international business. The mix changes resulted in better profit commissions, which are captured in the acquisition cost ratio and has resulted in 1.4 points of improvement.

核心損耗損失率略優於64%，較前一年上升1個百分點，部分原因是保險服務和再保險部門之間的組合變化以及國際業務的巨額損失。組合變化帶來了更好的利潤佣金，這體現在購買成本比率中，並導致 1.4 個百分點的改善。

Looking at both of the moving parts together, results in a net improvement of 0.4 points year-on-year.

將兩個移動部分放在一起來看，結果較去年同期淨提高了 0.4 個百分點。

Slides 17 and 18, we look at the investment portfolio and investment results. We have made clear progress during the year as we delivered a strong net investment income figure increased our overall asset duration to 2.8 years from 1.8 years at Q4 2022 and locked in attractive reinvestment yield in excess of 4.5% on our investments during the year.

投影片 17 和 18，我們來看看投資組合和投資結果。我們在這一年中取得了明顯的進展，因為我們實現了強勁的淨投資收益數據，將我們的整體資產期限從2022 年第四季的1.8 年增加到2.8 年，並在這一年中鎖定了我們投資超過4.5% 的有吸引力的再投資收益率。

We rotated our portfolio throughout 2023, investing over $1.8 billion as we increased our exposures to corporates and asset-backed securities. Portfolio rotation and higher rates have supported our net investment income during 2023 and we expect trend to continue as we aim to deliver a strong net investment income between $250 million to $265 million during 2024.

2023 年，我們對投資組合進行了輪換，隨著我們增加了對企業和資產支持證券的投資，投資超過 18 億美元。投資組合輪換和較高的利率支撐了我們 2023 年的淨投資收入，我們預計這一趨勢將持續下去，因為我們的目標是在 2024 年實現 2.5 億至 2.65 億美元之間的強勁淨投資收入。

Overall, our investment strategy remains unchanged and focused on maintaining a high quality fixed income portfolio. 74% of our investment portfolio is now fixed income, of which 99% is investment grade with an average credit rating unchanged at double-A. We didn't experience any defaults in our fixed income portfolio during 2023. P&L volatility is significantly lower compared to last year and has helped given 90% of the fixed income portfolio is now designated as available for sale up from 88% at Q3, 2023 and none at year end 2021.

整體而言，我們的投資策略保持不變，專注於維持高品質的固定收益投資組合。目前，我們的投資組合中 74% 為固定收益，其中 99% 為投資級別，平均信用評級維持在雙 A 不變。2023 年，我們的固定收益投資組合並沒有出現任何違約情況。與去年相比，損益波動性顯著降低，鑑於現在 90% 的固定收益投資組合被指定為可供出售，這一比例高於 2023 年第三季的 88%，而到 2021 年底則沒有。

Moving on to slide 19, which looks at our balance sheet. Our balance sheet is strong, ending the quarter with [$2.3 billion] of common shareholders' equity, which is up 23% since the beginning of the year and 13% during the quarter driven by the growth in net income. Total capital, including debt, stood at $3.3 billion. Our issued debt is unchanged while our debt to total capital ratio is 23.8% and remains within our target range. Debt leverage improved by 1.4 points and asset leverage is lower at 3.3 times versus 3.6 times at the end of the third quarter.

繼續看投影片 19，查看我們的資產負債表。我們的資產負債表強勁，本季末普通股股東權益為 [23 億美元]，自年初以來成長了 23%，在淨利成長的推動下，本季成長了 13%。包括債務在內的總資本為 33 億美元。我們的已發行債務沒有變化，而債務與總資本的比率為23.8%，仍在我們的目標範圍內。負債槓桿率改善1.4個百分點，資產槓桿率降至3.3倍，低於第三季末的3.6倍。

With this, we conclude the financial section of our presentation. Our 2023 results were strong and showed a significant turnaround in 2023. We delivered record net income of $339 million, achieved a 16.2% annualized return on average equity and delivered $50 million of cost savings ahead of schedule, which contributed to a consolidated combined ratio of 84.5%, an improvement of 11.9 points year-on-year. We expect to build on this performance and aim to deliver 12% to 15% return on average common equity in the mid term.

至此，我們的簡報的財務部分就結束了。我們 2023 年的業績強勁，並在 2023 年出現了重大轉變。我們實現淨利潤 3.39 億美元，創下歷史新高，年化平均股本回報率達到 16.2%，並提前實現成本節約 5,000 萬美元，使綜合綜合成本率達到 84.5%，年增 11.9 個百分點。我們預計在這一業績的基礎上再接再厲，目標是在中期實現 12% 至 15% 的平均普通股回報率。

I would like to thank you again for your time this morning. For any questions, please contact our Investor Relations team at investor.relations@siriuspt.com. I now turn the call back over to the Operator.

我想再次感謝您今天早上抽出寶貴的時間。如有任何疑問，請聯絡我們的投資者關係團隊：investor.relations@siriuspt.com。我現在將通話轉回給接線生。

Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines at this time. I'll walk off the webcast and enjoy the rest of your day.

女士們、先生們，感謝您的參與。今天的活動到此結束。此時您可以斷開線路。我將結束網路廣播並享受您剩下的一天。