Siriuspoint Ltd (SPNT) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to SiriusPoint second-quarter 2024 earnings conference call. During today's presentation, all parties will be in a listen-only mode. As a reminder, this conference call is being recorded, and a replay is available through 11:59 PM Eastern time on August 16, 2024.

早安，女士們、先生們，歡迎參加 SiriusPoint 2024 年第二季財報電話會議。在今天的演示過程中，各方都將處於僅聽模式。謹此提醒，本次電話會議正在錄製中，並且可在東部時間 2024 年 8 月 16 日晚上 11:59 之前進行重播。

With that, I would like to turn the call over to Sarah Singh, Vice President, Strategy and Investor Relations. Please go ahead.

說到這裡，我想把電話轉給策略和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 2024 half-year and second-quarter results. Last night, 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. With me here today are Scott Egan, our Chief Executive Officer; and Jim McKinney, 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 2024 年半年和第二季業績。昨晚，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。今天和我在一起的有我們的執行長 Scott Egan；和我們的財務長吉姆·麥金尼。

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. Management uses the non-GAAP financial measures in its internal analysis of results and believes that they may be informative to investors, engaging the quality of our financial performance and identifying trends in our results.

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。管理層在其內部結果分析中使用非公認會計準則財務指標，並相信它們可以為投資者提供信息，了解我們財務業績的質量並確定我們結果的趨勢。

However, these measures should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. Please refer to page 2 of our investor presentation for additional details and the company's latest public filings.

然而，這些措施不應被視為替代或優於根據公認會計原則編制的財務績效措施。請參閱我們投資者介紹的第 2 頁以了解更多詳細資訊和公司最新的公開文件。

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

這時候，我會把電話轉給史考特。

Thanks, Sarah, and good morning, good afternoon, everyone. Thanks for joining our second-quarter and half-year 2024 results call. I'm really pleased to report another strong set of results in the second quarter.

謝謝莎拉，大家早安，下午好。感謝您參加我們的 2024 年第二季和半年業績電話會議。我真的很高興在第二季報告另一組強勁的業績。

We continue to build a track record of improving and consistent earnings. We believe that our strong focus on underwriting performance and relentless execution is showing through. This is now our seventh consecutive quarter of underwriting profit. We are building important proof points of the progress that we're making.

我們持續建立獲利持續改善的記錄。我們相信，我們對承保業績的強烈關注和不懈的執行正在體現。這是我們連續第七個季度實現承保獲利。我們正在為我們所取得的進展建立重要的證據。

Starting with premium, we've seen excellent premium growth in our continuing lines whilst retaining our underwriting discipline. Our quarter two discrete core premium growth, excluding the lines exited in 2023, was up 22%, while half-year growth is up 6% year on year.

從保費開始，我們在持續的產品線中看到了出色的保費增長，同時保留了我們的承保紀律。我們第二季的離散核心保費成長（不包括 2023 年退出的業務）成長了 22%，而半年成長 6%。

Given our restructuring in '22 and '23 to improve underwriting performance, it is important to look at the underlying performance. Our simplified one SiriusPoint operating structure and culture means we are able to work in a cohesive and agile way, enabling us to allocate capital quickly and to tap into market opportunities where they are most attractive. Insurance and services gross premium written adjusted for the exited programs through 16% year over year, driven by our North American programs, international, and London business. We're pleased with this progress given these are important areas of strategic focus.

鑑於我們在 22 年和 23 年進行了重組以提高承保業績，因此了解基本業績非常重要。我們簡化的 one SiriusPoint 營運結構和文化意味著我們能夠以一種有凝聚力和敏捷的方式工作，使我們能夠快速分配資本並抓住最具吸引力的市場機會。在我們的北美專案、國際和倫敦業務的推動下，已退出專案的保險和服務毛保費調整後年增 16%。鑑於這些是戰略重點的重要領域，我們對這項進展感到高興。

This growth is coupled with a strong half-year combined ratio of 92.5% for our core business, demonstrating our focus and discipline on driving profitable growth. During the first half-year, we've added seven new programs and expanded three partnerships. This positive momentum has continued into the start of the second half of the year with four new partnerships already announced during July.

這一成長與我們核心業務高達 92.5% 的半年綜合成本率相結合，體現了我們對推動獲利成長的專注和紀律。上半年，我們增加了七個新項目並擴大了三個合作夥伴關係。這種積極的勢頭一直持續到今年下半年，七月已經宣布了四個新的合作關係。

Our MGA Center of Excellence is beginning to earn a market reputation as an attractive and leading platform for program administrators and managing general agents. I'm excited about the momentum building in this part of the business.

我們的 MGA 卓越中心開始贏得市場聲譽，成為專案管理員和管理總代理商的有吸引力且領先的平台。我對這部分業務的發展勢頭感到興奮。

Since the quarter end, some loss events have affected the industry, most notably, Crowdstrike and Hurricane Beryl. We did not expect these events to have a significant impact on SiriusPoint.

自本季末以來，一些損失事件影響了該行業，其中最著名的是 Crowdstrike 和颶風 Beryl。我們沒想到這些事件會對 SiriusPoint 產生重大影響。

Turning now to our MGA's, we've taken multiple actions in relation to our MGA equity stakes to unlock value and simplify our balance sheet. The deconsolidation of Arcadian has allowed us to recognize the value of our share in this business at a market value without impacting our go-forward P&L. I've stated before that the actual economic value of our consolidated MGA's is significantly higher than the carrying value of these assets. They are not fully reflected in SiriusPoint share price, and Arcadian deconsolidation is an important proof point. While it is a first step in this regard, a significant value gap still remains for our remaining consolidated MGA's.

現在轉向我們的 MGA，我們已就 MGA 股權採取了多項行動，以釋放價值並簡化我們的資產負債表。Arcadian 的拆分使我們能夠以市場價值認識到我們在該業務中所佔份額的價值，而不會影響我們的未來損益。我之前說過，我們合併後的 MGA 的實際經濟價值明顯高於這些資產的帳面價值。它們並沒有完全反映在 SiriusPoint 股價中，Arcadian 的分拆就是一個重要的證明點。雖然這是這方面的第一步，但我們剩餘的合併 MGA 仍然存在巨大的價值差距。

Our remaining three consolidated MGA's have a book value of $94 million and generated $24 million of net service fee income for the first half in 2024. Our MGA equity stakes are now down to 22 compared to 36 at the start of 2023. In Q2, our MGA strategic actions resulted in a $46 million pre-tax gain being recognized.

我們剩餘的三個合併 MGA 的帳面價值為 9,400 萬美元，2024 年上半年產生的淨服務費收入為 2,400 萬美元。我們的 MGA 股權現已減少至 22 股，而 2023 年初為 36 股。第二季度，我們的 MGA 策略行動帶來了 4,600 萬美元的稅前收益。

With regard to investment, we've reported another excellent investment result for the second quarter. This outcome reflects the continuing strong rate performance and our ongoing optimization of the portfolio. As a result, we are pleased to increase our net investment income guidance for the full-year 2024 to between $275 million and $285 million, up from $250 million to $265 million.

在投資方面，我們報告了第二季的另一個出色的投資表現。這一結果反映了持續強勁的利率表現以及我們對投資組合的持續最佳化。因此，我們很高興將 2024 年全年的淨投資收入指引從 2.5 億美元至 2.65 億美元提高至 2.75 億美元至 2.85 億美元之間。

The combination of our strong underwriting performance, MGA net service fee income, and investment results contributed to a net income of $110 million in the second quarter and $201 million for the half year. And at the half year, we are operating within our recently upgraded return-on-equity range of 12% to 15%. Diluted book value per share grew 5% in the quarter and 7% year to date.

我們強勁的承保業績、MGA 淨服務費收入和投資業績相結合，促成第二季淨利 1.1 億美元，半年淨利 2.01 億美元。上半年，我們的股本回報率在最近升級的 12% 至 15% 範圍內運作。本季稀釋後每股帳面價值成長 5%，年初至今成長 7%。

Turning now to our people, they are firmly at the heart of our SiriusPoint business. We have an annual employee engagement survey, The Voice of SiriusPoint, which we ran again at the end of quarter two. We were absolutely delighted to see a significant step up in overall engagement levels, building on high levels recorded in the 2023 survey.

現在談談我們的員工，他們是我們 SiriusPoint 業務的核心。我們有一項年度員工敬業度調查，即 SiriusPoint 之聲，我們在第二季末再次進行了這項調查。我們非常高興看到整體參與度在 2023 年調查記錄的高水準基礎上顯著提高。

Overall, employee engagement moved up from 75% to 80%, with all seven categories of engagement going up, including a 9% jump in employee pride in the business. Our net promoter score also increased by 37 points this year. Our response rate of 93%, which was up 13% on last year, indicates that people have faith that we will act on the back of the results, and we will.

總體而言，員工敬業度從 75% 上升至 80%，所有七個類別的敬業度均有所上升，其中員工對企業的自豪感提升了 9%。今年我們的淨推薦值也增加了 37 分。我們的回覆率為 93%，比去年上升了 13%，這表明人們相信我們會根據結果採取行動，我們也會這麼做。

Employee engagement is a big lever of organizational success. And we don't just give it lip service. We live it and breathe it. I am very proud of our people. My special thanks go out to all of them for their unwavering drive and collaboration in improving our business in every regard.

員工敬業度是組織成功的重要槓桿。我們不只是口頭上說說而已。我們生活並呼吸它。我為我們的人民感到非常自豪。我特別感謝他們所有人在各個方面改善我們業務的堅定不移的努力和合作。

Finally, our Q2 Bermuda solvency capital ratio of 284% is the strongest it has ever been. On the back of our strong results in capital position, we are announcing three further capital actions. Firstly, we have agreed with CMIG to repurchase approximately 9.1 million shares for $125 million. Secondly, we have also agreed with CMIG a full and final settlement for the Series A preference shares in cash.

最後，我們第二季百慕達償付能力資本比率為 284%，是有史以來最高的。在我們資本狀況強勁的基礎上，我們宣布了三項進一步的資本行動。首先，我們已與中民投達成協議，以 1.25 億美元回購約 910 萬股股票。其次，我們也與中民投就A輪優先股以現金方式進行了全面、最終的結算。

Thirdly, the Board has authorized repurchase authorizations of approximately $300 million. These three actions demonstrate that we now have flexibility to use our balance sheet to further improve and simplify the company while continuing to be prudent custodians of capital.

第三，董事會已授權約3億美元的回購授權。這三項行動表明，我們現在可以靈活地利用我們的資產負債表來進一步改進和簡化公司，同時繼續擔任審慎的資本託管人。

In summary, our half-year performance is strong, with significant delivery against our strategic and operational objectives. Our execution intensity remains focused and high. Our headline return on equity of 16.7% for the half year demonstrates this.

總而言之，我們的半年業績強勁，顯著實現了我們的策略和營運目標。我們的執行強度仍然集中且高。我們半年的整體股本報酬率為 16.7% 就證明了這一點。

Our underlying return on equity is trending within a recently updated guidance of 12% to 15%. I am grateful to all our stakeholders for their continued support as we drive SiriusPoint performance towards our ambitions of best in class.

我們的基本股本回報率趨勢在最近更新的 12% 至 15% 的指導範圍內。我感謝所有利害關係人在我們推動 SiriusPoint 效能實現一流目標的過程中給予的持續支持。

Before we move across to the financials, I want to extend a welcome to our new CFO, Jim McKinney, to SiriusPoint. Jim joined us during Q2. He has a track record for creating high-performing finance functions throughout his 20-plus year career as well as deep and broad experience as a publicly listed CFO. I look forward to having Jim on board for his support and experience as we go on the next stage of our journey.

在我們轉向財務之前，我想對 SiriusPoint 的新任財務長 Jim McKinney 表示歡迎。吉姆在第二季度加入了我們。他在 20 多年的職業生涯中創造了高績效的財務職能，並擁有作為上市財務長的深厚而廣泛的經驗。我期待吉姆加入我們，在我們下一階段的旅程中獲得他的支持和經驗。

With these remarks, I'll pass it across to Jim.

我會將這些話轉達給吉姆。

Thank you, Scott, and good morning, good afternoon to everyone. I would like to start by saying how exciting it is to be joining SiriusPoint at this stage of the journey. I've been impressed by the depth of talent that we already have within the business, and I look forward to working with the team to create shareholder value and drive forward the change required to realize our ambition of becoming a best-in-class insurer.

謝謝你，斯科特，大家早安，下午好。首先，我想說在旅程的這個階段加入 SiriusPoint 是多麼令人興奮。我們在業務中擁有的人才深度給我留下了深刻的印象，我期待與團隊合作，創造股東價值並推動實現我們成為一流保險公司的雄心所需的變革。

Starting on slide 10, we highlight our second-quarter results. It was another great quarter with a combined ratio of 93.3% for the core business, gross written premium growth of 22% for continuing lines that is adjusted for the business exited in 2023, and net income of $110 million.

從投影片 10 開始，我們將重點放在第二季的業績。這是另一個出色的季度，核心業務的綜合成本率為 93.3%，根據 2023 年退出業務進行調整的持續險種毛保費增長 22%，淨利潤為 1.1 億美元。

The net income reflects an increase of $54 million versus the prior-year quarter, with the overall impact of the MGA actions we took in the quarter contributing $46 million to net income. Diluted book value per share grew 5% in the quarter. Focusing on underwriting, gross premium written increased 5% on the quarter for the core business.

淨利潤比去年同期增加了 5,400 萬美元，本季我們採取的 MGA 行動的整體影響為淨利潤貢獻了 4,600 萬美元。本季稀釋後每股帳面價值成長 5%。專注於承保，核心業務的毛保費較本季成長 5%。

Our headline combined ratio of 93.3% for the core business was a 2.4 point deterioration versus prior year on a like-for-like basis, excluding the loss portfolio transfer. This was due to lower favorable prior-year development which stood at $4 million versus $15 million in the prior-year quarter, excluding the LPT and $6 million of catastrophe losses versus none in the prior year quarter.

我們核心業務的整體綜合成本率為 93.3%，與去年同期相比下降了 2.4 個百分點（不包括損失投資組合轉移）。這是由於去年同期的有利發展額為 400 萬美元，而去年同期為 1500 萬美元，不包括 LPT 和 600 萬美元的災難損失，而去年同期則沒有。

Prior-year development will vary over quarters. This marked the 13th quarter of favorable prior-year development on a consolidated basis that includes our runoff business, demonstrating our prudent approach to preserving.

上一年的發展將因季度而異。這標誌著去年第 13 個季度在包括我們的徑流業務在內的綜合基礎上取得了良好的發展，表明了我們謹慎的保護態度。

Importantly, the attritional loss ratio for the core business improved by 4.6 points versus the prior year quarter. This was partially offset by an increase in acquisition costs of 3.7 points due to loss sensitive features and a change in the business mix.

重要的是，核心業務的損耗率比去年同期提高了 4.6 個百分點。由於損失敏感功能和業務組合的變化，購置成本增加了 3.7 個百分點，部分抵銷了這一影響。

Looking at the trend in the underlying accident year ratio, excluding cats, we have improved earnings quality by 0.4 points compared to the prior year period. Core MGA revenue reduced by $2 million versus prior year to $57 million. Despite this, margins improved by 1.1 points to a strong 17%, resulting in our MGA net service fee income increasing to $10 million for the quarter.

從基本事故年比率的趨勢來看，不包括貓，我們的獲利品質比去年同期提高了 0.4 個百分點。核心 MGA 收入較前一年減少 200 萬美元，至 5,700 萬美元。儘管如此，利潤率仍提高了 1.1 個百分點，達到 17%，導致本季我們的 MGA 淨服務費收入增至 1,000 萬美元。

Net investment income for the quarter was strong at $78 million. This is up by $10 million compared to the prior year quarter as the derisked portfolio continues to benefit from rate increases.

該季度的淨投資收入強勁，達到 7,800 萬美元。與去年同期相比，這一數字增加了 1,000 萬美元，因為去創投組合繼續受益於升息。

Unrealized and realized gains, including from related party investment funds, were $55 million. This includes losses relating to the MGA actions we took during the quarter. The total investment result for the quarter stood at $23 million.

未實現和已實現的收益（包括來自關聯方投資基金的收益）為 5,500 萬美元。這包括與我們在本季採取的 MGA 行動相關的損失。該季度的總投資額為 2,300 萬美元。

Other items impacting income included $4 million of foreign exchange losses and an $11 million impact from mark to market on liability-classified capital instruments. Common shareholders' equity grew 4% during the quarter, supported by the strong earnings and the net gains from the MGA actions. Adjusting for AOCI, common shareholders' equity grew by 5%.

其他影響收入的項目包括 400 萬美元的外匯損失以及按市價計價對負債分類資本工具產生的 1,100 萬美元的影響。在強勁的獲利和 MGA 行動帶來的淨收益的支持下，本季普通股股東權益成長了 4%。根據 AOCI 調整後，普通股股東權益增加了 5%。

Now looking at our half-year performance on slide 11. We are very pleased to report a combined ratio of 92.5% for the core business, net income up $201 million, and diluted book value per share growth of 7%.. Adjusting for the net effect of the MGA actions and the impact from the loss portfolio transfer last year, net income increased 72% year on year, demonstrating the improving quality of our underlying earnings.

現在就來看看投影片 11 上我們的半年業績。我們非常高興地報告核心業務的綜合成本率為 92.5%，淨利潤增長 2.01 億美元，攤薄後每股賬面價值增長 7%。調整MGA行動的淨效果和去年虧損組合轉移的影響後，淨利潤年增72%，顯示我們的基礎獲利品質不斷提高。

Importantly, our first-half performance is within the medium-term ROE guidance range of 12% to 15%, standing at 16.7% on a headline basis and 13% when excluding the net effect of the MGA actions.

重要的是，我們上半年的表現處於 12% 至 15% 的中期 ROE 指引範圍內，整體為 16.7%，排除 MGA 行動的淨影響後為 13%。

Looking at our consolidated MGA performance, net service fee income was up 7% compared to the prior-year period of $30 million, with service margin improving by 1 point to a strong 24%.

從我們的綜合 MGA 業績來看，淨服務費收入比上年同期的 3,000 萬美元成長了 7%，服務利潤率提高了 1 個百分點，達到 24%。

Looking at the half-year underwriting performance in more detail on slide 12, we were pleased to report an improvement in the quality of earnings by 1.5 points in our core business compared to prior year.

更詳細地查看幻燈片 12 中的半年承保業績，我們很高興地報告說，與去年相比，我們核心業務的盈利質量提高了 1.5 個百分點。

The attritional loss ratio improved by 3.6 points, and the OUE ratio improved by 0.4 points, which in combination more than offset the 2.5 increase in the acquisition cost ratio. Cat losses were down compared to the prior year at $6 million versus $7 million in the first half of 2023. These remain substantially down since 2022.

損耗損失率改善了 3.6 個百分點，OUE 比率改善了 0.4 個百分點，兩者相加抵消了購置成本率 2.5 的成長。與前一年相比，巨災損失下降至 600 萬美元，而 2023 年上半年為 700 萬美元。自 2022 年以來，這些數字仍大幅下降。

Now looking at premium trends as shown on slide 13. Looking first on a discrete quarterly basis, gross premiums written increased 5% quarter on quarter for our core business. On a continuing lines basis, which excludes the exited cyber and workers' compensation business from 2023, gross premiums written were up 22% for the quarter.

現在來看看投影片 13 所示的溢價趨勢。首先從各個季度來看，我們核心業務的毛保費較上季成長了 5%。以連續險種計算（不包括 2023 年起退出的網路和工人賠償業務），本季毛保費增加了 22%。

At half year, continuing lines premium increased 6% compared to the prior-year period. While runoff remains a drag on headline business performance through year end, we expect the impact to be insignificant in 2025. The continuing lines growth was driven by the insurance and service segment, where we had double digit growth in all specialisms, and we saw growth led by both North America and international programs. This growth included significant contributions from programs launched in 2023 as momentum builds in our distribution strategy that is beginning to bear fruit.

上半年，續保費較去年同期成長 6%。儘管到年底徑流仍拖累整體業務表現，但我們預計 2025 年影響將微乎其微。線路的持續成長是由保險和服務領域推動的，我們在所有專業領域都實現了兩位數的成長，並且我們看到北美和國際項目帶動了成長。這一成長包括 2023 年推出的計劃的重大貢獻，因為我們的分銷策略勢頭強勁，並開始取得成果。

On the reinsurance side, premiums were down 6%. We continue to see reductions in US casualty that were partially offset by growth in our Bermuda property and specialty lines. Our underwriting first strategy means that we are targeting growing in areas that we believe will bring the best return on capital such as North American programs and London and international programs. Our SiriusPoint structure allows us to be nimble capital allocators.

再保險方面，保費下降了 6%。我們繼續看到美國傷亡人數的減少，但部分被百慕達大地產和特種產品線的成長所抵消。我們的承保優先策略意味著我們的目標是在我們認為能帶來最佳資本回報的領域中成長，例如北美專案以及倫敦和國際專案。我們的 SiriusPoint 結構使我們能夠成為靈活的資本配置者。

In terms of rate, in the first half, we saw an average rate change at around 4% across our portfolio, excluding the North American program business. Rate change was mainly driven by the US casualty and non-US property portfolio. Roughly 10% of the business in steps in the second quarter, and rates were broadly flat here, excluding North American program business.

就費率而言，上半年，我們的投資組合（不包括北美節目業務）的平均費率變化約為 4%。利率變化主要是由美國傷亡和非美國房地產投資組合所推動的。大約 10% 的業務在第二季度取得進展，除北美項目業務外，該業務的費率基本持平。

Moving to renewals, the July period produced positive rate increases across the majority of lines, with an average rate change at around 2% across the reinsurance portfolio. The strongest positive rate change was seen in US casualty business and other specialty lines.

談到續保，7 月期間，大多數險種的利率均出現正成長，再保險投資組合的平均利率變動約為 2%。最強勁的積極利率變化出現在美國意外險業務和其他專業業務。

Turning to our strong quarterly investment result on slide 14, net investment income for the first half of the year was $157 million. As Scott mentioned earlier, we have increased our net investment income guidance from $250 million to $265 million up to $275 million to $285 million.

轉向幻燈片 14 上我們強勁的季度投資業績，上半年的淨投資收入為 1.57 億美元。正如史考特先前提到的，我們將淨投資收益指引從 2.5 億美元提高到 2.65 億美元，提高到 2.75 億美元到 2.85 億美元。

Our guidance is based on four yield curves and assumes two rate cuts in the second half of the year. The portfolio continues to perform well. In the second quarter, across our fixed income portfolio, we saw no defaults.

我們的指引基於四條殖利率曲線，並假設下半年兩次降息。該投資組合繼續表現良好。第二季度，在我們的固定收益投資組合中，我們沒有看到違約情況。

Overall, our investment strategy remains unchanged as we continue to operate a high quality, low volatility fixed income portfolio with an average credit rating at AA. 83% of our investment portfolio is now fixed income, of which 98% is investment grade with an average credit rating unchanged at AA. During the quarter, we saw reinvestment rates in excess of 4.5%. Our portfolio duration increased slightly to three years. As a reminder, assets backing loss reserves remain fully matched.

整體而言，我們的投資策略保持不變，繼續經營高品質、低波動性、平均信用評級為 AA 的固定收益投資組合。目前，我們的投資組合83%是固定收益，其中98%是投資級別，平均信用評級維持在AA不變。本季度，我們看到再投資率超過 4.5%。我們的投資組合期限略有增加至三年。提醒一下，資產支援損失準備金仍然完全匹配。

Moving to slide 15, the balance sheet is robust with an estimated 284% BSCR ratio, a significant liquidity. At quarter end, we had $2.5 billion of common shareholders' equity. This is up 4% versus the prior quarter. Total capital, including debt, stood at $3.4 billion. As a result of debt actions we took, our debt-to-capital ratio decreased by 3.5 points to 19.3%. This ratio is now within our target range. Asset leverage remains stable at 2.9 times.

轉向投影片 15，資產負債表穩健，BSCR 比率估計為 284%，流動性充足。截至季末，我們擁有 25 億美元的普通股股東權益。這比上一季增長了 4%。包括債務在內的總資本為 34 億美元。由於我們採取了債務行動，我們的債務與資本比率下降了 3.5 個百分點，至 19.3%。現在這個比率在我們的目標範圍內。資產槓桿穩定在2.9倍。

Last, as Scott mentioned, our strong capital and liquidity positions enabled us to reach agreement with CMIG to purchase approximately 9.1 million shares and to settle the Series A preference shares. Further, the Board approved repurchase authorizations of approximately $300 million. These actions demonstrate the confidence we have in our business and the flexibility we have to use our balance sheet to help maximize shareholder value. With this, we conclude the financial section of our presentation.

最後，正如史考特所提到的，我們強大的資本和流動性狀況使我們能夠與中民投達成協議，購買約910萬股並結算A系列優先股。此外，董事會也批准了約 3 億美元的回購授權。這些行動顯示了我們對業務的信心以及我們利用資產負債表來幫助股東價值最大化的靈活性。至此，我們的簡報的財務部分就結束了。

Our second-quarter and half-year 2024 results were strong and demonstrate stable, consistent, and improving results. We expect to build on this performance and aim to deliver a 12% to 15% return on average common equity through the cycle. I would like to thank you again for your time this morning.

我們的 2024 年第二季和半年業績強勁，表現出穩定、一致和不斷改善的結果。我們預計在此業績的基礎上再接再厲，目標是在整個週期中實現 12% 至 15% 的平均普通股回報率。我想再次感謝您今天早上抽出寶貴的時間。

For any questions, please contact our investor relations team at investor.relations@siriuspoint.com.

如有任何疑問，請聯絡我們的投資者關係團隊：investor.relations@siriuspoint.com。

I now turn the call back over to the operator.

我現在將電話轉回給接線生。

Thank you. Ladies and gentlemen, this concludes the conference of SiriusPoint Limited. Thank you for your participation. You may now disconnect your lines.

謝謝。女士們、先生們，SiriusPoint Limited 的會議到此結束。感謝您的參與。現在您可以斷開線路。