Siriuspoint Ltd (SPNT) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to SiriusPoint third-quarter 2025 earnings 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 November 14, 2025.

女士們、先生們，早安，歡迎參加 SiriusPoint 2025 年第三季財報電話會議。（操作員說明）提醒各位，本次電話會議正在錄音，錄音重播將於美國東部時間 2025 年 11 月 14 日晚上 11:59 結束。

With that, I'd like to turn the call over to Liam Blackledge, Investor Relations and Strategy Manager. Please go ahead.

接下來，我將把電話交給投資者關係和策略經理利亞姆·布萊克利奇。請繼續。

Thank you, operator, and good morning or good afternoon to everyone listening. I welcome you to the SiriusPoint earnings call for the 2025 third-quarter and nine-months results. Last night, we issued our earnings press release, 10-Q, and financial supplements, 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.

謝謝接線員，也祝各位聽眾早安/下午好。歡迎各位參加 SiriusPoint 2025 年第三季及前九個月業績電話會議。昨晚，我們發布了盈利新聞稿、10-Q 表格和財務補充文件，這些文件可在我們的網站 www.siriuspt.com 上查閱。此外，我們將在今天的討論會期間進行網路直播，直播內容也可在我們的網站上觀看。

Joining me on the call today are Scott Egan, our Chief Executive Officer; and Jim McKinney, our Chief Financial Officer. 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.

今天與我一起參加電話會議的有我們的執行長史考特·伊根和我們的財務長吉姆·麥金尼。在開始之前，我想提醒各位，今天的發言包含基於管理層當前預期而作出的前瞻性陳述。實際結果可能有所不同。本文也將討論一些非GAAP財務指標。

Management uses the non-GAAP financial measures in its internal analysis of our results of operations 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 or superior to the measures of financial performance prepared in accordance with GAAP. Please refer to page 2 of our investor presentation and the company's latest public filings with the Securities and Exchange Commission for additional information.

管理階層在內部分析經營績效時使用非GAAP財務指標，並認為這些指標可能有助於投資者評估我們財務績效的品質並識別我們績效的趨勢。但是，這些措施不應被視為替代或優於依照公認會計原則編製的財務績效指標。有關更多信息，請參閱我們投資者演示文稿的第 2 頁以及公司向美國證券交易委員會提交的最新公開文件。

I will now turn the call over to Scott.

現在我將把通話轉給史考特。

Thanks, Liam. And good morning, good afternoon, everyone. Thank you for joining our third-quarter and nine-months 2025 results call. The third quarter was another successful quarter of delivery for SiriusPoint. A strong underwriting performance, deliberately targeted growth, the announcement of two MGA disposals, Insurer/(Re)Insurer of the Year at the Insurance Insider US Honors, and an upgrade to positive outlook from S&P, means there is a lot to be pleased about.

謝謝你，利亞姆。大家早安，下午好。感謝您參加我們2025年第三季及前九個月業績電話會議。SiriusPoint 第三季又是一個交付成功的季度。強勁的承保業績、有針對性的成長、宣佈出售兩家 MGA、榮獲美國保險內幕人士年度最佳保險公司/（再）保險公司稱號，以及標普將展望上調至正面，意味著有很多值得高興的事情。

Our ambition remains the same, keep building on the progress and momentum whilst targeting sustained levels of best-in-class performance. The third quarter was another step along the road on that journey, and we remain completely focused with no room for complacency.

我們的目標始終如一，即在現有進展和勢頭的基礎上繼續努力，力爭保持一流水平。第三季是這段旅程中的又一步，我們將繼續保持高度專注，絕不自滿。

In terms of specifics, our core combined ratio of 89.1% delivered an 11% increase in underwriting income versus last year, aided in part by no catastrophe losses in the quarter. We achieved a strong operating return on equity of 17.9%, significantly ahead of our across-the-cycle 12% to 15% target range.

具體而言，我們的核心綜合比率為 89.1%，承保收入比去年增長了 11%，部分原因是本季沒有巨災損失。我們實現了 17.9% 的強勁經營回報率，遠超過我們整個週期 12% 至 15% 的目標範圍。

More importantly, our year-to-date operating return on equity of 16.1% is still outperforming our range despite the heightened first-half losses from the California wildfires and aviation. Therefore, we would not describe the first nine months as being quiet as, in fact, our catastrophe losses are over $50 million higher than prior year. This puts our 16.1% operating return on equity into context and is an important proof point of the improvement in the quality of our earnings.

更重要的是，儘管上半年加州山火和航空業的損失加劇，但我們今年迄今的經營性股本回報率仍達到 16.1%，超過了我們的預期範圍。因此，我們不能說前九個月風平浪靜，事實上，我們的災害損失比前一年增加了 5,000 多萬美元。這使我們的 16.1% 的經營性股本回報率有了更清晰的背景，也是我們獲利品質改善的重要證明。

In addition to our strong financial delivery, the third quarter also saw significant execution on the rationalization of our MGA investments. We announced agreements for the sale of our 100% stake in Armada and our 49% stake in Arcadian for combined total proceeds of $389 million, valuing them together at around 15 times EBITDA.

除了強勁的財務表現外，第三季我們在MGA投資合理化方面也取得了顯著成效。我們宣布已達成協議，出售我們在 Armada 的 100% 股份和我們在 Arcadian 的 49% 股份，總收益為 3.89 億美元，合計估值約為 EBITDA 的 15 倍。

Upon closure of these deals, over $200 million of off-balance sheet value will be recognized in our book value, representing a per share increase of approximately $1.75. Finally, the quarter also saw our third outlook upgrade of the year with S&P upgrading our outlook to positive, joining the previous upgrades from AM Best and Fitch.

這些交易完成後，超過2億美元的表外價值將計入我們的帳面價值，相當於每股收益增加約1.75美元。此外，本季我們也獲得了今年第三次業績展望上調，標普將我們的展望上調至正面，此前AM Best和惠譽也已上調了我們的展望。

We have added a new slide this quarter linked to delivery against our ambition to become a disciplined underwriter with a low-volatility portfolio. Slide 10 shows our combined ratio volatility against our peers over the past two years. This demonstrates the significant progress we have made in managing the volatility of our underwriting, both at an individual risk level and across the portfolio.

本季我們新增了一張投影片，內容與我們實現成為一家紀律嚴明、投資組合低波動性的承保人的目標有關。第 10 張投影片顯示了過去兩年我們與同業相比的綜合比率波動。這表明我們在控制承保波動性方面取得了顯著進展，無論是在單一風險層面還是在整個投資組合層面。

We talk often about our disciplined approach to portfolio management of risk. And as you can see, since our turnaround and reshaping, we now rank amongst the top performers over the past couple of years. Our aim is to continue to build this track record. We have now delivered 12 consecutive quarters of underwriting profits and 18 consecutive quarters of favorable prior year development.

我們經常談到我們嚴謹的投資組合風險管理方法。正如你所看到的，自從我們扭轉局面、重組以來，在過去幾年裡，我們的業績已經躋身前列。我們的目標是繼續保持這良好記錄。我們已連續 12 個季度實現承保盈利，並連續 18 個季度實現上年同期良好增長。

I also want to spend a few moments talking about the strong top-line momentum we have within the company. Gross premiums written grew double digit again in the quarter at 26% year over year. This is now our sixth consecutive quarter with a double-digit growth profile. This was driven in large part by strong growth within our Insurance and Services business and particularly from our Accident and Health, Surety and attritional Property books of business.

我還想花幾分鐘時間談談公司目前強勁的營收成長動能。本季毛保費收入再次達到兩位數成長，較去年同期成長 26%。這已經是我們連續第六個季度實現兩位數成長了。這主要得益於我們保險和服務業務的強勁成長，特別是意外和健康險、擔保險和自然減損財產險業務的成長。

In particular, I want to highlight our Accident and Health division. This business acts as a volatility shock absorber within the wider underwriting portfolio given its short tail and low volatility characteristics. It also boasts a long track record of high capital returns. Our Accident and Health division allows us to take disciplined risk in other areas that still remain within our guiderails to achieve a low volatility portfolio overall. It also has the added advantage of being less correlated to wider P&C pricing cycles.

我尤其想重點介紹一下我們的意外傷害和健康險部門。鑑於其短期性和低波動性的特點，這項業務在更廣泛的承保組合中起到了波動性緩衝的作用。它還擁有長期高資本回報率的良好記錄。我們的意外和健康保險部門使我們能夠在其他領域承擔有紀律的風險，但這些風險仍然在我們的指導方針之內，以實現整體低波動性的投資組合。它還具有與更廣泛的財產和意外保險定價週期相關性較低的額外優勢。

This division accounts for almost $1 billion of gross premiums written on an annualized basis and forms a significant part of our company. Elsewhere, within our Insurance and Services business, we are seeing strong growth from Surety, which, like Accident and Health, is less correlated to wider P&C pricing cycles. Premiums here are derived via the MGA distribution channel.

該部門每年承保的毛保費接近 10 億美元，是我們公司的重要組成部分。另一方面，在我們的保險和服務業務中，擔保業務實現了強勁增長，與意外險和健康險一樣，擔保業務與更廣泛的財產險和意外險定價週期相關性較小。此處的保費是透過MGA分銷管道獲得的。

Turning specifically to look at the premium we write via the MGA distribution channel, again, we have included an additional slide in the quarter to share more details on our approach. Slide 13 focuses on the length of the relationship linked to the derived premium. In short, we are more careful with newer partners.

具體來看我們透過 MGA 分銷管道承保的保費，我們在本季中又增加了一張投影片，以分享我們方法的更多細節。第 13 張投影片重點在於與衍生保費相關的關係長度。簡而言之，我們對新合作夥伴會更加謹慎。

Whilst they make up approximately a third by number, they only make up 9% of our overall MGA premiums. We tend to have higher premium volumes with more mature partners, where we have gained greater historical experience. Around 90% of our overall portfolio comes from partners who we have had a relationship with for three years or more. We think this seasoning is an important part of our approach to risk taking.

雖然它們的數量約佔三分之一，但它們只占我們總MGA保費的9%。我們與較成熟的合作夥伴往往能獲得更高的保費收入，因為我們在這些合作夥伴身上累積了更豐富的歷史經驗。我們整體投資組合中約 90% 來自與我們維持三年或三年以上合作關係的合作夥伴。我們認為這種調味是我們承擔風險方式的重要組成部分。

Our selection process, which declined around 80% of opportunities presented, seeks out partners who want to form deep long-term relationships. Looking at our existing relationships in the last year, we have continued writing business with 97% of the partners we have previously onboarded over a year ago. This demonstrates our ability to seek out those partners who we will work with on a long-term basis and those who share our underwriting and risk philosophies.

我們的甄選過程拒絕了約 80% 的機會，旨在尋找希望建立深厚長期關係的合作夥伴。回顧過去一年我們現有的合作關係，我們與一年多前引進的合作夥伴中，有 97% 的合作夥伴繼續保持業務往來。這證明了我們有能力尋找那些能夠與我們長期合作，並且與我們擁有共同承保和風險理念的合作夥伴。

In addition to our cautious approach to risk taking in the early days of a relationship, we also apply the same logic to our reserving. Under our risk-based approach to reserving, newer relationships are generally reserved above pricing projections to account for uncertainty from limited performance experience. Lastly, we have profit-sharing features in place for around 87% of our MGA partners, driving alignment of interest linked to underwriting performance.

除了在關係初期對風險採取謹慎態度外，我們在預留資金方面也運用了同樣的邏輯。根據我們基於風險的準備金計提方法，較新的合作關係通常會在定價預測的基礎上計提高於定價預測的準備金，以應對有限的業績經驗帶來的不確定性。最後，我們為約 87% 的 MGA 合作夥伴制定了利潤分享機制，推動利益與承保績效的一致性。

Coming back briefly to the sale of our MGA investments, as I mentioned earlier, this quarter saw us reach agreements to sell two MGA investments, Armada and Arcadian. Importantly, we also signed long-term capacity deals with them both until 2030 and 2031, respectively, on existing economic terms. Armada, the most material to our book value, remains on track to close in the fourth quarter, and Arcadian remains on track to close in the first quarter of next year. We reaffirm our commitment to a long-term ROE across the cycle target of 12% to 15% post these disposals.

簡單回顧一下我們出售 MGA 投資的情況，正如我之前提到的，本季度我們達成協議出售了兩項 MGA 投資，分別是 Armada 和 Arcadian。重要的是，我們也分別與他們簽署了長期產能協議，有效期至 2030 年和 2031 年，條款與現有經濟條件一致。Armada 對我們的帳面價值影響最大，預計在第四季度完成交易；Arcadian 預計將在明年第一季完成交易。我們重申，在完成這些資產處置後，我們承諾在整個週期中實現 12% 至 15% 的長期 ROE 目標。

IMG is now our only 100% owned MGA, generating roughly $30 million of net service fee income on an annual basis. As a reminder, the carrying value on our balance sheet is $70 million. IMG is a key part of our wider Accident and Health ecosystem, generating around 25% of the Accident and Health underwriting division's premium as well as a healthy MGA margin in its own right. We are excited about the future of IMG and announced last week the appointment of a new CEO, Will Nihan, who joins us from Travelex.

IMG 目前是我們唯一一家 100% 擁有的 MGA，每年產生約 3,000 萬美元的淨服務費收入。再次提醒，我們資產負債表上的帳面價值為7000萬美元。 IMG是我們更廣泛的意外和健康保險生態系統的關鍵部分，貢獻了意外和健康保險承保部門約 25% 的保費，並且本身也帶來了可觀的 MGA 利潤。我們對 IMG 的未來充滿信心，並在上周宣布任命 Will Nihan 為新任首席執行官，他此前在 Travelex 工作。

Finally, our capital remains strong, and our third-quarter BSCR ratio improved to 226%, which is within our target range as we continue to deploy capital to support the organic growth opportunities of the business. Of course, we expect this to increase post the closing of the MGA transactions I have mentioned.

最後，我們的資本依然強勁，第三季BSCR比率提高到226%，這在我們持續部署資本以支持業務內生成長機會的目標範圍內。當然，我們預計在我提到的MGA交易完成後，這個數字還會增加。

As we think ahead on capital given these sales, we are taking a look at our capital stack and more specifically our hybrid debt instruments. When we conducted the buybacks related to the CMIG shareholder agreement, we increased our leverage. Jim will cover this in more detail, but with the Series B Preference shares having a rate reset coming up in February '26, we have an opportunity to reduce leverage to pre-CMIG agreement levels whilst reducing our financing costs meaningfully.

考慮到這些銷售，我們在考慮未來的資本安排時，正在審視我們的資本結構，特別是我們的混合債務工具。當我們根據 CMIG 股東協議進行股票回購時，我們提高了槓桿率。Jim 將會更詳細地介紹這一點，但由於 B 系列優先股將於 2026 年 2 月進行利率重置，我們有機會將槓桿率降低到 CMIG 協議之前的水平，同時大幅降低我們的融資成本。

Before I pass across to Jim, I also wanted to highlight that last month saw the company earn another award, this time Insurer/(Re)Insurer of the Year at the US Insurance Insider Honors Awards. This follows our Program Insurer of the Year award, which we received in May at the Program Manager Awards. Whilst they don't mean anything in and of themselves, I think we can take them as further proof points of our progress.

在將發言權交給吉姆之前，我還想強調一下，上個月公司獲得了另一個獎項，這次是在美國保險內幕榮譽獎中榮獲年度最佳保險公司/（再）保險公司稱號。此前，我們在 5 月的專案經理獎頒獎典禮上獲得了「年度最佳專案保險公司」獎。雖然它們本身並沒有什麼意義，但我認為我們可以將它們視為我們進步的另一個佐證。

So I will finish where I always do. I'm incredibly proud of the team and the commitment, desire, and determination they have shown again so far this year. As I reflect back on my third anniversary as CEO, our progress is strong, but it could not be done without our biggest asset, our people. I am grateful to all of them for what they have done and what they do every day, and I am excited about our future. Our collective aim is to continue our upward trajectory to become a best-in-class specialty underwriter.

所以，我將像往常一樣在最後結束。我為這支隊伍感到無比自豪，他們今年以來再次展現了奉獻精神、渴望和決心。回顧我擔任執行長三週年，我們取得了顯著進展，但這離不開我們最大的資產——員工。我感謝他們過去所做的一切以及他們每天所做的一切，我對我們的未來感到興奮。我們的共同目標是繼續保持上升勢頭，成為一流的專業承保人。

With that, I'll pass across to Jim, who will take you through the financials in more detail.

接下來，我將把麥克風交給吉姆，他將更詳細地為大家講解財務狀況。

Thank you, Scott. Turning to our third-quarter results on slide 16, in the third quarter and for the first nine months of the year, we delivered excellent financial results on a consolidated basis and in each of our segments. Our diverse portfolio continues to showcase profitable premium growth with low volatility and highly attractive lines of business.

謝謝你，斯科特。翻到第 16 頁投影片，我們來看第三季的業績。在第三季以及今年前九個月，我們在合併基礎上以及各個業務部門都取得了優異的財務表現。我們多元化的產品組合持續展現出獲利豐厚的保費成長，同時維持低波動性和極具吸引力的業務線。

At 89.1%, the core combined ratio is strong and broadly in line with the previous year. The combination of higher premiums, a strong core attritional loss ratio, lower expense ratio, and no catastrophe losses produced core underwriting income of $70 million. This is an 11% increase from the third quarter of 2024 and our 12th consecutive quarter of positive income. These items are a testament to the team's strong execution, disciplined underwriting, and focused capital management.

核心綜合比率為 89.1%，表現強勁，與上年基本持平。保費上漲、核心損耗率強勁、費用率降低、且無巨災損失，這些因素共同促成了 7,000 萬美元的核心核保收入。這比 2024 年第三季成長了 11%，也是我們連續第 12 季實現正收益。這些成果證明了團隊強大的執行力、嚴謹的核保能力和專注的資本管理。

Moving to net service fee income, we benefited from a 22% increase in year-over-year service revenues as well as net service fee income increasing 47% to $10 million. The investment result is $73 million. It includes the full impact of the actions taken during the first quarter to support our repurchase activities. Net investment income continues to benefit from a supportive yield environment, and we remain on track with our full-year guidance of net interest income between $265 million and $275 million.

從淨服務費收入來看，我們受惠於服務收入年增 22%，淨服務費收入成長 47% 至 1,000 萬美元。該投資的收益為7,300萬美元。它包含了第一季為支持我們的回購活動而採取的行動的全部影響。淨投資收益持續受惠於有利的收益率環境，我們仍有望實現全年淨利息收入在 2.65 億美元至 2.75 億美元之間的目標。

Operating net income is $85 million. This excludes non-recurring items such as foreign exchange losses. On a per share basis, this increased by 41% to $0.72. We previously referred to this metric as underlying net income but have renamed it this quarter to better reflect the nature of this metric as the business moves past its repositioning history.

營業淨收入為8500萬美元。這不包括外匯損失等非經常性項目。以每股計算，該指標增長了 41%，達到 0.72 美元。我們先前稱該指標為基本淨收入，但本季已將其更名為其他名稱，以更好地反映該指標的性質，因為公司已走出了重新定位的階段。

Net income for the quarter was $87 million, a strong year-over-year improvement from $5 million last year. In summary, our third-quarter results demonstrate our ability to profitably grow a low volatility portfolio and create meaningful value for all of our stakeholders.

本季淨收入為 8,700 萬美元，較去年同期的 500 萬美元大幅成長。總而言之，我們第三季的業績表明，我們有能力實現低波動性投資組合的獲利成長，並為所有利害關係人創造有意義的價值。

Moving to our nine-month results on slide 17, themes are consistent with the third quarter. Strong execution, disciplined underwriting, and focused capital management is producing profitable growth. Gross written premium, net written premium, and net earned premium grew 16%, 19% and 18%, respectively.

接下來是第 17 頁的九個月業績報告，主題與第三季一致。強而有力的執行、嚴謹的核保和專注的資本管理正在帶來獲利成長。毛保費收入、淨保費收入和淨已賺保費收入分別增加了 16%、19% 和 18%。

Growth was particularly strong in the third quarter. We expect fourth-quarter premiums to be more in line with the growth produced on a year-to-date basis. Common shareholders' equity increased $273 million to $2 billion, resulting in diluted book value per share ex-AOCI growing 13% or $1.83 to $16.47.

第三季成長尤為強勁。我們預計第四季保費將與年初至今的成長情況更加一致。普通股股東權益增加 2.73 億美元，達到 20 億美元，導致每股攤薄帳面價值（不包括其他綜合收益）成長 13%，即 1.83 美元，達到 16.47 美元。

Moving to slide 18 and double-clicking into our underlying earnings quality, our underwriting first focus continues to deliver strong underlying margin improvement. The attritional combined ratio chart on the left-hand side of the page strips out the impact from catastrophe losses and prior-year development as these inherently vary over time. We believe this metric is useful to examine the quality of our underwriting income.

翻到第 18 張幻燈片，雙擊查看我們的基本盈利質量，我們以承保為先的策略繼續帶來強勁的基本利潤率提升。頁面左側的損耗綜合比率圖表剔除了災害損失和前一年發展的影響，因為這些因素本身會隨時間而變化。我們認為此指標有助於檢驗我們承保收入的品質。

Our 90.9% core attritional combined ratio in the first nine months of the year represents a 1.8-point improvement versus the prior year period of 92.7%. All facets of the ratio improved. The attritional loss ratio improved 0.9 points, the acquisition cost improved 0.2 points, and the OUE improved 0.7 points.

今年前九個月，我們的核心流失綜合比率為 90.9%，比去年同期的 92.7% 提高了 1.8 個百分點。該比例的各個方面均有所改善。損耗率降低了 0.9 個百分點，獲客成本降低了 0.2 個百分點，OUE 降低了 0.7 個百分點。

Important to note, we continue to benefit from scale from our earned premium growth. For the full year, we remain comfortable with our previously stated expense ratio expectation of 6.5% to 7%. The right-hand side provides a bridge from our underlying earnings quality to our core combined ratio. This displayed 3 points of favorable prior-year development in the first nine months, partially offsetting 3.5 points of catastrophe losses that relate entirely to the first quarter California wildfires.

值得注意的是，我們持續受益於已賺取保費的成長所帶來的規模效益。對於全年而言，我們仍然對先前公佈的 6.5% 至 7% 的費用率預期感到滿意。右側提供了從我們基本盈利品質到我們核心綜合比率的橋樑。這表明前九個月比上年同期增長了 3 個百分點，部分抵消了與第一季加州野火完全相關的 3.5 個百分點的災難性損失。

Turning to our Insurance and Services segment results on slide 19, gross written premium increased $186 million or 49% to $562 million in the quarter, driven by strong growth within all of our specialties. Year to date, gross written premium increased $367 million or 26% to $1.8 billion. The Insurance and Services segment achieved a combined ratio of 90.1%. This is a 2.3-point improvement from the prior-year quarter. This was driven by a 2.3-point decrease in the loss ratio and a 2-point decrease in other underwriting expenses, partially offset by a 2-point increase in the acquisition cost ratio. The improvement is due to improving risk selection and a shift in business mix.

在第 19 頁的幻燈片中，我們展示了保險和服務部門的表現。本季毛保費收入成長了 1.86 億美元，增幅達 49%，達到 5.62 億美元，主要得益於我們所有專業領域的強勁成長。今年迄今為止，毛保費收入增加 3.67 億美元，增幅 26%，達 18 億美元。保險和服務部門的綜合比率為 90.1%。這比上年同期提高了2.3個百分點。這主要得益於賠付率下降 2.3 個百分點以及其他承保費用下降 2 個百分點，但部分被收購成本率上升 2 個百分點所抵銷。這項改善歸功於風險選擇的改進和業務組合的轉變。

Double-clicking on our Accident and Health book of business, A&H provides us with a stable source of underwriting profit and a strong double-digit return on capital. During the first nine months of the year, premiums for this specialty grew 24% and now accounts for 45% of the segment gross written premium. For the areas we focus on, the pricing environment continues to meet our risk return requirements. We continue to see growth opportunities within this specialism.

雙擊我們的意外和健康保險業務，意外和健康保險為我們提供了穩定的承保利潤來源和強勁的兩位數資本回報率。今年前九個月，該專業的保費成長了 24%，目前佔該業務板塊毛保費的 45%。在我們關注的領域，定價環境繼續滿足我們的風險回報要求。我們持續看到該專業領域的成長機會。

Turning to casualty, year-to-date premiums have increased by 4%, driven by strong rate offset by decreased volumes. In the first half of the year, we allocated capital towards other opportunities that have more attractive underlying margins. Subsequently, in the third quarter, we saw growth opportunities within select general liability subclasses, Overall, there are many classes we remain cautious on due to pricing challenges, notably public D&O and commercial auto, where, as previously indicated, we have substantially reduced premium and exposure.

就意外險而言，今年迄今的保費上漲了 4%，強勁的費率成長被投保量下降所抵消。今年上半年，我們將資金分配給了其他具有更具吸引力的潛在利潤率的投資機會。隨後，在第三季度，我們看到了部分一般責任險子類別的成長機會。整體而言，由於定價挑戰，我們對許多險種仍持謹慎態度，特別是上市公司董事及高管責任險和商業汽車險，正如之前所指出的，我們已大幅降低了這些險種的保費和風險敞口。

In terms of casualty pricing, we continue to benefit from rate in excess of trend, particularly in excess casualty that has seen mid-double-digit rate increases. Our priority is the bottom line over top line. If conditions change, we will not be afraid to take decisive action to ensure appropriate underwriting margins.

就意外險定價而言，我們繼續受益於高於趨勢水平的費率，尤其是在超額意外險方面，該險種的費率已經實現了兩位數的中段增長。我們優先考慮的是利潤而非營業額。如果情況發生變化，我們將毫不猶豫地採取果斷措施，以確保適當的承保利潤率。

Other specialties continue to see strong growth, highlighted by Surety and Environmental. Both of these lines have seen strong year-over-year and quarter-over-quarter increases in premiums. Within Marine and Energy, rate trends are similar to those described in the second quarter. Cargo and haul generally saw single-digit rate decreases. Rates for marine liability are firmer, ranging from flat to low single-digit rises. Energy liability rates remain positive and averaged 5%.

其他專業領域也持續保持強勁成長，其中擔保和環境領域表現特別突出。這兩條保險產品的保費均實現了同比和環比的強勁增長。在海洋和能源領域，費率趨勢與第二季所描述的趨勢相似。貨物運輸費率普遍出現個位數下降。海上責任險費率較穩定，漲幅基本持平或僅有個位數百分比。能源負債比率仍為正值，平均為 5%。

Last, premium for our Property specialty are strong on both a third-quarter and year-to-date basis. This is driven by growth from our international business, where we are writing select opportunities mostly in the UK. This business has a controlled volatility profile with a focus on lower limit residential and SME properties protected by XL reinsurance for larger events.

最後，我們房地產險種的保費在第三季和年初至今都表現強勁。這主要得益於我們國際業務的成長，我們主要在英國開展精選的招聘項目。該業務具有可控的波動性，專注於低限額住宅和中小企業財產，並由 XL 再保險保障以應對更大的事件。

Moving to our Reinsurance segment results on slide 20, this quarter, gross written premium decreased by $5 million or 2% to $310 million. We saw growth in casualty, offset by a decrease in aviation premium with Property premium broadly flat. Trends were similar on a net written premium basis. On a nine-month basis, gross written premium increased by 1%, while on a net basis, premiums written decreased by 3%.

接下來來看第 20 頁的再保險業務業績，本季毛保費收入減少了 500 萬美元，降幅為 2%，至 3.1 億美元。我們看到意外保險保費有所增長，但航空保險保費有所下降，財產保險保費基本持平。以淨保費收入計算，趨勢類似。以九個月計算，毛保費收入增加了 1%，而淨保費收入下降了 3%。

The combined ratio for the quarter increased by 3.3 points to 87.9%. The result was driven by a 1.2-point improvement in the acquisition cost ratio, offset by a 4.4-point increase in the loss ratio, largely the result of decreased favorable prior-year development. Double-clicking into casualty reinsurance, gross written premium increased 7% in the quarter. It is down 2% for the nine months.

本季綜合比率上升3.3個百分點至87.9%。該結果主要得益於收購成本率改善 1.2 個百分點，但被損失率上升 4.4 個百分點所抵消，這主要是由於上一年有利發展勢頭減弱所致。雙擊進入意外傷害再保險領域，本季毛保費收入成長了 7%。過去九個月下跌了2%。

Casualty reinsurance continued to benefit from positive rate that exceeded trend. Aligned with our fourth-quarter 2024 guidance, we reduced exposures on structured deals and certain casualty classes at 1/1. This is a result of underwriting discipline and our ability to allocate capital to the best opportunities.

意外傷害再保險繼續受益於高於趨勢水準的積極費率。根據我們對 2024 年第四季的指導，我們以 1/1 的比例減少了結構化交易和某些意外傷害類別的風險敞口。這是由於我們嚴格的核保紀律以及將資金配置到最佳投資機會的能力所致。

Other specialties saw gross written premium decreased by 10% this quarter. Year to date, we are up 6%. The reduction is the result of reduced aviation premium. We remain cautious on this specialty as we seek further rate increases to achieve rate adequacy, particularly with major airlines. A majority of major airline renewals occur in the fourth quarter. Our capital allocation to this area will depend on rate achieved and price adequacy.

其他特殊險種本季毛保費收入下降了10%。今年迄今為止，我們上漲了 6%。降幅是由於航空保險費降低所致。我們對這一專業領域仍保持謹慎態度，因為我們正在尋求進一步提高費率以實現費率充足，尤其是在與主要航空公司合作時。大多數大型航空公司的續約都發生在第四季。我們對該領域的資本投入將取決於實際收益率和價格是否合理。

Elsewhere in other specialties, credit and bond pricing continues to be pressured, stemming from favorable historical results and ample market capacity. Within property reinsurance, premiums were flat in the quarter with softening in excess of loss largely offset by an increase in demand for surplus relief via quota share.

在其他專業領域，由於歷史業績良好且市場容量充足，信貸和債券定價繼續面臨壓力。在財產再保險領域，本季保費保持平穩，超額損失的疲軟很大程度上被透過配額分攤方式獲得超額救濟的需求增加所抵消。

Here, carriers are driving additional demand, specifically for secondary perils coverage, following market expansion resulting from the improved market conditions and regulatory environment. For the first nine months, premiums are roughly flat with reinstatement premiums from the California wildfires offsetting premium reductions. We will continue to monitor rate adequacy in property reinsurance and be disciplined capital allocators.

在此，隨著市場狀況和監管環境的改善，市場擴張，保險公司正在推動額外的需求，特別是對次要風險保險的需求。前九個月保費基本上持平，加州山火造成的保費恢復抵消了保費的降低。我們將繼續監控財產再保險費率的充足性，並嚴格進行資本配置。

Slide 21 shows our catastrophe losses versus peers and the reduction in the volatility of our portfolio. Following portfolio actions taken in 2022, we have materially decreased our catastrophe exposure in order to deliver more consistent returns to our shareholders. The charts show how we reduced our catastrophe losses in 2023 and 2024 and have continued on this path in 2025.

第 21 頁顯示了我們與同業相比的巨災損失以及我們投資組合波動性的降低。繼 2022 年採取投資組合調整措施後，我們大幅降低了巨災風險敞口，以便為股東帶來更穩定的回報。圖表顯示，我們在 2023 年和 2024 年減少了災害損失，並在 2025 年繼續保持這一勢頭。

Catastrophe losses in the first nine months represent 3.5 points of our combined ratio and were largely driven by the first-quarter California wildfires. We have a comparatively low loss ratio, demonstrating the benefits of our diversified portfolio. I would like to take a moment on behalf of all of SiriusPoint to send our thoughts to all those who have been affected by Hurricane Melissa earlier this week. At present, we expect this to be a manageable loss with our net exposure in the affected regions around $10 million.

前九個月的災害損失占我們綜合比率的 3.5 個百分點，主要原因是第一季加州山火。我們的虧損率相對較低，這反映了我們多元化投資組合的優勢。我謹代表 SiriusPoint 的全體員工，向本週早些時候受到颶風梅麗莎影響的所有人致以慰問。目前，我們預計這將是一筆可控的損失，我們在受影響地區的淨風險敞口約為 1000 萬美元。

Moving to reserving, our strong history of prudence is shown on slide 22. Favorable prior-year development in the quarter stood at $9 million for the core business versus $30 million in the prior-year quarter. It is important to consider our consolidated result here as this includes the business we have put in runoff. We had favorable prior-year development on a consolidated basis of $9 million, marking the 18th consecutive quarter of favorable prior-year development.

談到儲備金，我們一貫謹慎的做法在第 22 張投影片中有所體現。本季核心業務的良好發展動能為 900 萬美元，而上年同期為 3,000 萬美元。這裡需要考慮我們的合併業績，因為它包含了我們已經終止經營的業務。我們上年同期合併業績成長了 900 萬美元，這是連續第 18 個季度上年同期業績成長良好。

Our track record of consecutive favorable releases well exceeds the average duration of our insurance liabilities of 2.8 years, highlighting our prudent approach to reserving. Additionally, we show here the strong level of protection we have on each of these loss portfolio transfers that were completed in 2021, 2023, and 2024.

我們連續獲得有利賠償的記錄遠遠超過了保險負債的平均期限 2.8 年，這凸顯了我們在準備金方面的審慎做法。此外，我們在此展示了我們在 2021 年、2023 年和 2024 年完成的每筆損失組合轉移所擁有的強大保護水準。

Turning to our strong investment result on slide 23, net investment income for the first nine months of the year was $206 million, down slightly from the prior-year period as a result of a lower asset base following the settlement of the CM Bermuda transaction in the first quarter. We reinvested over $900 million this quarter with new money yields continuing to be in excess of 4.5%.

再來看幻燈片 23 中我們強勁的投資業績，今年前九個月的淨投資收益為 2.06 億美元，由於第一季 CM Bermuda 交易結算後資產基礎下降，較上年同期略有下降。本季我們再投資了超過 9 億美元，新資金收益率持續超過 4.5%。

The portfolio continues to perform well, and there were no defaults across our fixed-income portfolio. We remain committed to our investment strategy, which focuses on high-quality fixed income securities. 83% of our investment portfolio is fixed income, of which 99% is investment grade with an average credit rating of AA minus. Our overall portfolio duration remained at 3.1 years, while assets backing loss reserves remain fully at match and are at 2.8 years.

該投資組合持續表現良好，我們的固定收益投資組合中沒有出現任何違約。我們始終堅持既定的投資策略，專注於高品質的固定收益證券。我們投資組合中83%為固定收益證券，其中99%為投資等級證券，平均信用評等為AA-。我們的整體投資組合久期仍為 3.1 年，而用於支持損失準備金的資產仍完全匹配，為 2.8 年。

Moving on to slide 24, looking at our strong and diversified capital base, our third-quarter estimated BSCR ratio increased 3 points to 226%. Our capital position remains strong and contains sufficient prudence as shown by the stress-test scenario of a one-in--250-year PML event.

接下來是第 24 張投影片，看看我們強大且多元化的資本基礎，我們第三季的估計 BSCR 比率上升了 3 個百分點，達到 226%。我們的資本狀況依然強勁，並且具有足夠的審慎性，這在應對 250 年一遇的 PML 事件的壓力測試情景中得到了體現。

Moving on to our balance sheet on slide 25, we continue to have strong balance sheet with ample capital and liquidity. During the quarter, the debt-to-capital ratio fell to 23.6%, driven by an increase in shareholders' equity from net income offset by weakening of the US dollar-Swedish krona exchange rate, increasing the value of our debt issued in krona. Our debt-to-capital levels remain within our targets.

接下來來看第 25 頁的資產負債表，我們持續保持強勁的資產負債表，擁有充足的資本和流動性。本季，由於淨利增加帶動股東權益成長，但美元兌瑞典克朗匯率走弱，導致以克朗計價發行的負債價值上升，負債資本比率降至 23.6%。我們的債務資本比率仍維持在目標範圍內。

We continue to have strong liquidity levels, including $662 million of liquidity available to the holdco following the final payment of $483 million to CM Bermuda in the first quarter. As a reminder, in the first half of the year, both AM Best and Fitch revised our outlook to positive from stable, whilst Moody's and S&P affirmed our ratings.

我們繼續保持強勁的流動性水平，包括在第一季度向 CM Bermuda 支付最後一筆 4.83 億美元款項後，控股公司可用的流動性為 6.62 億美元。提醒一下，今年上半年，AM Best 和 Fitch 都將我們的評級展望從穩定調整為正面，而 Moody's 和 S&P 則確認了我們的評級。

During the third quarter, S&P also revised our outlook to positive from stable. We believe our balance sheet continues to be undervalued in relation to the consolidated MGAs, which we own. During the quarter, we announced the sale of Armada, which will increase book value by roughly $180 million upon close.

第三季度，標普也將我們的展望從穩定調整為正面。我們認為，相對於我們擁有的合併後的MGA（管理總代理）而言，我們的資產負債表仍然被低估了。本季度，我們宣佈出售 Armada 公司，交易完成後，帳面價值將增加約 1.8 億美元。

We also announced the sale of our 49% stake in Arcadian. This will increase book value by roughly $25 million to $30 million upon close. Following the sale of these MGAs, we reaffirm our commitment to producing 12% to 15% ROE across the cycle. We expect to use the proceeds to redeem the $200 million of preference shares that we have outstanding at their upcoming rate reset.

我們也宣佈出售了我們在 Arcadian 持有的 49% 股份。交易完成後，帳面價值將增加約2500萬美元至3000萬美元。在這些MGA售出後，我們重申我們致力於在整個週期中實現12%至15%的ROE。我們計劃將所得款項用於贖回我們即將到期的 2 億美元優先股（以即將到來的利率重置計算）。

On a pro forma basis, using the proceeds from the sale to redeem the preference shares would reduce our leverage ratio, including preference shares from 31% to 24%. This will enhance our credit profile and reduce our cost of debt.

依備考基準，利用出售所得款項贖回優先股將使我們的槓桿率（包括優先股）從 31% 降至 24%。這將提升我們的信用評級，降低我們的債務成本。

With this, we conclude the financial section of our presentation. This quarter saw a continuation of strong double-digit growth in our top line, while delivering a core combined ratio in the high 80s that contains continued attritional loss ratio improvement. This is our seventh consecutive quarter of attritional loss ratio improvement.

至此，我們報告的財務部分就結束了。本季度，我們的營收持續保持強勁的兩位數成長，同時核心綜合比率保持在 80% 以上，其中自然損失率持續改善。這是我們的損耗率連續第七個季度有所改善。

Operating return on equity for the quarter of 17.9% contributes to a nine-month operating return on equity of 16.1%. We are on track to deliver another year with a strong return on equity at or above our 12% to 15% across the cycle target. We have built a strong track record of delivery, and this quarter's result further validates the significant progress we have made on our journey to becoming a best-in-class specialty underwriter.

本季營業淨資產收益率為 17.9%，前九個月營業淨資產收益率為 16.1%。我們預計連續第二年實現強勁的股本回報率，達到或超過我們設定的周期目標 12% 至 15%。我們已建立了良好的業績記錄，本季的業績進一步證明了我們在成為一流專業承保人的道路上取得了重大進展。

With that, I hand the call back over to the operator. We can now open the lines for questions.

於是，我把電話轉回給了接線生。現在我們可以開放提問通道了。

(Operator Instructions) Michael Phillips, Oppenheimer and Company.

（操作說明）邁克爾·菲利普斯，奧本海默公司。

Thank you. Good morning, everybody. Good afternoon. First of all, congrats on the quarter, and I appreciate the slide -- the new slide. Slide 13 is nice to see. I'm so glad you guys added that. Question on, I guess, insurance and kind of to Jim's last couple of comments on the attritional loss ratio improvements.

謝謝。大家早安。午安.首先，恭喜你本季取得佳績，我很欣賞你製作的投影片——新的投影片。很高興看到第 13 張投影片。很高興你們添加了這個功能。我想問一個關於保險的問題，也算是回應吉姆之前關於損耗率改善的幾則評論。

You've taken it nicely down from mid-60s to now teasing 60, low 60s. And I assume part of that -- a good part of that is because of the mix shift in the company in that segment. I guess, so as we think about continued probably mix shift, A&H, Surety, and different things that you're really growing in and think about that line item for the attritional accident year loss ratio, it seems like -- are we teasing to get below 60% as we look forward is the question.

你已經把它從 60 多度降到了現在的 60 多度，接近 60 度。我認為其中一部分原因——很大一部分原因——是由於該公司在該業務板塊的業務組合發生了變化。我想，當我們考慮持續可能的組合變化、意外傷害保險、擔保保險以及你們正在蓬勃發展的其他業務，並考慮事故年度損失率這一項目時，問題似乎是——展望未來，我們能否將這一比例降至 60% 以下。

Michael, thanks very much for the question, and thanks for your comments at the beginning as well. Jim, you can jump in a second as well. Look, I think, Michael, the way I think about it is, obviously, we've done a lot of the hard work over the past few years, which was really reshaping the portfolio. Obviously, because of the profile of our distribution, sometimes when we win a new MGA relationship, that can see things sort of move.

邁克爾，非常感謝你的提問，也謝謝你一開始的評論。吉姆，你也馬上跳進來。邁克爾，我覺得，很明顯，過去幾年我們做了很多艱苦的工作，那就是真正重塑投資組合。顯然，由於我們的分銷模式，有時當我們贏得新的 MGA 合作關係時，情況可能會有所變化。

But I wouldn't expect any material movements, if I'm honest with you, as we sort of look out and over. Our ambition is always to reduce it, obviously, all of our ratios. But obviously, we have to take into account the environment as well. So I would say, look, it's more sort of now, Michael, to be honest, rather than sort of incremental moves. But obviously, if that mix shift changes because we are making decisions or because we win sort of new relationships, then obviously, we'll be very clear in our guidance. But Jim, do you want to add anything beyond what I've said?

但說實話，我認為我們觀察下去不會有任何實質的進展。我們的目標始終是降低所有比率，這顯而易見。但很顯然，我們也必須考慮到環境因素。所以我想說，邁克爾，說實話，現在的情況更像是某種變革，而不是漸進式的變革。但很顯然，如果這種組合發生變化，是因為我們正在做出決定，或者因為我們贏得了某種新的關係，那麼很顯然，我們會在指導方針中非常明確地說明這一點。吉姆，除了我剛才說的，你還有什麼要補充的嗎？

No, I think that's well said. I think, at this stage, we're likely -- it's a mix shift element. What would be clear is our targets from an ROE perspective and our commitment that we're earning appropriate returns on the deployment of capital. And so I would think about us continuing to optimize and to grow that as the real focus point.

不，我覺得說得很好。我認為，在現階段，我們很可能──這是一個混合轉變的因素。從淨資產收益率的角度來看，我們的目標很明確，我們致力於確保資本部署獲得適當的回報。因此，我認為我們應該繼續優化和發展它，這才是真正的重點。

And Michael, I'd just come back to that as well because one of the things, for example, in something like reinsurance as we look into some of the more structured products, if that mix shift changes, obviously, it can be quite a shift in terms of sort of loss ratio, acquisition cost, et cetera.

邁克爾，我還要再說一遍，因為例如在再保險領域，當我們研究一些結構化產品時，如果這種組合發生變化，顯然，在損失率、獲取成本等方面可能會發生相當大的變化。

But look, for us, we'll go after where we think there's the most value. If we pull back in certain areas, we'll be very clear on what and why, but always with good first principle, which is, number one, underwriting principle.

但是，對我們來說，我們會追求我們認為最有價值的東西。如果我們在某些​​領域進行縮減，我們會非常清楚地說明是什麼以及為什麼，但始終要遵循良好的第一原則，那就是承保原則。

And I think Jim captured it perfectly for me, which is, look, we think of it holistically in ROE and don't just sort of pull one particular lever. And we can sometimes see value in different areas, which obviously would shift between acquisition cost and loss ratio. And obviously, OUE, much smaller number. But ultimately, we've made great progress in that over the last few years. So look, we'll be as transparent as we possibly can be. And look, hopefully, the slides helped a bit as well. And thank you for your comments in that regard.

我認為吉姆完美地詮釋了這一點，那就是，你看，我們在 ROE 中是整體地考慮這個問題的，而不是僅僅拉動某個特定的槓桿。我們有時可以在不同的領域看到價值，這顯然會在獲取成本和損失率之間發生變化。顯然，OUE 的數值要小得多。但總的來說，過去幾年我們在這方面取得了巨大進展。所以，我們會盡量做到透明公開。希望這些投影片也能起到一些幫助。感謝您在這方面的評論。

Yes. No, thanks. I guess, given the pretty significant jump in insurance growth this quarter, I know last year is when I think you took out some $90 million. So I know we're apples-to-apples from this year to last year. But just help us think about how we can, I guess, model the premium growth going forward. Was there any anomalies in this quarter in either A&H or Surety that kind of led to the pretty significant growth this quarter?

是的。不，謝謝。我想，鑑於本季度保險業務成長的顯著成長，我知道去年你大概提取了 9000 萬美元。所以我知道今年的情況和去年的情況完全一樣。但請您幫我們思考一下，我們該如何模擬未來的保費成長呢？本季意外傷害與健康險或擔保險業務是否存在任何異常情況，導致了本季相當顯著的成長？

Not anomalies. I definitely wouldn't describe them as that, Michael. I mean, what can happen, obviously, is we can win new relationships. And obviously, that can impact it. Obviously, we've tried to be clear over the last few quarters, I hope, where we can say we've been sort of leaning into. So I think you can see the difference between our gross growth and our net written growth. And obviously, there's a linkage to the earned premium, which is still to come, which I think is the point that Jim often makes.

並非異常情況。邁克爾，我絕對不會那樣形容他們。我的意思是，很顯然，我們可以建立新的關係。顯然，這會對其產生影響。顯然，在過去的幾個季度裡，我們已經努力明確，我希望，我們可以說我們一直在努力的方向。所以我想你應該可以看出我們的毛成長和淨營業額成長之間的差異了。顯然，這與尚未到達的已賺保費有關，我認為這是吉姆經常提出的觀點。

So look, I think what you could expect subject to market conditions, profitability, and a few other assumptions is our ambition is to make sure that we seize the relationships that we bought in, in the one- to two-year segment on the pie chart. But obviously, that will be subject to us being satisfied with the sort of underwriting performance and obviously, market conditions, but I think that's effectively what we would be looking into. There's not really any anomalies per se. But Jim, do you want to add anything?

所以你看，我認為在市場狀況、盈利能力和其他一些假設的前提下，我們可以預期的是，我們的目標是確保在餅圖中的一年到兩年內，我們能夠抓住我們已經建立的關係。但顯然，這取決於我們對承保業績的滿意度，以及市場狀況，但我認為這實際上就是我們將會考慮的問題。其實並沒有什麼異常狀況。吉姆，你還有什麼要補充的嗎？

Yes. I would just say, Michael, maybe just thinking a little bit about trends, as Scott indicated, no anomalies from a quarter perspective or in a year over year that you'd take a look at. It's been a pipeline that has been growing, and the strength of our relationships have been growing, that have enabled what we've seen from a quarter growth perspective.

是的。我只想說，邁克爾，或許應該稍微考慮一下趨勢，就像斯科特指出的那樣，從季度角度或同比角度來看，沒有什麼異常情況需要關注。正是不斷成長的管道和不斷增強的關係，才使得我們從季度成長的角度來看取得了這樣的成績。

I would highlight, and we tried to call this out, when I think about what growth might be, for example, in the fourth quarter, we're thinking that it will be much closer to what we experienced maybe year to date, recognizing that the fourth quarter tends to be or sometimes is a little bit slower than maybe kind of what your first quarter or some of the other quarters might be from just an overall kind of seasonality perspective and just where we see policies being written.

我想強調一點，我們也試圖指出這一點，當我思考第四季度的成長情況時，例如，我們認為它將更接近我們今年迄今為止所經歷的水平，我們也意識到，從整體季節性角度以及我們看到的政策制定情況來看，第四季度往往比第一季或其他一些季度要慢一些。

Yes, thanks. And that comment was more on insurance, correct, just to be clear?

好的，謝謝。那個評論更多的是關於保險方面的，對嗎？我再確認一下。

Yes, it was.

是的，的確如此。

Yes.

是的。

Yes, okay, cool. All right, cool. Thanks. That's all I have for now. I'll circle back. Thank you very much.

好的，沒問題。好的，酷。謝謝。我目前就只有這些。我稍後會再聯絡。非常感謝。

Thank you.

謝謝。

(Operator Instructions) Mr. Blackledge, there are no other questions at this time. I'll turn the floor back to you for final comments.

（操作員指示）布萊克利奇先生，目前沒有其他問題了。現在我把發言權交還給你們，請做最後的總結發言。

Thank you, everyone, for joining us today. If you have any follow-up questions, we will be around to take the call, or you can e-mail us on investor.relations@siriuspt.com. Thank you for your ongoing support, and I hope you enjoy the remainder of your day. I will now turn it back over to the operator to wrap up the call.

謝謝各位今天蒞臨。如果您有任何後續問題，歡迎隨時致電，或發送電子郵件至 investor.relations@siriuspt.com。感謝您一直以來的支持，祝福您今天剩下的時間愉快。現在我將把通話轉回給接線生，由她來結束通話。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。