Good morning, ladies and gentlemen, and welcome to the SiriusPoint Limited Fourth Quarter and Full Year 2023 Financial Results Conference Call. During today's presentation, all parties will be in listen only mode. 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.

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 night, we issued our earnings press release 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. With me here today are Scott Egan, our Chief Executive Officer; and Steve Yendall, 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. Management uses the non-GAAP financial measures in its internal analysis of results and believes that they maybe 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 for additional information and the company's latest public filings. At this time, I will turn the call over to Scott.

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 have had a demonstrable impact on performance. We delivered our fifth consecutive quarter of positive underwriting result, improved the quality of our earnings and strengthened our balance sheet. We are looking to build on this progress as we go into 2024. 2023 is not a destination. Our longer-term ambition is to become a best-in-class insurer, reinsurer. Before sharing the key messages relating to our results for the year, I want to recap on two developments from the quarter. Firstly, as previously announced, CMIG International Holding has been taken into private receivership by its lenders in Singapore. CMIG International Holdings is the parent company of CM Bermuda, a 33% shareholder of SiriusPoint with 9.9% voting rights. I would like to emphasize that this development has no impact on the ongoing progress or the day to day running of our business. We are in dialogue with the receiver and trying to be as helpful as possible. S&P Global Ratings has communicated to us that this development is a neutral factor to their ratings and is 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. Secondly, in November, S&P Global Ratings revised their financial strength rating outlook from negative to stable. This reflects their expectation that SiriusPoint will continue to post strong and improving underwriting results during 2023 to 2025. With this change, all three of our written agencies…

Thank you, Scott, and good morning, 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. All three sources of earnings, underwriting, MGA fee income and investments contribute positively to the results. Core underwriting results improved significantly as we delivered record underwriting profits of $250 million. The 2023 results include a one-off benefit of $105 million due to reserve redundancy linked to the lost portfolio transfer transaction, which itself demonstrates our prudent reserving philosophy. 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. 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. Reinsurance premiums decreased by $250 million, largely due to pulling back in international property. 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. 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 4 points to…

Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines at this time or log off the webcast and enjoy the rest of your day. End of Q&A: