SiriusPoint (SPNT) could deliver steady earnings, high single-digit to low double-digit annual book value per share growth and meaningful stock buybacks as its turnaround nears completion, RBC Capital Markets said in a note Tuesday.

Underwriting results should remain stable, while higher investment income and stronger credit ratings could support earnings over the coming years, the investment firm said.

RBC said SiriusPoint could also benefit from unrecognized value in its managing general agent assets, estimating that book value per share may be understated by about $2.50 to $4.00.

Management expects to fully utilize $174 million of buyback capacity in 2026, RBC said, adding it models about $150 million of buybacks each in 2027 and 2028, above consensus expectations.

The investment firm expects business growth to pick up again in 2028 if property insurance pricing becomes more favorable, while its earnings outlook for 2026 and 2027 is broadly in line with market expectations.

RBC started coverage of SiriusPoint with an outperform rating and a $30 price target.

Shares of SiriusPoint were up more than 3% in Tuesday trading.

Price: 25.95, Change: +0.77, Percent Change: +3.08