RenaissanceRe Reports Net Income Of $136.3M
Bermuda-based RenaissanceRe Holdings Ltd. reported net income available to RenaissanceRe common shareholders of $136.3 million, or $3.22 per diluted common share, in the second quarter of 2016, compared to $73.2 million, or $1.59 per diluted common share, respectively, in the second quarter of 2015.
Operating income available to RenaissanceRe common shareholders was $66.6 million, or $1.55 per diluted common share, in the second quarter of 2016, compared to $99.9 million, or $2.18 per diluted common share, respectively, in the second quarter of 2015.
The Company reported an annualized return on average common equity of 12.6% and an annualized operating return on average common equity of 6.1% in the second quarter of 2016, compared to 6.6% and 9.1%, respectively, in the second quarter of 2015.
Book value per common share increased $2.51, or 2.5%, in the second quarter of 2016 to $103.70, compared to a 1.3% increase in the second quarter of 2015. Tangible book value per common share plus accumulated dividends increased $2.68, or 2.8%, in the second quarter of 2016 to $113.07, compared to a 1.9% increase in the second quarter of 2015.
Kevin J. O’Donnell, CEO, commented, “We reported $136.3 million of net income and 2.8% growth in tangible book value per share plus accumulated dividends for the quarter.”
“I am pleased with the way our team executed in this competitive market. We were able to grow in select areas we found attractive and to deepen our relationships with key clients, while maintaining our underwriting discipline.
“We also actively managed our capital position with over $200 million of share repurchases. Overall, I’m proud of what we’ve accomplished in order to maintain our underwriting leadership position heading into the second half of the year.”
