RenaissanceRe Report Net Income Of $171.1M

July 26, 2017 | 0 Comments

Bermuda-based RenaissanceRe Holdings Ltd.  reported net income available to RenaissanceRe common shareholders of $171.1 million, or $4.24 per diluted common share, in the second quarter of 2017, compared to $136.3 million, or $3.22 per diluted common share, in the second quarter of 2016.

Operating income available to RenaissanceRe common shareholders was $113.0 million, or $2.79 per diluted common share, in the second quarter of 2017, compared to $66.6 million, or $1.55 per diluted common share, in the second quarter of 2016. The Company reported an annualized return on average common equity of 15.2% and an annualized operating return on average common equity of 10.0% in the second quarter of 2017, compared to 12.6% and 6.1%, respectively, in the second quarter of 2016.

Book value per common share increased $3.71, or 3.4%, in the second quarter of 2017 to $113.08, compared to a 2.5% increase in the second quarter of 2016. Tangible book value per common share plus accumulated dividends increased $4.02, or 3.9%, in the second quarter of 2017 to $123.88, compared to a 2.8% increase in the second quarter of 2016.

Kevin J. O’Donnell, CEO, commented: “We had a good quarter, generating an annualized operating return on average common equity of 10.0% and growing tangible book value per common share plus accumulated dividends by 3.9%. Recognizing challenging market conditions, we executed on our gross-to-net strategy to build an attractive net portfolio of risk. We believe that we have the right strategy and necessary flexibility to navigate the market conditions ahead while continuing to maximize shareholder value over the long-term.”

Second Quarter 2017 Highlights

  • Gross premiums written increased $68.3 million, or 9.0%, to $827.4 million, in the second quarter of 2017 compared to the second quarter of 2016.
  • Underwriting income was $109.7 million and the combined ratio was 71.3% in the second quarter of 2017.
  • Total investment result was a gain of $112.3 million in the second quarter of 2017, generating an annualized total investment return of 4.8%.
  • Repurchased 501 thousand common shares in open market transactions at an aggregate cost of $69.7 million and an average price of $139.00 per common share.
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