RenRe Reports 2013 Q3 Net Income Of $179.7M
Bermuda-based RenaissanceRe Holdings Ltd. reported net income available to RenaissanceRe common shareholders of $179.7 million or $4.01 per diluted common share in the third quarter of 2013, compared to $180.7 million or $3.62 per diluted common share in the third quarter of 2012.
Operating income available to RenaissanceRe common shareholders was $151.3 million, or $3.36 per diluted common share for the third quarter of 2013, compared to $104.4 million or $2.07, respectively, in the third quarter of 2012.
The Company reported an annualized return on average common equity of 22.2% and an annualized operating return on average common equity of 18.7% in the third quarter of 2013, compared to 22.0% and 12.7%, respectively, in the third quarter of 2012.
Book value per common share increased $3.20, or 4.5%, in the third quarter of 2013 to $74.58, compared to a 4.8% increase in the third quarter of 2012. Tangible book value per common share plus accumulated dividends increased $3.49, or 4.9%, in the third quarter of 2013, compared to a 5.3% increase in the third quarter of 2012.
Kevin J. O’Donnell, CEO, commented, “For the third quarter of 2013, we reported an increase in our tangible book value per share, plus accumulated dividends of 4.9% and an annualized operating return on equity of 18.7%. Our results reflect a combination of strong underwriting performance, driven in part by light catastrophe loss activity, and solid investment results.”
Mr. O’Donnell continued, “Our results were helped in no small part by our decision earlier in the year to adjust our portfolio, in an increasingly competitive environment. As we approach the next major renewal season, our flexible capital structure, multiple underwriting platforms and proven access to the capital markets position us well to serve the needs of our clients. Going forward, our ability to be responsive long term partners to our clients and investors while remaining disciplined underwriters will be a differentiator in our business.”
