RenaissanceRe Post Q1 Net Income Of $151M
Bermuda-based RenaissanceRe Holdings Ltd. reported net income available to common shareholders of $151 million, compared to $190.5 million in the first quarter of 2013.
Operating income available to RenaissanceRe common shareholders was $136.1 million, or $3.20 per diluted common share, for the first quarter of 2014, compared to $176.2 million or $3.91, respectively, in the first quarter of 2013.
The Company reported an annualized return on average common equity of 17.6% and an annualized operating return on average common equity of 15.9% in the first quarter of 2014, compared to 24.3% and 22.5%, respectively, in the first quarter of 2013.
Book value per common share increased $2.01, or 2.5%, in the first quarter of 2014 to $82.30, compared to a 4.3% increase in the first quarter of 2013. Tangible book value per common share plus accumulated dividends increased 2.8% in the first quarter of 2014, compared to a 4.8% increase in the first quarter of 2013.
Kevin J. O’Donnell, CEO, commented: “We reported a solid first quarter, generating $151.0 million of net income, an annualized operating ROE of 15.9% and 2.8% growth in tangible book value per share plus accumulated dividends. Our results were driven by strong underwriting in each of our segments and good investment performance.”
Mr. O’Donnell continued: “Pressure on pricing persists, as abundant supply from many forms of capital continues to outstrip demand. Despite the challenging environment, we are well positioned to bring efficient risk management solutions to clients and to build an attractive portfolio through our unique mix of owned rated balance sheets, non-owned rated balance sheets, and collateralized vehicles.”
