RenaissanceRe 2014 Q2 Net Income: $120.8M
Bermuda-based RenaissanceRe Holdings Ltd. reported net income available to RenaissanceRe common shareholders of $120.8 million, or $2.95 per diluted common share, in the second quarter of 2014, compared to $26.8 million, or $0.60 per diluted common share, in the second quarter of 2013.
Operating income available to RenaissanceRe common shareholders was $93.6 million, or $2.28 per diluted common share, for the second quarter of 2014, compared to $96.4 million or $2.17, respectively, in the second quarter of 2013. The Company reported an annualized return on average common equity of 14.2% and an annualized operating return on average common equity of 11.0% in the second quarter of 2014, compared to 3.4% and 12.2%, respectively, in the second quarter of 2013.
Book value per common share increased $2.49, or 3.0%, in the second quarter of 2014 to $84.79, compared to a 0.4% increase in the second quarter of 2013. Tangible book value per common share plus accumulated dividends increased 3.5% in the second quarter of 2014, compared to a 0.8% increase in the second quarter of 2013.
Kevin J. O’Donnell, CEO, commented, “In the second quarter, we generated $120.8 million of net income, an annualized operating ROE of 11% and 3.5% growth in tangible book value per share, plus accumulated dividends. Our team executed well in tough market conditions and I am pleased with the book of business we constructed.”
Mr. O’Donnell continued, “We believe that over the long-term the proper assessment of risk and disciplined underwriting will continue to be key differentiators in our industry. Our strategy of matching well-structured risk with efficient capital across cycles has been the basis for our success for over two decades. We intend to continue this strategy going forward, providing customers and capital providers with a suite of innovative and flexible solutions along with industry-leading underwriting expertise and customer service.”
