RenaissanceRe Posts Net Income Of $67.8M
Bermuda-based RenaissanceRe Holdings Ltd. reported net income available to RenaissanceRe common shareholders of $67.8 million, or $1.70 per diluted common share, in the third quarter of 2014, compared to $179.7 million, or $4.01, respectively, in the third quarter of 2013.
Operating income available to RenaissanceRe common shareholders was $98.9 million, or $2.49 per diluted common share, for the third quarter of 2014, compared to $151.3 million or $3.36, respectively, in the third quarter of 2013.
The Company reported an annualized return on average common equity of 8.0% and an annualized operating return on average common equity of 11.7% in the third quarter of 2014, compared to 22.2% and 18.7%, respectively, in the third quarter of 2013.
Book value per common share increased $0.99, or 1.2%, in the third quarter of 2014 to $85.78, compared to a 4.5% increase in the third quarter of 2013. Tangible book value per common share plus accumulated dividends increased 1.5% in the third quarter of 2014, compared to a 4.9% increase in the third quarter of 2013.
Kevin J. O’Donnell, CEO, commented, “For the third quarter we generated an annualized operating ROE of 11.7% and 1.5% growth in tangible book value per share, plus accumulated dividends. Our results reflect our actions to reduce risk and optimize risk-adjusted returns in a difficult market.”
Mr. O’Donnell continued, “In a market that looks set to remain challenging absent a major event, we will continue to provide the capacity, flexibility and scope our clients and partners seek. At the same time, we will maintain the same discipline and focus they have come to appreciate. The investments we have made over the years to develop the platforms and the breadth of products sought by our clients positions us particularly well in this environment.”
