RenRe Reports 2015 Q2 Net Income Of $73.2M
Bermuda-based RenaissanceRe Holdings Ltd. reported net income available to RenaissanceRe common shareholders of $73.2 million, or $1.59 per diluted common share, in the second quarter of 2015, compared to $120.8 million, or $2.95, respectively, in the second quarter of 2014.
Operating income available to RenaissanceRe common shareholders was $99.9 million, or $2.18 per diluted common share, for the second quarter of 2015, compared to $93.6 million, or $2.28, respectively, in the second quarter of 2014.
The Company reported an annualized return on average common equity of 6.6% and an annualized operating return on average common equity of 9.1% in the second quarter of 2015, compared to 14.2% and 11.0%, respectively, in the second quarter of 2014.
Book value per common share increased $1.22, or 1.3%, in the second quarter of 2015 to $96.43, compared to a 3.0% increase in the second quarter of 2014. Tangible book value per common share plus accumulated dividends increased 1.9% in the second quarter of 2015, compared to a 3.5% increase in the second quarter of 2014.
Kevin J. O’Donnell, CEO, commented, “I am pleased to report $99.9 million of operating income, an operating ROE of 9.1% and 1.9% growth in tangible book value per share plus accumulated dividends for the quarter. Each of our segments executed well during the quarter and we expanded our underwriting capabilities to support our clients, despite the competitive market conditions.”
Mr. O’Donnell continued, “Our integration of Platinum has gone well. We are operating as one company with a consistent and united approach to the market. We remain committed to our goal of generating superior returns for our shareholders and third party capital providers over the long term by continuing to be market leaders in matching desirable risk with efficient capital.”
