RenRe Reports 2015 Q3 Net Income Of $75.5M
Bermuda-based RenaissanceRe Holdings Ltd. reported net income available to RenaissanceRe common shareholders of $75.5 million, or $1.66 per diluted common share, in the third quarter of 2015, compared to $67.8 million, or $1.70, respectively, in the third quarter of 2014.
Operating income available to RenaissanceRe common shareholders was $116.7 million, or $2.58 per diluted common share, in the third quarter of 2015, compared to $98.9 million, or $2.49, respectively, in the third quarter of 2014.
The Company reported an annualized return on average common equity of 6.9% and an annualized operating return on average common equity of 10.7% in the third quarter of 2015, compared to 8.0% and 11.7%, respectively, in the third quarter of 2014. Book value per common share increased $0.98, or 1.0%, in the third quarter of 2015 to $97.41, compared to a 1.2% increase in the third quarter of 2014.
Tangible book value per common share plus accumulated dividends increased 1.3% in the third quarter of 2015, compared to a 1.5% increase in the third quarter of 2014.
Kevin J. O’Donnell, CEO, commented, “I am pleased to report $116.7 million of operating income, an annualized operating ROE of 10.7% and 1.3% growth in tangible book value per share plus accumulated dividends for the quarter. Our results benefited from the absence of land falling U.S. hurricanes and favorable reserve development, offset in part by mark-to-market investment losses.”
Mr. O’Donnell continued, “Our strategy of matching desirable risk with efficient capital within an integrated system continues to serve us well. We are a stronger company following the acquisition and integration of Platinum.
“We remain committed to generating superior returns for our shareholders and third party capital providers over the long term and look forward to meeting our customers’ needs during the upcoming renewal period.”
