RenRe Report Q4 2016 Net Income Of $69.4M
Bermuda-based RenaissanceRe Holdings reported net income available to RenaissanceRe common shareholders of $69.4 million, or $1.69 per diluted common share, in the fourth quarter of 2016, compared to $92.2 million, or $2.09 per diluted common share, in the fourth quarter of 2015.
Operating income available to RenaissanceRe common shareholders was $119.4 million, or $2.92 per diluted common share, in the fourth quarter of 2016, compared to $135.0 million, or $3.07 per diluted common share, in the fourth quarter of 2015.
The Company reported an annualized return on average common equity of 6.3% and an annualized operating return on average common equity of 10.8% in the fourth quarter of 2016, compared to 8.5% and 12.5%, respectively, in the fourth quarter of 2015.
Book value per common share increased $1.35, or 1.3%, in the fourth quarter of 2016 to $108.45, compared to a 1.8% increase in the fourth quarter of 2015. Tangible book value per common share plus accumulated dividends increased $1.77, or 1.8%, in the fourth quarter of 2016 to $118.59, compared to a 2.3% increase in the fourth quarter of 2015.
For 2016, the Company reported net income available to RenaissanceRe common shareholders of $480.6 million, or $11.43 per diluted common share, compared to $408.8 million, or $9.28 per diluted common share in 2015.
Operating income available to RenaissanceRecommon shareholders was $339.3 million, or $8.03 per diluted common share in 2016, compared to $477.7 million, or $10.86 per diluted common share in 2015.
The Company reported a return on average common equity of 11.0% and an operating return on average common equity of 7.8% in 2016, compared to 9.8% and 11.4%, respectively, in 2015. Book value per common share increased $9.32, or 9.4%, in 2016 to $108.45, compared to a 10.0% increase in 2015. Tangible book value per common share plus accumulated dividends increased $10.57, or 11.4%, in 2016 to $118.59, compared to a 5.0% increase in 2015.
Kevin J. O’Donnell, CEO, commented: “I am proud of how our team navigated the challenges of 2016 while building an attractive portfolio of risks and continuing to execute our strategy.
“We have strengthened our operating platforms globally, developed deeper relationships with more clients, brought more efficient capital solutions to market, and exercised underwriting discipline in building a diverse and profitable portfolio of risk.”
