RenaissanceRe Report Net Income Of $273.7M
RenaissanceRe Holdings reported net income available to RenaissanceRe common shareholders of $273.7 million, or $6.43 per diluted common share, in the first quarter of 2019, compared to $56.7 million, or $1.42 per diluted common share, in the first quarter of 2018.
Operating income available to RenaissanceRe common shareholders was $154.4 million, or $3.60 per diluted common share, in the first quarter of 2019, compared to $122.1 million, or $3.07 per diluted common share, in the first quarter of 2018.
The Company reported an annualized return on average common equity of 23.5% and an annualized operating return on average common equity of 13.3% in the first quarter of 2019, compared to 5.7% and 12.2%, respectively, in the first quarter of 2018.
Book value per common share increased $6.92, or 6.6%, to $111.05 in the first quarter of 2019, compared to a 0.6% increase in the first quarter of 2018. Tangible book value per common share plus accumulated dividends increased $6.88, or 7.0%, to $124.05 in the first quarter of 2019, compared to a 0.8% increase in the first quarter of 2018.
Kevin J. O’Donnell, President and Chief Executive Officer of RenaissanceRe, commented: “Our strong first quarter was distinguished by solid profits, material growth and strategic advancement. We achieved an annualized operating return on average common equity of 13.3% and growth in tangible book value per common share plus accumulated dividends of 7.0%.
“At the same time, we grew our business materially by leveraging into an improving rate environment. The purchase of Tokio Millennium Re advanced our strategy, and we have moved from planning to execution on what we are optimistic will be a quick and successful integration.”
