RenaissanceRe Report Net Income Of $33.8M
RenaissanceRe Holdings reported net income available to RenaissanceRe common shareholders of $33.8 million, or $0.77 per diluted common share, in the fourth quarter of 2019, compared to a net loss attributable to RenaissanceRe common shareholders of $83.9 million, or $2.10 per diluted common share, in the fourth quarter of 2018.
Operating income available to RenaissanceRe common shareholders was $23.0 million, or $0.52 per diluted common share, in the fourth quarter of 2019, compared to $4.8 million, or $0.11 per diluted common share, in the fourth quarter of 2018.
The Company reported an annualized return on average common equity of 2.5% and an annualized operating return on average common equity of 1.7% in the fourth quarter of 2019, compared to negative 7.8% and positive 0.4%, respectively, in the fourth quarter of 2018.
For 2019, the Company reported net income available to RenaissanceRe common shareholders of $712.0 million, or $16.29 per diluted common share, compared to $197.3 million, or $4.91 per diluted common share, in 2018. Operating income available to RenaissanceRe common shareholders was $402.9 million, or $9.13 per diluted common share, in 2019, compared to $349.0 million, or $8.73 per diluted common share, in 2018.
Kevin J. O’Donnell, President and Chief Executive Officer of RenaissanceRe, commented: “I am pleased with our performance this year as we materially grew tangible book value per share plus accumulated dividends and earned a robust operating return on equity.
“We successfully executed our strategy by organically growing our business while efficiently integrating Tokio Millennium Re. Looking forward, I am excited about our opportunities to build a bigger and more attractive portfolio and am confident in our ability to continue delivering long-term value.”
