RenaissanceRe Reports First Quarter Results
RenaissanceRe Holdings reported net loss attributable to RenaissanceRe common shareholders of $82.0 million, or $1.89 per diluted common share, in the first quarter of 2020, compared to net income available to RenaissanceRe common shareholders of $273.7 million, or $6.43 per diluted common share, in the first quarter of 2019.
Operating income available to RenaissanceRe common shareholders was $33.4 million, or $0.76 per diluted common share, in the first quarter of 2020, compared to $153.6 million, or $3.59 per diluted common share, in the first quarter of 2019. The Company reported an annualized return on average common equity of negative 6.3% and an annualized operating return on average common equity of positive 2.6% in the first quarter of 2020, compared to positive 23.5% and positive 13.1%, respectively, in the first quarter of 2019.
Book value per common share decreased $3.38, or 2.8%, to $117.15 in the first quarter of 2020, compared to a 6.6% increase in the first quarter of 2019. Tangible book value per common share plus accumulated dividends decreased $2.99, or 2.6%, to $131.72 in the first quarter of 2020, compared to a 7.0% increase in the first quarter of 2019.
Kevin J. O’Donnell, President and Chief Executive Officer of RenaissanceRe, commented: “We extend our sympathies to all those affected by the COVID-19 pandemic and recognize the immense social, economic and health hardships that many are experiencing, as well as the tremendous sacrifices being made by medical personnel and other first responders around the world.
“Operationally, we are effectively working from home, and I am very proud of what our people have accomplished in such a short time and under difficult circumstances. While our financial performance in the first quarter was negatively impacted by COVID-19, we are well capitalized with ample liquidity and our core franchise remains strong. I am confident that we are prepared to meet both the challenges as well as the opportunities of this evolving situation, and will continue delivering long-term value.”
