RenaissanceRe(RNR) - 2024 Q2 - Quarterly Results

Financial Performance - Net income attributable to RenaissanceRe common shareholders for Q2 2024 was $495.046 million, compared to $191.025 million in Q2 2023, representing a 159.9% increase[8]. - Operating income attributable to RenaissanceRe common shareholders for Q2 2024 was $650.846 million, up from $411.453 million in Q2 2023, reflecting a 58.1% increase[8]. - Gross premiums written for Q2 2024 reached $3.425 billion, a 29.1% increase from $2.652 billion in Q2 2023[8]. - Net premiums earned for Q2 2024 were $2.541 billion, compared to $1.785 billion in Q2 2023, marking a 42.4% increase[8]. - Total revenues for the three months ended June 30, 2024, reached $2,828,520 thousand, compared to $1,853,231 thousand for the same period in 2023, marking an increase of around 53%[21]. - Net income attributable to RenaissanceRe for the three months ended June 30, 2024, was $503,890 thousand, compared to $199,869 thousand for the same period in 2023, representing a significant increase of approximately 152%[21]. - For the six months ended June 30, 2024, net income attributable to RenaissanceRe common shareholders was $859,844, up from $755,087 in the prior year[58]. Premiums and Underwriting - Gross premiums written for the six months ended June 30, 2024, reached $7,416,179, a significant increase from $5,441,882 for the same period in 2023, representing a growth of approximately 36.4%[30]. - Net premiums earned for the six months ended June 30, 2024, were $4,985,225, compared to $3,465,812 for the same period in 2023, indicating a growth of about 43.9%[30]. - The combined ratio for the six months ended June 30, 2024, was 79.2%, compared to 93.0% for the same period in 2023, showing an improvement of 14.0 percentage points[30]. - The combined ratio for the three months ended June 30, 2024, was 53.9%, compared to 42.9% for the same period in 2023, indicating a deterioration of 11 percentage points[21]. - The net claims and claim expense ratio for the current accident year for the six months ended June 30, 2024, was 53.8%, compared to 49.7% for the same period in 2023, reflecting an increase of 4.1 percentage points[30]. Investment Performance - The total investment return for Q2 2024 was 4.1%, compared to 1.6% in Q2 2023, indicating improved investment performance[8]. - The net investment income for the three months ended June 30, 2024, was $410,845 thousand, compared to $292,662 thousand for the same period in 2023, reflecting an increase of approximately 40%[21]. - The total investment result for the three months ended June 30, 2024, was $283,261, compared to $69,881 for the same period in 2023, reflecting a significant increase[117]. - Total investment return - annualized for the three months ended June 30, 2024, was 3.6%, down from 1.6% in the same period of 2023[38]. - Net investment income for the six months ended June 30, 2024, was $801,620, down 31.2% from $1,165,348 in the prior year[40]. Shareholder Equity and Book Value - Tangible book value per common share increased to $159.22 as of June 30, 2024, compared to $141.87 at the end of 2023[9]. - Shareholders' equity attributable to RenaissanceRe increased to $10,178,895 as of June 30, 2024, from $9,454,958 as of December 31, 2023, representing a growth of approximately 7.6%[28]. - Book value per common share rose to $179.87 as of June 30, 2024, compared to $165.20 as of December 31, 2023, reflecting an increase of about 8.5%[28]. Operational Expenses - Acquisition expenses for the three months ended June 30, 2024, totaled $644,438 thousand, compared to $422,545 thousand in the same period of 2023, reflecting an increase of about 52%[21]. - Operational expenses for the three months ended June 30, 2024, were $108,039 thousand, up from $80,491 thousand in the same period of 2023, indicating a rise of approximately 34%[21]. - The operating expense ratio remained stable at 4.3% for both June 30, 2024, and March 31, 2024[24]. Claims and Expenses - Net claims and claim expenses incurred for the three months ended June 30, 2024, were $1,309,502 thousand, up from $931,211 thousand in the same period of 2023, indicating a rise of approximately 40%[21]. - The net claims and claim expenses incurred for the six months ended June 30, 2024, totaled $2,475,625, up from $1,732,411 in the prior year, reflecting an increase of approximately 43.0%[30]. - The reserve for claims and claim expenses stood at $20,740,928 as of June 30, 2024, compared to $20,486,869 as of December 31, 2023, indicating a rise of about 1.2%[28]. Market Outlook - The company anticipates continued growth in gross premiums written and net premiums earned in the upcoming quarters, driven by market expansion strategies and new product offerings[77].