RenaissanceRe(US:RNR)2024-11-07 21:33Financial Performance - Net income attributable to RenaissanceRe common shareholders for the three months ended September 30, 2024, was $1,173,644, compared to $193,988 for the same period in 2023, reflecting a significant increase of 505.5%[14]. - Total revenues for the nine months ended September 30, 2024, reached $9,401,720, up from $5,894,318 in the same period of 2023, marking a growth of 59.8%[14]. - Net income for the nine months ended September 30, 2024, was $2,979,753, compared to $1,631,592 for the same period in 2023, representing an increase of approximately 82.5%[17]. - Comprehensive income for the three months ended September 30, 2024, was $1,633,045, compared to $416,070 for the same period in 2023, showing an increase of 292.5%[15]. - Net income available to RenaissanceRe common shareholders was $2.0 billion for the nine months ended September 30, 2024, compared to $949.1 million in the same period of 2023[249]. Premiums and Underwriting - Gross premiums written for the three months ended September 30, 2024, increased to $2,400,136 from $1,618,443 for the same period in 2023, representing a growth of 48.3%[14]. - For the three months ended September 30, 2024, the Company reported direct premiums written of $288.9 million, an increase from $222.4 million for the same period in 2023, representing a growth of 29.8%[81]. - Assumed premiums written for the nine months ended September 30, 2024, reached $8.9 billion, up from $6.4 billion in the prior year, indicating a growth of 39.4%[81]. - The combined ratio for the three months ended September 30, 2024, improved to 84.8%, compared to 100.1% in the previous period, indicating better underwriting performance[148]. - The net claims and claim expense ratio for the current accident year was 64.5%, showing a decrease from 65.8% in the previous period[148]. Investments - Total investments increased to $33,033,677 as of September 30, 2024, up from $29,216,143 at December 31, 2023, representing a growth of approximately 9.3%[13]. - The investment in equity investments at fair value rose to $133,091 from $106,766, representing an increase of about 24.5%[13]. - Net investment income for the three months ended September 30, 2024, was $423,859, compared to $329,108 for the same period in 2023, an increase of 28.7%[14]. - Total fixed maturity investments trading reached $24,287,185 as of September 30, 2024, up from $20,877,108 at the end of 2023, indicating an increase of approximately 16.5%[23]. - Net realized and unrealized gains on investments totaled $943,745 million for the nine months ended September 30, 2024, compared to a loss of $228,087 million for the same period in 2023[31]. Claims and Expenses - Net claims and claim expenses incurred for the nine months ended September 30, 2024, totaled $3,849,239, compared to $2,593,987 for the same period in 2023, reflecting a rise of 48.5%[14]. - The gross claims and claim expenses incurred for the nine months ended September 30, 2024, totaled $4.07 billion, compared to $2.84 billion in the same period of 2023, marking an increase of 43.3%[81]. - The total reserve for claims and claim expenses as of September 30, 2024, was $21.22 billion, an increase from $15.96 billion at the end of the previous year, reflecting a growth of 33.1%[88]. - The net incurred claims for the current year were $4.35 billion for the nine months ended September 30, 2024, compared to $2.89 billion for the same period in 2023, representing an increase of 50.7%[88]. - The net claims and claim expense ratio for the current accident year was 57.4% for the nine months ended September 30, 2024, compared to 55.3% in the previous year[249]. Shareholder Equity and Dividends - Shareholders' equity attributable to RenaissanceRe grew to $11,242,584, up from $9,454,958, marking an increase of around 18.9%[13]. - The ending balance of total shareholders' equity as of September 30, 2024, was $11,242,584, compared to $7,588,617 as of September 30, 2023, representing an increase of 48.2%[16]. - The Company paid $60.9 million in common share dividends during the nine months ended September 30, 2024, compared to $55.2 million in the same period of 2023[141]. - The average price per common share repurchased was $223.59, with $476.5 million remaining available for repurchase under the program as of September 30, 2024[142]. - Basic earnings per common share for the three months ended September 30, 2024, was $22.68, significantly higher than $3.81 for the same period in 2023[144]. Debt and Liabilities - Total liabilities increased to $34,652,827 from $33,451,316, reflecting a growth of approximately 3.6%[13]. - The total debt obligations as of September 30, 2024, amounted to $1,929.8 million, with senior notes totaling $1,879.8 million[99]. - The company believes it was in compliance with its debt covenants as of September 30, 2024[98]. - The company reported a net cash used in financing activities of $(911,495) for the nine months ended September 30, 2024, compared to a net cash provided of $2,104,136 in the same period of 2023[17]. - The company had debt obligations of $1.9 billion as of September 30, 2024, unchanged from the fair value reported at December 31, 2023[70].