RenaissanceRe(RNR) - 2024 Q4 - Annual Results

Financial Performance - For the three months ended December 31, 2024, net income available to RenaissanceRe common shareholders was $(198,503) thousand, compared to $1,576,682 thousand for the same period in 2023[12]. - Net income attributable to RenaissanceRe for the year ended December 31, 2024, was $1,870,360, down from $2,561,132 in 2023, a decrease of 26.9%[18]. - Net income available to RenaissanceRe common shareholders for the year ended December 31, 2024, was $1,576,682, a decrease from $2,525,757 in 2023, reflecting a year-over-year decline of 37.5%[106]. - Basic earnings per share for the three months ended December 31, 2024, was $(3.95), compared to $30.51 for the same period in 2023, indicating a significant drop in profitability[106]. - The diluted net income per common share for the year ended December 31, 2024, was $35.21, down from $52.27 in 2023[117]. Premiums and Revenues - Gross premiums written for the year ended December 31, 2024, reached $11,733,066 thousand, an increase from $8,862,366 thousand in 2023[12]. - Net premiums earned for the year ended December 31, 2024, rose to $10,095,760, up from $7,471,133 in 2023, reflecting an increase of 35.0%[18]. - Total revenues for the year ended December 31, 2024, were $11,695,148, compared to $9,134,608 in 2023, marking a growth of 28.0%[18]. - Total fee income for the year ended December 31, 2024, was $326,796 thousand, compared to $236,794 thousand in 2023, showing significant growth[12]. - Management fee income for the year ended December 31, 2024, was $219,860 thousand, an increase from $176,599 thousand in 2023[12]. Underwriting Performance - The combined ratio for the year ended December 31, 2024, was 83.9%, compared to 77.9% in 2023, indicating a decline in underwriting performance[12]. - The combined ratio for Q4 2024 was 91.7%, up from 76.0% in Q4 2023, indicating a decline in underwriting profitability[28]. - The adjusted combined ratio for the total business improved to 81.5% for the year ended December 31, 2024, compared to 77.1% in 2023[132]. - The net claims and claim expense ratio for the current accident year was 61.3% for the year ended December 31, 2024, compared to 53.9% in 2023[12]. - The net claims and claim expense ratio for the current accident year was 73.4% in Q4 2024, significantly higher than 19.3% in Q4 2023[80]. Investment Performance - The total investment result for the year ended December 31, 2024, was $1,626,449 thousand, compared to $1,667,632 thousand in 2023, reflecting a slight decrease[12]. - Net investment income for the year ended December 31, 2024, was $1,654,289, an increase from $1,253,110 in 2023, representing a rise of 32.0%[86]. - The annualized total investment return for the year ended December 31, 2024, was 4.9%, down from 6.5% in 2023[139]. - The net realized and unrealized gains (losses) on investments for the year ended December 31, 2024, were $(41,863), a significant decrease from $285,765 in 2023[139]. - The average yield to maturity of investments was 5.4% for managed investments, down from 5.8% in the previous year[90]. Claims and Expenses - Net claims and claim expenses incurred for the year ended December 31, 2024, were $5,332,981, compared to $3,573,509 in 2023, an increase of 49.2%[25]. - Total paid claims and claim expenses for the year ended December 31, 2024, were $4,742,468, compared to $3,944,711 in 2023, reflecting an increase of 20.3%[58]. - Incurred claims and claim expenses for the year ended December 31, 2024, totaled $5,629,756, compared to $3,950,362 in 2023, representing a rise of 42.5%[58]. - Operational expenses for the year ended December 31, 2024, were $496,588, compared to $375,182 in 2023, reflecting a growth of 32.3%[25]. - Acquisition expenses for the year ended December 31, 2024, totaled $2,643,867, up from $1,875,034 in 2023, an increase of 41.0%[25]. Assets and Book Value - Total assets increased to $50,707,550 as of December 31, 2024, from $49,007,105 in 2023, an increase of 3.5%[20]. - The book value per common share increased to $195.77 as of December 31, 2024, from $165.20 in 2023[15]. - The tangible book value per common share increased to $177.18 as of December 31, 2024, from $141.87 in 2023, reflecting a year-to-date change of 25.0%[125]. - Average invested assets increased to $32,836,567 in 2024 from $27,591,391 in 2023, a growth of 18.1%[82]. - Total investments amounted to $23,390,215, with fixed maturity investments trading at fair value totaling $18,972,543, representing 81.1% of total investments[101]. Acquisitions and Strategic Changes - The company completed the acquisition of Validus Holdings on November 1, 2023, which will impact future financial results starting from the acquisition date[5]. - Acquisition-related purchase accounting adjustments for Validus amounted to $56.0 million for the three months ended December 31, 2024[118]. - Redeemable noncontrolling interests increased to $6,977,749 in 2024 from $6,100,831 in 2023, representing a growth of 14.3%[79]. - The company uses non-GAAP financial measures to provide better comparability and more accurately measure results of operations, which may not be comparable to similar measures used by other companies[110]. - The company reported a net income loss attributable to redeemable noncontrolling interests of $403.01 million for the year ended December 31, 2024, down from $1.09 billion in 2023, indicating improved financial performance[153].