RenaissanceRe(RNR) - 2025 Q1 - Quarterly Results

Financial Performance - Net income available to RenaissanceRe common shareholders for Q1 2025 was $161,147, a decrease of 56% from $364,798 in Q1 2024[13]. - Operating income available to RenaissanceRe common shareholders for Q1 2025 was $(69,754), compared to $636,379 in Q1 2024[13]. - Total revenues for Q1 2025 reached $3,470,488, an increase from $2,599,425 in Q1 2024[17]. - Net income attributable to RenaissanceRe common shareholders for the three months ended March 31, 2025, was $158,782, a decrease of 56% compared to $359,525 for the same period in 2024[88]. - Basic earnings per share for the three months ended March 31, 2025, was $3.29, down from $6.96 in the same period of the previous year[88]. - The company reported a net claims and claim expense ratio of 100.8% for the calendar year, indicating that claims exceeded premiums earned[21]. Premiums and Underwriting - Gross premiums written increased to $4,155,503 in Q1 2025, up 4.1% from $3,990,684 in Q1 2024[13]. - Net premiums written rose to $3,443,529, a 7.6% increase from $3,199,573 in the same period last year[13]. - The combined ratio for Q1 2025 was 128.3%, significantly higher than 77.9% in Q1 2024[13]. - The underwriting loss for the three months ended March 31, 2025, was $770.6 million, compared to an underwriting income of $540.7 million in the same period last year[21]. - The combined ratio for the first quarter of 2025 was 128.3%, significantly higher than 77.9% in the first quarter of 2024, indicating a deterioration in underwriting performance[21]. - Gross premiums written for the property segment increased by 12.7% to $2,130,833 compared to $1,889,881 in the same quarter last year[34]. Claims and Expenses - Net claims and claim expenses incurred surged to $2,743,758 in Q1 2025, compared to $1,166,123 in Q1 2024[17]. - The net claims and claim expenses incurred reached $1,623,257, a substantial increase from $154,249 in the previous year, resulting in a net claims and claim expense ratio of 130.1%[30]. - The company reported incurred claims and claim expenses of $3,104,842 for the current quarter, compared to $1,159,623 in the same quarter last year[48]. - Total reserves for claims and claim expenses increased to $22,857,131 from $21,303,491 at the end of the previous quarter[48]. Investment Performance - Total investment result for Q1 2025 was $738,293, compared to $177,121 in Q1 2024, reflecting a substantial increase[13]. - The annualized total investment return for managed investments was 9.3% in Q1 2025, up from 2.8% in Q1 2024[13]. - Net investment income for Q1 2025 was $405,353, compared to $390,775 in Q1 2024, showing a slight increase of 3.5%[70]. - The company reported net realized and unrealized losses on investments of $(373.4) million for Q1 2025, contrasting with gains of $232.6 million in Q1 2024[98]. - The company reported a net investment income return annualized of 4.8% for Q1 2025, down from 5.3% in Q1 2024, a decrease of 0.5%[112]. Assets and Equity - Total assets increased to $53.63 billion as of March 31, 2025, up from $50.71 billion at December 31, 2024, representing a growth of 5.7%[19]. - Shareholders' equity attributable to RenaissanceRe decreased to $10.35 billion as of March 31, 2025, down from $10.57 billion at the end of 2024[19]. - The tangible book value per common share increased to $178.31 as of March 31, 2025, from $177.18 at the end of 2024[106]. Segment Performance - The casualty and specialty segment gross premiums written decreased by 3.6% to $2,024,670 from $2,100,803 year-over-year[34]. - Total catastrophe net premiums written rose by 32.7% to $1,411,050 from $1,063,723 year-over-year[38]. - Casualty and Specialty segment net premiums written decreased by 2.7% to $1,752,535 from $1,801,955 in the prior year[38]. Future Outlook - The company is focusing on improving underwriting performance and managing claims expenses to enhance profitability in future quarters[30].