RenaissanceRe(RNR) - 2025 Q3 - Quarterly Results

Financial Performance - Net income attributable to RenaissanceRe common shareholders for Q3 2025 was $907.67 million, down from $1.17 billion in Q3 2024, representing a decrease of 22.7%[11] - Operating income attributable to RenaissanceRe common shareholders for Q3 2025 was $733.72 million, compared to $540.32 million in Q3 2024, an increase of 35.7%[11] - Total revenues for Q3 2025 were $3,198,182, a decrease of 19.4% from $3,973,775 in Q3 2024[17] - Net income attributable to RenaissanceRe for Q3 2025 was $916,510, down 22.4% from $1,182,487 in Q3 2024[17] - For the nine months ended September 30, 2025, net income attributable to RenaissanceRe common shareholders was $1,865,416, down from $2,003,446 in 2024, reflecting a decline of about 6.9%[100] - Basic earnings per share for the three months ended September 30, 2025, was $19.47, compared to $22.68 in 2024, indicating a decrease of approximately 14.8%[100] - Diluted earnings per share for the three months ended September 30, 2025, was $19.40, down from $22.62 in 2024, representing a decline of about 14.3%[100] Premiums and Underwriting - Gross premiums written for Q3 2025 totaled $2.32 billion, a decrease of 3.2% from $2.40 billion in Q3 2024[11] - Net premiums earned for Q3 2025 were $2.43 billion, down from $2.58 billion in Q3 2024, reflecting a decrease of 5.4%[11] - The combined ratio for Q3 2025 improved to 68.4%, compared to 84.8% in Q3 2024, indicating better underwriting performance[11] - Gross premiums written for the nine months ended September 30, 2025, increased to $9,900,309 from $9,816,315 in the same period of 2024, representing a growth of 0.9%[24] - The combined ratio for the nine months ended September 30, 2025, improved to 92.1% from 81.3% in 2024, indicating better underwriting performance[24] - The combined ratio for Q3 2025 was 101.4%, slightly improved from 101.8% in Q2 2025, reflecting better underwriting performance[32] Investment Results - Total investment result for Q3 2025 was $750.24 million, significantly lower than $1.37 billion in Q3 2024, a decrease of 45.5%[11] - Net investment income for Q3 2025 was $438,354, an increase from $423,859 in Q3 2024[17] - Total investment result for the nine months ended September 30, 2025, was $1,798,689, compared to $1,353,260 for the same period in 2024[129] - The annualized total investment return for the nine months ended September 30, 2025, was 9.9%, up from 8.4% in the same period of 2024[129] - The total investment return - annualized for Q3 2025 was 8.9%, down from 18.3% in Q3 2024, indicating a decline in investment performance[78] Claims and Expenses - Net claims and claim expenses incurred for Q3 2025 were $878,820, down from $1,373,614 in Q3 2024[21] - Total incurred claims and claim expenses for the nine months ended September 30, 2025, amounted to $5,114,509,000, up from $4,069,252,000 in 2024, representing a rise of 26%[55] - The net claims and claim expense ratio for the current accident year was 76.0% for the third quarter of 2025[27] - The net claims and claim expense ratio for the current accident year in Q3 2025 was 67.4%, a slight decrease from 68.2% in Q2 2025[32] Assets and Liabilities - Total assets increased to $54,498,074 as of September 30, 2025, compared to $50,707,550 at the end of 2024[19] - Total liabilities rose to $35,526,649 as of September 30, 2025, up from $33,155,789 at the end of 2024[19] - Reserves for claims and claim expenses totaled $22,712,860,000 as of September 30, 2025, compared to $21,303,491,000 at December 31, 2024[51] Fee Income - Total fee income for Q3 2025 was $101.81 million, up from $82.07 million in Q3 2024, representing a growth of 24.2%[11] - The management fee income for the three months ended September 30, 2025, was $53,014,000, slightly down from $54,945,000 in 2024, indicating a decrease of 3%[59] - Performance fee income for the three months ended September 30, 2025, rose significantly to $48,796,000, compared to $27,120,000 in 2024, marking an increase of 80%[59] Book Value and Equity - Book value per common share increased to $231.23 as of September 30, 2025, compared to $195.77 at the end of 2024, reflecting a growth of 18.1%[14] - The tangible book value per common share increased to $214.57 as of September 30, 2025, representing an 18.1% year-to-date change from $177.18[115] - The year-to-date change in tangible book value per common share plus change in accumulated dividends was 21.8%[15] Noncontrolling Interests - The net income attributable to redeemable noncontrolling interests for the three months ended September 30, 2025, was $(415,200,000), compared to $(450,176,000) in 2024, showing an improvement of 8%[71] - The redeemable noncontrolling interests on the consolidated balance sheet as of September 30, 2025, totaled $7,469,059,000, up from $6,977,749,000 at the end of 2024, reflecting a growth of 7%[75]