RenaissanceRe(US:RNR)2025-10-29 20:22Financial Performance - Gross premiums written for Q3 2025 were $2,323,626, a decrease of 3.2% from $2,400,136 in Q3 2024[21] - Net premiums earned for the nine months ended September 30, 2025, were $7,566,740, slightly down from $7,568,194 in the same period of 2024[21] - Total revenues for Q3 2025 were $3,198,182, a decrease of 19.4% compared to $3,973,775 in Q3 2024[21] - Net income attributable to RenaissanceRe for Q3 2025 was $916,510, down 22.5% from $1,182,487 in Q3 2024[21] - Net income for the nine months ended September 30, 2025, was $2,470,139, a decrease from $2,979,753 in the same period of 2024, representing a decline of approximately 17%[30] - Net income available to RenaissanceRe common shareholders for the nine months ended September 30, 2025, was $1.87 billion, compared to $2.00 billion in 2024[195] - Net income available to RenaissanceRe common shareholders for Q3 2025 was $907,667,000, compared to $1,173,644,000 in Q3 2024[201] Assets and Liabilities - Total assets increased to $54.50 billion as of September 30, 2025, compared to $50.71 billion at December 31, 2024, reflecting a growth of approximately 7.0%[20] - The company’s total liabilities increased to $35.53 billion from $33.16 billion, reflecting a rise of approximately 7.1%[20] - Cash and cash equivalents slightly increased to $1.70 billion from $1.68 billion, a growth of about 5.3%[20] - The company held $234.4 million in reverse repurchase agreements as of September 30, 2025, an increase from $169.4 million at December 31, 2024[43] - The total fixed maturity investments trading amounted to $23.77 billion as of September 30, 2025, with U.S. treasuries representing $10.42 billion of this total[53] - The total assets of DaVinci increased to $7.5 billion at September 30, 2025, from $6.1 billion at December 31, 2024, marking a growth of approximately 23%[140] - As of September 30, 2025, Vermeer reported total assets of $2.1 billion and total liabilities of $234.8 million, an increase from $1.9 billion and $93.0 million respectively as of December 31, 2024[152] Investments - Total investments rose to $35.80 billion, up from $32.64 billion, marking an increase of about 9.8%[20] - The company reported a significant increase in equity investments, which rose to $1.47 billion from $117.76 million, a substantial increase of approximately 1145.5%[20] - Net investment income for Q3 2025 was $438,354, an increase of 3.5% from $423,859 in Q3 2024[21] - Net investment income for the nine months ended September 30, 2025, was $1,256,815, up from $1,225,479 in the same period of 2024, reflecting an increase of approximately 2.6%[44] - The company reported a total of $8.8 billion in pledged investments at September 30, 2025, down from $10.3 billion at December 31, 2024[41] - The fair value of the company's other investments at September 30, 2025, was $4.4 billion, reflecting a net unrealized gain of $74.2 million for the three months ended September 30, 2025[91] Claims and Expenses - Reserve for claims and claim expenses increased to $22.71 billion, compared to $21.30 billion, representing a rise of approximately 6.6%[20] - Net claims and claim expenses incurred for Q3 2025 were $878,820, a decrease of 36.0% from $1,373,614 in Q3 2024[21] - The net incurred claims for the current year for the nine months ended September 30, 2025, were $5.51 billion, compared to $4.35 billion for the same period in 2024[111] - Total net claims and claim expenses for large catastrophe events amounted to $(433,836) thousand for the nine months ended September 30, 2025, with significant losses from events in 2024 and 2023[114] - The total net (favorable) adverse development of prior accident years net claims and claim expenses was $845.6 million for the nine months ended September 30, 2025, compared to $497.9 million in 2024[113] Debt and Equity - Debt increased to $2.23 billion from $1.89 billion, reflecting a rise of approximately 18.1%[20] - The company’s total debt as of September 30, 2025, was $2,309,308 thousand, an increase from $1,871,492 thousand at December 31, 2024[124] - The redeemable noncontrolling interests totaled $7.47 billion, an increase from $6.98 billion at December 31, 2024, reflecting a growth of approximately 7%[135] - The noncontrolling economic ownership in DaVinci decreased to 24.3% at September 30, 2025, down from 25.4% at December 31, 2024[136] - The company paid $26.5 million in preference share dividends and $57.3 million in common share dividends during the nine months ended September 30, 2025[192] Derivatives and Foreign Exchange - The company has entered into various derivative instruments to manage foreign currency exposure and hedge risks[204] - The total gain recognized on derivative instruments not designated as hedges for the three months ended September 30, 2025, was $174,597, compared to $127,222 for the same period in 2024, representing an increase of approximately 37.2%[211] - The net foreign exchange losses from foreign currency forward contracts amounted to $(4,027) and $(2,388) for the three months ended September 30, 2025, compared to gains of $16,885 and $12,803 in 2024, indicating a decline in performance[211]