RenaissanceRe(US:RNR)2026-02-03 21:41Financial Performance - Net income available to RenaissanceRe common shareholders for Q4 2025 was $751,638, compared to a loss of $198,503 in Q4 2024, representing a significant turnaround[11]. - Net income attributable to RenaissanceRe for Q4 2025 was $760,482, compared to a loss of $189,659 in Q4 2024[17]. - Net income available to RenaissanceRe common shareholders for the year ended December 31, 2025, was $2,646,959, compared to $1,834,985 for 2024, representing a year-over-year increase of 44.3%[103]. - Basic earnings per share for the year ended December 31, 2025, was $56.23, up from $35.31 in 2024, reflecting a growth of 59.5%[103]. - The company reported a net income (loss) allocated to RenaissanceRe common shareholders of $738,988 for the three months ended December 31, 2025, compared to a loss of $(199,015) in the same period of 2024[103]. Premiums and Underwriting - Gross premiums written for the year ended December 31, 2025, reached $11,738,420, slightly up from $11,733,066 in 2024[11]. - Gross premiums written for Q4 2025 were $1,838,111, a decrease of 4.1% from $1,916,751 in Q4 2024[17]. - Net premiums earned for the year ended December 31, 2025, were $9,901,182, down 1.9% from $10,095,760 in 2024[17]. - The combined ratio improved to 71.4% in Q4 2025 from 91.7% in Q4 2024, indicating better underwriting performance[11]. - The combined ratio for the year ended December 31, 2025, improved to 87.2% from 83.9% in 2024[24]. Investment Performance - Net investment income for the year ended December 31, 2025, was $1,703,475, compared to $1,654,289 in 2024, reflecting strong investment performance[11]. - The total investment result for the year ended December 31, 2025, was $2,956,075, significantly higher than $1,673,536 in 2024, highlighting effective investment strategies[11]. - The total investment result for the year ended December 31, 2025, is $2.370 billion, significantly higher than $1.143 billion in 2024[136]. - The company reported a net realized and unrealized gains on investments of $1.115 billion for 2025, compared to a loss of $41.863 million in 2024[136]. - The average invested assets for the year ended December 31, 2025, were $34.52 billion, up from $31.01 billion in 2024, reflecting a growth of 8.1%[84]. Claims and Expenses - Net claims and claim expense ratio for the current accident year was 51.3% in Q4 2025, down from 72.7% in Q4 2024[11]. - Net claims and claim expenses incurred for the year were $5,615,839, an increase from $5,332,981 in 2024[24]. - The net claims and claim expense ratio for the current accident year was 63.3% for the year ended December 31, 2025, compared to 50.9% in 2024, highlighting increased claims costs[37]. - The company incurred claims and claim expenses for the year ended December 31, 2025, totaled $6,154,570, compared to $5,629,756 in 2024[54]. - The reserve for claims and claim expenses rose to $22,302,345 in 2025, up from $21,303,491 in 2024[19]. Shareholder Equity - Book value per common share increased to $247.00 in 2025 from $195.77 in 2024, indicating strong growth in shareholder equity[14]. - The company reported a year-to-date change in tangible book value per common share plus accumulated dividends of 30.8% in 2025[14]. - Tangible book value per common share increased to $230.10 as of December 31, 2025, representing a year-to-date change of 30.8%[120]. Operational Efficiency - The operating return on average common equity for the year was 25.9% in 2025, up from 19.3% in 2024, showcasing improved profitability[14]. - The acquisition expense ratio for the year ended December 31, 2025, was 18.0%, a decrease from 19.6% in 2024, showing improved cost efficiency[37]. - The operational expenses for the three months ended December 31, 2025, were $75,067, compared to $95,623 in 2024, reflecting a reduction of 21.5%[34]. - The adjusted combined ratio for the total segment in 2025 is 85.4%, improved from 81.5% in 2024[127]. Segment Performance - Gross premiums written in the Property segment for Q4 2025 were $346,099, down from $733,274 in Q3 2025[29]. - The Casualty and Specialty segment reported gross premiums written of $1,492,012 in Q4 2025, a decrease from $1,590,352 in Q3 2025[32]. - The net claims and claim expense ratio for the Casualty and Specialty segment in Q4 2025 was 71.1%, up from 67.6% in Q3 2025, indicating increased claims costs[32]. - Underwriting loss in the Casualty and Specialty segment for Q4 2025 was $(50,094), worsening from $(21,322) in Q3 2025, highlighting ongoing profitability challenges[32]. Fee Income - Total fee income increased to $101,628 in Q4 2025 from $77,104 in Q4 2024, driven by higher management and performance fees[11]. - Total fee income for the year ended December 31, 2025, was $328,852, a slight increase from $326,796 in 2024[58]. - Performance fee income for the three months ended December 31, 2025, was $49,626, compared to $23,568 in the same period of 2024[58]. - Management fee income for Q4 2025 was $52,002 million, slightly down from $53,536 million in Q4 2024, while performance fee income surged to $49,626 million from a loss of $15,604 million in the same period last year[64].