RenaissanceRe(RNR) - 2024 Q1 - Quarterly Results

Financial Performance - Net income available to RenaissanceRe common shareholders for Q1 2024 was $364,798, a decrease of 35.3% from $564,062 in Q1 2023[12] - Operating income available to RenaissanceRe common shareholders increased to $636,379 in Q1 2024, up 75% from $364,027 in Q1 2023[12] - The annualized return on average common equity was 16.4% for Q1 2024, down from 46.6% in Q1 2023[14] - Basic earnings per share for Q1 2024 was $6.96, compared to $12.95 in Q1 2023[96] - Net income attributable to DaVinci common shareholders for the three months ended March 31, 2024, is $194,477, compared to $222,382 in the same period of 2023[74] Premiums and Underwriting - Gross premiums written reached $3,990,684 in Q1 2024, representing a 43.3% increase compared to $2,790,261 in Q1 2023[12] - Net premiums written also increased to $3,199,573, up 41.2% from $2,263,703 in the same period last year[12] - The combined ratio improved slightly to 77.9% in Q1 2024 from 78.0% in Q1 2023[12] - Underwriting income for the three months ended March 31, 2024, was $540,682, up from $369,619 in Q1 2023, marking a growth of 46.2%[21] - The combined ratio for the Casualty and Specialty segment was 99.6% in Q1 2024, compared to 92.9% in Q1 2023[34] Investment Income - Net investment income for managed investments was $390,775, up 53.5% from $254,378 in Q1 2023[12] - Total investment return annualized decreased to 2.8% in Q1 2024 from 10.0% in Q1 2023[77] - The company reported net realized and unrealized losses on investments of $232.6 million for Q1 2024, compared to gains of $255.3 million in Q1 2023[106] - The net investment income for the three months ended March 31, 2024, was $168.009 million, down from $267.477 million in the same period of 2023[119] Assets and Liabilities - Total assets increased to $50,944,334 as of March 31, 2024, up from $49,007,105 at December 31, 2023, representing a growth of 3.96%[19] - Total liabilities increased to $34,853,566 as of March 31, 2024, compared to $33,451,316 at December 31, 2023, reflecting a rise of 4.2%[19] - Cash and cash equivalents decreased to $1,606,739 as of March 31, 2024, down from $1,877,518 at December 31, 2023, a decline of 14.4%[19] Acquisitions and Adjustments - The company completed the acquisition of Validus Holdings on November 1, 2023, which will impact future financial results[5] - The company has made significant adjustments related to acquisitions, including $60.6 million in purchase accounting adjustments for Q1 2024[106] Fee Income - Total fee income surged to $83,550 in Q1 2024, a significant increase of 86.5% from $44,772 in Q1 2023[12] - Management fee income for the three months ended March 31, 2024, is $56,053, up from $40,905 in the same period of 2023, reflecting a growth of 37.1%[53] - Performance fee income for the three months ended March 31, 2024, is $27,497, significantly higher than $3,867 in the same period of 2023[53] Claims and Expenses - Net claims and claim expenses incurred totaled $1,166,123 for Q1 2024, compared to $801,200 in Q1 2023, reflecting an increase of 45.5%[21] - The acquisition expense ratio for Q1 2024 was 25.9%, slightly higher than 25.7% in Q1 2023, indicating stable expense management[24] - Operational expenses decreased to $44,560,000 in Q1 2024 from $48,547,000 in Q1 2023[34] Book Value and Equity - Book value per common share increased to $170.92 as of March 31, 2024, compared to $165.20 at the end of 2023, reflecting a year-to-date change of 3.7%[14] - The tangible book value per common share rose to $149.01 from $141.87, with a year-to-date change of 5.3%[112] - The tangible book value per common share plus accumulated dividends reached $175.92, up from $168.39, indicating a year-to-date change of 3.7%[112]