RenaissanceRe(RNR) - 2022 Q3 - Quarterly Report

Financial Performance - Gross premiums written for Q3 2022 reached $2,220,661, an increase of 25.1% compared to $1,774,180 in Q3 2021[19] - Net premiums earned for the nine months ended September 30, 2022, were $4,709,829, up 22.2% from $3,852,891 in the same period of 2021[19] - Total revenues for Q3 2022 were $1,286,504, a decrease of 16.7% from $1,544,703 in Q3 2021[19] - Net income attributable to RenaissanceRe for Q3 2022 was $(816,501), compared to $(440,377) in Q3 2021, indicating a decline in profitability[19] - The company reported a net loss per common share of $(19.27) for Q3 2022, compared to $(9.75) in Q3 2021[19] - For the three months ended September 30, 2022, RenaissanceRe reported a net loss of $1,188,930 thousand, compared to a net loss of $638,872 thousand for the same period in 2021, representing an increase in loss of approximately 86%[22] - For the nine months ended September 30, 2022, the net loss was $1,853,149 thousand, significantly higher than the net loss of $391,716 thousand for the same period in 2021, indicating an increase in loss of approximately 373%[22] - The comprehensive loss for the three months ended September 30, 2022, was $1,190,535 thousand, compared to a comprehensive loss of $637,520 thousand in the same period of 2021, reflecting an increase of approximately 87%[22] - The net income (loss) attributable to RenaissanceRe common shareholders for the nine months ended September 30, 2022, was a loss of $1,544,670, compared to a loss of $284,338 in the same period of 2021[182][185] Investment Performance - Net investment income increased to $157,793 in Q3 2022, compared to $78,267 in Q3 2021, reflecting a growth of 101.5%[19] - The company reported net realized and unrealized gains on investments of $1,806,678 thousand for the nine months ended September 30, 2022, compared to $200,092 thousand for the same period in 2021, indicating a substantial increase in investment performance[28] - The company reported net investment income of $157.79 million for the three months ended September 30, 2022, compared to $78.27 million for the same period in 2021, representing an increase of 101.5%[43] - The company’s net investment income for the nine months ended September 30, 2022, was $348.70 million, compared to $238.99 million for the same period in 2021, showing an increase of 45.9%[43] - The company experienced net unrealized losses on investments of $137.4 million for the three months ended September 30, 2022, compared to net unrealized gains of $0.9 million in the same period of 2021[92] Assets and Liabilities - Total assets increased to $35,935,835 as of September 30, 2022, from $33,959,502 at the end of 2021, representing a growth of 5.8%[18] - Total liabilities increased to $26,879,003 as of September 30, 2022, from $23,781,168 at the end of 2021, reflecting a rise of 12.5%[18] - The total shareholders' equity as of September 30, 2022, was $4,881,872 thousand, down from $6,749,514 thousand as of September 30, 2021, indicating a decrease of approximately 28%[25] - The company's debt obligations remained stable at $1.2 billion as of September 30, 2022, with a fair value of $1.1 billion, down from $1.3 billion at the end of 2021[89] - As of September 30, 2022, total debt amounted to $1,092.7 million, a decrease from $1,169.9 million as of December 31, 2021[118] Claims and Reserves - The reserve for claims and claim expenses rose to $15,662,955 as of September 30, 2022, compared to $13,294,630 at the end of 2021, marking an increase of 17.8%[18] - Total claims and claim expense reserves reached $15.66 billion as of September 30, 2022, up from $13.23 billion at the end of 2021[108] - The net incurred claims for the current year amounted to $3.61 billion for the nine months ended September 30, 2022, compared to $3.39 billion for the same period in 2021[108] - The gross claims and claim expenses incurred for the nine months ended September 30, 2022, were $4.91 billion, compared to $4.98 billion for the same period in 2021[102] - The reserve for claims and claim expenses, net of reinsurance recoverable, increased to $10.69 billion as of September 30, 2022, from $9.04 billion in 2021[108] Shareholder Activities - Dividends per common share for the nine months ended September 30, 2022, were $1.11, compared to $1.08 in the same period of 2021, showing a slight increase of 2.8%[19] - The company repurchased common shares amounting to $166,664 thousand during the nine months ended September 30, 2022, compared to $704,465 thousand in the same period of 2021, indicating a decrease in share repurchases of approximately 76%[28] - The company has a share repurchase program authorized for up to $500.0 million, which remains available for repurchase as of September 30, 2022[176] - During the nine months ended September 30, 2022, the company paid $26.5 million in preference share dividends and $48.6 million in common share dividends[175] Underwriting Performance - The combined ratio for the nine months ended September 30, 2022, was 103.6%, compared to 110.0% for the same period in 2021, indicating improved underwriting performance[182][185] - Underwriting income for the nine months ended September 30, 2022, was a loss of $166,450, compared to a loss of $385,609 in the same period of 2021, showing a reduction in losses[182][185] - The net claims and claim expense ratio for the current accident year was 76.6% for the nine months ended September 30, 2022, down from 88.1% in the same period of 2021[182][185] Derivative Instruments - As of September 30, 2022, total derivative assets not designated as hedges amounted to $49,520 million[189] - Total derivative liabilities not designated as hedges were $47,241 million as of September 30, 2022[190] - The company reported a net loss of $81,142 million from derivative instruments not designated as hedges for the three months ended September 30, 2022[194] - The total derivative instruments designated as hedges amounted to $53,921 million as of September 30, 2022[189] - The company reported derivative gains of $4.925 million for the three months ended September 30, 2022, compared to $447 thousand for the same period in 2021, and $9.219 million for the nine months ended September 30, 2022, compared to $795 thousand for the same period in 2021[210]