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Mar 31, 2023
RenaissanceRe Q1 2023 Earnings Report
Reported strong Q1 2023 results driven by underwriting performance, capital partners fees, and investment income.
Key Takeaways
RenaissanceRe reported a net income available to common shareholders of $564.1 million for Q1 2023, with an annualized return on average common equity of 46.6%. The company saw strong performance in both its Property and Casualty and Specialty segments, with combined ratios of 56.6% and 92.9%, respectively. Net investment income grew by 203.9% compared to Q1 2022, and the company raised $621.2 million of third-party capital.
Net income available to common shareholders was $564.1 million.
Annualized return on average common equity was 46.6% and annualized operating return on average common equity was 29.7%.
Property combined ratio was 56.6% and Casualty and Specialty combined ratio was 92.9%.
Net investment income increased by 203.9% compared to Q1 2022.
Forward Guidance
The company expects its three drivers of profit - underwriting, fees, and investment income - to continue to improve. They anticipate strong demand for their products, increased fees from the Capital Partners business, and a favorable investment environment. The company is confident that the attractive reinsurance market will persist, providing opportunities to deploy additional capital.
Positive Outlook
- Ongoing strong demand for products.
- Increased fees from Capital Partners business.
- Favorable investment environment.
- Attractive reinsurance market expected to persist.
- Opportunities to deploy additional capital.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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