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Sep 30
RenaissanceRe Q3 2025 Earnings Report
RenaissanceRe reported strong Q3 2025 results with $907.7M in net income and a combined ratio of 68.4%, driven by low catastrophe losses and strong underwriting performance.
Key Takeaways
RenaissanceRe delivered an excellent Q3 2025, generating $907.7M in net income and $733.7M in operating income. The Property segment had exceptional profitability with a 15.5% combined ratio. Book value per share rose 9.0%, and investment income remained strong.
Net income available to common shareholders was $907.7M, with EPS of $19.40.
Operating income reached $733.7M, or $15.62 per diluted share.
Combined ratio improved to 68.4%; adjusted combined ratio was 66.6%.
Book value per common share increased to $231.23, up 9.0% quarter-over-quarter.
RenaissanceRe
RenaissanceRe
RenaissanceRe Revenue by Segment
Revenue by Segment
Property Revenue
CapyFin.comCasualty and Specialty Revenue
CapyFin.com Forward Guidance
RenaissanceRe expressed confidence in the sustainability of strong earnings, citing disciplined underwriting, favorable market conditions, and increased book value as supportive of long-term shareholder value.
Positive Outlook
- Strong underwriting profit, particularly in the Property segment.
- Low catastrophe activity contributed to improved loss ratios.
- 21.9% underlying growth in catastrophe premiums (excluding reinstatements).
- Solid investment income of $438.4M and $750.2M total investment result.
- Continued growth in tangible book value and share repurchases enhancing capital returns.
Challenges Ahead
- Casualty and Specialty segment had a combined ratio above 100% (101.4%).
- Gross premiums written declined 3.2% YoY.
- Slight deterioration in underwriting expense ratio YoY (32.3% vs 31.6%).
- Lower total investment return YoY (8.9% vs 18.3%).
- Fee income slightly declined in management fees (-$1.9M YoY).