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Dec 31, 2024
RenaissanceRe Q4 2024 Earnings Report
Reported a net loss and operating income, driven by investment losses and hurricane impact, but demonstrated resilience through strong underwriting performance and fee income.
Key Takeaways
RenaissanceRe reported a net loss of $198.5 million for Q4 2024, influenced by mark-to-market losses and the impact of Hurricane Milton. However, the company achieved an operating income of $406.9 million, supported by underwriting income and fee income growth.
Reported a net loss attributable to common shareholders of $198.5 million, or $(3.95) per diluted common share.
Achieved operating income available to common shareholders of $406.9 million, or $8.06 per diluted common share.
Combined ratio of 91.7% and adjusted combined ratio of 89.4%.
Net investment income increased to $428.8 million, up 13.8% from Q4 2023.
RenaissanceRe
RenaissanceRe
Forward Guidance
RenaissanceRe anticipates leveraging its strong capital and liquidity to capitalize on emerging opportunities, enhance its market leadership, and deliver superior shareholder value.
Positive Outlook
- Strong capital and liquidity positions will allow capture of additional opportunities.
- Long-term partnership approach rewarded with preferential signings.
- Attractive underwriting book retained.
- Demonstrated relevance to customers through rapid claim payments.
- Delivered another strong year with growth in tangible book value per share plus change in accumulated dividends.
Challenges Ahead
- California wildfires are expected to have a pre-tax net negative impact of approximately $750 million in Q1 2025.
- Preliminary assessment of the impact from the California wildfires is based on initial industry insured loss estimates and market share analysis.
- Difficult to provide an accurate estimate of the financial impact of the California wildfires due to the preliminary nature of the information.
- Net realized and unrealized losses on investments increased by $1.2 billion.
- Hurricane Milton had a net negative impact of $270.5 million on net income.