Earnings Report: RenaissanceRe

By | August 6, 2012

Selected earnings highlights from Bermuda-based RenaissanceRe for the second quarter and the first six months of 2012 are as follows:
Q2 2012 Q2 2011
Gross premiums written ———— $667.336 mn $641.563 mn
Net premiums written ————— $427.630 mn $427.995 mn
Net premiums earned ————- $244.416 mn $217.175 mn
Net income after tax* —————- $142.070 mn $24.464 mn
Operating income after tax ——– $183.251 mn $65.511 mn
Net investment income ————- $14.743 mn $33.328 mn
Net investment gain/loss** ———- $31.003 mn $34.979 mn
Q2 combined ratio – 47.7 percent (95.5 percent in Q2 2011)

1st Half 2012 1st Half 2011
Gross premiums written ———— $1.31148 bn $1.252068 bn
Net premiums written ————— $920.205 mn $880.570 mn
Net premiums earned ———– $523.081 mn $522.716 mn
Net income (loss) after tax* ——- $343.699 mn ($223.269 mn)
Operating income (loss) after tax — $447.244 mn ($257.738 mn)
Net investment income ————- $91.714 mn $93.609 mn
Net investment gain/loss** ———- $77.116 mn $29.765 mn)
*attributable to common shareholders
**realized and unrealized on fixed maturity investments

1st half combined ratio – 38.0 percent (174.1 percent in 1st half 2011)

CEO Neill A. Currie commented: “In the second quarter of 2012, we generated an annualized operating ROE of 13.7 percent. We increased our book value per share by 3.8 percent for the quarter and almost 10 percent year to date. Our results benefited from relatively low catastrophe losses, solid investment returns and favorable reserve development.”

“Although property catastrophe pricing at June 1st was a little lower than we had anticipated, we are pleased with the results of the recent renewal season. We have grown significantly in each unit this year, and have produced an attractive portfolio of risks.”

Source: RenaissanceRe

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