Net Income Available to Common Shareholders per Diluted Common Share: $4.65
Operating Income Available to Common Shareholders per Diluted Common Share*: $4.71
| ||
Underwriting Income
$276.7M
|
Fee Income
$30.0M
|
Net Investment Income
$80.5M
|
Change in Book Value per Common Share: 2.5%
Change in Tangible Book Value per Common Share Plus Change in Accum. Dividends*: 2.8%
|
Kevin J. O'Donnell, President and Chief Executive Officer, said, "The fourth quarter was a solid finish to a difficult year. We reported a return on average common equity of over 14% for the quarter driven by record profitability in our Casualty and Specialty segment and strong results in our Property segment. For the full year, we earned a modest operating profit despite catastrophe losses of nearly $1 billion. At the same time, we exercised leadership in the market, growing net premiums written by 45% while simultaneously returning over $1 billion in capital to shareholders.
At the January 2022 renewal, our Capital Partners team once again led the industry, raising $500 million in DaVinci to grow in an improving environment and further optimize our Property segment. In addition, we continued to expand our Casualty and Specialty business in an attractive market, and as a result have built a stronger, more diversified and efficient underwriting portfolio that I am confident will produce superior returns for our shareholders in 2022."
|
Consolidated Financial Results - Fourth Quarter
|
Consolidated Highlights
| ||||
Three months ended December 31 | ||||
(in thousands, except per share amounts and percentages) | 2021 | 2020 | ||
Gross premiums written
| $ | 1,313,018 | $ | 935,514 |
Underwriting income (loss) | 276,661 | (151,655) | ||
Combined ratio
| 79.4 | % | 114.7 | % |
Net Income (Loss)
| ||||
Available (Attributable) to common shareholders
| 210,917 | 189,812 | ||
Available (Attributable) to common shareholders per diluted common share
| $ | 4.65 | $ | 3.74 |
Operating Income (Loss) (1)
| ||||
Available (Attributable) to common shareholders
| 213,692 | (77,122) | ||
Available (Attributable) to common shareholders per diluted common share
| $ | 4.71 | $ | (1.59) |
Book value per common share
| $ | 132.17 | $ | 138.46 |
Change in book value per share
| 2.5 | % | 2.5 | % |
Tangible book value per common share plus accumulated dividends (1)
| $ | 149.79 | $ | 155.17 |
Change in tangible book value per common share plus change in accumulated dividends (1)
| 2.8% | 3.0% | ||
Return on average common equity - annualized
| 14.2% | 10.9% | ||
Operating return on average common equity - annualized (1)
| 14.4% | (4.4)% |
Three Drivers of Profit: Underwriting, Fee and Investment Income - Fourth Quarter
|
Property Segment
| ||||||
Three months ended December 31 |
Q/Q Change
| |||||
(in thousands, except percentages) | 2021 | 2020 | ||||
Gross premiums written
| $ | 384,657 | $ | 308,315 | 24.8% | |
Underwriting income (loss)
| 223,098 | (130,268) | ||||
Underwriting Ratios
| ||||||
Net claims and claim expense ratio - current accident year
| 43.8 | % | 130.5 | % | (86.7) | pts |
Net claims and claim expense ratio - prior accident years
| (4.9) | % | (24.8) | % | 19.9 | pts |
Net claims and claim expense ratio - calendar year
| 38.9 | % | 105.7 | % | (66.8) | pts |
Underwriting expense ratio
| 25.5 | % | 19.9 | % | 5.6 | pts |
Combined ratio
| 64.4 | % | 125.6 | % | (61.2) | pts |
Casualty and Specialty Segment
| ||||||
Three months ended December 31 |
Q/Q Change
| |||||
(in thousands, except percentages)
| 2021 | 2020 | ||||
Gross premiums written
| $ | 928,361 | $ | 627,199 | 48.0% | |
Underwriting income (loss)
| 53,563 | (21,387) | ||||
Underwriting Ratios
| ||||||
Net claims and claim expense ratio - current accident year
| 63.9 | % | 70.5 | % | (6.6) | pts |
Net claims and claim expense ratio - prior accident years
| (1.3) | % | (0.5) | % | (0.8) | pts |
Net claims and claim expense ratio - calendar year
| 62.6 | % | 70.0 | % | (7.4) | pts |
Underwriting expense ratio
| 29.9 | % | 34.1 | % | (4.2) | pts |
Combined ratio
| 92.5 | % | 104.1 | % | (11.6) | pts |
Fee Income
| ||||||
Three months ended December 31 |
Q/Q Change
| |||||
(in thousands, except percentages)
| 2021 | 2020 | ||||
Total management fee income
| $ | 24,723 | $ | 26,778 | $ | (2,055) |
Total performance fee income (loss) (1)
| 5,299 | 9,128 | (3,829) | |||
Total fee income
| $ | 30,022 | $ | 35,906 | $ | (5,884) |
Investment Results
| ||||||
Three months ended December 31 |
Q/Q Change
| |||||
(in thousands, except percentages)
| 2021 | 2020 | ||||
Net investment income | $ | 80,483 | $ | 81,717 | $ | (1,234) |
Net realized and unrealized gains (losses) on investments | (21,518) | 258,745 | (280,263) | |||
Total investment result
| 58,965 | 340,462 | (281,497) | |||
Total investment return - annualized
| 1.1 | % | 6.6 | % | (5.5) | pts |
Other Items of Note - Fourth Quarter
|
Consolidated Financial Results - Full Year |
Consolidated Highlights
| ||||
Twelve months ended December 31 | ||||
(in thousands, except per share amounts and percentages) | 2021 | 2020 | ||
Gross premiums written | $ | 7,833,798 | $ | 5,806,165 |
Underwriting income (loss) | (108,948) | (76,511) | ||
Combined ratio | 102.1 | % | 101.9 | % |
Net Income (Loss)
| ||||
Available (Attributable) to common shareholders
| $ | (73,421) | $ | 731,482 |
Available (Attributable) to common shareholders per diluted common share
| $ | (1.57) | $ | 15.31 |
Operating Income (Loss) (1)
| ||||
Available (Attributable) to common shareholders
| $ | 81,599 | $ | 14,640 |
Available (Attributable) to common shareholders per diluted common share
| $ | 1.72 | $ | 0.12 |
Book value per common share
| $ | 132.17 | $ | 138.46 |
Change in book value per share
| (4.5) | % | 14.9 | % |
Tangible book value per common share plus accumulated dividends (1)
| $ | 149.79 | $ | 155.17 |
Change in tangible book value per common share plus change in accumulated dividends (1)
| (4.0) | % | 17.9 | % |
Return on average common equity | (1.1) | % | 11.7 | % |
Operating return on average common equity (1)
| 1.3 | % | 0.2 | % |
Year ended December 31, 2021 | Winter Storm Uri | European Floods | Hurricane Ida |
Other 2021 Catastrophe Events (1)
|
Aggregate Losses (2)
|
Total 2021 Weather-Related Large Losses (3)
| ||||||
(in thousands) | ||||||||||||
Net claims and claims expenses incurred | $ | (358,937) | $ | (360,644) | $ | (741,285) | $ | (85,941) | $ | (161,093) | $ | (1,707,900) |
Assumed reinstatement premiums earned | 86,626 | 90,346 | 156,061 | 9,939 | 6,140 | $ | 349,112 | |||||
Ceded reinstatement premiums earned | (11,045) | (16,372) | (27,467) | - | - | $ | (54,884) | |||||
Earned (lost) profit commissions | 773 | 8,084 | - | 1,645 | - | 10,502 | ||||||
Net negative impact on underwriting result | (282,583) | (278,586) | (612,691) | (74,357) | (154,953) | (1,403,170) | ||||||
Redeemable noncontrolling interest | 101,966 | 84,082 | 200,806 | 17,082 | 37,175 | 441,111 | ||||||
Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | (180,617) | $ | (194,504) | $ | (411,885) | $ | (57,275) | $ | (117,778) | $ | (962,059) |
Year ended December 31, 2021 | Winter Storm Uri | European Floods | Hurricane Ida |
Other 2021 Catastrophe Events (1)
|
Aggregate Losses (2)
|
Total 2021 Weather-Related Large Losses (3)
| ||||||
(in thousands, except percentages) | ||||||||||||
Net negative impact on Property segment underwriting result | $ | (275,566) | $ | (276,317) | $ | (596,271) | $ | (74,357) | $ | (154,953) | $ | (1,377,464) |
Net negative impact on Casualty and Specialty segment underwriting result | (7,017) | (2,269) | (16,420) | - | - | (25,706) | ||||||
Net negative impact on underwriting result | $ | (282,583) | $ | (278,586) | $ | (612,691) | $ | (74,357) | $ | (154,953) | $ | (1,403,170) |
Percentage point impact on consolidated combined ratio | 5.5 | 5.4 | 12.0 | 1.4 | 3.0 | 28.5 | ||||||
Three Drivers of Profit: Underwriting, Fee, and Investment Income - Full Year |
Property Segment
| ||||||
Twelve months ended December 31 |
Y/Y Change
| |||||
(in thousands, except percentages)
| 2021 | 2020 | ||||
Gross premiums written
| $ | 3,958,724 | $ | 2,999,142 | 32.0% | |
Underwriting income (loss)
| (185,504) | 11,021 | ||||
Underwriting Ratios
| ||||||
Net claims and claim expense ratio - current accident year
| 91.9 | % | 82.3 | % | 9.6 | pts |
Net claims and claim expense ratio - prior accident years
| (9.0) | % | (8.1) | % | (0.9) | pts |
Net claims and claim expense ratio - calendar year
| 82.9 | % | 74.2 | % | 8.7 | pts |
Underwriting expense ratio
| 24.2 | % | 25.2 | % | (1.0) | pts |
Combined ratio
| 107.1 | % | 99.4 | % | 7.7 | pts |
Casualty and Specialty Segment
| ||||||
Twelve months ended December 31 |
Y/Y Change
| |||||
(in thousands, except percentages)
| 2021 | 2020 | ||||
Gross premiums written
| $ | 3,875,074 | $ | 2,807,023 | 38.0% | |
Underwriting income (loss)
| 76,556 | (87,532) | ||||
Underwriting Ratios
| ||||||
Net claims and claim expense ratio - current accident year
| 66.9 | % | 75.2 | % | (8.3) | pts |
Net claims and claim expense ratio - prior accident years
| (0.7) | % | (1.4) | % | 0.7 | pts |
Net claims and claim expense ratio - calendar year
| 66.2 | % | 73.8 | % | (7.6) | pts |
Underwriting expense ratio
| 30.8 | % | 30.5 | % | 0.3 | pts |
Combined ratio
| 97.0 | % | 104.3 | % | (7.3) | pts |
Fee Income
| ||||||
Twelve months ended December 31 |
Y/Y Change
| |||||
(in thousands, except percentages)
| 2021 | 2020 | ||||
Total management fee income
| $ | 109,071 | $ | 111,476 | $ | (2,405) |
Total performance fee income (loss) (1)
| 19,432 | 33,686 | (14,254) | |||
Total fee income
| $ | 128,503 | $ | 145,162 | $ | (16,659) |
Investment Results
| ||||||
Twelve months ended December 31 |
Y/Y Change
| |||||
(in thousands, except percentages)
| 2021 | 2020 | ||||
Net investment income
| $ | 319,479 | $ | 354,038 | $ | (34,559) |
Net realized and unrealized gains (losses) on investments
| (218,134) | 820,636 | (1,038,770) | |||
Total investment result
| 101,345 | 1,174,674 | (1,073,329) | |||
Total investment return
| 0.5 | % | 5.9 | % | (5.4) | pts |
Other Items of Note - Full Year and Subsequent Events |
Conference Call Details and Additional Information
|
INVESTOR CONTACT:
RenaissanceRe Holdings Ltd.
Keith McCue
Senior Vice President, Finance & Investor Relations
(441) 239-4830
|
MEDIA CONTACT:
RenaissanceRe Holdings Ltd.
Keil Gunther
Senior Vice President, Head of Global Marketing & Client Communication
(441) 239-4932
or
Kekst CNC
Dawn Dover
(212) 521-4800
|
RenaissanceRe Holdings Ltd. | ||||||||
Summary Consolidated Statements of Operations | ||||||||
(in thousands of United States Dollars, except per share amounts and percentages) | ||||||||
(Unaudited) | ||||||||
Three months ended | Twelve months ended | |||||||
December 31, 2021 |
December 31, 2020 |
December 31, 2021 |
December 31, 2020 | |||||
Revenues | ||||||||
Gross premiums written | $ | 1,313,018 | $ | 935,514 | $ | 7,833,798 | $ | 5,806,165 |
Net premiums written | $ | 1,116,560 | $ | 746,311 | $ | 5,939,375 | $ | 4,096,333 |
Decrease (increase) in unearned premiums | 224,730 | 282,774 | (745,194) | (143,871) | ||||
Net premiums earned | 1,341,290 | 1,029,085 | 5,194,181 | 3,952,462 | ||||
Net investment income | 80,483 | 81,717 | 319,479 | 354,038 | ||||
Net foreign exchange gains (losses) | (16,697) | 23,270 | (41,006) | 27,773 | ||||
Equity in earnings (losses) of other ventures | 3,830 | (1,868) | 12,309 | 17,194 | ||||
Other income (loss) | 6,431 | 4,374 | 10,880 | 213 | ||||
Net realized and unrealized gains (losses) on investments | (21,518) | 258,745 | (218,134) | 820,636 | ||||
Total revenues
| 1,393,819 | 1,395,323 | 5,277,709 | 5,172,316 | ||||
Expenses | ||||||||
Net claims and claim expenses incurred | 690,970 | 901,353 | 3,876,087 | 2,924,609 | ||||
Acquisition expenses | 333,986 | 238,283 | 1,214,858 | 897,677 | ||||
Operational expenses | 39,673 | 41,104 | 212,184 | 206,687 | ||||
Corporate expenses | 10,426 | 21,031 | 41,152 | 96,970 | ||||
Interest expense | 11,872 | 11,841 | 47,536 | 50,453 | ||||
Total expenses
| 1,086,927 | 1,213,612 | 5,391,817 | 4,176,396 | ||||
Income (loss) before taxes | 306,892 | 181,711 | (114,108) | 995,920 | ||||
Income tax benefit (expense) | (18,616) | 9,923 | 10,668 | (2,862) | ||||
Net income (loss) | 288,276 | 191,634 | (103,440) | 993,058 | ||||
Net (income) loss attributable to redeemable noncontrolling interests | (68,516) | 5,467 | 63,285 | (230,653) | ||||
Net income (loss) attributable to RenaissanceRe | 219,760 | 197,101 | (40,155) | 762,405 | ||||
Dividends on preference shares | (8,843) | (7,289) | (33,266) | (30,923) | ||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 210,917 | $ | 189,812 | $ | (73,421) | $ | 731,482 |
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 4.65 | $ | 3.75 | $ | (1.57) | $ | 15.34 |
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 4.65 | $ | 3.74 | $ | (1.57) | $ | 15.31 |
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)
| $ | 4.71 | $ | (1.59) | $ | 1.72 | $ | 0.12 |
Average shares outstanding - basic
| 44,722 | 50,022 | 47,171 | 47,103 | ||||
Average shares outstanding - diluted
| 44,748 | 50,111 | 47,171 | 47,178 | ||||
Net claims and claim expense ratio
| 51.5 | % | 87.6 | % | 74.6 | % | 74.0 | % |
Underwriting expense ratio
| 27.9 | % | 27.1 | % | 27.5 | % | 27.9 | % |
Combined ratio
| 79.4 | % | 114.7 | % | 102.1 | % | 101.9 | % |
Return on average common equity - annualized
| 14.2 | % | 10.9 | % | (1.1) | % | 11.7 | % |
Operating return on average common equity - annualized (1)
| 14.4 | % | (4.4) | % | 1.3 | % | 0.2 | % |
RenaissanceRe Holdings Ltd. | ||||
Summary Consolidated Balance Sheets | ||||
(in thousands of United States Dollars, except per share amounts) | ||||
December 31, 2021 |
December 31, 2020 | |||
Assets | (Unaudited) | (Audited) | ||
Fixed maturity investments trading, at fair value | $ | 13,507,131 | $ | 13,506,503 |
Short term investments, at fair value | 5,298,385 | 4,993,735 | ||
Equity investments trading, at fair value | 546,016 | 702,617 | ||
Other investments, at fair value | 1,993,059 | 1,256,948 | ||
Investments in other ventures, under equity method | 98,068 | 98,373 | ||
Total investments | 21,442,659 | 20,558,176 | ||
Cash and cash equivalents | 1,859,019 | 1,736,813 | ||
Premiums receivable | 3,781,542 | 2,894,631 | ||
Prepaid reinsurance premiums | 854,722 | 823,582 | ||
Reinsurance recoverable | 4,268,669 | 2,926,010 | ||
Accrued investment income | 55,740 | 66,743 | ||
Deferred acquisition costs and value of business acquired | 849,160 | 633,521 | ||
Receivable for investments sold | 380,442 | 568,293 | ||
Other assets | 224,053 | 363,170 | ||
Goodwill and other intangible assets | 243,496 | 249,641 | ||
Total assets | $ | 33,959,502 | $ | 30,820,580 |
Liabilities, Noncontrolling Interests and Shareholders' Equity | ||||
Liabilities | ||||
Reserve for claims and claim expenses | $ | 13,294,630 | $ | 10,381,138 |
Unearned premiums | 3,531,213 | 2,763,599 | ||
Debt | 1,168,353 | 1,136,265 | ||
Reinsurance balances payable | 3,860,963 | 3,488,352 | ||
Payable for investments purchased | 1,170,568 | 1,132,538 | ||
Other liabilities | 755,441 | 970,121 | ||
Total liabilities | 23,781,168 | 19,872,013 | ||
Redeemable noncontrolling interests | 3,554,053 | 3,388,319 | ||
Shareholders' Equity | ||||
Preference shares | 750,000 | 525,000 | ||
Common shares | 44,445 | 50,811 | ||
Additional paid-in capital | 608,121 | 1,623,206 | ||
Accumulated other comprehensive loss | (10,909) | (12,642) | ||
Retained earnings | 5,232,624 | 5,373,873 | ||
Total shareholders' equity attributable to RenaissanceRe | 6,624,281 | 7,560,248 | ||
Total liabilities, noncontrolling interests and shareholders' equity | $ | 33,959,502 | $ | 30,820,580 |
Book value per common share | $ | 132.17 | $ | 138.46 |
RenaissanceRe Holdings Ltd. | ||||||||
Supplemental Financial Data - Segment Information | ||||||||
(in thousands of United States Dollars, except percentages) | ||||||||
(Unaudited) | ||||||||
Three months ended December 31, 2021 | ||||||||
Property | Casualty and Specialty | Other | Total | |||||
Gross premiums written | $ | 384,657 | $ | 928,361 | $ | - | $ | 1,313,018 |
Net premiums written | $ | 375,112 | $ | 741,448 | $ | - | $ | 1,116,560 |
Net premiums earned | $ | 626,359 | $ | 714,931 | $ | - | $ | 1,341,290 |
Net claims and claim expenses incurred | 243,356 | 447,614 | - | 690,970 | ||||
Acquisition expenses | 131,007 | 202,979 | - | 333,986 | ||||
Operational expenses | 28,898 | 10,775 | - | 39,673 | ||||
Underwriting income (loss) | $ | 223,098 | $ | 53,563 | $ | - | 276,661 | |
Net investment income | 80,483 | 80,483 | ||||||
Net foreign exchange gain (loss) | (16,697) | (16,697) | ||||||
Equity in earnings of other ventures | 3,830 | 3,830 | ||||||
Other income (loss) | 6,431 | 6,431 | ||||||
Net realized and unrealized gain (loss) on investments | (21,518) | (21,518) | ||||||
Corporate expenses | (10,426) | (10,426) | ||||||
Interest expense | (11,872) | (11,872) | ||||||
Income (loss) before taxes and redeemable noncontrolling interests | 306,892 | |||||||
Income tax benefit (expense) | (18,616) | (18,616) | ||||||
Net (income) loss attributable to redeemable noncontrolling interests | (68,516) | (68,516) | ||||||
Dividends on preference shares | (8,843) | (8,843) | ||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 210,917 | ||||||
Net claims and claim expenses incurred - current accident year | $ | 274,649 | $ | 457,080 | $ | - | $ | 731,729 |
Net claims and claim expenses incurred - prior accident years | (31,293) | (9,466) | - | (40,759) | ||||
Net claims and claim expenses incurred - total | $ | 243,356 | $ | 447,614 | $ | - | $ | 690,970 |
Net claims and claim expense ratio - current accident year | 43.8 | % | 63.9 | % | 54.6 | % | ||
Net claims and claim expense ratio - prior accident years | (4.9) | % | (1.3) | % | (3.1) | % | ||
Net claims and claim expense ratio - calendar year | 38.9 | % | 62.6 | % | 51.5 | % | ||
Underwriting expense ratio | 25.5 | % | 29.9 | % | 27.9 | % | ||
Combined ratio | 64.4 | % | 92.5 | % | 79.4 | % | ||
Three months ended December 31, 2020 | ||||||||
Property | Casualty and Specialty | Other | Total | |||||
Gross premiums written | $ | 308,315 | $ | 627,199 | $ | - | $ | 935,514 |
Net premiums written | $ | 279,773 | $ | 466,538 | $ | - | $ | 746,311 |
Net premiums earned | $ | 507,141 | $ | 521,944 | $ | - | $ | 1,029,085 |
Net claims and claim expenses incurred | 536,218 | 365,135 | - | 901,353 | ||||
Acquisition expenses | 75,032 | 163,251 | - | 238,283 | ||||
Operational expenses | 26,159 | 14,945 | - | 41,104 | ||||
Underwriting income (loss) | $ | (130,268) | $ | (21,387) | $ | - | (151,655) | |
Net investment income | 81,717 | 81,717 | ||||||
Net foreign exchange gain (loss) | 23,270 | 23,270 | ||||||
Equity in earnings of other ventures | (1,868) | (1,868) | ||||||
Other income (loss) | 4,374 | 4,374 | ||||||
Net realized and unrealized gain (loss) on investments | 258,745 | 258,745 | ||||||
Corporate expenses | (21,031) | (21,031) | ||||||
Interest expense | (11,841) | (11,841) | ||||||
Income (loss) before taxes and redeemable noncontrolling interests | 181,711 | |||||||
Income tax benefit (expense) | 9,923 | 9,923 | ||||||
Net (income) loss attributable to redeemable noncontrolling interests | 5,467 | 5,467 | ||||||
Dividends on preference shares | (7,289) | (7,289) | ||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 189,812 | ||||||
Net claims and claim expenses incurred - current accident year | $ | 661,711 | $ | 368,071 | $ | - | $ | 1,029,782 |
Net claims and claim expenses incurred - prior accident years | (125,493) | (2,936) | - | (128,429) | ||||
Net claims and claim expenses incurred - total | $ | 536,218 | $ | 365,135 | $ | - | $ | 901,353 |
Net claims and claim expense ratio - current accident year | 130.5 | % | 70.5 | % | 100.1 | % | ||
Net claims and claim expense ratio - prior accident years | (24.8) | % | (0.5) | % | (12.5) | % | ||
Net claims and claim expense ratio - calendar year | 105.7 | % | 70.0 | % | 87.6 | % | ||
Underwriting expense ratio | 19.9 | % | 34.1 | % | 27.1 | % | ||
Combined ratio | 125.6 | % | 104.1 | % | 114.7 | % |
RenaissanceRe Holdings Ltd. | ||||||||
Supplemental Financial Data - Segment Information | ||||||||
(in thousands of United States Dollars, except percentages) | ||||||||
(Unaudited) | ||||||||
Year ended December 31, 2021 | ||||||||
Property | Casualty and Specialty | Other | Total | |||||
Gross premiums written | $ | 3,958,724 | $ | 3,875,074 | $ | - | $ | 7,833,798 |
Net premiums written | $ | 2,868,002 | $ | 3,071,373 | $ | - | $ | 5,939,375 |
Net premiums earned | $ | 2,608,298 | $ | 2,585,883 | $ | - | $ | 5,194,181 |
Net claims and claim expenses incurred | 2,163,016 | 1,713,071 | - | 3,876,087 | ||||
Acquisition expenses | 487,178 | 727,680 | - | 1,214,858 | ||||
Operational expenses | 143,608 | 68,576 | - | 212,184 | ||||
Underwriting income (loss) | $ | (185,504) | $ | 76,556 | $ | - | (108,948) | |
Net investment income | 319,479 | 319,479 | ||||||
Net foreign exchange gain (loss) | (41,006) | (41,006) | ||||||
Equity in earnings of other ventures | 12,309 | 12,309 | ||||||
Other income (loss) | 10,880 | 10,880 | ||||||
Net realized and unrealized gain (loss) on investments | (218,134) | (218,134) | ||||||
Corporate expenses | (41,152) | (41,152) | ||||||
Interest expense | (47,536) | (47,536) | ||||||
Income (loss) before taxes and redeemable noncontrolling interests | (114,108) | |||||||
Income tax benefit (expense) | 10,668 | 10,668 | ||||||
Net (income) loss attributable to redeemable noncontrolling interests | 63,285 | 63,285 | ||||||
Dividends on preference shares | (33,266) | (33,266) | ||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | (73,421) | ||||||
Net claims and claim expenses incurred - current accident year | $ | 2,396,389 | $ | 1,729,168 | $ | - | $ | 4,125,557 |
Net claims and claim expenses incurred - prior accident years | (233,373) | (16,097) | - | (249,470) | ||||
Net claims and claim expenses incurred - total | $ | 2,163,016 | $ | 1,713,071 | $ | - | $ | 3,876,087 |
Net claims and claim expense ratio - current accident year | 91.9 | % | 66.9 | % | 79.4 | % | ||
Net claims and claim expense ratio - prior accident years | (9.0) | % | (0.7) | % | (4.8) | % | ||
Net claims and claim expense ratio - calendar year | 82.9 | % | 66.2 | % | 74.6 | % | ||
Underwriting expense ratio | 24.2 | % | 30.8 | % | 27.5 | % | ||
Combined ratio | 107.1 | % | 97.0 | % | 102.1 | % | ||
Year ended December 31, 2020 | ||||||||
Property | Casualty and Specialty | Other | Total | |||||
Gross premiums written | $ | 2,999,142 | $ | 2,807,023 | $ | - | $ | 5,806,165 |
Net premiums written | $ | 2,037,200 | $ | 2,059,133 | $ | - | $ | 4,096,333 |
Net premiums earned | $ | 1,936,215 | $ | 2,016,247 | $ | - | $ | 3,952,462 |
Net claims and claim expenses incurred | 1,435,947 | 1,488,662 | - | 2,924,609 | ||||
Acquisition expenses | 353,700 | 543,977 | - | 897,677 | ||||
Operational expenses | 135,547 | 71,140 | - | 206,687 | ||||
Underwriting income (loss) | $ | 11,021 | $ | (87,532) | $ | - | (76,511) | |
Net investment income | 354,038 | 354,038 | ||||||
Net foreign exchange gain (loss) | 27,773 | 27,773 | ||||||
Equity in earnings of other ventures | 17,194 | 17,194 | ||||||
Other income (loss) | 213 | 213 | ||||||
Net realized and unrealized gain (loss) on investments | 820,636 | 820,636 | ||||||
Corporate expenses | (96,970) | (96,970) | ||||||
Interest expense | (50,453) | (50,453) | ||||||
Income (loss) before taxes and redeemable noncontrolling interests | 995,920 | |||||||
Income tax benefit (expense) | (2,862) | (2,862) | ||||||
Net (income) loss attributable to redeemable noncontrolling interests | (230,653) | (230,653) | ||||||
Dividends on preference shares | (30,923) | (30,923) | ||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 731,482 | ||||||
Net claims and claim expenses incurred - current accident year | $ | 1,592,996 | $ | 1,515,425 | $ | - | $ | 3,108,421 |
Net claims and claim expenses incurred - prior accident years | (157,049) | (26,763) | - | (183,812) | ||||
Net claims and claim expenses incurred - total | $ | 1,435,947 | $ | 1,488,662 | $ | - | $ | 2,924,609 |
Net claims and claim expense ratio - current accident year | 82.3 | % | 75.2 | % | 78.6 | % | ||
Net claims and claim expense ratio - prior accident years | (8.1) | % | (1.4) | % | (4.6) | % | ||
Net claims and claim expense ratio - calendar year | 74.2 | % | 73.8 | % | 74.0 | % | ||
Underwriting expense ratio | 25.2 | % | 30.5 | % | 27.9 | % | ||
Combined ratio | 99.4 | % | 104.3 | % | 101.9 | % |
RenaissanceRe Holdings Ltd. | ||||||||
Supplemental Financial Data - Gross Premiums Written | ||||||||
(in thousands of United States Dollars) | ||||||||
(Unaudited) | ||||||||
Three months ended | Twelve months ended | |||||||
December 31, 2021 |
December 31, 2020 |
December 31, 2021 |
December 31, 2020 | |||||
Property Segment | ||||||||
Catastrophe | $ | 7,795 | $ | 59,120 | $ | 2,235,736 | $ | 1,886,785 |
Other property | 376,862 | 249,195 | 1,722,988 | 1,112,357 | ||||
Property segment gross premiums written
| $ | 384,657 | $ | 308,315 | $ | 3,958,724 | $ | 2,999,142 |
Casualty and Specialty Segment | ||||||||
General casualty (1)
| $ | 281,926 | $ | 190,996 | $ | 1,258,536 | $ | 904,594 |
Professional liability (2)
| 333,257 | 207,437 | 1,283,864 | 836,120 | ||||
Financial lines (3)
| 139,799 | 122,023 | 498,946 | 514,192 | ||||
Other (4)
| 173,379 | 106,743 | 833,728 | 552,117 | ||||
Casualty and Specialty segment gross premiums written
| $ | 928,361 | $ | 627,199 | $ | 3,875,074 | $ | 2,807,023 |
(1) |
Includes automobile liability, casualty clash, employer's liability, umbrella or excess casualty, workers' compensation and general liability.
|
(2) |
Includes directors and officers, medical malpractice, and professional indemnity.
|
(3) |
Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
|
(4) |
Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly.
|
RenaissanceRe Holdings Ltd. | ||||||||
Supplemental Financial Data - Total Investment Result | ||||||||
(in thousands of United States Dollars, except percentages) | ||||||||
(Unaudited) | ||||||||
Three months ended | Twelve months ended | |||||||
December 31, 2021 |
December 31, 2020 |
December 31, 2021 |
December 31, 2020 | |||||
Fixed maturity investments trading | $ | 55,643 | $ | 66,912 | $ | 234,911 | $ | 278,215 |
Short term investments | 464 | 1,047 | 2,333 | 20,799 | ||||
Equity investments trading | 4,077 | 1,628 | 9,017 | 6,404 | ||||
Other investments | ||||||||
Catastrophe bonds | 16,527 | 13,500 | 64,860 | 54,784 | ||||
Other | 8,100 | 4,083 | 28,811 | 9,417 | ||||
Cash and cash equivalents | 74 | 192 | 297 | 2,974 | ||||
84,885 | 87,362 | 340,229 | 372,593 | |||||
Investment expenses | (4,402) | (5,645) | (20,750) | (18,555) | ||||
Net investment income | 80,483 | 81,717 | 319,479 | 354,038 | ||||
Net realized and unrealized gains (losses) on: | ||||||||
Fixed maturity investments trading, net of investments-related derivatives (1)
| (116,689) | 90,132 | (322,025) | 592,412 | ||||
Equity investments trading, net of investments-related derivatives (1)
| 73,645 | 154,306 | 49,609 | 235,552 | ||||
Other investments | ||||||||
Catastrophe bonds | (9,958) | (9,742) | (35,033) | (7,031) | ||||
Other | 31,484 | 24,049 | 89,315 | (297) | ||||
Net realized and unrealized gains (losses) on investments | (21,518) | 258,745 | (218,134) | 820,636 | ||||
Total investment result | $ | 58,965 | $ | 340,462 | $ | 101,345 | $ | 1,174,674 |
Total investment return - annualized | 1.1 | % | 6.6 | % | 0.5 | % | 5.9 | % |
Comments on Regulation G |
Three months ended | Twelve months ended | |||||||
(in thousands of United States Dollars, except per share amounts and percentages) |
December 31, 2021 |
December 31, 2020 |
December 31, 2021 |
December 31, 2020 | ||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 210,917 | $ | 189,812 | $ | (73,421) | $ | 731,482 |
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 11,560 | (268,487) | 183,101 | (827,667) | ||||
Adjustment for net foreign exchange losses (gains) | 16,697 | (23,270) | 41,006 | (27,773) | ||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK | - | 7,346 | 135 | 47,964 | ||||
Adjustment for income tax expense (benefit) (1)
| (3,628) | 7,723 | (11,521) | 29,863 | ||||
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2)
| (21,854) | 9,754 | (57,701) | 60,771 | ||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 213,692 | $ | (77,122) | $ | 81,599 | $ | 14,640 |
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 4.65 | $ | 3.74 | $ | (1.57) | $ | 15.31 |
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 0.26 | (5.36) | 3.88 | (17.54) | ||||
Adjustment for net foreign exchange losses (gains) | 0.37 | (0.46) | 0.87 | (0.59) | ||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK | - | 0.15 | - | 1.02 | ||||
Adjustment for income tax expense (benefit) (1)
| (0.08) | 0.15 | (0.24) | 0.63 | ||||
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2)
| (0.49) | 0.19 | (1.22) | 1.29 | ||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 4.71 | $ | (1.59) | $ | 1.72 | $ | 0.12 |
Return on average common equity - annualized | 14.2 | % | 10.9 | % | (1.1) | % | 11.7 | % |
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 0.8 | % | (15.4) | % | 2.9 | % | (13.4) | % |
Adjustment for net foreign exchange losses (gains) | 1.1 | % | (1.3) | % | 0.6 | % | (0.4) | % |
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK | - | % | 0.4 | % | - | % | 0.8 | % |
Adjustment for income tax expense (benefit) (1)
| (0.2) | % | 0.4 | % | (0.2) | % | 0.5 | % |
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2)
| (1.5) | % | 0.6 | % | (0.9) | % | 1.0 | % |
Operating return on average common equity - annualized
| 14.4 | % | (4.4) | % | 1.3 | % | 0.2 | % |
December 31, 2021 |
September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
December 31, 2020 | ||||||
Book value per common share
| $ | 132.17 | $ | 128.91 | $ | 139.35 | $ | 131.15 | $ | 138.46 |
Adjustment for goodwill and other intangibles (1)
| (5.90) | (5.67) | (5.60) | (5.42) | (5.37) | |||||
Tangible book value per common share
| 126.27 | 123.24 | 133.75 | 125.73 | 133.09 | |||||
Adjustment for accumulated dividends
| 23.52 | 23.16 | 22.80 | 22.44 | 22.08 | |||||
Tangible book value per common share plus accumulated dividends
| $ | 149.79 | $ | 146.40 | $ | 156.55 | $ | 148.17 | $ | 155.17 |
Quarterly change in book value per common share
| 2.5 | % | (7.5) | % | 6.3 | % | (5.3) | % | 2.5 | % |
Quarterly change in tangible book value per common share plus change in accumulated dividends
| 2.8 | % | (7.6) | % | 6.7 | % | (5.3) | % | 3.0 | % |
Year to date change in book value per common share | (4.5) | % | (6.9) | % | 0.6 | % | (5.3) | % | 14.9 | % |
Year to date change in tangible book value per common share plus change in accumulated dividends
| (4.0) | % | (6.6) | % | 1.0 | % | (5.3) | % | 17.9 | % |
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Disclaimer
RenaissanceRe Holdings Ltd. published this content on 25 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 January 2022 22:00:24 UTC.