Strong Third Quarter Performance
RenaissanceRe reported operating income of $734 million with an operating return on average common equity of 28% for the third quarter. Year-to-date, the company earned almost $1.3 billion in operating income and delivered a 17% operating return on average equity.
Growth in Tangible Book Value
The company grew its primary metric, tangible book value per share plus change in accumulated dividends, by 10% in the quarter and almost 22% year-to-date.
Successful Property CAT Market Expansion
RenaissanceRe increased its property CAT portfolio from $2 billion of gross written premium in 2022 to around $3.3 billion, creating a strong base of profit going forward.
Capital Return to Shareholders
Over $1 billion in capital was returned to shareholders so far this year, with significant share repurchases continuing post-quarter end.
Investment Income Growth
Retained net investment income grew from $392 million in 2022 to almost $1.2 billion over the trailing 4 quarters.