RENAISSANCERE HOLDINGS LTD
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
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SELECTED CONSOLIDATED FINANCIAL DATA
The following tables set forth our selected consolidated financial data and other financial information at the end of and for each of the years in the five-year period ended December 31, 2023. The results of Validus and TMR are included in our consolidated financial data from November 1, 2023 and March 22, 2019, respectively. The selected consolidated financial data should be read in conjunction with our consolidated financial statements and related notes thereto and the other information in this “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Form 10-K.
| Year ended December 31, | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| (in thousands, except share and per share data and percentages) | |||||
| Statements of Operations Data: | |||||
| Gross premiums written | $8,862,366 | $9,213,540 | $7,833,798 | $5,806,165 | $4,807,750 |
| Net premiums written | 7,467,813 | 7,196,160 | 5,939,375 | 4,096,333 | 3,381,493 |
| Net premiums earned | 7,471,133 | 6,333,989 | 5,194,181 | 3,952,462 | 3,338,403 |
| Net investment income | 1,253,110 | 559,932 | 319,479 | 354,038 | 424,207 |
| Net realized and unrealized gains (losses) on investments | 414,522 | (1,800,485) | (218,134) | 820,636 | 414,109 |
| Net claims and claim expenses incurred | 3,573,509 | 4,338,840 | 3,876,087 | 2,924,609 | 2,097,021 |
| Acquisition expenses | 1,875,034 | 1,568,606 | 1,214,858 | 897,677 | 762,232 |
| Operational expenses | 375,182 | 276,691 | 212,184 | 206,687 | 222,733 |
| Underwriting income (loss) | 1,647,408 | 149,852 | (108,948) | (76,511) | 256,417 |
| Net income (loss) | 3,620,127 | (1,159,816) | (103,440) | 993,058 | 950,267 |
| Net income (loss) available (attributable) to RenaissanceRe common shareholders | 2,525,757 | (1,096,578) | (73,421) | 731,482 | 712,042 |
| Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted | 52.27 | (25.50) | (1.57) | 15.31 | 16.29 |
| Dividends per common share | 1.52 | 1.48 | 1.44 | 1.40 | 1.36 |
| Weighted average common shares outstanding – diluted | 47,607 | 43,040 | 47,171 | 47,178 | 43,175 |
| Return on average common equity | 40.5% | (22.0)% | (1.1)% | 11.7% | 14.1% |
| Combined ratio | 77.9% | 97.7% | 102.1% | 101.9% | 92.3% |
| At December 31, | 2023 | 2022 | 2021 | 2020 | 2019 |
| Balance Sheet Data: | |||||
| Total investments | $29,216,143 | $22,220,436 | $21,442,659 | $20,558,176 | $17,368,789 |
| Total assets | 49,007,105 | 36,552,878 | 33,959,502 | 30,820,580 | 26,330,094 |
| Reserve for claims and claim expenses | 20,486,869 | 15,892,573 | 13,294,630 | 10,381,138 | 9,384,349 |
| Unearned premiums | 6,136,135 | 4,559,107 | 3,531,213 | 2,763,599 | 2,530,975 |
| Debt | 1,958,655 | 1,170,442 | 1,168,353 | 1,136,265 | 1,384,105 |
| Capital leases | 21,540 | 22,020 | 22,459 | 22,853 | 25,072 |
| Preference shares | 750,000 | 750,000 | 750,000 | 525,000 | 650,000 |
| Total shareholders’ equity attributable to RenaissanceRe | 9,454,958 | 5,325,274 | 6,624,281 | 7,560,248 | 5,971,367 |
| Common shares outstanding | 52,694 | 43,718 | 44,445 | 50,811 | 44,148 |
| Book value per common share | $165.20 | $104.65 | $132.17 | $138.46 | $120.53 |
| Accumulated dividends | 26.52 | 25.00 | 23.52 | 22.08 | 20.68 |
| Book value per common share plus accumulated dividends | $191.72 | $129.65 | $155.69 | $160.54 | $141.21 |
| Change in book value per common share plus change in accumulated dividends | 59.3% | (19.7)% | (3.5)% | 16.0% | 17.1% |
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