RenaissanceRe (RNR) investor relations material

Executive summary

• Net income available to common shareholders was $826.5M for Q2 2025, up $331.5M year-over-year, with EPS of $17.20 and operating income of $594.6M.

• Annualized return on average common equity reached 33.7%, and operating return was 24.2%, both significantly higher than Q2 2024.

• Tangible book value per share plus accumulated dividends grew 9.5% quarter-over-quarter and over 20% year-over-year.

• Underwriting, investment, and fee income all performed strongly, with record highs in underwriting and fee income.

• Property catastrophe portfolio reached record size and profitability, with strong midyear renewals.

Financial highlights

• Gross premiums written were $3.42B, flat year-over-year; net premiums written were $2.77B, down 2.4% from Q2 2024.

• Net premiums earned decreased 5.1% to $2.41B; underwriting income rose to $601.7M, up 26% year-over-year.

• Combined ratio improved to 75.1% from 81.1% in Q2 2024; adjusted combined ratio was 73.0%.

• Fee income grew 12.9% to $95M; net investment income was $413.1M, with total investment return annualized at 9.4%.

• Book value per share increased to $212.15 at June 30, 2025, up 8.1% for the quarter and 8.8% year-to-date.

Outlook and guidance

• Management expects continued strong returns, stable investment and fee income, and the ability to capitalize on property catastrophe opportunities.

• Guidance for Q3 includes $360M net premiums earned in other property (attritional loss ratio mid-50s) and $1.5B in casualty and specialty (adjusted combined ratio high 90s).

• Fee income for Q3 expected at $80M, with $50M management fees and $30M performance fees, absent large loss events.

• Operating expense ratio expected to remain around 5% for the rest of the year.

• Bermuda CIT and global tax changes are expected to continue impacting effective tax rates.