RenaissanceRe (RNR) investor relations material

Executive summary

• Net income attributable to common shareholders was $654.2M for Q2 2026, with operating income of $547.8M and annualized ROE of 24.0%; operating ROE was 20.1%.

• Book value per common share rose 5.7% in Q2 2026 to $264.77, or 5.9% including dividends; tangible book value per share plus accumulated dividends rose 6.2%.

• Underwriting, fee, and net investment income all contributed meaningfully to results, with underwriting income at $599.1M.

• Share repurchases totaled $350M in Q2 2026, with an additional $82.9M repurchased through July 20, 2026.

• Gross premiums written declined 12.5% year-over-year, reflecting rate and exposure reductions and increased retrocessional coverage.

Financial highlights

• Gross premiums written were $3.0B, down from $3.4B year-over-year; net premiums earned were $2.2B, down from $2.4B.

• Combined ratio improved to 72.8% from 75.1% year-over-year, driven by low catastrophe losses and favorable prior year development.

• Net investment income increased 4.7% year-over-year to $432.5M.

• Fee income totaled $83.0M, with strong contributions from management and performance fees.

• Net realized and unrealized investment gains were $121.6M, down from $349.7M in Q2 2025.

Outlook and guidance

• Management expects continued disciplined capital deployment, prioritizing profitable underwriting and selective share repurchases.

• The company remains focused on margin over growth, leveraging technology and risk analytics to optimize portfolios.

• Market conditions remain favorable in property catastrophe, with selective growth and increased retrocessional protection.

• Casualty and Specialty segment is managed for investment returns, with ongoing portfolio optimization and prudent reserving.

• Leadership transition announced: Bob Qutub and Ross Curtis to retire at year-end, with Matt Neuber named incoming CFO for 2027.