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RenaissanceRe (RNR) investor relations material
RenaissanceRe Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Net income available to common shareholders was $907.7M and operating income was $733.7M for Q3 2025, with EPS of $19.40 and $15.62, respectively; annualized ROE was 34.9% and operating ROE was 28.2%.
Book value per common share increased 9.0% in the quarter and 18.1% year-to-date, reaching $231.23; tangible book value per share plus accumulated dividends rose 10.3% in the quarter and 21.8% year-to-date.
Underwriting income rose to $770.2M, driven by lower catastrophe losses and strong prior year development in the Property segment.
Share repurchases totaled $205.2M in Q3, with an additional $100M repurchased in October; over $1B returned to shareholders YTD.
Management remains confident in sustaining strong earnings and generating long-term value for shareholders.
Financial highlights
Gross premiums written were $2.32B, down 3.2% year-over-year; net premiums written were $2.06B, down 4.8%; net premiums earned were $2.43B, down 5.8%.
Combined ratio improved to 68.4% from 84.8% last year; adjusted combined ratio was 66.6%.
Underwriting income for Q3 2025 was $770.2M, up from $393.8M in Q3 2024.
Net investment income was $438.4M, up from $423.9M in Q3 2024; total investment result was $750.2M, including $311.9M net realized/unrealized gains.
Fee income rose 24.1% to $101.8M.
Outlook and guidance
Management expects continued strong capital position, with flexibility to deploy capital into business or repurchase shares.
The company anticipates attractive underwriting opportunities at January 1 renewals, focusing on disciplined portfolio construction and margin over growth.
Property catastrophe rates projected to decline ~10% at January 1 renewal, but returns remain well above cost of capital.
Management fees expected at ~$50M and performance fees at ~$30M in Q4, barring large losses.
Other property net premiums earned expected at ~$360M in Q4, with attritional loss ratio in mid-50s; casualty and specialty net premiums earned ~$1.5B, combined ratio in high 90s.
What factors explain the Property vs C&S underwriting divergence?
What drove the decline in net realized/unrealized gains?
How did Q1 California Wildfires affect YTD book value growth?
Explain rationale for continued share repurchases
Why is Property CAT still attractive in 2026?
What drives US GL exposure reduction strategy?
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Next RenaissanceRe earnings date
Q4 202528 Jan, 2026
Next RenaissanceRe earnings date
Q4 202528 Jan, 2026
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Frequently asked questions
RenaissanceRe Holdings Ltd is a global provider of reinsurance, insurance, and related risk management services. The company specializes in property catastrophe and specialty reinsurance, as well as casualty and other primary insurance lines. RenaissanceRe serves clients in sectors such as property, casualty, healthcare, and aviation, focusing on delivering tailored risk transfer solutions. The company is headquartered in Pembroke, Bermuda, and its shares are listed on the NYSE.
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