RenaissanceRe (RNR) Investor presentation summary

Strategic evolution and growth

• Achieved significant scale and diversification through acquisitions, notably Validus in 2023 and Tokio Millennium Re in 2019, expanding presence in key global markets.

• Enhanced business model with increased contributions from fee and investment income, reducing reliance on underwriting alone.

• Proprietary risk intelligence and technology, including REMS and RenaissanceRe Risk Sciences, support superior risk selection and pricing.

• Capital Partners business manages $13.0B in third-party capital, deepening risk-matching capabilities.

• Consistent capital management with strategic share repurchases and a 31-year record of dividend increases.

Financial performance and profitability

• Reported $2.6B net income and $1.9B operating income available to common shareholders in 2025.

• Return on average common equity reached 25.9%, with operating ROACE at 18.2%.

• Combined ratio improved to 87.2% in 2025, reflecting disciplined underwriting.

• Gross premiums written totaled $11.7B, with a balanced portfolio across property, casualty, and specialty lines.

• Book value per share grew to $247.00, with tangible book value per share plus accumulated dividends at $259.78.

Three drivers of profit and risk management

• Underwriting, fee, and net investment income are additive, reducing earnings volatility and enhancing returns.

• Fee and retained net investment income contributed 15 points to ROACE in 2025, up 4x since 2021.

• Managed $36.1B in total investments, with a conservative, diversified portfolio and 2.5x investment leverage.

• Capital Partners vehicles span rated and collateralized structures, supporting efficient capital deployment.

• Demonstrated resilience and profitability despite rising industry catastrophe losses.