RenaissanceRe (RNR) Q4 2025 earnings summary

Executive summary

• Net income available to common shareholders was $2.65 billion for 2025, with operating income of $1.9 billion, and Q4 net income at $751.6 million.

• Book value per common share increased to $247.00 at year-end 2025, with tangible book value per share plus accumulated dividends up 30.8% year-over-year.

• Return on average common equity was 25.9% for 2025, with operating ROE at 18.2%.

• Repurchased $1.6 billion of common shares in 2025, reducing share count by 12.8%.

• Successfully integrated acquisitions, optimized operations, and upgraded underwriting systems for efficiency and AI integration.

Financial highlights

• Gross premiums written for 2025 were $11.74 billion, net premiums written $9.9 billion, both flat year-over-year.

• Underwriting income for 2025 was $1.62 billion, including a $1.1 billion underwriting loss from California wildfires.

• Total investment result for 2025 was $3.0 billion, up 77% year-over-year, with $1.2 billion in mark-to-market gains.

• Fee income for 2025 was $329 million, with management fees at $207 million and performance fees at $121 million.

• Combined ratio for 2025 was 87.2%, adjusted combined ratio 85.4%, both impacted by large loss events.

Outlook and guidance

• Management expects continued strong results in 2026, with robust underwriting, fee, and investment income.

• Property Cat premiums expected to be down mid-single digits in 2026, with rate adequacy remaining strong.

• Operating expense ratio projected to average 5%-5.5% in 2026, after Bermuda tax credits.

• Management fees expected to be around $50 million and performance fees around $30 million in Q1 2026.

• Ongoing uncertainties include macroeconomic, geopolitical, and regulatory changes.