Financial Supplement December 2021
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Contents |
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Page |
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Basis of Presentation |
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Financial Highlights |
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Summary Consolidated Financial Statements |
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a. Consolidated Statements of Operations |
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b. Consolidated Balance Sheets |
3 |
Underwriting and Reserves |
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a. Consolidated Segment Underwriting Results |
5 |
b. Segment Underwriting Results |
6 |
c. Property Segment - Catastrophe and Other Property Underwriting Results |
7 |
d. Gross Premiums Written |
8 |
e. Reserves for Claims and Claim Expenses |
9 |
f. Paid to Incurred Analysis |
10 |
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a. Fee Income |
11 |
b. Noncontrolling Interests |
12 |
c. |
13 |
Investments |
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a. Total Investment Result |
14 |
b. Investment Portfolio - Composition |
15 |
c. Investment Portfolio - Fixed Maturity Investments |
16 |
d. Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating |
17 |
e. Retained Investment Information |
18 |
Other Items |
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a. Earnings per Share |
19 |
Comments on Regulation G |
20 |
Basis of Presentation
This financial supplement includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the
Cautionary Statement under "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995; Statements made in this financial supplement contain information about the Company's future business prospects. These statements may be considered "forward-looking." These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For further information regarding cautionary statements and factors affecting future results, please refer to
All information contained herein is unaudited. Unless otherwise noted, amounts are in thousands of United States Dollars, except for share and per share amounts and ratio information. Certain prior period comparatives have been reclassified to conform to the current presentation. This supplement is being provided for informational purposes only. It should be read in conjunction with documents filed by
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Financial Highlights
Three months ended |
Twelve months ended |
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2021 |
2021 |
2021 |
2021 |
2020 |
2021 |
2020 |
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Highlights |
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Gross premiums written |
$ |
1,313,018 |
$ |
1,774,180 |
$ |
2,094,158 |
$ |
2,652,442 |
$ |
935,514 |
$ |
7,833,798 |
$ |
5,806,165 |
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Underwriting income (loss) |
$ |
276,661 |
$ |
(678,825) |
$ |
328,976 |
$ |
(35,760) |
$ |
(151,655) |
$ |
(108,948) |
$ |
(76,511) |
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Net investment income |
$ |
80,483 |
$ |
78,267 |
$ |
80,925 |
$ |
79,804 |
$ |
81,717 |
$ |
319,479 |
$ |
354,038 |
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Net realized and unrealized gains (losses) on investments |
(21,518) |
(42,071) |
191,018 |
(345,563) |
258,745 |
(218,134) |
820,636 |
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Total investment result |
$ |
58,965 |
$ |
36,196 |
$ |
271,943 |
$ |
(265,759) |
$ |
340,462 |
$ |
101,345 |
$ |
1,174,674 |
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Net income (loss) available (attributable) to |
$ |
210,917 |
$ |
(450,222) |
$ |
456,818 |
$ |
(290,934) |
$ |
189,812 |
$ |
(73,421) |
$ |
731,482 |
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common shareholders |
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Operating income (loss) available (attributable) to |
$ |
213,692 |
$ |
(414,538) |
$ |
278,050 |
$ |
4,395 |
$ |
(77,122) |
$ |
81,599 |
$ |
14,640 |
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common shareholders (1) |
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Per share data |
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Net income (loss) available (attributable) to |
$ |
4.65 |
$ |
(9.75) |
$ |
9.36 |
$ |
(5.87) |
$ |
3.75 |
$ |
(1.57) |
$ |
15.34 |
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common shareholders per common share - basic |
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Net income (loss) available (attributable) to |
$ |
4.65 |
$ |
(9.75) |
$ |
9.35 |
$ |
(5.87) |
$ |
3.74 |
$ |
(1.57) |
$ |
15.31 |
||||||
common shareholders per common share - diluted |
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Operating income (loss) available (attributable) to |
$ |
4.71 |
$ |
(8.98) |
$ |
5.64 |
$ |
0.09 |
$ |
(1.59) |
$ |
1.72 |
$ |
0.12 |
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common shareholders per common share - diluted (1) |
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Book value per common share |
$ |
132.17 |
$ |
128.91 |
$ |
139.35 |
$ |
131.15 |
$ |
138.46 |
$ |
132.17 |
$ |
138.46 |
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Tangible book value per common share (1) |
$ |
126.27 |
$ |
123.24 |
$ |
133.75 |
$ |
125.73 |
$ |
133.09 |
$ |
126.27 |
$ |
133.09 |
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Tangible book value per common share plus accumulated |
$ |
149.79 |
$ |
146.40 |
$ |
156.55 |
$ |
148.17 |
$ |
155.17 |
$ |
149.79 |
$ |
155.17 |
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dividends (1) |
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Change in tangible book value per common share plus change in |
2.8 % |
(7.6)% |
6.7 % |
(5.3)% |
3.0 % |
(4.0)% |
17.9 % |
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accumulated dividends (1) |
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Financial ratios |
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Combined ratio |
79.4 % |
145.1 % |
72.4 % |
103.1 % |
114.7 % |
102.1 % |
101.9 % |
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Retuon average common equity - annualized |
14.2 % |
(28.4)% |
27.6 % |
(17.1)% |
10.9 % |
(1.1)% |
11.7 % |
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Operating retuon average common equity - annualized (1) |
14.4 % |
(26.1)% |
16.8 % |
0.3 % |
(4.4)% |
1.3 % |
0.2 % |
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Total investment retu- annualized |
1.1 % |
0.7 % |
5.2 % |
(4.9)% |
6.6 % |
0.5 % |
5.9 % |
- See "Comments on Regulation G" for a reconciliation of non-GAAP financial measures.
1
Summary Consolidated Financial Statements
Consolidated Statements of Operations
Three months ended |
Twelve months ended |
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Revenues |
2021 |
2021 |
2021 |
2021 |
2020 |
2021 |
2020 |
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Gross premiums written |
$ |
1,313,018 |
$ |
1,774,180 |
$ |
2,094,158 |
$ |
2,652,442 |
$ |
935,514 |
$ |
7,833,798 |
$ |
5,806,165 |
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Net premiums written |
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$ |
1,116,560 |
$ |
1,486,440 |
$ |
1,512,292 |
$ |
1,824,083 |
$ |
746,311 |
$ |
5,939,375 |
$ |
4,096,333 |
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Decrease (increase) in unearned premiums |
224,730 |
19,825 |
(319,502) |
(670,247) |
282,774 |
(745,194) |
(143,871) |
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Net premiums earned |
1,341,290 |
1,506,265 |
1,192,790 |
1,153,836 |
1,029,085 |
5,194,181 |
3,952,462 |
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Net investment income |
80,483 |
78,267 |
80,925 |
79,804 |
81,717 |
319,479 |
354,038 |
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Net foreign exchange gains (losses) |
(16,697) |
(4,755) |
3,234 |
(22,788) |
23,270 |
(41,006) |
27,773 |
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Equity in earnings (losses) of other ventures |
3,830 |
5,305 |
8,732 |
(5,558) |
(1,868) |
12,309 |
17,194 |
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Other income (loss) |
6,431 |
1,692 |
586 |
2,171 |
4,374 |
10,880 |
213 |
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Net realized and unrealized gains (losses) on investments |
(21,518) |
(42,071) |
191,018 |
(345,563) |
258,745 |
(218,134) |
820,636 |
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Total revenues |
1,393,819 |
1,544,703 |
1,477,285 |
861,902 |
1,395,323 |
5,277,709 |
5,172,316 |
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Expenses |
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Net claims and claim expenses incurred |
690,970 |
1,798,045 |
520,021 |
867,051 |
901,353 |
3,876,087 |
2,924,609 |
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Acquisition expenses |
333,986 |
328,048 |
285,590 |
267,234 |
238,283 |
1,214,858 |
897,677 |
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Operational expenses |
39,673 |
58,997 |
58,203 |
55,311 |
41,104 |
212,184 |
206,687 |
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Corporate expenses |
10,426 |
10,196 |
10,125 |
10,405 |
21,031 |
41,152 |
96,970 |
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Interest expense |
11,872 |
11,919 |
11,833 |
11,912 |
11,841 |
47,536 |
50,453 |
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Total expenses |
1,086,927 |
2,207,205 |
885,772 |
1,211,913 |
1,213,612 |
5,391,817 |
4,176,396 |
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Income (loss) before taxes |
306,892 |
(662,502) |
591,513 |
(350,011) |
181,711 |
(114,108) |
995,920 |
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Income tax benefit (expense) |
(18,616) |
23,630 |
(13,862) |
19,516 |
9,923 |
10,668 |
(2,862) |
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Net income (loss) |
288,276 |
(638,872) |
577,651 |
(330,495) |
191,634 |
(103,440) |
993,058 |
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Net (income) loss attributable to redeemable noncontrolling |
(68,516) |
198,495 |
(113,544) |
46,850 |
5,467 |
63,285 |
(230,653) |
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interests |
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Net income (loss) attributable to |
219,760 |
(440,377) |
464,107 |
(283,645) |
197,101 |
(40,155) |
762,405 |
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Dividends on preference shares |
(8,843) |
(9,845) |
(7,289) |
(7,289) |
(7,289) |
(33,266) |
(30,923) |
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Net income (loss) available (attributable) to |
$ |
210,917 |
$ |
(450,222) |
$ |
456,818 |
$ |
(290,934) |
$ |
189,812 |
$ |
(73,421) |
$ |
731,482 |
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Net income (loss) available (attributable) to |
$ |
4.65 |
$ |
(9.75) |
$ |
9.36 |
$ |
(5.87) |
$ |
3.75 |
$ |
(1.57) |
$ |
15.34 |
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common shareholders per common share - basic |
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Net income (loss) available (attributable) to |
$ |
4.65 |
$ |
(9.75) |
$ |
9.35 |
$ |
(5.87) |
$ |
3.74 |
$ |
(1.57) |
$ |
15.31 |
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common shareholders per common share - diluted |
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Operating income (loss) available (attributable) to |
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|
$ |
4.71 |
$ |
(8.98) |
$ |
5.64 |
$ |
0.09 |
$ |
(1.59) |
$ |
1.72 |
$ |
0.12 |
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- diluted (1) |
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Retuon average common equity - annualized |
14.2 % |
(28.4)% |
27.6 % |
(17.1)% |
10.9 % |
(1.1)% |
11.7 % |
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Operating retuon average common equity - annualized (1) |
14.4 % |
(26.1)% |
16.8 % |
0.3 % |
(4.4)% |
1.3 % |
0.2 % |
2
Attachments
Disclaimer
RenaissanceRe Reports Fourth Quarter 2021 Net Income Available to Common Shareholders of $210.9 Million; Operating Income Available to Common Shareholders of $213.7 Million.
New Stroke Study Findings Recently Were Published by Researchers at Jikei University School of Medicine (Transitional and Long-Term Care System in Japan and Current Challenges for Stroke Patient Rehabilitation): Cerebrovascular Diseases and Conditions – Stroke
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