Financial Supplement FY 2024
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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 |
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Underwriting and Reserves |
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a. |
Consolidated Segment Underwriting Results |
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b. |
Consolidated and Segment Underwriting Results - Five Quarter Trend |
7 |
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c. |
Property Segment - Catastrophe and Other Property Underwriting Results |
10 |
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d. |
Gross Premiums Written |
12 |
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e. |
Net Premiums Written |
13 |
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f. |
Net Premiums Earned |
14 |
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g. |
Reserves for Claims and Claim Expenses |
15 |
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h. |
Paid to Incurred Analysis |
16 |
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a. Fee Income |
17 |
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b. |
Fee income - Five Quarter Trend |
18 |
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c. |
Noncontrolling Interests |
19 |
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d. |
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21 |
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Investments |
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a. |
Total Investment Result |
22 |
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b. |
Investments Composition |
24 |
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c. |
Managed Investments - Credit Rating |
25 |
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d. |
Retained Investments - Credit Rating |
26 |
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Other Items |
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a. |
Earnings per Share |
27 |
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Comments on Non-GAAP Financial Measures |
28 |
Basis of Presentation
On
This financial supplement includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the
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
i
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this Financial Supplement reflect
ii
Financial Highlights
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Three months ended |
Year ended |
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||||||
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2024 |
2023 |
2024 |
2023 |
||||||
|
Net income (loss) available (attributable) to |
$ |
(198,503) |
$ |
1,576,682 |
|
|
|||
|
Operating income (loss) available (attributable) to |
$ |
406,877 |
$ |
623,110 |
|
|
|||
|
Underwriting income |
|||||||||
|
Gross premiums written |
$ |
1,916,751 |
$ |
1,802,041 |
|
|
|||
|
Net premiums written |
1,751,628 |
1,587,047 |
9,952,216 |
7,467,813 |
|||||
|
Net premiums earned |
2,527,566 |
2,249,445 |
10,095,760 |
7,471,133 |
|||||
|
Underwriting income (loss) |
208,550 |
540,970 |
1,622,324 |
1,647,408 |
|
Net claims and claim expense ratio: |
|||||||
|
Current accident year |
72.7 % |
50.5 % |
61.3 % |
53.9 % |
|||
|
Prior accident years |
(14.0)% |
(7.0)% |
(8.5)% |
(6.1)% |
|||
|
Calendar year |
58.7 % |
43.5 % |
52.8 % |
47.8 % |
|||
|
Acquisition expense ratio |
26.8 % |
26.5 % |
26.2 % |
25.1 % |
|||
|
Operating expense ratio |
6.2 % |
6.0 % |
4.9 % |
5.0 % |
|||
|
Combined ratio |
91.7 % |
76.0 % |
83.9 % |
77.9 % |
|||
|
Adjusted combined ratio (1) |
89.4 % |
73.6 % |
81.5 % |
77.1 % |
|
Fee income |
|||||||||||
|
Management fee income |
$ |
53,536 |
$ |
47,769 |
$ |
219,860 |
$ |
176,599 |
|||
|
Performance fee income |
23,568 |
23,014 |
106,936 |
60,195 |
|||||||
|
Total fee income |
$ |
77,104 |
$ |
70,783 |
$ |
326,796 |
$ |
236,794 |
|||
|
Investment results - managed |
|||||||||||
|
Net investment income |
$ |
428,810 |
$ |
376,962 |
$ |
1,654,289 |
$ |
1,253,110 |
|||
|
Net realized and unrealized gains (losses) on investments |
(630,347) |
585,939 |
(27,840) |
414,522 |
|||||||
|
Total investment result |
$ |
(201,537) |
$ |
962,901 |
$ |
1,626,449 |
$ |
1,667,632 |
|||
|
Total investment retu- annualized |
|||||||||||
|
(2.4)% |
15.2 % |
5.4 % |
6.9 % |
||||||||
|
Investment results - retained (1) |
|||||||||||
|
Net investment income |
$ |
295,237 |
$ |
256,445 |
$ |
1,138,028 |
$ |
830,533 |
|||
|
Net realized and unrealized gains (losses) on investments |
(552,332) |
490,387 |
(41,863) |
285,765 |
|||||||
|
Total investment result |
$ |
(257,095) |
$ |
746,832 |
$ |
1,096,165 |
$ |
1,116,298 |
|||
|
Total investment retu- annualized |
|||||||||||
|
(4.3)% |
16.5 % |
4.9 % |
6.5 % |
- See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.
1
Financial Highlights - Per Share Data & ROE
|
Three months ended |
Year ended |
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|
|
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||||||||
|
2024 |
2023 |
2024 |
2023 |
||||||||
|
Net income (loss) available (attributable) to |
$ |
(3.95) |
$ |
30.51 |
$ |
35.31 |
$ |
52.40 |
|||
|
basic |
|||||||||||
|
Net income (loss) available (attributable) to |
$ |
(3.95) |
$ |
30.43 |
$ |
35.21 |
$ |
52.27 |
|||
|
diluted |
|||||||||||
|
Operating income (loss) available (attributable) to |
$ |
8.06 |
$ |
11.77 |
$ |
42.99 |
$ |
37.54 |
|||
|
share - diluted (1) |
|||||||||||
|
Average shares outstanding - basic |
50,429 |
50,937 |
51,186 |
47,493 |
|||||||
|
Average shares outstanding - diluted |
50,429 |
51,072 |
51,339 |
47,607 |
|||||||
|
Retuon average common equity - annualized |
(7.8)% |
83.5 % |
19.3 % |
40.5 % |
|||||||
|
Operating retuon average common equity - annualized (1) |
16.0 % |
33.0 % |
23.5 % |
29.3 % |
|||||||
|
|
|
||||||||||
|
2024 |
2023 |
||||||||||
|
Book value per common share |
$ |
195.77 |
$ |
165.20 |
|||||||
|
Tangible book value per common share (1) |
$ |
177.18 |
$ |
141.87 |
|||||||
|
Tangible book value per common share plus accumulated dividends (1) |
$ |
205.26 |
$ |
168.39 |
|||||||
|
Year to date change in book value per common share plus change in accumulated dividends |
19.4 % |
59.3 % |
|||||||||
|
Year to date change in tangible book value per common share plus change in accumulated dividends (1) |
26.0 % |
47.6 % |
- See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.
2
Summary Consolidated Financial Statements
Consolidated Statements of Operations
|
Three months ended |
Year ended |
|||||||
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|
|
|
|||||
|
Revenues |
2024 |
2023 |
2024 |
2023 |
||||
|
Gross premiums written |
$ |
1,916,751 |
|
|
|
|||
|
Net premiums written |
||||||||
|
$ |
1,751,628 |
|
|
|
||||
|
Decrease (increase) in unearned premiums |
775,938 |
662,398 |
143,544 |
3,320 |
||||
|
Net premiums earned |
2,527,566 |
2,249,445 |
10,095,760 |
7,471,133 |
||||
|
Net investment income |
428,810 |
376,962 |
1,654,289 |
1,253,110 |
||||
|
Net foreign exchange gains (losses) |
(48,382) |
12,398 |
(76,076) |
(41,479) |
||||
|
Equity in earnings (losses) of other ventures |
14,652 |
15,402 |
47,087 |
43,474 |
||||
|
Other income (loss) |
1,129 |
144 |
1,928 |
(6,152) |
||||
|
Net realized and unrealized gains (losses) on investments |
(630,347) |
585,939 |
(27,840) |
414,522 |
||||
|
Total revenues |
2,293,428 |
3,240,290 |
11,695,148 |
9,134,608 |
||||
|
Expenses |
||||||||
|
Net claims and claim expenses incurred |
1,483,742 |
979,522 |
5,332,981 |
3,573,509 |
||||
|
Acquisition expenses |
678,170 |
594,487 |
2,643,867 |
1,875,034 |
||||
|
Operational expenses |
157,104 |
134,466 |
496,588 |
375,182 |
||||
|
Corporate expenses |
34,295 |
74,285 |
134,784 |
127,642 |
||||
|
Interest expense |
23,246 |
23,201 |
93,768 |
73,181 |
||||
|
Total expenses |
2,376,557 |
1,805,961 |
8,701,988 |
6,024,548 |
||||
|
Income (loss) before taxes |
(83,129) |
1,434,329 |
2,993,160 |
3,110,060 |
||||
|
Income tax benefit (expense) |
63,908 |
554,206 |
(32,628) |
510,067 |
||||
|
Net income (loss) |
(19,221) |
1,988,535 |
2,960,532 |
3,620,127 |
||||
|
Net (income) loss attributable to redeemable noncontrolling interests |
(170,438) |
(403,009) |
(1,090,172) |
(1,058,995) |
||||
|
Net income (loss) attributable to |
(189,659) |
1,585,526 |
1,870,360 |
2,561,132 |
||||
|
Dividends on preference shares |
(8,844) |
(8,844) |
(35,375) |
(35,375) |
||||
|
Net income (loss) available (attributable) to |
$ |
(198,503) |
|
|
|
|||
3
Summary Consolidated Financial Statements
Consolidated Balance Sheets
|
|
|
||||
|
Assets |
2024 |
2023 |
|||
|
Fixed maturity investments trading, at fair value - amortized cost |
$ |
23,562,514 |
$ |
20,877,108 |
|
|
Short term investments, at fair value - amortized cost |
4,531,655 |
4,604,079 |
|||
|
Equity investments, at fair value |
117,756 |
106,766 |
|||
|
Other investments, at fair value |
4,324,761 |
3,515,566 |
|||
|
Investments in other ventures, under equity method |
102,770 |
112,624 |
|||
|
Total investments |
32,639,456 |
29,216,143 |
|||
|
Cash and cash equivalents |
1,676,604 |
1,877,518 |
|||
|
Premiums receivable |
7,290,228 |
7,280,682 |
|||
|
Prepaid reinsurance premiums |
888,332 |
924,777 |
|||
|
Reinsurance recoverable |
4,481,390 |
5,344,286 |
|||
|
Accrued investment income |
238,290 |
205,713 |
|||
|
Deferred acquisition costs and value of business acquired |
1,552,359 |
1,751,437 |
|||
|
Deferred tax asset |
701,053 |
685,040 |
|||
|
Receivable for investments sold |
91,669 |
622,197 |
|||
|
Other assets |
444,037 |
323,960 |
|||
|
|
704,132 |
775,352 |
|||
|
Total assets |
$ |
50,707,550 |
$ |
49,007,105 |
|
|
Liabilities, Noncontrolling Interests and Shareholders' Equity |
|||||
|
Liabilities |
|||||
|
Reserve for claims and claim expenses |
$ |
21,303,491 |
$ |
20,486,869 |
|
|
Unearned premiums |
5,950,415 |
6,136,135 |
|||
|
Debt |
1,886,689 |
1,958,655 |
|||
|
Reinsurance balances payable |
2,804,344 |
3,186,174 |
|||
|
Payable for investments purchased |
150,721 |
661,611 |
|||
|
Other liabilities |
1,060,129 |
1,021,872 |
|||
|
Total liabilities |
33,155,789 |
33,451,316 |
|||
|
Redeemable noncontrolling interests |
6,977,749 |
6,100,831 |
|||
|
Shareholders' Equity |
|||||
|
Preference shares: |
750,000 |
750,000 |
|||
|
Common shares: |
50,181 |
52,694 |
|||
|
Additional paid-in capital |
1,512,435 |
2,144,459 |
|||
|
Accumulated other comprehensive loss |
(14,756) |
(14,211) |
|||
|
Retained earnings |
8,276,152 |
6,522,016 |
|||
|
Total shareholders' equity attributable to |
10,574,012 |
9,454,958 |
|||
|
Total liabilities, noncontrolling interests and shareholders' equity |
$ |
50,707,550 |
$ |
49,007,105 |
|
|
Book value per common share |
$ |
195.77 |
$ |
165.20 |
|
4
Underwriting and Reserves
Consolidated Segment Underwriting Results
|
Three months ended |
Three months ended |
||||||||||||||||
|
Property |
Casualty and |
Total |
Property |
Casualty and |
Total |
||||||||||||
|
Specialty |
Specialty |
||||||||||||||||
|
Gross premiums written |
$ |
390,043 |
$ |
1,526,708 |
$ |
1,916,751 |
$ |
344,597 |
$ |
1,457,444 |
$ |
1,802,041 |
|||||
|
Net premiums written |
|||||||||||||||||
|
$ |
376,136 |
$ |
1,375,492 |
$ |
1,751,628 |
$ |
357,953 |
$ |
1,229,094 |
$ |
1,587,047 |
||||||
|
Net premiums earned |
|||||||||||||||||
|
$ |
938,658 |
$ |
1,588,908 |
$ |
2,527,566 |
$ |
884,321 |
$ |
1,365,124 |
$ |
2,249,445 |
||||||
|
Net claims and claim expenses incurred |
384,156 |
1,099,586 |
1,483,742 |
123,942 |
855,580 |
979,522 |
|||||||||||
|
Acquisition expenses |
191,988 |
486,182 |
678,170 |
170,854 |
423,633 |
594,487 |
|||||||||||
|
Operational expenses |
95,623 |
61,481 |
157,104 |
85,919 |
48,547 |
134,466 |
|||||||||||
|
Underwriting income (loss) |
$ |
266,891 |
$ |
(58,341) |
$ |
208,550 |
$ |
503,606 |
$ |
37,364 |
$ |
540,970 |
|||||
|
Net claims and claim expenses incurred: |
|||||||||||||||||
|
Current accident year |
$ |
732,207 |
$ |
1,105,011 |
$ |
1,837,218 |
$ |
275,638 |
$ |
859,694 |
$ |
1,135,332 |
|||||
|
Prior accident years |
(348,051) |
(5,425) |
(353,476) |
(151,696) |
(4,114) |
(155,810) |
|||||||||||
|
Total |
$ |
384,156 |
$ |
1,099,586 |
$ |
1,483,742 |
$ |
123,942 |
$ |
855,580 |
$ |
979,522 |
|||||
|
Net claims and claim expense ratio: |
|||||||||||||||||
|
Current accident year |
78.0 % |
69.5 % |
72.7 % |
31.2 % |
63.0 % |
50.5 % |
|||||||||||
|
Prior accident years |
(37.1)% |
(0.3)% |
(14.0)% |
(17.2)% |
(0.3)% |
(7.0)% |
|||||||||||
|
Calendar year |
40.9 % |
69.2 % |
58.7 % |
14.0 % |
62.7 % |
43.5 % |
|||||||||||
|
Acquisition expense ratio |
20.5 % |
30.6 % |
26.8 % |
19.4 % |
31.0 % |
26.5 % |
|||||||||||
|
Operating expense ratio |
10.2 % |
3.9 % |
6.2 % |
9.7 % |
3.6 % |
6.0 % |
|||||||||||
|
Combined ratio |
71.6 % |
103.7 % |
91.7 % |
43.1 % |
97.3 % |
76.0 % |
|||||||||||
|
Adjusted combined ratio (1) |
|||||||||||||||||
|
69.2 % |
101.3 % |
89.4 % |
41.7 % |
94.3 % |
73.6 % |
- See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.
5
Underwriting and Reserves
Consolidated Segment Underwriting Results
|
Year ended |
Year ended |
|||||||||||||
|
Property |
Casualty and |
Total |
Property |
Casualty and |
Total |
|||||||||
|
Specialty |
Specialty |
|||||||||||||
|
Gross premiums written |
|
$ |
6,909,335 |
|
$ |
3,562,414 |
$ |
5,299,952 |
|
|||||
|
Net premiums written |
||||||||||||||
|
|
$ |
6,118,580 |
|
$ |
2,967,309 |
$ |
4,500,504 |
|
||||||
|
Net premiums earned |
||||||||||||||
|
|
$ |
6,245,408 |
|
$ |
3,090,792 |
$ |
4,380,341 |
|
||||||
|
Net claims and claim expenses incurred |
1,141,726 |
4,191,255 |
5,332,981 |
799,905 |
2,773,604 |
3,573,509 |
||||||||
|
Acquisition expenses |
758,554 |
1,885,313 |
2,643,867 |
600,127 |
1,274,907 |
1,875,034 |
||||||||
|
Operational expenses |
302,360 |
194,228 |
496,588 |
251,433 |
123,749 |
375,182 |
||||||||
|
Underwriting income (loss) |
|
$ |
(25,388) |
|
$ |
1,439,327 |
$ |
208,081 |
|
|||||
|
Net claims and claim expenses incurred: |
||||||||||||||
|
Current accident year |
|
$ |
4,223,737 |
|
$ |
1,208,810 |
$ |
2,815,306 |
|
|||||
|
Prior accident years |
(818,852) |
(32,482) |
(851,334) |
(408,905) |
(41,702) |
(450,607) |
||||||||
|
Total |
|
$ |
4,191,255 |
|
$ |
799,905 |
$ |
2,773,604 |
|
|||||
|
Net claims and claim expense ratio: |
||||||||||||||
|
Current accident year |
50.9 % |
67.6 % |
61.3 % |
39.1 % |
64.3 % |
53.9 % |
||||||||
|
Prior accident years |
(21.2)% |
(0.5)% |
(8.5)% |
(13.2)% |
(1.0)% |
(6.1)% |
||||||||
|
Calendar year |
29.7 % |
67.1 % |
52.8 % |
25.9 % |
63.3 % |
47.8 % |
||||||||
|
Acquisition expense ratio |
19.6 % |
30.2 % |
26.2 % |
19.4 % |
29.1 % |
25.1 % |
||||||||
|
Operating expense ratio |
7.9 % |
3.1 % |
4.9 % |
8.1 % |
2.8 % |
5.0 % |
||||||||
|
Combined ratio |
57.2 % |
100.4 % |
83.9 % |
53.4 % |
95.2 % |
77.9 % |
||||||||
|
Adjusted combined ratio (1) |
||||||||||||||
|
54.9 % |
98.0 % |
81.5 % |
52.9 % |
94.2 % |
77.1 % |
- See "Comments on Non-GAAP Financial Measures" for a reconciliation of non-GAAP financial measures.
6
Attachments
Disclaimer


KKR to Present at the Bank of America Securities 2025 Financial Services Conference
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