RenaissanceRe reports $2.5b 2023 net income

Its underwriting income stands at $1.6b.

RenaissanceRe Holdings reported a quarterly net income of $1.6b available to common shareholders, coupled with $623.1m in quarterly operating income for the same group.

For the entirety of 2023, RenaissanceRe posted $2.5b in annual net income available to common shareholders, accompanied by $1.8b in annual operating income available to common shareholders.

The fourth quarter of 2023 showcased notable achievements, including an annualised return on average common equity of 83.5%, and an annualised operating return on average common equity reaching 33.0%. The combined ratio stood at 76.0%, with an adjusted combined ratio of 73.6%.

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For fullyear 2023, RenaissanceRe reported a return on average common equity of 40.5%, accompanied by an operating return on average common equity at 29.3%. The book value per share demonstrated a substantial growth of 57.9%, and tangible book value per share plus change in accumulated dividends saw a remarkable uptick of 47.6%.

RenaissanceRe's underwriting income standing at $1.6b, net investment income at $1.2b, and fee income totaling $236.8m.

Closing the fiscal year with a combined ratio of 77.9% and an adjusted combined ratio of 77.1%. Additionally, an impressive $494.8m was secured from third-party investors, effective last 1 January.